Front Matter Page
© 2008 International Monetary Fund
PDP/08/3
IMF Policy Discussion Paper
Monetary and Capital Markets Department
Islamic Bond Issuance—What Sovereign Debt Managers Need to Know Prepared by Andreas Jobst1, Peter Kunzel, Paul Mills, and Amadou Sy 2
July 2008
Content
I. Overview
A. Definition of Islamic Finance
B. The Current State of Islamic Capital Market Securities (sukuk)
II. Current Issues in the Sukuk Market
III. The Case for (and Against) Sovereign Sukuk Issuance—the Issuer’s Perspective
A. Current Considerations
B. Present Challenges and Policy Implications
IV. Conclusion
Figure
1. Global Issuance of Islamic Bonds (sukuk), 2004-07 (in US$ billions)
Table
1. Global Issuance of Islamic Bonds (sukuk) (in US$ million), 2004–07
Boxes
1. Malaysia as a Front-runner of Islamic Capital Markets,
2. Islamic Central Bank and Government Securities in Sudan
References