IFSB seminar ponders sukuk market prospects‎

ArabNews:The effects of the global financial crisis, the statement by the Shariah Committee of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in 2008 regarding Shariah compliance relating to ownership of underlying assets and guarantees of principal by issuers of musharaka and mudaraba sukuk issued so far, the lack of standardization and several sukuk defaults, including The Investment Dar, East Cameron Gas and Golden Belt issuances, have seen the global sukuk market seek flight into the safety of ijara (leasing) structures, although musharaka and wakala structures can be used applying limited recourse to project/structured finance disciplines...continue