Investing in Islamic Sukuks: Economic Feasibility and Challenges of Issuance in Iraq

Abstract

The Islamic banking industry has witnessed rapid development and acceptance that has transcended the geographical borders of Islamic countries to developed Western countries such as Britain and France, especially after the global financial crisis 2008. Islamic banking has emerged as a real alternative to conventional banking, especially with regard to the management and issuance of sukuks, given that these sukuks are the fastest-growing and most developed tool. In the Islamic finance market Therefore, the research seeks to identify the nature of Islamic sukuks, their types, and their role in developing the economy. It also sheds light on the most important legal challenges facing the Islamic sukuk industry in Iraq, as these sukuks are considered one of the most important Islamic financial instruments that it is hoped will significantly impact the development process through... Involving various economic actors, including individuals, institutions, banks, and others, in these projects by participating in the purchase of these instruments. This tool, compatible with Islamic Sharia, can also clearly impact Islamic banking in Iraq. His study concluded that Islamic Sukuks are economically feasible in Iraq. Several factors affect the issuance of these Sukuks, most notably the legal frameworks, the regulatory and supervisory environment, Sharia requirements, and others.