Islamic Bonds Industry (sukuk) Between Reality And Challenges

The present paper aims to shed light on the status quo of the islamic bonds industry “Sukuk” through analyzing of its total issuances both globally and locally, classifying these issuances according to the issuers as well as the type of bonds. Furthermore, the major future challenges that this industry may encounter will be tackled. The author concluded that, under the characterized by different interpretations of the Islamic laws “Sharia”, the diversity of financial instruments, it is of great importance to harmonize the legal and regulatory framework that governs the Islamic securitization in order to provide Islamic idiosyncratic bonds that differ from conventional ones, comply with the Sharia and meet the criteria of economic efficiency on the one hand, and avoid biased interpretations of the” Sharia” (Islamic jurisprudence) on the other hand.