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The market for sukuk is now
maturing and there is an increasing momentum in the wake of interest from
issuers and investors. sukuk have confirmed their viability as an
alternative means to mobilize medium to long-term savings and investments
from a huge investor base.
Different sukuk structures
have been emerging over the years but most of the sukuk issuance to date
have been ijara sukuk, since they are based on the undivided pro-rata
ownership of the underlying leased asset, it is freely tradable at par,
premium or discount. Tradability of the sukuk in the secondary market makes
them more attractive.
Although less common than
Ijara sukuk, other types of sukuk are also playing significant role in
emerging markets to help issuers and investors alike to participate in major
projects, including airports, bridges, power plants etc. The sovereign sukuk
issues, following Malaysia?s lead, are enjoying widespread and positive
acclaim among Islamic investors and global institutional investors alike.
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