Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 3): Securities Commission Malaysia (SC) today released a textbook on the theories and practices governing sukuk across various jurisdictions.
 
Called Sukuk: Principles & Practices, the book was published jointly with The International Shariah Research Academy for Islamic Finance (ISRA), which was established by Bank Negara Malaysia in 2008 as an initiative to promote applied research in the areas of Shariah and Islamic finance.
 
“(The book) serves as a vital source of reference for academicians, students and practitioners to gain a greater understanding on sukuk and in turn, contribute towards continuing growth and expansion of the sukuk market globally,” SC and ISRA said in a joint statement today.
 
The book was launched by the Sultan of Perak, Sultan Nazrin Muizzuddin Shah, at the Kuala Lumpur Islamic Finance Forum 2017 in Kuala Lumpur.
 
The statement said the launch of the textbook is timely, in view of the increasing role of sukuk as an important source of capital formation to finance the development of a country’s economy. 
 
“Malaysia continues to be the world’s largest sukuk market, characterised by the presence of innovative sukuk structures, diversity of domestic and foreign issuers and investors, as well as availability of various maturities and currency denominations.
 
“The global significance of Malaysia’s sukuk market is the result of orderly development of the sukuk market ecosystem, and the broad acceptance of sukuk globally, as a viable mechanism to raise capital as evidenced by the growing number of countries, including non-Muslim ones that have issued or planning to issue sukuk,” SC and ISRA said.
  
The statement noted Malaysia has more recently witnessed issuance of the world’s first green sukuk under SC’s Sustainable & Responsible Investment (SRI) Sukuk framework.
 
“The green sukuk further affirmed the country’s efforts in product innovation, as well as its position as a leading Islamic finance marketplace and its value proposition as a centre for sustainable finance,” it added.

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