71
Shariah governance
framework:
- Centralised
Shariah board
- Resolutions on
sukuk structures
- Key functions
such as advisory,
review and audit
Tax neutrality:
- Removal of taxes
related to transfer
of assets
Tax incentives:
- Waiver or
deduction of taxes
and/or issuance
costs
Product innovation:
- Diversity in sukuk
structures and
products
Infrastructure:
- Trading platforms
- Listing and
approval
processes
- Activity level of
Islamic money
market
Diversification of
investor base:
- Intermediation by
NBFIs
- Inclusion of retail
investors
Diversification and
frequency of:
- Sovereign
issuance
- Corporate
issuance
Cost
competitiveness:
- All-in cost in terms
of legal, pricing,
issuance timeline
Establishment of a
sovereign sukuk
yield benchmark
Establishment of a
corporate sukuk
yield benchmark
Sources: RAM, ISRA