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Sukuk: Challenges and Prospects الصكوك: التحديات والآفاق

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  • Sami Al-Suwailem

    (Head of Financial Products Development Center at Islamic Development Bank (IDB), Jeddah, Saudi Arabia.)

Abstract

With the steady growth of the Sukuk market, issuers are increasingly looking for more flexible and more efficient structures. This is particularly true for sovereign Sukuk, which comprise the majority of domestic Sukuk issuance. Sovereign Sukuk represent more than 70% of domestic Sukuk over 2009-2014 (IIFM, 2014). Yet, the prevailing structure used to issue sovereign Sukuk is not sustainable. This paper proposes an institutional framework for issuing sovereign Sukuk efficiently and credibly. The framework allows governments to issue Sukuk regularly to finance ongoing economic activities using a variety of Islamic modes of finance. It is based on Shariah resolutions of the International Islamic Fiqh Academy, Jeddah, as well as the Shariah standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and can be easily adopted in different jurisdictions. --

Suggested Citation

  • Sami Al-Suwailem, 2015. "Sukuk: Challenges and Prospects الصكوك: التحديات والآفاق," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 28(2), pages 189-200, July.
    • Handle: RePEc:abd:kauiea:v:28:y:2015:i:2:no:7:p:189-200
    DOI: 10.4197/Islec.28-2.7
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