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Figure 5.1: A Comprehensive Framework for the Cohesive Development of a Sukuk Market
Sources: ISRA, RAM
The framework comprises 3 key components:
1. A strong legal and regulatory framework, which includes Shariah governance, as the
overarching principle in developing sukuk markets in any jurisdiction.
2. A robust market and strong infrastructure development, which are pertinent to
facilitating sukuk issuance and investment.
3. A market with diversified players in both supply (sell side) and demand (buy side), to
create a vibrant ecosystem.
Table 5.1 explains in detail each component of the framework.