News

Deloitte issues call for common sukuk practices

Deloitte_buildingA white paper published by Deloitte has called on the Islamic finance market to share their views on developing a common practice for the operation of sukuk instruments. Investor interest in the sukuk market has increased of late with close to $100 billion’s worth sold last year. However, a lack of common standards on the issuance and processing of sukuk is seen as an impediment to further growth, particularly among international and institutional investors. Inconsistent laws and practices were highlighted in a dispute between UAE-based Dana Gas and its bondholders over the repayment of a $700 million sukuk and whether it still complied with Sharia law.  The paper, titled Sukuk in focus: the necessity for global common practices and published by Deloitte’s Islamic Finance Group in partnership with the International Shariah Research Academy (ISRA), is calling for a better working relationship between regulators and market participants to bring Islamic finance practices in line with the best practices in banking and finance.  “We need a cross-industry strategy around building robust investment governance practices across geographies of proximity between east and west,” said Joe El Fadl, partner in Charge of the Financial Services Industry at Deloitte Middle East. ©2018 funds global mena

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