In June 2007, IFLR reported on the surge in calls from
various corners of the globe for some form of standardisation
or harmonisation in the rapidly growing Islamic finance
industry. Concerns were centered around practices for
issuing sukuk, Islamic bonds that grant the investor a
share in an asset and prohibit interest payments.
Ten years later, those in the market say that
standardisation has continued to come up consistently at every
conference and industry event, invariably the subject of a
keynote speech, ever since the first sukuk was issued.
They all agree that a standard form document of some kind would
be a boon for the market, speeding up issuance times and
eliminating the fiddly complexities and convolutions so many
associate with tapping the international sukuk market,
as has been seen with other asset classes.
"Ask almost anyone in the Islamic finance industry and they
will say they would welcome...