| dc.description.abstract | One of Islamic financial sectors that attract much interest from the
business community around the world is the global sharia obligation (sukuk)
market. Sukuk has become an important instrument in sharia financial system,
both as a financing instrument and investment. This instrument grew rapidly
along with the growth and development of other conventional financial
instruments. This estimation is based on the large number of infrastructure
projects from the Gulf region and across the Muslim world seeking capital for
development. This paper tries to answer the question: What are the factors that
led to the issuance and development of sukuk in three countries, namely
Indonesia, Malaysia, and Turkey? The result shows that government policy and
agenda in order to develop sukuk can be concluded that the issuance of sukuk
from three countries Indonesia, Malaysia and Turkey is influenced by several
factors. However, the most dominant factor, even the factor that has always been
the cause of the increased issuance of sukuk in three countries is the regulatory
or policy factor, especially regarding the tax on sukuk and the existence of strong
legal infrastructure as an umbrella of sukuk practice in a country. It can be said
that the smaller the tax on the issuance of sukuk the more sukuk will be
published. Then the second element of the regulatory factor is the existence of
security guarantees in its implementation from the side of positive law imposed
in a State. This factor is also very important especially in cases in Indonesia.
With the legal clarity, there is no slit in the weakness of sukuk when compared
with bonds. It is different from the two countries above, the advancement of
sukuk issuance apart from being influenced by regulatory factors, Malaysia
seems to be more benefited by the perception of the global community that
Malaysia has become the Islamic economic and finance center in the world, so
Malaysia is considered more experienced in this sector. This is a factor that may
be considered by global investors, so that Malaysia is to be the right destination
for sharia-based investment | en_US |
