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Legal and shari'a governance framework for sukuk issuance in the kingdom of Saudi Arabia a comparative analytical study - الأطر القانونية والشرعية للصكوك في السعودية

Alnaggar, Ahmed Mohamed Hassan and Othman, Anwar Hasan Abdullah (2019) Legal and shari'a governance framework for sukuk issuance in the kingdom of Saudi Arabia a comparative analytical study - الأطر القانونية والشرعية للصكوك في السعودية. In: الأسواق المالية الإسلامية بين الواقع والواجب – أبحاث المؤتمر الدولي الثاني للأكاديمية الأوروبية للتمويل والاقتصاد الإسلامي (إيفي) – تركيا - Research of the Second International Conference of the European Academy of Finance and Islamic Economics 2019, 9-November 2019, Turkey.

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Abstract

Saudi Arabia holds the second place globally after Malaysia, and the first place among the Arabic nations in the value of sukuk issuances with a total issuances of $ 117.8 billion (for the period 2001-2018), as the Kingdom aims in its vision to develop the financial sector (under Vision 2030), it played a major role in the development of the sukuk market . This will require an in-depth and up-to-date analysis of the applicable rules and regulations and the readiness of the regulatory and legal structure and Shari'a governance frameworks to achieve this goal .The research uses the comparative and descriptive approach to analyze relevant legal and regulatory texts, with a comparative study on these texts in Malaysia and the United Arab Emirates as Benchmark countries as they rank in the top global sukuk market in terms of the value issued, as well as hold a good track record in sukuk issuances and different structures . This will help to give a detailed and up-to-date picture of the legal framework governing the issuance of sukuk in Saudi Arabia .Through this comparative analysis, the research found several challenges at the level of legal and Shari'a governance framework for sukuk issuance in the Kingdom, which calls for several initiatives to address these challenges.

Item Type: Conference or Workshop Item (Invited Papers)
Additional Information: 8713/76090
Uncontrolled Keywords: Sukuk, legal framework for sukuk issuance, Shari'a governance frameworks for sukuk issuance, Saudi Arabia, United Arab Emirates, Malaysia.
Subjects: H Social Sciences > HB Economic Theory > HB126.4 Islamic Economics
H Social Sciences > HB Economic Theory > HB501 Capital. Capitalism
H Social Sciences > HG Finance
H Social Sciences > HJ Public Finance > HJ8003 Public credit. Debts. Loans. Claims
H Social Sciences > HJ Public Finance > HJ9011 Local finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Institute of Islamic Banking & Finance (IIiBF)
Depositing User: Asst.Prof Anwar Hasan Abdullah Othman
Date Deposited: 19 Nov 2019 12:17
Last Modified: 19 Nov 2019 12:17
URI: http://irep.iium.edu.my/id/eprint/76090

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