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The Islamic finance market is
developing at a remarkable pace. Since its inception three decades ago, the
number of Islamic financial institutions worldwide has risen from one in
1975 to over 300 at the end of 2005 in more than 75 countries, with total
assets estimated to exceed $250 billion. Even with this rapid growth, it
remains in its infancy stage when compared with the global financial system.
As a result of recent
developments in the Islamic financial market there has been tremendous
growth in Shariah-compliant sovereign and corporate Islamic structured
financial instruments known as Sukuk (Islamic bonds).
The introduction of Sukuk increased the variety of instruments that can be
used to create an efficient Islamic portfolio in line with portfolio theory
and financial planning.
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