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,"