Islamic Bond Issuance - What Sovereign Debt Managers Need to Know

Jobst, Andreas (Andy); Kunzel, Peter; Mills, Paul S.; Sy, Amadou Nicolas Racine

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Islamic Bond Issuance - What Sovereign Debt Managers Need to Know

International Journal of Islamic and Middle Eastern Finance and Management, Vol. 1, No. 4, pp. 330-344, 2008

Islamic Law and Law of the Muslim World Paper No. 09-63

23 Pages Posted: 12 Mar 2009 Last revised: 7 Jul 2009

See all articles by Andreas (Andy) Jobst

Amadou Nicolas Racine Sy

International Monetary Fund (IMF) - International Capital Markets Department; Brookings Institution

Date Written: July 1, 2008

Abstract

Recent years have witnessed a surge in the issuance of Islamic capital market securities (sukuk) by corporates and public sector entities amid growing demand for alternative investments. As the sukuk market continues to develop, new challenges and opportunities for sovereign debt managers and capital market development arise. This paper reviews the key developments in the sukuk market and informs the debate about challenges and opportunities going forward.

Keywords: debt management, securitization, structured finance, Islamic banking, Islamic finance, Islamic bond, shari'ah compliance, sukuk, mudharabah, ijara, murabaha, musharaka, riba

JEL Classification: F30, G15, G18, G28

Suggested Citation: Suggested Citation

Jobst, Andreas A. and Kunzel, Peter and Mills, Paul S and Sy, Amadou Nicolas Racine, Islamic Bond Issuance - What Sovereign Debt Managers Need to Know (July 1, 2008). International Journal of Islamic and Middle Eastern Finance and Management, Vol. 1, No. 4, pp. 330-344, 2008, Islamic Law and Law of the Muslim World Paper No. 09-63, Available at SSRN: https://ssrn.com/abstract=1357371