Table 1: Stage of Sukuk Market Development by Case-Study Countries

2

Table 1.1: Case-Study Countries by Category of Sukuk Market Development

7

Table 1.2: Case-Study Countries by Regional Location

7

Table 2.1: Comparison between Bonds, Sukuk and Shares

12

Table 2.2: Required Parties in Sukuk Issuances and Their Roles

23

Table 2.3: Optional Parties in Sukuk Issuances and Their Roles

24

Table 2.4: Asset-Based and Asset-Backed Sukuk

28

Table 2.5: Tax Changes to Promote Sukuk

31

Table 3.1: Facilitative Roles of Key Market Stakeholders

37

Table 3.2: Shariah Contracts under AAOIFI Shariah Standards on Investment Sukuk

41

Table 3.3: A Snapshot of Sovereign Ijarah Sukuk Issuances by Selected Non-OIC Countries

50

Table 3.4: GCC Countries’ Budget Deficits (2014-2017f/ USD billion)

54

Table 3.5: Arab Countries – Number of Domestic Sukuk Issuances by Country (2001-2016)

54

Table 3.6: Arab Countries – Number of International Issuances by Country (2001-2016)

55

Table 3.7: A Snapshot of Selected Sukuk Issuances by Arab Countries

55

Table 3.8: Asian Countries − Number of Domestic Sukuk Issuances by Country (2001-2016)

57

Table 3.9: Asian Countries – International Sukuk Issuances by Country (2001-2016)

57

Table 3.10: A Snapshot of Selected Sukuk Issuances by Asian Countries

58

Table 3.11: A Snapshot of Selected Sukuk Issuances by African Countries

60

Table 3.12: Number of Domestic Sukuk Issuances by Country (2001-2016)

61

Table 3.13: Number of International Sukuk Issuances by Country (2001-2016)

61

Table 3.14: Composition of Financial Markets by Country as a Percentage of GDP

63

Table 3.15: Key Indicators of Financial Intermediation by NBFIs as a Percentage of GDP

63

Table 3.16: Composition of Selected Asian Financial Markets as a Percentage of GDP

65

Table 3.17: Key Indicators of Financial Intermediation by NBFIs as a Percentage of GDP

65

Table 3.18: Composition of Selected African Financial Markets as a Percentage of GDP

68

Table 3.19: Key Indicators of Financial Intermediation by NBFIs as a Percentage of GDP

68

Table 4.1: Development-Stage Matrix for Sukuk

70

Table 4.2: Description of the Development-Stage Matrix

72

Table 4.3: Malaysia’s Budget Deficits (2014–2017f)

79

Table 4.4: A Snapshot of Benchmark Corporate Sukuk Issuances in Malaysia

84

Table 4.5: Malaysian Institutional Investors

87

Table 4.6: Recommendations to Improve Demand (Buy Side) – Medium-Term Solutions

94

Table 4.7: Recommendations to Improve Demand (Sell Side) – Medium-Term Solutions

94

Table 4.8: UAE’s Budget Deficits (2014–2017f)

102

Table 4.9: A Snapshot of Benchmark Corporate Sukuk Issuances in the UAE

105

Table 4.10: Key Laws for the Establishment of the DIFC

109

Table 4.11: Recommendations to Improve Demand (Buy Side) – Medium-Term Solutions

113

Table 4.12: Recommendations to Improve Supply (Sell Side) – Medium-Term Solutions

113

Table 4.13: Indonesia’s Budget Deficits (2014–2017f)

123

Table 4.14: Types of Sukuk Negara Shariah Structures Approved by DSN-MUI

127

Table 4.15: A Snapshot of Indonesian Corporate Sukuk Issuance

129

Table 4.16: Recommendations to Improve Demand (Buy Side) – Medium-Term Solutions

135