The Role of Sukuk in Islamic Capital Markets
7
interview questions on the core scope of the study, i.e. the development of the sukuk
market and its role in the ICMs, from various perspectives―issuances, structures,
investments, enabling infrastructure, issues and challenges. A series of interviews
have been conducted with various parties involved in the sukuk market, such as
issuers, lead arrangers, investment bankers, investors, legal advisers and regulators.
The results from the interviews provide some insights on the challenges faced and the
necessary improvements required to further develop the sukuk market, particularly in
countries in the infancy and developing stages.
The selection of subjects for case studies was based on the diversity of regions and the
different development stages of their sukuk markets in terms of their legal and regulatory
frameworks, size and segments. Looking at historical trends and the study’s proposal to create
a development roadmap for sukuk markets, Table 1.1 lists the countries chosen as case studies.
Five OIC member countries have been selected along with Hong Kong―a non-OIC member
country, based on its developed capital markets and increasing importance as a sukuk issuer in
South East Asia.
Table 1.1: Case-Study Countries by Category of Sukuk Market Development
Infancy Developing Matured
Nigeria UAE Malaysia
Indonesia
Turkey
Hong Kong
In terms of regional location, the selected countries are classified as per Table 1.2.
Table 1.2: Case-Study Countries by Regional Location
Region Asia Arab Africa
OIC Countries Malaysia UAE Nigeria
Indonesia
Turkey
Non-OIC Countries Hong Kong
1.4 OVERVIEW OF THE STUDY
The study comprises 6 chapters and is organized according to the following topics:
Chapter 1: Introduction
This chapter provides a brief outlook on the sukuk market, sets out the research objectives and
explains the adopted research methodology.