Establishing a Legal Framework for Sovereign Sukuk Issuance : A Public Debt Management Perspective

A strong legal framework that forms the basis for the activities of debt managers is crucial for enabling an effective public debt management function. This paper aims to complement discussions on the legal foundations of debt management by detecti...

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Main Author:	World Bank
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	DEBT FINANCE GROWTH POLICY PUBLIC DEBT FUNDS SOVEREIGN DEBT PUBLIC DEBT MANAGEMENT
Online Access:	http://documents.worldbank.org/curated/en/907001497472893193/Establishing-a-legal-framework-for-sovereign-sukuk-issuance-a-public-debt-management-perspective http://hdl.handle.net/10986/27536

id	okr-10986-27536
recordtype	oai_dc
spelling	okr-10986-275362021-05-25T09:01:26Z Establishing a Legal Framework for Sovereign Sukuk Issuance : A Public Debt Management Perspective World Bank DEBT FINANCE GROWTH POLICY PUBLIC DEBT FUNDS SOVEREIGN DEBT PUBLIC DEBT MANAGEMENT A strong legal framework that forms the basis for the activities of debt managers is crucial for enabling an effective public debt management function. This paper aims to complement discussions on the legal foundations of debt management by detecting and discussing essential elements that allow the government to issue sukuk, the equivalent of bonds, in Islamic finance. Drawing on the cases of recent sovereign issuers, these discussions begin with outlining the clear provision of a mandate to issue and to employ certain public assets in the execution of underlying transactions, as well to establish, engage with, and administer Special Purpose Vehicles used in structuring these issuances. Additional aspects that need to be addressed are the treatment of proceeds and the assurance of investors with regards to debt service. The enabling environment should be complemented by changes in the taxation regime and financial market regulations that facilitate the issuances. 2017-07-06T21:27:03Z 2017-07-06T21:27:03Z 2017-06 Working Paper http://documents.worldbank.org/curated/en/907001497472893193/Establishing-a-legal-framework-for-sovereign-sukuk-issuance-a-public-debt-management-perspective http://hdl.handle.net/10986/27536 English en_US MFM Discussion Paper No.18; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	DEBT FINANCE GROWTH POLICY PUBLIC DEBT FUNDS SOVEREIGN DEBT PUBLIC DEBT MANAGEMENT
spellingShingle	DEBT FINANCE GROWTH POLICY PUBLIC DEBT FUNDS SOVEREIGN DEBT PUBLIC DEBT MANAGEMENT World Bank Establishing a Legal Framework for Sovereign Sukuk Issuance : A Public Debt Management Perspective
relation	MFM Discussion Paper No.18;
description	A strong legal framework that forms the basis for the activities of debt managers is crucial for enabling an effective public debt management function. This paper aims to complement discussions on the legal foundations of debt management by detecting and discussing essential elements that allow the government to issue sukuk, the equivalent of bonds, in Islamic finance. Drawing on the cases of recent sovereign issuers, these discussions begin with outlining the clear provision of a mandate to issue and to employ certain public assets in the execution of underlying transactions, as well to establish, engage with, and administer Special Purpose Vehicles used in structuring these issuances. Additional aspects that need to be addressed are the treatment of proceeds and the assurance of investors with regards to debt service. The enabling environment should be complemented by changes in the taxation regime and financial market regulations that facilitate the issuances.
format	Working Paper
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Establishing a Legal Framework for Sovereign Sukuk Issuance : A Public Debt Management Perspective
title_short	Establishing a Legal Framework for Sovereign Sukuk Issuance : A Public Debt Management Perspective
title_full	Establishing a Legal Framework for Sovereign Sukuk Issuance : A Public Debt Management Perspective
title_fullStr	Establishing a Legal Framework for Sovereign Sukuk Issuance : A Public Debt Management Perspective
title_full_unstemmed	Establishing a Legal Framework for Sovereign Sukuk Issuance : A Public Debt Management Perspective
title_sort	establishing a legal framework for sovereign sukuk issuance : a public debt management perspective
publisher	World Bank, Washington, DC
publishDate	2017
url	http://documents.worldbank.org/curated/en/907001497472893193/Establishing-a-legal-framework-for-sovereign-sukuk-issuance-a-public-debt-management-perspective http://hdl.handle.net/10986/27536
_version_	1764464782660861952

Establishing a Legal Framework for Sovereign Sukuk Issuance : A Public Debt Management Perspective

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