Islamic Capital Markets for United States Parties: Overview and Select Shari'ah Governance Elements
Michael J. T. McMillen
Curtis, Mallet-Prevost, Colt & Mosle LLP; University of Pennsylvania Law School
August 14, 2013
Inside the Minds: Financial Services Enforcement and Compliance, Aspatore Books, Forthcoming
This is a chapter for the forthcoming book in West Publishing Company's Inside the Minds Series focusing on Financial Services Enforcement and Compliance (published by Aspatore Books). This chapter provides an overview of nature and current state of the markets for the equity side and debt (sukuk) side of the Islamic capital markets. Particular attention is devoted to current trends in sukuk issuance. The chapter summarizes the nature and functioning of Shari'ah supervisory boards as elements of the corporate governance paradigm for the Islamic capital markets and includes, as an example, the treatment afforded Shari'ah governance by the Sultanate of Oman in its new Islamic Banking Framework. The chapter also notes some of the specific issues that need to be addressed if sukuk issuance by the private sector (corporates) is to progress to its potential. The current draft is a revision of August 14, 2013. The editors requested an increased focus on United States activities (including a change of the title), and this draft responds to that request.
Keywords: Shariah, sukuk, Islamic capital markets, bonds, debt, Shariah governance, corporate governance, equity investments, debt investments, permissible variance, permissible impurity, cleansing, purification, business activities
JEL Classification: E22, E44, E58, F00, F02, F21, F23, F30, F34, G10, G15, G30, G32, G33, G38, H87, K00, K22, K33, K40Accepted Paper Series
Date posted: July 17, 2013 ; Last revised: December 3, 2013
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