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Sukuk Issuance in Malaysia: Lessons for Pakistan

Author

Listed:
  • Ghafoor, Sumaira
  • Saba, Irum
  • Kouser, Rehana

Abstract

Pakistan need to enhance the liquidity management framework for its growing Islamic finance industry. Sukuk is a best Shariah-compliant debt instrument for short term liquidity needs since Sukuk is highly tradable instrument with low level of market risk. In view of that, there is an increasing trend in the global issuances of corporate and sovereign Sukuk. Therefore, this case study aims to explore the issuance of Sukuk in Malaysia as an example. Malaysia is dominating the Sukuk Market and has been issuing Sukuk since 1990. The underlying structure of the proposed Sukuk model for Pakistan is Istisna that is an Islamic project bond. Pakistan has the potential to replicate the Sukuk model of Malaysia. However, it is required to have an active secondary trading market in order to develop an effective and dynamic Sukuk market.

Suggested Citation

  • Ghafoor, Sumaira & Saba, Irum & Kouser, Rehana, 2018. "Sukuk Issuance in Malaysia: Lessons for Pakistan," Journal of Accounting and Finance in Emerging Economies, CSRC Publishing, Center for Sustainability Research and Consultancy Pakistan, vol. 4(2), pages 159-176, December.
    • Handle: RePEc:src:jafeec:v:4:y:2018:i:2:p:159-176
    DOI: http://doi.org/10.26710/jafee.v4i2.525
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    Cited by:

    1. Ejaz Aslam & Khuram Mobusher Azam & Anam Iqbal, 2021. "The Risk Analysis of Ṣukūk: An Empirical Evidence from Pakistan تحليل مخاطر الصكوك: أدلة تجريبية من باكستان," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(1), pages 25-43, January.

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