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Secondary Market of Sukuk: An Overview

Year 2018, Volume: 4 Issue: 2, 17 - 32, 31.07.2018
https://doi.org/10.25272/ijisef.452577

Abstract

Sukuk market has been growing very fast in recent years. However, because of the sukuk market problems, the potential of the market has not been realized yet. One of these problems is the inactive, weak and sluggish secondary market of sukuk. Because of the weak secondary market, investors and issuers of sukuk cannot benefit from the advantages of sukuk completely. In order to benefit from sukuk, sukuk secondary market problems must be overcome and the secondary market of sukuk must be active. In this regard, we researched the reasons of weak sukuk secondary market by using a descriptive method in this paper. We proposed some solutions to resolve the problem. If the solution proposals can be put into practice, we think that sukuk secondary and primary market will develop and parties of sukuk can take advantages of sukuk more significantly.

References

  • Abdo, Alaa (2014), “A Critical Review of the Sukuk Market. A Qualitative Study to Identify Current Risks and Opportunities”, Dublin Business School Master Thesis. ADB, (Asian Development Bank) (2014) Asia Bond Monitor March 2014, https://www.adb.org/sites/default/files/publication/31219/asia-bond-monitor-march2014.pdf , 15.09.2015. Afshar, Tahmoures A. (2013), “Compare and Contrast Sukuk (Islamic Bonds) with Conventional Bonds, Are Thay Compatible?”, The Journal of Global Business Management, Vol9, No.1, pp. 44-52. Ahmed, Elwaleed (2007), Standardization a Must for Universal Acceptance, http://standardizationsukuk.blogspot.com.tr/ 20.09.2015. Alawi, Abdullah ve Al-Quati Saleh (2014), Sukuk: The Sharia Fixed Income Alternative Strategy. Aljazira Capital Strategy Report. http://www.aljaziracapital.com.sa/report_file/ess/SPE-171.pdf, 23.06.2016. Ali, Hamed (2014), Market Opinion. To List or not to List?, http://thomsonreuters.com, 10.09.2016. Al-Amine, M. A. M. (2012), Global Sukuk and Islamic Securitization Market. Financial Engineering and Product Innovation, Brill NV, Boston. Al Elsheikh, Abdullah Abdullatef A. and Joseph Tanega (2011), “Sukuk Structure and its Regulatory Environment in the Kingdom of Saudi Arabia”, Law and Financial Markets Review, Vol.5, No.3, pp. 183-200. Al Maraj, Rasheed (2005), Keynote Speech. International Islamic Financial Markets Conference. http://www.cbb.gov.bh/page-p-international_islamic_financial_markets_conference.htm, 30.10.2016. Al –Sayed, O. (2013), “Sukuk Risk: Analysis and Management”, European Journal of Applied Social Sciences Research, Vol.1, No.3, pp. 67-76. Amundi (2012), Everything You Want to Know about Sukuk but Are Afraid to Ask, Available at: https://www.amundi.com, 30.10.2016. Ariff, Mohamed; Munawar Iqbal and Shamsher Mohamad (2012), “Prospects and Challenges of Developing Sukuk Islamic Debt markets around the World”, The Islamic Debt Market for Sukuk Securities, Editors: Mohamed Ariff, Munawar Iqbal ve Shamsher Mohamad, Edward Elgar, USA. Ascarya Ascarya and Diana Yumanita (2008), “Comparing the Development of Islamic Financial/Bond Markets in Malaysia and Indonesia”, Islamic Capital Markets Products, Regulation & Development, Editor: Salman Syed Ali, Islamic Development Bank Publishing, Saudi Arabia. Ayub, M. (2007), Understanding Islamic Finance, John Wiley&Sons Ltd., England. Azzam, H. T. (2015), The Emerging Middle East Financial Market, IN, Bloomington. Bennett, Michael and Zamir Iqbal (2011), “The Role of Sukuk in Meeting Global Development Challenges”, Global Growth, Opportunities and Challenges in the Sukuk Market, Editor: Sohail Jaffer, Euromoney Books, United Kingdom. Cakir, Selim ve Raei, Faezeh (2007), “Sukuk vs. Eurobonds: Is There a Difference in Value-at-Risk”, IMF Working Paper, No. WP/07/237. CAIA (2014), Money Markets: The Cure to What Ails The Sukuk Space, http://www.allaboutalpha.com/blog/2014/12/22/money-markets-the-cure-to-what-ails-the- sukuk-space/, 25.10.2016. Cizakca, M. (2011), Islamic Capitalism and Finance. Origins, Evolution and Future, Edward Elgar Publishing Limited, UK. Cosgrave, Barry (2014), Liquidity Management in Islamic Finance: Opportunities and Challenges.http://www.shearman.com/~/media/Files/NewsInsights/Publications/2014/11/Liqu idity-management-in-Islamic-Finance-Cosgrave-112614.pdf, 10.12.2015. Cox, Stella (2007), “The Role of the Sukuk Managing Liwuidity Issues,. New Horizon, Vol.163, pp. 38-39. Creek, Korangi (2012), Sukuk’s Global Reach, http://www.dawn.com/news/738345, 01.02.2016. Deloitte (2015), Develoing Dubai’s Debt Market to Promote Investment and Growth, https://www2.deloitte.com/content/dam/Deloitte/xe/Documents/finance/me_fa_dubai- economic-council-2015.PDF, 02.02.2016. Deloitte (n.d.), Corporate Sukuk in Europe Alternative Financing for Investment Projects, https://www2.deloitte.com/ly/en/pages/financial-services/articles/corporate-sukuk-in- europe.html, 08.09.2017. Eldred, Buck (2011), Islamic Liquidity and Secondary Markets, http://www.eurekahedge.com, 29.07.2016. El Qorchi, Mohammed (2005), Islamic Finance Gears Up. Finance and Development, Vol.42, No.4). E&Y, (Ernst & Young) (2012), Global Demand for Sukuk to Reach US$900bn by 2017. http://www.ey.com/NN/en/Home/PR_EY--Global-demand-for-Sukuk-to-reach-US-900bn- by-2017, 25.09.2015. Follak, Peter Klaus (2011), “Property Finance Based on Sukuk and Conventional Covered Bonds – Requirements for Establishing a Liquid Market: A Comparative Study”, 8th International Conference on Islamic Economics and Finance, Doha, Qatar. Grene, Sophia (2012), The Sukuk Wave ‘is Going to Get Bigger, https://www.ft.com/content/7d34252e-f289-11e1-86e0-00144feabdc0, 10.10.2015. Halim, Nazneen (2012), Secondary Market Stalemate?, http://www.islamicfinancenews.com/company- keywords/vinson-elkins-0, 21.09.2015. Hamdan, Sara (2010), International Borrowers Take to Islamic Bond Market, http://www.nytimes.com/2010/10/28/business/global/28iht-sukuk.html?_r=0, 01.02.2018. Harvey, Dominic and Barry Cosgrave (2012), Liquidity and Secondary Markets in Islamic Finance,http://www.velaw.com/uploadedFiles/VEsite/Resources/LiquiditySecondaryMarketsIsl amicFinanceHarveyCosgraveJuly%202012.pdf, 12.10.2015. ICD, (Islamic Cooperation for the Development of the Private Sector)(2016), London Stock Exchange Today Welcomes ICD, http://www.icd-ps.org/en/newsmedia/newsdetail/London-Stock- Exchange-today-welcomes-ICD-153, 10.06.2017. ICD, (Islamic Cooperation for the Development of the Private Sector (2017), Jordan’s Groundbreaking Sovereign Sukuk Bags Global Award, http://www.icd- ps.org/en/newsmedia/newsdetail/JORDAN%E2%80%99S-GROUNDBREAKING- SOVEREIGN-SUKUK-BAGS-GLOBAL-AWARD-1167, 10.06.2017. IFN, (Islamic Finance News) (2016), Could Infrastructure Projects be the Key to Developing the Secondary Markets?, http://islamicfinancenews.com/analysis-sector, 09.08.2017. IFSB, (Islamic Financial Services Board) (2016), Islamic Financial Services Industry Stability Report 2016, Islamic Financial Services Board Malaysia Publishing, Malaysia. IFSB, (Islamic Financial Services Board (2015), Islamic Financial Services Industry Stability Report 2015, Islamic Financial Services Board Malaysia Publishing, Malaysia. Iqbal, Zamir ve Abbas Mirakhor (2011), An Introduction to Islamic Finance. Theory and Practice. 2st Edition, Wiley Finance, Singapore. ISRA, (International Shari’ah Research Academy for Islamic Finance) (2014), Quarterly Sukuk Review, Q1, http://ifikr.isra.my/documents/10180/16168/Q1%20April%202014.pdf, 18.06.2017. Jobst, Andreas, Kunzel, Peter Kunzel, Paul Mills and Amadou Sy (2008), “Islamic Bond İssuance – What Sovereign Debt Managers Need to Know”, IMF Policy Discussion Paper, Issue PDP /08/3. Laldin, Mohamad Akram (n.d.), Shariah Challenges in Sukuk. http://www.sukuksummit.co.uk/images/presentations/Prof-Dr-Mohamad-Akram-Laldin.pdf, 09.05.2017. Khartoum Stock Exchange (2015), Twenty-One Annual Report 2015. http://www.kse.com.sd/UserFiles/File/englishreport2015.pdf, 28.11.2016. Kusuma, Ketut Ariadi and Anderson Caputo Silva (2014), “The Sukuk Markets. A Proposed Approach for Development”, World Bank Policy Research Working Paper, Issue WPS7133. Linklaters (2012), Shari’a-Compliant Securities (Sukuk). www.linklaters.com/, 10.08.2015. Lovells (2014), Shariah, Sukuk & Securitisation, Client Note. http://www.yasaar.org/pubs/20177%20Islamic%20finance%20client%20note1.pdf (30.06.2016), 11.08.2015. Mahmood, Nik Ramlah (2012), Outlook and Way Forward for Malaysian Sukuk Market, Keynote Speech, http://www.mondovisione.com/media-and-resources/news/outlook-and-way-forward- for-malaysian-sukuk-market-keynote-address-by-y-bhg/, 20.10.2016. Mahmoud, Mai (2016), “Gulf Islamic Finance in a Time of Austerity”, The Arab Gulf States Institute in Washington Issue Paper, Issue 5. McAughtry, L., (n.d.), “Matching the Mainstream: Consistency is Key”, Islamic Finance News, Vol. 13, No.24. McMillen, Michael J.T. (2007), “Contractual Enforceability Issues: Sukuk and Capital Markets Development”, Chicago Journal of International Law, Vol.7, No.2, pp. 427-467. Mohieldin, Mahmoud (2012), Global Financial Stability- The Role of Islamic Finance, http://www.inceif.org/download/GIFF/Keynote.pdf, 12.10.2016. Muhammad, Ahmed Rufai and Ijlal Ahmed Alvi (2010), The Need for Shariah Standardisation in Sukuk Issuance,http://www.zawya.com/story/ZAWYA20100804070100/ ,10.12.2016. Najeeb, Syed Faiq, Obiyathulla Bacha and Mansur Masih (2014), “Does a Held-to-maturity Strategy Impede Effective Portfolio Diversification for Islamic Bond (Sukuk) Portfolios? A Multi-scale Continuous Wavelet Correlation Analysis,. MPRA PAper, No.56956. Nanaeva, Zhamal K. (2010), “How Risky Sukuk Are: Comparative Analysis of Risks Associated with Sukuk and Conventional Bonds”, The British Univbersity in Dubai Faculty of Business Master Thesis. Nazar, Jhordy Kashoogie (2011), “Regulatory and Financial Implication of Sukuk’s Legal Challenges for Sustainable Sukuk Development in Islamic Capital Market”, 8th international Conference on Islamic economics and finance, Center for Islamic economics and finance, Qatar faculty of Islamic Studies, Qatar Foundation , Qatar. Omar, M. A., M. Abduh and R. Sukmana (2013), Fundamentals of Islamic Money and Capital Markets, John Wiley&Sons Ltd ,Singapore. Papazian, Armen V. (2008), “Standardization and Authenticity in the Global Sukuk Market”, Islamic Finance Innovation and Authenticity Editor: S. Nazim Ali, Harvard Law School, Cambridge. Rabindranath, Vijay and Parthapratim Gupta (2010), An Overview- Sukuk Market in Saudi Arabia. Watheeqa Capital Company, http://documents.mx/documents/sukuk-market-in-saudi- arabia.html, 10.10.2016. Reuters (2013), Sukuk Perceptions and Forecast Study 2014, http://thomsonreuters.com, 10.09.2016. Reuters (2014a), Islamic Finance Looks to Shake off Sukuk Pricing Hitch, http://ww.w.reuters.com/article/islamic-finance-sukuk-idUSL6N0O60TQ20140522, 10.09.2016. Reuters (2014b), Sukuk Perceptions & Forecast 2015, http://thomsonreuters.com, [İndirme 10.09.2016. Reuters (2016), Sukuk Perceptions & Forecast Study 2017. http://thomsonreuters.com, 10.09.2016. Rohmatunnisa, Dinna (2008), “Design of İjarah Sukuk”, The University of Nottingham Department of Finance and Investment Master Thesis. Saleh, Azleen Mohammed (2014), Malaysia: A New Sustainable Sukuk. http://www.iflr.com/Article/3383576/Malaysia-A-new-sustainable-sukuk.html, 23.08.2016. Schoon, Natalie (2011), Islamic Asset Management: An Asset Class on its Own?. Edinburgh University Press, Edinburgh. Standard & Poor’s, (2010), Sukuk Issuance is up and Running, but will the Climb Continue A Pace?,http://www.leaders.com.tn/uploads/FCK_files/file/SukukIssuanceIsUpAndRunningBut WillTheClimbContinueApace.pdf, 10.12.2016. Statista (2017), https://www.statista.com/statistics/324366/sukuk-issues-uk-london-stock-exchange/ Thomas, Abdulkader (2007), Malaysia’s Importance to The sukuk market: March 2007 Report, http://iimm.bnm.gov.my, 06.08.2016. Tolefat, A. K. and M. Asutay (2013), Takaful Investment Portfolios. A Study of the Composition of Takaful Funds in the GCC and Malaysia. Wiley Finance Series, Singapore. Ulusoy, Ahmet and Ela, Mehmet (2016), Sukukun İkinci El Piyasa Sorunu. Hukuk ve İktisat Araştırmaları Dergisi, C.8 S.1, ss. 55-70. Undersecreteriat of Treasury (2016), Turkey Participation (Islamic) Finance Country Report. https://www.hazine.gov.tr/File/?path=ROOT%2F1%2FDocuments%2FSayfalar%2FTR_Partic ipation_Finance.pdf, 10.05.2017. Vollmer, Sabine (2012), Interested in Buying Sukuk?, http://www.cgma.org/magazine/news/pages/20126503.aspx?TestCookiesEnabled=redirect, 25.12.2016. World Bank (t.y.), Integrating Islamic Finance into Global Finance Draft Note for the G20, https://g20.org/wp-content/uploads/2015/09/IMF-WBG-Note-on Integrating-Islamic- Finance-into-Global-Finance.docx , 07.07.2016. Yean, Tan Wan (2009), Sukuk: Issues and the Way Forward, https://www.assaif.org, 10.12.2016. Zin, Mohamad Zaid Mohd, Ahamad Asmadi Sakat, Nurfahiratul Azlina Ahmad, Mohd Roslan Nor Mohd, Azri Bhari, Saurdi Ishak and Mohd Sapawi Jamain (2011), “The Effectiveness of Sukuk in Islamic Finance Market”, Australian Journal of Basic and Applied Sciences, Vol.5, No.12, pp. 472-478. Zaidi, Jamal Abbas (2008), Overcoming Barriers to Liquidity; Commoditization, Sukuk Promoting ıssuance and a Secondary Market. Islamic Finance and Investment World Europe 2007, http://www.kantakji.com/sukuk-and-investments-funds/overcoming-barriers-to-liquidity- commoditization,-sukuk,-promoting-issuance-and-a-secondary-market-(1).aspx, 10.11.2016.
Year 2018, Volume: 4 Issue: 2, 17 - 32, 31.07.2018
https://doi.org/10.25272/ijisef.452577

Abstract

References

  • Abdo, Alaa (2014), “A Critical Review of the Sukuk Market. A Qualitative Study to Identify Current Risks and Opportunities”, Dublin Business School Master Thesis. ADB, (Asian Development Bank) (2014) Asia Bond Monitor March 2014, https://www.adb.org/sites/default/files/publication/31219/asia-bond-monitor-march2014.pdf , 15.09.2015. Afshar, Tahmoures A. (2013), “Compare and Contrast Sukuk (Islamic Bonds) with Conventional Bonds, Are Thay Compatible?”, The Journal of Global Business Management, Vol9, No.1, pp. 44-52. Ahmed, Elwaleed (2007), Standardization a Must for Universal Acceptance, http://standardizationsukuk.blogspot.com.tr/ 20.09.2015. Alawi, Abdullah ve Al-Quati Saleh (2014), Sukuk: The Sharia Fixed Income Alternative Strategy. Aljazira Capital Strategy Report. http://www.aljaziracapital.com.sa/report_file/ess/SPE-171.pdf, 23.06.2016. Ali, Hamed (2014), Market Opinion. To List or not to List?, http://thomsonreuters.com, 10.09.2016. Al-Amine, M. A. M. (2012), Global Sukuk and Islamic Securitization Market. Financial Engineering and Product Innovation, Brill NV, Boston. Al Elsheikh, Abdullah Abdullatef A. and Joseph Tanega (2011), “Sukuk Structure and its Regulatory Environment in the Kingdom of Saudi Arabia”, Law and Financial Markets Review, Vol.5, No.3, pp. 183-200. Al Maraj, Rasheed (2005), Keynote Speech. International Islamic Financial Markets Conference. http://www.cbb.gov.bh/page-p-international_islamic_financial_markets_conference.htm, 30.10.2016. Al –Sayed, O. (2013), “Sukuk Risk: Analysis and Management”, European Journal of Applied Social Sciences Research, Vol.1, No.3, pp. 67-76. Amundi (2012), Everything You Want to Know about Sukuk but Are Afraid to Ask, Available at: https://www.amundi.com, 30.10.2016. Ariff, Mohamed; Munawar Iqbal and Shamsher Mohamad (2012), “Prospects and Challenges of Developing Sukuk Islamic Debt markets around the World”, The Islamic Debt Market for Sukuk Securities, Editors: Mohamed Ariff, Munawar Iqbal ve Shamsher Mohamad, Edward Elgar, USA. Ascarya Ascarya and Diana Yumanita (2008), “Comparing the Development of Islamic Financial/Bond Markets in Malaysia and Indonesia”, Islamic Capital Markets Products, Regulation & Development, Editor: Salman Syed Ali, Islamic Development Bank Publishing, Saudi Arabia. Ayub, M. (2007), Understanding Islamic Finance, John Wiley&Sons Ltd., England. Azzam, H. T. (2015), The Emerging Middle East Financial Market, IN, Bloomington. Bennett, Michael and Zamir Iqbal (2011), “The Role of Sukuk in Meeting Global Development Challenges”, Global Growth, Opportunities and Challenges in the Sukuk Market, Editor: Sohail Jaffer, Euromoney Books, United Kingdom. Cakir, Selim ve Raei, Faezeh (2007), “Sukuk vs. Eurobonds: Is There a Difference in Value-at-Risk”, IMF Working Paper, No. WP/07/237. CAIA (2014), Money Markets: The Cure to What Ails The Sukuk Space, http://www.allaboutalpha.com/blog/2014/12/22/money-markets-the-cure-to-what-ails-the- sukuk-space/, 25.10.2016. Cizakca, M. (2011), Islamic Capitalism and Finance. Origins, Evolution and Future, Edward Elgar Publishing Limited, UK. Cosgrave, Barry (2014), Liquidity Management in Islamic Finance: Opportunities and Challenges.http://www.shearman.com/~/media/Files/NewsInsights/Publications/2014/11/Liqu idity-management-in-Islamic-Finance-Cosgrave-112614.pdf, 10.12.2015. Cox, Stella (2007), “The Role of the Sukuk Managing Liwuidity Issues,. New Horizon, Vol.163, pp. 38-39. Creek, Korangi (2012), Sukuk’s Global Reach, http://www.dawn.com/news/738345, 01.02.2016. Deloitte (2015), Develoing Dubai’s Debt Market to Promote Investment and Growth, https://www2.deloitte.com/content/dam/Deloitte/xe/Documents/finance/me_fa_dubai- economic-council-2015.PDF, 02.02.2016. Deloitte (n.d.), Corporate Sukuk in Europe Alternative Financing for Investment Projects, https://www2.deloitte.com/ly/en/pages/financial-services/articles/corporate-sukuk-in- europe.html, 08.09.2017. Eldred, Buck (2011), Islamic Liquidity and Secondary Markets, http://www.eurekahedge.com, 29.07.2016. El Qorchi, Mohammed (2005), Islamic Finance Gears Up. Finance and Development, Vol.42, No.4). E&Y, (Ernst & Young) (2012), Global Demand for Sukuk to Reach US$900bn by 2017. http://www.ey.com/NN/en/Home/PR_EY--Global-demand-for-Sukuk-to-reach-US-900bn- by-2017, 25.09.2015. Follak, Peter Klaus (2011), “Property Finance Based on Sukuk and Conventional Covered Bonds – Requirements for Establishing a Liquid Market: A Comparative Study”, 8th International Conference on Islamic Economics and Finance, Doha, Qatar. Grene, Sophia (2012), The Sukuk Wave ‘is Going to Get Bigger, https://www.ft.com/content/7d34252e-f289-11e1-86e0-00144feabdc0, 10.10.2015. Halim, Nazneen (2012), Secondary Market Stalemate?, http://www.islamicfinancenews.com/company- keywords/vinson-elkins-0, 21.09.2015. Hamdan, Sara (2010), International Borrowers Take to Islamic Bond Market, http://www.nytimes.com/2010/10/28/business/global/28iht-sukuk.html?_r=0, 01.02.2018. Harvey, Dominic and Barry Cosgrave (2012), Liquidity and Secondary Markets in Islamic Finance,http://www.velaw.com/uploadedFiles/VEsite/Resources/LiquiditySecondaryMarketsIsl amicFinanceHarveyCosgraveJuly%202012.pdf, 12.10.2015. ICD, (Islamic Cooperation for the Development of the Private Sector)(2016), London Stock Exchange Today Welcomes ICD, http://www.icd-ps.org/en/newsmedia/newsdetail/London-Stock- Exchange-today-welcomes-ICD-153, 10.06.2017. ICD, (Islamic Cooperation for the Development of the Private Sector (2017), Jordan’s Groundbreaking Sovereign Sukuk Bags Global Award, http://www.icd- ps.org/en/newsmedia/newsdetail/JORDAN%E2%80%99S-GROUNDBREAKING- SOVEREIGN-SUKUK-BAGS-GLOBAL-AWARD-1167, 10.06.2017. IFN, (Islamic Finance News) (2016), Could Infrastructure Projects be the Key to Developing the Secondary Markets?, http://islamicfinancenews.com/analysis-sector, 09.08.2017. IFSB, (Islamic Financial Services Board) (2016), Islamic Financial Services Industry Stability Report 2016, Islamic Financial Services Board Malaysia Publishing, Malaysia. IFSB, (Islamic Financial Services Board (2015), Islamic Financial Services Industry Stability Report 2015, Islamic Financial Services Board Malaysia Publishing, Malaysia. Iqbal, Zamir ve Abbas Mirakhor (2011), An Introduction to Islamic Finance. Theory and Practice. 2st Edition, Wiley Finance, Singapore. ISRA, (International Shari’ah Research Academy for Islamic Finance) (2014), Quarterly Sukuk Review, Q1, http://ifikr.isra.my/documents/10180/16168/Q1%20April%202014.pdf, 18.06.2017. Jobst, Andreas, Kunzel, Peter Kunzel, Paul Mills and Amadou Sy (2008), “Islamic Bond İssuance – What Sovereign Debt Managers Need to Know”, IMF Policy Discussion Paper, Issue PDP /08/3. Laldin, Mohamad Akram (n.d.), Shariah Challenges in Sukuk. http://www.sukuksummit.co.uk/images/presentations/Prof-Dr-Mohamad-Akram-Laldin.pdf, 09.05.2017. Khartoum Stock Exchange (2015), Twenty-One Annual Report 2015. http://www.kse.com.sd/UserFiles/File/englishreport2015.pdf, 28.11.2016. Kusuma, Ketut Ariadi and Anderson Caputo Silva (2014), “The Sukuk Markets. A Proposed Approach for Development”, World Bank Policy Research Working Paper, Issue WPS7133. Linklaters (2012), Shari’a-Compliant Securities (Sukuk). www.linklaters.com/, 10.08.2015. Lovells (2014), Shariah, Sukuk & Securitisation, Client Note. http://www.yasaar.org/pubs/20177%20Islamic%20finance%20client%20note1.pdf (30.06.2016), 11.08.2015. Mahmood, Nik Ramlah (2012), Outlook and Way Forward for Malaysian Sukuk Market, Keynote Speech, http://www.mondovisione.com/media-and-resources/news/outlook-and-way-forward- for-malaysian-sukuk-market-keynote-address-by-y-bhg/, 20.10.2016. Mahmoud, Mai (2016), “Gulf Islamic Finance in a Time of Austerity”, The Arab Gulf States Institute in Washington Issue Paper, Issue 5. McAughtry, L., (n.d.), “Matching the Mainstream: Consistency is Key”, Islamic Finance News, Vol. 13, No.24. McMillen, Michael J.T. (2007), “Contractual Enforceability Issues: Sukuk and Capital Markets Development”, Chicago Journal of International Law, Vol.7, No.2, pp. 427-467. Mohieldin, Mahmoud (2012), Global Financial Stability- The Role of Islamic Finance, http://www.inceif.org/download/GIFF/Keynote.pdf, 12.10.2016. Muhammad, Ahmed Rufai and Ijlal Ahmed Alvi (2010), The Need for Shariah Standardisation in Sukuk Issuance,http://www.zawya.com/story/ZAWYA20100804070100/ ,10.12.2016. Najeeb, Syed Faiq, Obiyathulla Bacha and Mansur Masih (2014), “Does a Held-to-maturity Strategy Impede Effective Portfolio Diversification for Islamic Bond (Sukuk) Portfolios? A Multi-scale Continuous Wavelet Correlation Analysis,. MPRA PAper, No.56956. Nanaeva, Zhamal K. (2010), “How Risky Sukuk Are: Comparative Analysis of Risks Associated with Sukuk and Conventional Bonds”, The British Univbersity in Dubai Faculty of Business Master Thesis. Nazar, Jhordy Kashoogie (2011), “Regulatory and Financial Implication of Sukuk’s Legal Challenges for Sustainable Sukuk Development in Islamic Capital Market”, 8th international Conference on Islamic economics and finance, Center for Islamic economics and finance, Qatar faculty of Islamic Studies, Qatar Foundation , Qatar. Omar, M. A., M. Abduh and R. Sukmana (2013), Fundamentals of Islamic Money and Capital Markets, John Wiley&Sons Ltd ,Singapore. Papazian, Armen V. (2008), “Standardization and Authenticity in the Global Sukuk Market”, Islamic Finance Innovation and Authenticity Editor: S. Nazim Ali, Harvard Law School, Cambridge. Rabindranath, Vijay and Parthapratim Gupta (2010), An Overview- Sukuk Market in Saudi Arabia. Watheeqa Capital Company, http://documents.mx/documents/sukuk-market-in-saudi- arabia.html, 10.10.2016. Reuters (2013), Sukuk Perceptions and Forecast Study 2014, http://thomsonreuters.com, 10.09.2016. Reuters (2014a), Islamic Finance Looks to Shake off Sukuk Pricing Hitch, http://ww.w.reuters.com/article/islamic-finance-sukuk-idUSL6N0O60TQ20140522, 10.09.2016. Reuters (2014b), Sukuk Perceptions & Forecast 2015, http://thomsonreuters.com, [İndirme 10.09.2016. Reuters (2016), Sukuk Perceptions & Forecast Study 2017. http://thomsonreuters.com, 10.09.2016. Rohmatunnisa, Dinna (2008), “Design of İjarah Sukuk”, The University of Nottingham Department of Finance and Investment Master Thesis. Saleh, Azleen Mohammed (2014), Malaysia: A New Sustainable Sukuk. http://www.iflr.com/Article/3383576/Malaysia-A-new-sustainable-sukuk.html, 23.08.2016. Schoon, Natalie (2011), Islamic Asset Management: An Asset Class on its Own?. Edinburgh University Press, Edinburgh. Standard & Poor’s, (2010), Sukuk Issuance is up and Running, but will the Climb Continue A Pace?,http://www.leaders.com.tn/uploads/FCK_files/file/SukukIssuanceIsUpAndRunningBut WillTheClimbContinueApace.pdf, 10.12.2016. Statista (2017), https://www.statista.com/statistics/324366/sukuk-issues-uk-london-stock-exchange/ Thomas, Abdulkader (2007), Malaysia’s Importance to The sukuk market: March 2007 Report, http://iimm.bnm.gov.my, 06.08.2016. Tolefat, A. K. and M. Asutay (2013), Takaful Investment Portfolios. A Study of the Composition of Takaful Funds in the GCC and Malaysia. Wiley Finance Series, Singapore. Ulusoy, Ahmet and Ela, Mehmet (2016), Sukukun İkinci El Piyasa Sorunu. Hukuk ve İktisat Araştırmaları Dergisi, C.8 S.1, ss. 55-70. Undersecreteriat of Treasury (2016), Turkey Participation (Islamic) Finance Country Report. https://www.hazine.gov.tr/File/?path=ROOT%2F1%2FDocuments%2FSayfalar%2FTR_Partic ipation_Finance.pdf, 10.05.2017. Vollmer, Sabine (2012), Interested in Buying Sukuk?, http://www.cgma.org/magazine/news/pages/20126503.aspx?TestCookiesEnabled=redirect, 25.12.2016. 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Details

Primary Language English
Subjects Business Administration
Journal Section Research Article
Authors

Ahmet Ulusoy

Mehmet Ela

Publication Date July 31, 2018
Published in Issue Year 2018 Volume: 4 Issue: 2

Cite

APA Ulusoy, A., & Ela, M. (2018). Secondary Market of Sukuk: An Overview. International Journal of Islamic Economics and Finance Studies, 4(2), 17-32. https://doi.org/10.25272/ijisef.452577

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