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TABLE OF CONTENTS
LIST OF TABLES v LIST OF CHARTS vii LIST OF FIGURES ix LIST OF BOXES x LIST OF ABBREVIATIONS xi EXECUTIVE SUMMARY 1 1. INTRODUCTION 5 1.1 GLOBAL OUTLOOK OF THE SUKUK MARKET 5 1.2 AIMS, OBJECTIVES AND SCOPE OF THE STUDY 6 1.3 METHODOLOGY 6 1.4 OVERVIEW OF THE STUDY 7 2. DEVELOPING A SUKUK MARKET: KEY BUIDING BLOCKS 9 2.1 SUKUK AS AN ISLAMIC FINANCIAL INSTRUMENT 9 2.1.1 EVOLUTION OF SUKUK AS AN ISLAMIC FINANCIAL INSTRUMENT 9 2.1.2 GENERAL PRINCIPLES, MILESTONES AND KEY TRENDS 11 2.1.3 THEORETICAL AND LEGAL NATURE OF SUKUK 12 2.1.4 THE COMPATIBILITY OF CURRENT SUKUK PRACTICES WITH ISLAMIC LAW 14 2.2 IMPORTANCE OF SUKUK IN DEVELOPING THE ISLAMIC FINANCIAL MARKET 15 2.2.1 ASSET DISTRIBUTION IN VARIOUS SEGMENTS OF ISLAMIC FINANCE 15 2.2.2 THE ROLE OF SUKUK IN DEVELOPING THE ISLAMIC FINANCE INDUSTRY 16 2.2.3 PIONEERING COUNTRIES IN THE SUKUK MARKET 17 2.3 KEY DOMESTIC AND GLOBAL INSTITUTIONS IN THE SUKUK MARKET AND THEIR ROLES 19 2.3.1 KEY ROLES OF DOMESTIC AND INTERNATIONAL INSTITUTIONS 19 2.3.2 EXISTING STANDARD-SETTING BODIES AND THEIR ROLES 21 2.4 PARTIES INVOLVED IN THE ISSUANCE OF SUKUK: ROLES AND RESPONSIBILITIES 22 2.5 THE IMPORTANCE OF ESTABLISHING SHARIAH ADVISORY BOARDS FOR SUKUK 24 2.5.1 SHARIAH GOVERNANCE FRAMEWORKS (SGFs) AND A CENTRALISED SGF 25 2.6 THE IMPORTANCE OF CREATING A CONDUCIVE ENVIRONMENT FOR SUKUK 26 2.6.1 LEGAL 26 2.6.2 REGULATORY 30