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LIST OF FIGURES
Figure 2.1: Main Phases of Sukuk Development 11 Figure 2.2: New Entrants in the Sukuk Market 18 Figure 2.3: Domestic Institutions in the Development of Sukuk Structures and Issuances 19 Figure 2.4: International Institutions in the Development of Sukuk Structures and Issuances 20 Figure 2.5: Major Standard-Setting Organizations 22 Figure 2.6: Shariah Governance Processes 25 Figure 2.7: Models of Shariah Governance 25 Figure 2.8: Types of Legal Systems and the Adopting Jurisdictions 27 Figure 2.9: Characteristics of SPVs 29 Figure 2.10: Types of Trustee 30 Figure 2.11: SRI Sukuk Issued in the Islamic Finance Industry 33 Figure 3.1: McKinsey’s Building Blocks to Sustain the Long-Term Growth of Capital Markets 36 Figure 3.2: IDB Trust Services Limited –Wakalah Bil Istithmar Sukuk Structure 46 Figure 3.3: Malaysia Sukuk Global Berhad –Wakalah Sukuk Structure 48 Figure 3.4: Perusahaan Penerbit SBSN Indonesia III –Ijarah Sukuk Structure 48 Figure 3.5: HM Treasury UK Sovereign Sukuk Plc –Ijarah Sukuk Structure 51 Figure 3.6: Arab Countries’ Infrastructure Spending 56 Figure 3.7: Selected GCC Credits’ Order Books, Pricing Dynamics and Investor Profiles 64 Figure 3.8: McKinsey Asian Capital Markets Development Index 67 Figure 3.9: Constituents of McKinsey Asian Capital Markets Development Index 67 Figure 4.1: Malaysia’s Shariah Governing Bodies 82 Figure 4.2: Malaysia’s Corporate Sukuk Issuance by Sector (2015-Sep 2017) 83 Figure 4.3: Tax Incentives Accorded to Islamic Finance Based on Budget 2018 85 Figure 4.4: Process Flow for Sukuk Issuance in Malaysia 86 Figure 4.5: Key Factors Underpinning the Growth of Malaysia’s Sukuk Market 92 Figure 4.6: Phases of Islamic Finance’s Inclusion into Malaysia’s Financial Landscape 93 Figure 4.7: Key Factors Underpinning the Growth of UAE’s Sukuk Market 111 Figure 4.8: Phases of Islamic Finance’s Inclusion into the UAE’s Financial Landscape 111 Figure 4.9: Four Important Roles of the KNKS 120 Figure 4.10: Regulatory and Fiscal Initiatives to Develop the ICM (1999-2016) 120 Figure 4.11: Key Factors Underpinning the Growth of Indonesia’s Sukuk Market 133 Figure 4.12: Phases of Islamic Finance’s Inclusion in Indonesia’s Financial Landscape 134 Figure 4.13: Timeline of Turkey’s Sukuk Regulation 141 Figure 4.14: Regulatory and Fiscal initiatives to Develop Corporate Bond Issuance 144 Figure 4.15: Types of Lease Certificates Approved by the Communiqué 145 Figure 4.16: Key Factors Underpinning the Growth of Turkey’s Sukuk Market 152 Figure 4.17: Phases of Islamic Finance’s Inclusion in Turkey’s Financial Landscape 153 Figure 4.18: Hong Kong’s Sovereign Sukuk Issuances (2014-2017) 161 Figure 4.19: Key Factors Underpinning the Growth of Hong Kong’s Sukuk Market 165 Figure 4.20: Phases of Islamic Finance’s Inclusion in Hong Kong’s Financial Landscape 166 Figure 4.21: Key Factors Underpinning the Growth of Nigeria’s Sukuk Market 179 Figure 4.22: Phases of Islamic Finance’s Inclusion in Nigeria’s Financial Landscape 179 Figure 5.1: A Comprehensive Framework for the Cohesive Development of a Sukuk Market 183