Prospects and challenges of developing sukuk Islamic debt markets around the world

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The sukuk securities or Islamic asset-backed debt securities truly started to be offered in organized markets as publicly listed instruments only in 2000, so at the time of writing it is a 12-year-old market. There is a record of its first private issue in 1978 in Saudi Arabia, after an article in Islamic Economic Studies some years earlier had suggested this instrument to be a suitable and safe debt instrument with safeguards for investors and being consistent with ethics long since forgotten in issuing debt instruments in past Islamic empires. It has since been widely accepted as an Islamic financial product for debt-raising with one important principle, namely asset ownership of part of the assets of a borrower which gives this instrument asset backing, a unique feature in debt markets. Historical reference to sukuk is found in the records of the Abbasid Empire established in circa 900 soon after Islam spread to the Byzantine region in what is known today as Jordan, Iraq, Palestine and Syria.
Sukuk , Islamic debt , Islamic finance
Ariff, Mohamed and Iqbal, Munawar and Ramadili Mohd, Shamsher Mohamad. (2012). Prospects and challenges of developing sukuk Islamic debt markets around the world . In Mohamed Ariff, Munawar Iqbal & Shamsher Mohamad (Eds.), The Islamic debt market for sukuk securities: the theory and practice of profit sharing investment (pp. 206-217). Cheltenham, Glasglow: Edward Elgar Publishing Limited.
Edward Elgar Publishing Limited

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