Sukuk Markets : A Proposed Approach for Development

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collection.link.5
https://openknowledge.worldbank.org/handle/10986/9
collection.name.5
Policy Research Working Papers
dc.contributor.author
Kusuma, Ketut Ariadi
dc.contributor.author
Caputo Silva, Anderson
dc.date.accessioned
2014-12-12T21:45:07Z
dc.date.available
2014-12-12T21:45:07Z
dc.date.issued
2014-12
dc.date.lastModified
2021-04-23T14:03:59Z
dc.description.abstract
The 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.identifier
http://documents.worldbank.org/curated/en/2014/12/20470876/sukuk-markets-proposed-approach-development
dc.identifier.uri
http://hdl.handle.net/10986/20702
dc.language
English
dc.language.iso
en_US
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
Policy Research Working Paper;No. 7133
dc.rights
CC BY 3.0 IGO
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
ACCOUNTING
dc.subject
ASSET CLASS
dc.subject
ASSET MANAGEMENT
dc.subject
ASSET-BACKED SECURITIES
dc.subject
BANKING ASSETS
dc.subject
BOND
dc.subject
BOND MARKET
dc.subject
BOND MARKETS
dc.subject
BONDS
dc.subject
CAPITAL INVESTMENT
dc.subject
CASH FLOW
dc.subject
CASH FLOWS
dc.subject
CASH MARKETS
dc.subject
CENTRAL BANK
dc.subject
CENTRAL BANK BILLS
dc.subject
CENTRAL BANKS
dc.subject
COLLATERAL
dc.subject
COLLECTIVE INVESTMENT
dc.subject
CONVENTIONAL FINANCE
dc.subject
CORPORATE BOND
dc.subject
CORPORATE BOND MARKETS
dc.subject
CORPORATE BONDS
dc.subject
CREDIT CULTURE
dc.subject
CREDIT RATING
dc.subject
CREDIT RISK
dc.subject
CREDIT RISK ASSESSMENTS
dc.subject
CREDIT RISK EXPOSURES
dc.subject
CREDIT SPREADS
dc.subject
CUSTODY
dc.subject
DEBT
dc.subject
DEBT INSTRUMENTS
dc.subject
DEBT SECURITIES
dc.subject
DEBTS
dc.subject
DEFAULTS
dc.subject
DERIVATIVE
dc.subject
DERIVATIVE INSTRUMENTS
dc.subject
DERIVATIVE PRODUCTS
dc.subject
DERIVATIVES
dc.subject
DERIVATIVES MARKET
dc.subject
DERIVATIVES MARKETS
dc.subject
DEVELOPMENT BANK
dc.subject
DISCLOSURE REQUIREMENT
dc.subject
DISCLOSURE REQUIREMENTS
dc.subject
DISPUTE RESOLUTION
dc.subject
DIVERSIFIED FINANCING
dc.subject
DIVERSIFIED INVESTOR
dc.subject
DIVERSIFIED INVESTOR BASE
dc.subject
DOMESTIC BOND
dc.subject
DOMESTIC BOND MARKETS
dc.subject
DOMESTIC CAPITAL
dc.subject
DOMESTIC CAPITAL MARKETS
dc.subject
DOMESTIC MARKET
dc.subject
DOMESTIC MARKETS
dc.subject
EMERGING MARKETS
dc.subject
ENABLING ENVIRONMENT
dc.subject
EXCHANGE RATES
dc.subject
FACE VALUE
dc.subject
FEDERAL RESERVE
dc.subject
FINANCIAL INSTITUTIONS
dc.subject
FINANCIAL INSTRUMENTS
dc.subject
FINANCIAL SYSTEM
dc.subject
FOREIGN EXCHANGE
dc.subject
FOREIGN INVESTORS
dc.subject
FREE ASSETS
dc.subject
GOVERNMENT ASSETS
dc.subject
GOVERNMENT BOND
dc.subject
GOVERNMENT BONDS
dc.subject
GOVERNMENT DEBT
dc.subject
GOVERNMENT DEBT SECURITIES
dc.subject
GOVERNMENT DEFICIT
dc.subject
GOVERNMENT POLICY
dc.subject
GOVERNMENT SECURITIES
dc.subject
GOVERNMENT SECURITIES MARKET
dc.subject
INCOME INSTRUMENTS
dc.subject
INFLATION
dc.subject
INFRASTRUCTURE DEVELOPMENT
dc.subject
INFRASTRUCTURE FINANCING
dc.subject
INSTITUTIONAL INVESTORS
dc.subject
INSTRUMENT
dc.subject
INSURANCE
dc.subject
INSURANCE COMPANIES
dc.subject
INTEREST RATE
dc.subject
INTEREST RATE SWAP
dc.subject
INTEREST RATES
dc.subject
INTERNATIONAL BANK
dc.subject
INTERNATIONAL CAPITAL
dc.subject
INTERNATIONAL CAPITAL MARKETS
dc.subject
INTERNATIONAL FINANCE
dc.subject
INTERNATIONAL FINANCIAL MARKETS
dc.subject
INTERNATIONAL INVESTORS
dc.subject
INTERNATIONAL MARKET
dc.subject
INTERNATIONAL MARKETS
dc.subject
INVESTING
dc.subject
INVESTMENT ALLOCATION
dc.subject
INVESTMENT DECISIONS
dc.subject
INVESTMENT FUNDS
dc.subject
INVESTMENT POLICIES
dc.subject
INVESTMENT REGULATIONS
dc.subject
INVESTMENT STRATEGIES
dc.subject
INVESTMENT STRATEGY
dc.subject
INVESTOR CONFIDENCE
dc.subject
INVESTOR INTEREST
dc.subject
INVESTOR PARTICIPATION
dc.subject
INVESTOR PROTECTION
dc.subject
ISLAMIC BANKING
dc.subject
ISLAMIC BANKS
dc.subject
ISLAMIC BOND
dc.subject
ISLAMIC CAPITAL
dc.subject
ISLAMIC CAPITAL MARKET
dc.subject
ISLAMIC FINANCE
dc.subject
ISLAMIC FINANCIAL INDUSTRY
dc.subject
ISLAMIC FINANCIAL INSTITUTIONS
dc.subject
ISLAMIC FINANCIAL INSTRUMENT
dc.subject
ISLAMIC FINANCIAL INSTRUMENTS
dc.subject
ISLAMIC FINANCIAL MARKET
dc.subject
ISLAMIC FINANCIAL MARKETS
dc.subject
ISLAMIC FINANCIAL SERVICES
dc.subject
ISLAMIC INSTRUMENTS
dc.subject
ISLAMIC INSURANCE
dc.subject
ISLAMIC INVESTORS
dc.subject
ISLAMIC SCHOLAR
dc.subject
ISSUANCE
dc.subject
ISSUANCES
dc.subject
LEGAL FRAMEWORK
dc.subject
LEGAL OWNERSHIP
dc.subject
LENDERS
dc.subject
LEVEL PLAYING FIELD
dc.subject
LIQUID INSTRUMENTS
dc.subject
LIQUIDITY MANAGEMENT
dc.subject
LOCAL CURRENCIES
dc.subject
LOCAL CURRENCY
dc.subject
LONG-TERM INTEREST
dc.subject
MARKET ACCESS
dc.subject
MARKET DEVELOPMENT
dc.subject
MARKET INFRASTRUCTURE
dc.subject
MARKET LIQUIDITY
dc.subject
MARKET MAKING
dc.subject
MARKET PARTICIPANTS
dc.subject
MARKET PLAYERS
dc.subject
MARKET PRICES
dc.subject
MARKET SEGMENTATION
dc.subject
MARKET SHARE
dc.subject
MARKET SIZE
dc.subject
MARKET SPECIALIST
dc.subject
MARKET TRADES
dc.subject
MARKET TRANSACTIONS
dc.subject
MARKET-MAKING
dc.subject
MATURITIES
dc.subject
MATURITY
dc.subject
MONETARY POLICY
dc.subject
MONEY MARKET
dc.subject
MONEY MARKET INSTRUMENTS
dc.subject
MONEY MARKETS
dc.subject
MORTGAGE
dc.subject
MORTGAGE BONDS
dc.subject
MUNICIPAL BONDS
dc.subject
MUTUAL FUNDS
dc.subject
PAR VALUE
dc.subject
PENSION
dc.subject
PENSION FUNDS
dc.subject
PORTFOLIO
dc.subject
PORTFOLIO VALUATION
dc.subject
PORTFOLIOS
dc.subject
PRICE BENCHMARKS
dc.subject
PRICE DISCOVERY
dc.subject
PRICE FORMATION
dc.subject
PRICE TRANSPARENCY
dc.subject
PRIMARY DEALER
dc.subject
PRIMARY DEALER SYSTEM
dc.subject
PRIMARY DEALER SYSTEMS
dc.subject
PRIMARY MARKET
dc.subject
PRIMARY MARKETS
dc.subject
PRINCIPAL PAYMENT
dc.subject
PUBLIC OFFERING
dc.subject
PUBLIC OFFERINGS
dc.subject
REGISTRATION PROCESSES
dc.subject
REGULATORY FRAMEWORK
dc.subject
REPO
dc.subject
REPO AGREEMENTS
dc.subject
REPO MARKET
dc.subject
REPOS
dc.subject
RETAIL INVESTOR
dc.subject
RETAIL INVESTORS
dc.subject
RETURN
dc.subject
RISK MANAGEMENT
dc.subject
RISK MANAGEMENT TOOLS
dc.subject
RISK SHARING
dc.subject
SECONDARY MARKET
dc.subject
SECONDARY MARKET LIQUIDITY
dc.subject
SECONDARY MARKETS
dc.subject
SECURITIES
dc.subject
SECURITIES MARKET
dc.subject
SECURITIES REGULATIONS
dc.subject
SETTLEMENT
dc.subject
SETTLEMENT OF TRANSACTIONS
dc.subject
SETTLEMENT PROCEDURES
dc.subject
SHORT-TERM LIQUIDITY
dc.subject
SOVEREIGN DEBT
dc.subject
SOVEREIGN ISSUERS
dc.subject
SUKUK
dc.subject
SWAP
dc.subject
SWAP CURVES
dc.subject
TAX
dc.subject
TAX TREATMENT
dc.subject
TRADING
dc.subject
TRANSACTION
dc.subject
TRANSACTION COSTS
dc.subject
UNDERLYING ASSETS
dc.subject
VALUATION
dc.subject
YIELD CURVE
dc.title
Sukuk Markets : A Proposed Approach for Development
en
okr.date.disclosure
2014-12-05
okr.doctype
Publications & Research :: Policy Research Working Paper
okr.doctype
Publications & Research
okr.docurl
http://documents.worldbank.org/curated/en/2014/12/20470876/sukuk-markets-proposed-approach-development
okr.globalpractice
Finance and Markets
okr.globalpractice
Macroeconomics and Fiscal Management
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/1813-9450-7133
okr.identifier.externaldocumentum
000158349_20141204142423
okr.identifier.internaldocumentum
20470876
okr.identifier.report
WPS7133
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/12/04/000158349_20141204142423/Rendered/PDF/WPS7133.pdf
en
okr.topic
Finance and Financial Sector Development :: Islamic Finance
okr.topic
Macroeconomics and Economic Growth :: Markets and Market Access
okr.topic
Finance and Financial Sector Development :: Mutual Funds
okr.topic
Private Sector Development :: Emerging Markets
okr.topic
Finance and Financial Sector Development :: Debt Markets
okr.unit
Finance and Markets Global Practice Group

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