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sukuk are an innovative way to raise financing in a Sharia-compliant manner with link to the real economy," said IIFM chairman Khalid Hamad.
Currently 90.44 per cent of the $443.78 billion sukuk outstanding globally are issued from few well established markets namely Malaysia, Saudi Arabia, UAE, Indonesia and Bahrain, added the 8th edition of IIFM's annual Sukuk Report.
Overall, international organisations have emerged to promote international consistency within the industry, including the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the International Islamic Financial Markets (IIFM).
Governance (of the mechanism) -- to be done by the infrastructure bodies like AAOIFI and IIFM
What we need now is to convince regulators and market players to adopt AAOIFI, IFSB and IIFM standards in their respective markets."
"Sukuk has proven its viability and dynamism as a global product for fund-raising and investment activities in the international financial markets and this has been a key driver behind the interest in Islamic finance," explained the IIFM.
The IIFM said that while a nation- wide strategy would be welcomed, it is crucial that any regulations are tailored to the specific characteristics of each country, paying close attention to the size of the economy and its conventional financial system.
The IIFM research analysts note that this is likely to change gradually as markets such as Indonesia, Turkey, Pakistan and others become more active.
SBP has played an active part in development of international standards for Islamic finance industry by institutions like IFSB, IIFM and AAOIFI.
The IIFM awards night was held on Saturday evening, complete with elegance on the runway, at the Equality Fashion Show held at National Gallery of Victoria.
The instrument has been developed based on a standard contract of the International Islamic Financial Market (IIFM).
The IIFM, a non-profit which develops specifications for Islamic finance contracts, is aiming to double the number of its standards by as early as next year.
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