Workshop on Sukuk Model Law project held
The Islamic Research and Training Institute (IRTI) and the Islamic Development Bank (IDB) organized a regional consultation workshop on Sukuk Model Law project.
The workshop was organized in partnership with the Monetary Authority of Brunei Darussalam (AMBD) and was held in Brunei capital.
It was aimed to identify the best practices from the South East Asian experience with Sukuk, as well as to understand the chal- lenges for countries in the region aspiring to issue Sukuk.
Participants included senior officials of financial authorities from the IDB member countries in the ASEAN region, namely Brunei, Indonesia, Malaysia, Bangladesh and Maldives, as well as from Hong Kong, South Korea, Singapore, Philippines, Sri Lanka and Cambodia.
Specialist law firms, banks, academics and consultants with expertise in Islamic finance also participated in the event.
Speaking during the event, IRTI Director General Prof. Mohamed Azmi Omar said: “Facilitating IDB member countries in mainstreaming and creating an enabling environment for Islamic finance is a key part of IDB’s mandate. The Sukuk Model Law project is expected to contribute significantly in harnessing the global best practices and expertise to create a global benchmark and toolkit for Sukuk issuance.”
The project aims to create a model Sukuk law and guidelines that allow IDB member countries and other jurisdictions a basis for a legal framework for Sukuk issuance and regulation.
This was the second of four regional consultations on the Sukuk law. The first regional consultation was held in Dakar, Senegal, in partnership with the Central Bank of West African States (BCEAO) in January. Two more regional consultations are planned for Europe/Central Asia and the MENA regions.