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Islamic bond issuance: what sovereign debt managers need to know

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Author Info

  • Andreas Jobst
  • Peter Kunzel
  • Paul Mills
  • Amadou Sy

Abstract

Purpose – The most popular form of Islamic finance is commonly referred to as sukuk – wholesale, asset-based capital market securities. The purpose of this paper is to enhance the general understanding of essential policy considerations in the creation and development of sukuk markets. Design/methodology/approach – This policy paper reviews the key developments in the sukuk market and informs a debate about challenges and opportunities going forward. The paper presents a qualitative analysis of economic, regulatory and legal issues that warrant consideration. Findings – The paper finds that while the sukuk market continues to generate strong interest by new issuers in Muslim and non-Muslim countries alike, some critical constraints arising from continued legal uncertainty and regulatory divergences still need to be overcome. As issuers weigh the costs and benefits of sukuk issuance in a broad policy context, continued efforts will be required to overcome a series of economic, legal and regulatory issues. Originality/value – The paper presents, for the first time, a structured analysis of sukuk markets aimed at identifying key considerations for sovereign debt managers, especially in non-Muslim countries.

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Bibliographic Info

Article provided by Emerald Group Publishing in its journal International Journal of Islamic and Middle Eastern Finance and Management.

Volume (Year): 1 (2008)
Issue (Month): 4 (November)
Pages: 330-344

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Handle: RePEc:eme:imefpp:v:1:y:2008:i:4:p:330-344

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Web page: http://www.emeraldinsight.com

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Related research

Keywords: Banking; Bonds; Debt capital; Islam; Securities;

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Citations

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Cited by:
  1. Giorgio Gomel & Angelo Cicogna & Domenico De Falco & Marco Valerio Della Penna & Lorenzo Di Bona De Sarzana & Angela Di Maria & Patrizia Di Natale & Alessandra Freni & Sergio Masciantonio & Giacomo Od, 2010. "Islamic finance and conventional financial systems. Market trends, supervisory perspectives and implications for central banking activity," Questioni di Economia e Finanza (Occasional Papers) 73, Bank of Italy, Economic Research and International Relations Area.
  2. Godlewski, Christophe J. & Turk-Ariss, Rima & Weill, Laurent, 2013. "Sukuk vs. conventional bonds: A stock market perspective," Journal of Comparative Economics, Elsevier, vol. 41(3), pages 745-761.
  3. Raphie Hayat & Frank A.G. den Butter & Udo Kock, 2011. "Halal Certification for Financial Products: A Transaction Cost Perspective," Tinbergen Institute Discussion Papers 11-171/3, Tinbergen Institute.
  4. Ahmad Audu Maiyaki, 2013. "Principles of Islamic Capital Market," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 3(4), pages 278-283, October.
  5. Raphie Hayat & Frank A.G. den Butter & Udo Kock, 2011. "Halal Certification for Financial Products: A Transaction Cost Perspective," Tinbergen Institute Discussion Papers 11-171/3, Tinbergen Institute.
  6. Hayat, Raphie & Kraeussl, Roman, 2011. "Risk and return characteristics of Islamic equity funds," Emerging Markets Review, Elsevier, vol. 12(2), pages 189-203, June.
  7. Sweder van Wijnbergen & Sajjad Zaheer, 2013. "Sukuk Defaults: On Distress Resolution in Islamic Finance," Tinbergen Institute Discussion Papers 13-087/VI, Tinbergen Institute.

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