Sukuk Markets : A Proposed Approach for Development

Kusuma, Ketut Ariadi ; Caputo Silva, Anderson

World Bank, Washington, DC

关键词: ACCOUNTING;    ASSET CLASS;    ASSET MANAGEMENT;    ASSET-BACKED SECURITIES;    BANKING ASSETS;   

DOI  :  10.1596/1813-9450-7133
RP-ID  :  WPS7133

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The issuance of sukuk, as an instrumentin Islamic finance, has been growing in recent years. Manypolicy makers and businesses are looking at the sukukmarkets as sources of long-term financing. The paperidentifies key issues impeding further development of sukukmarkets globally, namely, standardization of structures andpractices, investor protection concerns relating toinsolvency and governance regimes, and market liquidity. Thepaper also offers approaches in developing domestic sukukmarkets and in accessing the international market. Theauthors suggest that, in developing domestic sukuk markets,policy makers use a framework similar to that of thedevelopment of conventional bond markets, that is, byestablishing (1) well-functioning money markets, (2)efficient primary markets and securities-offering regimes,(3) a robust and diversified investor base, (4) a marketinfrastructure that facilitates trading, price transparency,and efficient clearing and settlement of transactions, (5)derivatives market and hedging tools to support riskmanagement by issuers and investors, and (6) a crediblelegal and regulatory framework. In accessing theinternational market, the issues policy makers or potentialsukuk issuers should consider include awareness of andknowledge of sukuk, legal foundation, taxation, governance,and obligors' credit rating.