A year after Dubai's monster debt problems sent shockwaves though the sukuk (Islamic bond) world, sukuks are thriving again and with them Malaysia's role as the center of gravity of international Islamic finance. Although Islamic banking, investment and insurance activity are again gaining global ground, is still relatively small and mainly concentrated not in the most populous Muslim countries but in those such as Malaysia and the United Arab Emirates, which are able to use local liquidity and government help to promote it outside their borders.