Ten years after the first global sovereign sukuk, international corporates are increasingly turning to shariah finance. Qudeer Latif, global head of Islamic finance at Clifford Chance, describes how the 2002 offering has impacted the development of Islamic finance
While Malaysia's sovereign sukuk
had a positive impact on its domestic market, the impact on the global market wasn't felt until three or four years later. Today, however, Islamic finance has become one of the most exciting areas of capital markets. Countries from Korea to Kazakhstan are looking to develop Islamic finance standards and tax structures, and international corporates are innovating structures and instruments.
Malaysia, however, remains the leader. "Since 2002, Malaysia has been the dominant global Islamic finance player with the deepest and most liquid domestic market," Clifford...
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