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Bridging the Gap: Investigating Untapped Markets for Sukuk Issuance and Growth Opportunities

Author

Listed:
  • Shahsuzan Zakaria

    (Faculty of Business and Management, Universiti Teknologi MARA, Selangor, Malaysia)

  • Amirul Afif Muhamat

    (Faculty of Business and Management, Universiti Teknologi MARA, Selangor, Malaysia)

  • Hamdi Ben-Nasr

    (Ministry of Finance, Republic of Indonesia)

  • Nana Riana

    (Department of Finance and Economics, College of Business and Economics, Qatar University, Qatar)

  • Muhammad Naeem

    (Faculty of Management Sciences, Foundation University Islamabad, Pakistan)

Abstract

Sukuk has emerged as a vital instrument in Islamic finance, providing Shariah-compliant funding mechanisms for infrastructure development, ethical investments, and financial inclusion. Despite its global success, sukuk issuance remains concentrated in specific regions and sectors, leaving untapped markets unexplored. This paper conceptualizes the barriers and opportunities for sukuk issuance in emerging markets. It proposes a framework linking economic, regulatory, and social factors to sukuk market development, identifying actionable strategies for policymakers, issuers, and investors. By addressing these gaps, this study enhances sukuk’s role in fostering inclusive financial development globally.

Suggested Citation

  • Shahsuzan Zakaria & Amirul Afif Muhamat & Hamdi Ben-Nasr & Nana Riana & Muhammad Naeem, 2024. "Bridging the Gap: Investigating Untapped Markets for Sukuk Issuance and Growth Opportunities," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(12), pages 4014-4023, December.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:12:p:4014-4023
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    References listed on IDEAS

    as
    1. Andreas Jobst & Peter Kunzel & Paul Mills & Amadou Sy, 2008. "Islamic bond issuance: what sovereign debt managers need to know," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 1(4), pages 330-344, November.
    2. Andreas Jobst & Peter Kunzel & Paul Mills & Amadou Sy, 2008. "Islamic bond issuance: what sovereign debt managers need to know," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 1(4), pages 330-344, November.
    3. Abdul Rafay & Ramla Sadiq & Mobeen Ajmal, 2017. "Uniform framework forSukuk al-Ijarah– a proposed model for allmadhahib," Journal of Islamic Accounting and Business Research, Emerald Group Publishing Limited, vol. 8(4), pages 420-454, September.
    4. repec:eme:hppsss:v:24:y:2008:i:3:p:170-181 is not listed on IDEAS
    5. Saeed Awadh Bin-Nashwan & Aishath Muneeza, 2023. "Investment decisions in digital sukuk in the time of COVID-19: do tax incentives matter?," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 13(1), pages 589-613, January.
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