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The lack of interbank money markets and open market operations by central banks limits market liquidity.

Sukuk are often complex structured products that involve market risk, underlying asset risk, and regulatory and operational risk.

There are also Shariah risks - i.e., the possibility that the transaction will subsequently be found to be non-compliant and the inadequacy of the secondary market makes these risks untransferable.

All of these go beyond the typical credit risks associated with conventional fixed-income securities.

The Sukuk market remains highly illiquid in the secondary market, which makes risk transfer and liquidity management problematic for Sukuk investors.

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There is still no international standardization in the accounting and statistical treatment of sukuk.

There is still no international standardization in the accounting and statistical treatment of the product, and this ambiguity will distort the credibility of debt sustainability projections if governments rely heavily on sukuk.

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Sukuk is a debt instrument or equity instrument.

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Sukuk is a debt instrument or equity instrument.

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The complexity of the Sukuk bond structure makes it more complex for tax purposes. However, if classified as a debt instrument, investors do not face the problem of double taxation, as many non-Muslim countries do not have the space to consider Islamic financial legislation, which limits the development of Sukuk and makes Sukuk less acceptable in the international market.

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Although Sukuk bonds follow Islamic law (Shariah principles) through the transfer of assets, in practice they involve forward pricing, cost increases, futures and custom production concepts.

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Sukuk Bond Contract Type In terms of the overall Sukuk issuance type, Murabahah has the highest proportion of cost and margin issues.

The highest proportion of Sukuk is issued in this form, with 34% of Sukuk being of this type, followed by Ijarah Lease and Musharakah Equity Participation at 20% each.

Ijarah leasehold and Musharakah equity participation were next in line at 20% each, followed by Istisna commissioned modeling and Mudarabah profit sharing.

If we consider only the international Sukuk bond issuance contracts Ijarah Lease Type has the highest percentage of 39%, Murabahah Cost and Profit Sale Type is 12%, and Mudarabah Profit Sharing Type is 12%.

This is probably due to the fact that the Ijarah lease type is the easiest for international investors to accept.

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In terms of the overall Sukuk issuance type, Murabahah has the highest proportion of cost and margin issues.

The highest proportion of Sukuk is issued in this form, with 34% of Sukuk being of this type, followed by Ijarah Lease and Musharakah Equity Participation at 20% each.

Ijarah leasehold and Musharakah equity participation were next in line at 20% each, followed by Istisna commissioned modelling and Mudarabah profit sharing.

If we consider only the international Sukuk bond issuance contracts Ijarah Lease Type has the highest percentage of 39%, Murabahah Cost and Profit Sale Type is 12%, and Mudarabah Profit Sharing Type is 12%.

This is probably due to the fact that the Ijarah lease type is the easiest for international investors to accept.

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Malaysia's early entry into the market has made it the largest market for Sukuk Islamic bonds in the world.

Malaysia is now the largest market for Sukuk, with a 56% share, twice as large as the other three Middle East markets of Saudi Arabia, the United Arab Emirates (UAE) and Qatar.

It is twice as large as the other three Middle East markets of Saudi Arabia, the United Arab Emirates (UAE) and Qatar.

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The Sukuk bond market has been growing at an annual rate of 40% since 2000, according to Bloomberg As of September 2016, the market had grown to $322 billion in 2015, with Government issues accounting for 47% of the total.

Malaysia is currently the world's largest Sukuk market, with a 56% share However, 95% of the issuers in the Malaysian Sukuk market are local companies and are relatively less internationalized.

However, 95% of the issuers in the Malaysian Sukuk market are local companies, and the degree of internationalization is relatively low.

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In Malaysia, the term Sukuk is often used instead of Islamic
In the global market, the Financial Times uses the term Sukuk for Islamic bonds to distinguish them from traditional
The term Sukuk is used in the UK Financial Times to distinguish Sukuk from traditional bonds or debt securities, so Sukuk now refers specifically to Islamic bonds.