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Establishing a legal framework for sovereign sukuk issuance : a public debt management perspective (Inglês)

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.

Detalhes

  • Autor

    Balibek,Emre

  • Data do documento

    2017/06/01

  • TIpo de documento

    Documento de Trabalho

  • No. do relatório

    116308

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Mundo,

  • Região

    Other, Regiões Mundiais,

  • Data de divulgação

    2017/06/15

  • Disclosure Status

    Disclosed

  • Nome do documento

    Establishing a legal framework for sovereign sukuk issuance : a public debt management perspective

  • Palavras-chave

    legal framework;compliance with law;underlying asset;capital market law;issuance of government security;public limited liability company;Public Debt Management;types of instrument;payment of interest;minister in charge;sovereign wealth fund;types of asset;transfer of asset;inland revenue;transfer of fund;capital market regulation;public debt legislation;repayment of debt;areas of trade;transfer of ownership;amount of fund;amount due;form of tax;Public Financial Management;provision of fund;lease of asset;debt management entity;transfer of title;event of default;medium of exchange;share in ownership;cost of asset;debt service costs;exempt from taxation;right to ownership;piece of legislation;financial market regulation;public limited company;conventional bond;investor base;international market;eligible asset;sukuk markets;legal title;financial instrument;trust asset;primary legislation;sovereign issuer;intangible asset;public entity;external market;tax authority;stock exchange;commercial risk;cash management;tax authorities;physical asset;financial asset;government borrowing;tax treatment;Loss Event;ownership right;sovereign debt;taxation regime;legislative framework;bond issuance;cash balance;Government Accounts;traditional bond;commercial properties;government property;taxation issues;commercial code;principal debt;potential investor;legal entity;exercise price;private party;tax law;lease agreement;individual investor;ministerial regulation;liquidity management;statutory instrument;monetary authority;government purchase;debt arrangement;operational expense;service agency;private parties;legal entities;financial obligation;legal mandate;general taxation;project finance;political support;administrative cost;global demand;international investor;strategic objective;financial inclusion;investment opportunities;banking sector;reporting requirement;investment option;liquidity facility;price benchmark;organizational structure;murabaha transactions;commercial business;staff resource;companies act;mudaraba contract;transparency principle;corporate tax;international company;foreign market;government issue;operational issues;malaysian ringgit;asset class;taxation legislation;government use;government regulation;market development;accounting principle;conventional security;local investor;borrowing cost;interest revenue;state budget;financial claim;sovereign entity;financial cost;securities issue;Cash flow;direct ownership;common feature;legal environment;local building;debt exchange;sovereign borrower;public asset;contingent liability;trust certificate;financial effect;funding requirements;financial liability;government guarantee;Macroeconomic Stability;Macroeconomic Policy;purchase price;sovereign bond;eligible instrument;private ownership;operational perspective;beneficiary right;legal basis;subject matter;deferred sale;borrowing limit;legal foundation;remedial work;executive branch;governance framework;rent payment;civil liability;state ownership;explicit authority;ensuring compliance;sovereign asset;contingent liabilities;government cash;halal business;alcoholic beverage;pork product;

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