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Islamic bond issuance: what sovereign debt managers need to know

Author

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

Abstract

Purpose - The most popular form of Islamic finance is commonly referred to assukuk– 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 ofsukukmarkets. Design/methodology/approach - This policy paper reviews the key developments in thesukukmarket 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 thesukukmarket 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 ofsukukissuance 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 ofsukukmarkets aimed at identifying key considerations for sovereign debt managers, especially in non‐Muslim countries.

Suggested Citation

  • 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.
    • Handle: RePEc:eme:imefmp:v:1:y:2008:i:4:p:330-344
    DOI: 10.1108/17538390810919637
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