6 / 247
ii
2.6.3 SUPERVISORY 32 2.7 NEW FRONTIERS FOR THE DEVELOPMENT OF SUKUK IN THE ICM 33 2.7.1 CONVERGENCE OF SUKUK WITH SRI 33 2.7.2 PROPOSAL FOR A COMMON GLOBAL SUKUK AND TRADABILITY OF SUKUK CERTIFICATES 34 3. SUKUK STRUCTURES, ISSUANCES AND INVESTMENT 35 3.1 CRITICAL SUCCESS FACTORS FOR A SUSTAINABLE SUKUK MARKET 36 3.2 KEY CHALLENGES IN THE DEVELOPMENT OF A SUKUK MARKET 39 3.2.1 LEGISLATIVE FRAMEWORK (COMMON LAW VS CIVIL LAW) 39 3.2.2 TAX FRAMEWORK 40 3.2.3 STANDARDISATION OF SHARIAH GOVERNANCE 40 3.2.4 DEVELOPMENT OF A SUSTAINABLE SUPPLY OF CORPORATE SUKUK 43 3.2.5 LEVEL OF FINANCIAL INTERMEDIATION AND DIVERSIFICATION OF INVESTOR BASE 44 3.3 COMPREHENSIVE ASSESSMENT OF SUKUK STRUCTURES 44 3.3.1 ARAB COUNTRIES 44 3.3.2 ASIAN COUNTRIES 46 3.3.3 AFRICAN COUNTRIES 49 3.3.4 NON-OIC COUNTRIES 50 3.3.5 ANALYSIS OF SUKUK STRUCTURES ISSUED BY OIC AND NON-OIC COUNTRIES 51 3.4 A COMPREHENSIVE ASSESSMENT OF SUKUK ISSUANCES – SUPPLY (SELL SIDE) 53 3.4.1 ARAB REGION 53 3.4.2 ASIAN REGION 57 3.4.3 AFRICAN REGION 59 3.4.4 SUKUK ISSUANCES IN NON-OIC COUNTRIES 61 3.4.5 ANALYSIS OF SUKUK ISSUANCES IN OIC AND NON-OIC COUNTRIES 62 3.5 COMPREHENSIVE ASSESSMENT OF SUKUK INVESTMENTS – DEMAND (BUY SIDE) 63 3.5.1 ARAB REGION 63 3.5.2 ASIAN REGION 65 3.5.3 AFRICAN REGION 68 3.5.4 ANALYSIS OF SUKUK INVESTMENTS IN OIC COUNTRIES 69 4. CASE STUDIES 70 4.1 INTRODUCTION: SELECTION CRITERIA AND METHODOLOGY 70 4.2 MALAYSIA 73