Origination, issuance, marketing and listing of sukuk securities

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Book Chapter

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Ariff, M., & Shamsher, M. (2012). Origination, insurance, marketing and listing of sukuk securities. In M. Ariff, M. Iqbal & S. Mohamad (Eds.), The Islamic Debt Market for Sukuk Securities: The Theory and Practice of Profit Sharing Investment (pp 180-192). Cheltenham, UK: Edward Elgar Publishing.

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© Copyright Mohamed Ariff, Munwar Iqbal and Shamsher Mohamad, 2012





The first Malaysian sukuk as a new Islamic financial debt security was issued as a private sector issue by Shell Company (M) Bhd, and raised RM125 million (USS45 million) in 1990. However, sukuk had been introduced earlier in Saudi Arabia and Pakistan back in the 1980s, but the debut of the 1990 issue was after the institutional development of the market for sukuk in several locations in the Middle East and Southeast Asia, and which is now in major financial centres such as in London and Zurich. In 2010 we witnessed very large markets that structure sukuk under proper regulations, established Shari'ah Boards and certification by properly established regulatory authorities, in the case of trade securities, making it possible to trade this new type of debt in secondary markets in a number of locations. The sukuk securities markets have grown rapidly, with both public issues and private sector issues, and have been a very popular fund raising mode in Malaysia since 2000.

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