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

Islamic Bond Issuance: What Sovereign Debt Managers Need to Know
Author: Mr. Amadou N Sy, Mr. Peter J Kunzel, Mr. Paul S. Mills, and Andreas Jobst