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Islamic Bond Issuance - What Sovereign Debt Managers Need to KnowAndreas A. JobstBermuda Monetary Authority (BMA); International Monetary Fund (IMF) - Monetary and Capital Markets Department (MCM) Peter KunzelInternational Monetary Fund (IMF) Paul S. MillsInternational Monetary Fund (IMF) - Western Hemisphere Department Amadou Nicolas Racine SyInternational Monetary Fund (IMF) - International Capital Markets Department 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 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.
Number of Pages in PDF File: 23 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 Accepted Paper SeriesDate posted: March 12, 2009 ; Last revised: July 7, 2009Suggested CitationContact Information
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