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Developing International Sukuk in East Asia: Implications from Hong Kong Sukuk KCI 등재 SCOPUS
- 언어ENG
- URLhttps://db.koreascholar.com/Article/Detail/384153
The purpose of this research is to review historical development of Islamic finance in individual East Asian economies, including China, Japan, South Korea and Hong Kong, and examine the success factors of the Hong Kong Sukuk issuances in 2014-2017. The research is a qualitative study applying case study method. It is found that the East Asian economies do play efforts to develop their Islamic capital markets although they have very limited size of Muslim population. Their progress on this development generally remains to be slow. The Hong Kong Sukuk is a breakthrough, carrying a total issuance value of US$3 billion. The Sukuk issuances, treated as a kind of asset-backed securities with restrictions on financing purposes, are distributed to international investors by investment banks from Hong Kong, Middle East and Malaysia. Success factors of these issuances include involvement of an issuer with high credit quality, recognition by central bank for using the Sukuk in its discount facility for commercial banks, centralized clearing services for the Sukuk and global banking network for underwriting the Sukuk. The lessons from the Hong Kong Sukuk are good references for other economies to develop their regional Islamic capital markets and to integrate the markets into the global capital market.
1. Introduction
2. Islamic Finance and Its Developments in East Asia
2.1. China
2.2. Hong Kong
2.3. Japan and South Korea
2.4. General Issues of Sukuk Issuance in EastAsia
3. The Case of Hong Kong Sukuk
3.1. Availability of High-quality Issuers
3.2. Collaboration between Islamic and EastAsian Banks
3.3. High Liquidity and Marketability
3.4. Needs for Global Diversification
3.5. Low Settlement and Custody Risk
4. Discussion and Recommendation
5. Conclusion
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