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The sukuk market is one of the fastest growing segments in the global financial market. Muhammad Al-Bashir Muhammad al-Amine shows this in the introduction of his book titled “Global Sukuk and Islamic Securitisation Market - Financial Engineering and Product Innovation”.
The book represents the latest analytical offering on the subject of sukuk and was published by Brill under its Arab and Islamic law series.
The point that the author tries to make is that sukuk market dynamics is as complex as other asset classes whether in Muslim jurisdictions or non-Muslim ones. These relate to a cornucopia of problems - regulatory framework, enabling legislation, ratings, Shariah structures, purchase undertaking, guarantees, especially third party Sukuk guarantees, SPVs (special purpose vehicles), trust laws, court procedure (in case of defaults and recourse to law especially for different creditors), listings, secondary market, arbitration clauses and so on.
Therefor, any analysis will have to begin from the basic proposition of the dynamics of the issuer jurisdiction, and these vary dramatically from country to country.