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The phenomenal growth of islamic finance has far outpaced the ability of regulators to establish or agree upon best practices for its governance. with islamic finance set to expand into structured bonds and capital market instruments, what corporate governance standards can regulators, issuers, and underwriters adopt to ensure that sukuk and other investments remain attractive to international investors? Islamic finance is growing worldwide, both among the world's estimated 1.5 billion Muslims (Islamic Finance Information Service [IFIS]) seeking Shariah-compliant investments and international investors drawn to their relatively high-yield, low-risk dividends. Growth has centered on issuance of Sukuk certificates. Ijara or asset-based Sukuk is one of the most common forms of securitization, typically sponsored by Islamic sovereign and quasi-sovereign issuers.
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