Bridging the Gap: Investigating Untapped Markets for Sukuk Issuance and Growth Opportunities

Shahsuzan Zakaria, Amirul Afif Muhamat, Hamdi Ben-Nasr, Nana Riana and Muhammad Naeem
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Shahsuzan Zakaria: Faculty of Business and Management, Universiti Teknologi MARA, Selangor, Malaysia
Amirul Afif Muhamat: Faculty of Business and Management, Universiti Teknologi MARA, Selangor, Malaysia
Hamdi Ben-Nasr: Ministry of Finance, Republic of Indonesia
Nana Riana: Department of Finance and Economics, College of Business and Economics, Qatar University, Qatar
Muhammad Naeem: Faculty of Management Sciences, Foundation University Islamabad, Pakistan

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 12, 4014-4023

Abstract: Sukuk has emerged as a vital instrument in Islamic finance, providing Shariah-compliant funding mechanisms for infrastructure development, ethical investments, and financial inclusion. Despite its global success, sukuk issuance remains concentrated in specific regions and sectors, leaving untapped markets unexplored. This paper conceptualizes the barriers and opportunities for sukuk issuance in emerging markets. It proposes a framework linking economic, regulatory, and social factors to sukuk market development, identifying actionable strategies for policymakers, issuers, and investors. By addressing these gaps, this study enhances sukuk’s role in fostering inclusive financial development globally.

Date: 2024
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