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Lack of standardization in sukuk market
(Islamic Bank Training and Research Academy, 2017) Ulusoy A.; Ela M.
Although the sukuk (Arabic name for the Sharia compliant noninterest-bearing bond) market has been rapidly growing in recent years, some challenges hinder its development. Among these challenges, lack of standardization in sukuk documentation and interpretation of Sharia regarding sukuk; makes its secondary market thinner, increases the uncertainty in the sukuk market, and boosts sukuk issuance costs. Hence, both sukuk issuers and investors refrain from the the sukuk market. As a result of this situation, the sukuk market has recently reached into an impasse. Although some countries and international regulatory institutions have been putting effort to standardize the sukuk market, the problem of lack of standardization has not been completely solved. Thus, in this study, it is offered to establish a unifiedinternational Sharia board, which would bind rules and standards to guide the sukuk market. By establishing a Sharia board, it is expected to have a more standardized and developed the sukuk market in the near future.