Publication:
Sukuk Markets : A Proposed Approach for Development

dc.contributor.authorKusuma, Ketut Ariadi
dc.contributor.authorCaputo Silva, Anderson
dc.date.accessioned2014-12-12T21:45:07Z
dc.date.available2014-12-12T21:45:07Z
dc.date.issued2014-12
dc.description.abstractThe issuance of sukuk, as an instrument in Islamic finance, has been growing in recent years. Many policy makers and businesses are looking at the sukuk markets as sources of long-term financing. The paper identifies key issues impeding further development of sukuk markets globally, namely, standardization of structures and practices, investor protection concerns relating to insolvency and governance regimes, and market liquidity. The paper also offers approaches in developing domestic sukuk markets and in accessing the international market. The authors suggest that, in developing domestic sukuk markets, policy makers use a framework similar to that of the development of conventional bond markets, that is, by establishing (1) well-functioning money markets, (2) efficient primary markets and securities-offering regimes, (3) a robust and diversified investor base, (4) a market infrastructure that facilitates trading, price transparency, and efficient clearing and settlement of transactions, (5) derivatives market and hedging tools to support risk management by issuers and investors, and (6) a credible legal and regulatory framework. In accessing the international market, the issues policy makers or potential sukuk issuers should consider include awareness of and knowledge of sukuk, legal foundation, taxation, governance, and obligors' credit rating.en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/12/20470876/sukuk-markets-proposed-approach-development
dc.identifier.doi10.1596/1813-9450-7133
dc.identifier.urihttps://hdl.handle.net/10986/20702
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 7133
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectASSET CLASS
dc.subjectASSET MANAGEMENT
dc.subjectASSET-BACKED SECURITIES
dc.subjectBANKING ASSETS
dc.subjectBOND
dc.subjectBOND MARKET
dc.subjectBOND MARKETS
dc.subjectBONDS
dc.subjectCAPITAL INVESTMENT
dc.subjectCASH FLOW
dc.subjectCASH FLOWS
dc.subjectCASH MARKETS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANK BILLS
dc.subjectCENTRAL BANKS
dc.subjectCOLLATERAL
dc.subjectCOLLECTIVE INVESTMENT
dc.subjectCONVENTIONAL FINANCE
dc.subjectCORPORATE BOND
dc.subjectCORPORATE BOND MARKETS
dc.subjectCORPORATE BONDS
dc.subjectCREDIT CULTURE
dc.subjectCREDIT RATING
dc.subjectCREDIT RISK
dc.subjectCREDIT RISK ASSESSMENTS
dc.subjectCREDIT RISK EXPOSURES
dc.subjectCREDIT SPREADS
dc.subjectCUSTODY
dc.subjectDEBT
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT SECURITIES
dc.subjectDEBTS
dc.subjectDEFAULTS
dc.subjectDERIVATIVE
dc.subjectDERIVATIVE INSTRUMENTS
dc.subjectDERIVATIVE PRODUCTS
dc.subjectDERIVATIVES
dc.subjectDERIVATIVES MARKET
dc.subjectDERIVATIVES MARKETS
dc.subjectDEVELOPMENT BANK
dc.subjectDISCLOSURE REQUIREMENT
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDISPUTE RESOLUTION
dc.subjectDIVERSIFIED FINANCING
dc.subjectDIVERSIFIED INVESTOR
dc.subjectDIVERSIFIED INVESTOR BASE
dc.subjectDOMESTIC BOND
dc.subjectDOMESTIC BOND MARKETS
dc.subjectDOMESTIC CAPITAL
dc.subjectDOMESTIC CAPITAL MARKETS
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC MARKETS
dc.subjectEMERGING MARKETS
dc.subjectENABLING ENVIRONMENT
dc.subjectEXCHANGE RATES
dc.subjectFACE VALUE
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL SYSTEM
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN INVESTORS
dc.subjectFREE ASSETS
dc.subjectGOVERNMENT ASSETS
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT DEBT SECURITIES
dc.subjectGOVERNMENT DEFICIT
dc.subjectGOVERNMENT POLICY
dc.subjectGOVERNMENT SECURITIES
dc.subjectGOVERNMENT SECURITIES MARKET
dc.subjectINCOME INSTRUMENTS
dc.subjectINFLATION
dc.subjectINFRASTRUCTURE DEVELOPMENT
dc.subjectINFRASTRUCTURE FINANCING
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE SWAP
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL INVESTORS
dc.subjectINTERNATIONAL MARKET
dc.subjectINTERNATIONAL MARKETS
dc.subjectINVESTING
dc.subjectINVESTMENT ALLOCATION
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT FUNDS
dc.subjectINVESTMENT POLICIES
dc.subjectINVESTMENT REGULATIONS
dc.subjectINVESTMENT STRATEGIES
dc.subjectINVESTMENT STRATEGY
dc.subjectINVESTOR CONFIDENCE
dc.subjectINVESTOR INTEREST
dc.subjectINVESTOR PARTICIPATION
dc.subjectINVESTOR PROTECTION
dc.subjectISLAMIC BANKING
dc.subjectISLAMIC BANKS
dc.subjectISLAMIC BOND
dc.subjectISLAMIC CAPITAL
dc.subjectISLAMIC CAPITAL MARKET
dc.subjectISLAMIC FINANCE
dc.subjectISLAMIC FINANCIAL INDUSTRY
dc.subjectISLAMIC FINANCIAL INSTITUTIONS
dc.subjectISLAMIC FINANCIAL INSTRUMENT
dc.subjectISLAMIC FINANCIAL INSTRUMENTS
dc.subjectISLAMIC FINANCIAL MARKET
dc.subjectISLAMIC FINANCIAL MARKETS
dc.subjectISLAMIC FINANCIAL SERVICES
dc.subjectISLAMIC INSTRUMENTS
dc.subjectISLAMIC INSURANCE
dc.subjectISLAMIC INVESTORS
dc.subjectISLAMIC SCHOLAR
dc.subjectISSUANCE
dc.subjectISSUANCES
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL OWNERSHIP
dc.subjectLENDERS
dc.subjectLEVEL PLAYING FIELD
dc.subjectLIQUID INSTRUMENTS
dc.subjectLIQUIDITY MANAGEMENT
dc.subjectLOCAL CURRENCIES
dc.subjectLOCAL CURRENCY
dc.subjectLONG-TERM INTEREST
dc.subjectMARKET ACCESS
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET INFRASTRUCTURE
dc.subjectMARKET LIQUIDITY
dc.subjectMARKET MAKING
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET PLAYERS
dc.subjectMARKET PRICES
dc.subjectMARKET SEGMENTATION
dc.subjectMARKET SHARE
dc.subjectMARKET SIZE
dc.subjectMARKET SPECIALIST
dc.subjectMARKET TRADES
dc.subjectMARKET TRANSACTIONS
dc.subjectMARKET-MAKING
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMONETARY POLICY
dc.subjectMONEY MARKET
dc.subjectMONEY MARKET INSTRUMENTS
dc.subjectMONEY MARKETS
dc.subjectMORTGAGE
dc.subjectMORTGAGE BONDS
dc.subjectMUNICIPAL BONDS
dc.subjectMUTUAL FUNDS
dc.subjectPAR VALUE
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO VALUATION
dc.subjectPORTFOLIOS
dc.subjectPRICE BENCHMARKS
dc.subjectPRICE DISCOVERY
dc.subjectPRICE FORMATION
dc.subjectPRICE TRANSPARENCY
dc.subjectPRIMARY DEALER
dc.subjectPRIMARY DEALER SYSTEM
dc.subjectPRIMARY DEALER SYSTEMS
dc.subjectPRIMARY MARKET
dc.subjectPRIMARY MARKETS
dc.subjectPRINCIPAL PAYMENT
dc.subjectPUBLIC OFFERING
dc.subjectPUBLIC OFFERINGS
dc.subjectREGISTRATION PROCESSES
dc.subjectREGULATORY FRAMEWORK
dc.subjectREPO
dc.subjectREPO AGREEMENTS
dc.subjectREPO MARKET
dc.subjectREPOS
dc.subjectRETAIL INVESTOR
dc.subjectRETAIL INVESTORS
dc.subjectRETURN
dc.subjectRISK MANAGEMENT
dc.subjectRISK MANAGEMENT TOOLS
dc.subjectRISK SHARING
dc.subjectSECONDARY MARKET
dc.subjectSECONDARY MARKET LIQUIDITY
dc.subjectSECONDARY MARKETS
dc.subjectSECURITIES
dc.subjectSECURITIES MARKET
dc.subjectSECURITIES REGULATIONS
dc.subjectSETTLEMENT
dc.subjectSETTLEMENT OF TRANSACTIONS
dc.subjectSETTLEMENT PROCEDURES
dc.subjectSHORT-TERM LIQUIDITY
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN ISSUERS
dc.subjectSUKUK
dc.subjectSWAP
dc.subjectSWAP CURVES
dc.subjectTAX
dc.subjectTAX TREATMENT
dc.subjectTRADING
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectUNDERLYING ASSETS
dc.subjectVALUATION
dc.subjectYIELD CURVE
dc.titleSukuk Markets : A Proposed Approach for Developmenten
dspace.entity.typePublication
okr.crossref.titleSukuk Markets: A Proposed Approach for Development
okr.date.disclosure2014-12-05
okr.date.doiregistration2025-04-10T09:13:50.855986Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2014/12/20470876/sukuk-markets-proposed-approach-development
okr.globalpracticeFinance and Markets
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeTrade and Competitiveness
okr.guid637041468320946094
okr.identifier.doi10.1596/1813-9450-7133
okr.identifier.externaldocumentum000158349_20141204142423
okr.identifier.internaldocumentum20470876
okr.identifier.reportWPS7133
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/12/04/000158349_20141204142423/Rendered/PDF/WPS7133.pdfen
okr.topicFinance and Financial Sector Development::Islamic Finance
okr.topicMacroeconomics and Economic Growth::Markets and Market Access
okr.topicFinance and Financial Sector Development::Mutual Funds
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.unitFinance and Markets Global Practice Group
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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