Tips for a Sustainable Growth of Sukuk as an alternative to the ongoing debt-based economy of the globe

An effective reform is needed to subrogate the debt-based economy, which deploys a threat to the world economy thus, an alternative sustainable way out is the SUKUK thus, the prospective Basel IV may also prepare to address the issue harmonizing with the spirit of SUKUK to rescue the world economy ahead. To uphold the above concern, the following Tips affecting SUKUK are emerged to be in reality:

1.     Comprehensive Regulatory Frameworks to facilitate a result oriented Sukuk operation. The frameworks include Fatawa, Law, Policies, Guidelines & Standard, which shall be in total compliance with the Shari'ah.

2.      Standardization Board to be established by comprising of highly qualified (skills & experience in Shari'ah-finance-commerce) selected members from different jurisdictions and schools of Islamic jurisprudence.

3.     Reformation of Shari'ah scholars' views in view of standardization of Sukuk structures & instruments and operational mechanisms. 

4. Increasing the culture, scope and volume of the issuance of Sukuk  by both the corporate and the government namely; corporate sukuk, sovereign sukuk and cooperative micro-sukuk, which may vibrate the economy both at the national and also the global levels. This may eventually strengthen the economic backbone against the debt-based experience.

5.     Specialized Empirical Research (analysis, case studies, solutions, modeling and recommendations) shall be carried out as a continuous development plan in view of benefiting both the market players and participants with unique products and services.

6.     Professional Development or Human capital development (HCD) in niche issues of Sukuk shall be continued with an effective outcome.  A specialized-training unit may take a lead to focus on the Professional Development in Sukuk (PDS). 

7.     Global Awareness by 2 day annual Convention on difference niche issues of Sukuk, to be held in different zones of the globe.

8.     A biannually Debate on different aspects of Sukuk shall be organized by comprising the diverse teams namely; Zone vs Zone, Scholars vs Practitioners, Instruments vs Instruments, Mechanisms vs Mechanisms, Law vs Law and so on.  

9.     An exclusive specialized  publication on Sukuk is required to be established, which includes, quarterly Journal, monthly bulletin and proceeding. 

10.      An annual Report on Sukuk global shall be produced in view of maturing the policy makers, decision makers, developers, market forces, operators and participants.

11.  Weekly Talk-show on specialized issues of Sukuk to be managed through TV  & Radio, which shall eventually be published through social media like You tube. 

12.  Establishment of a 'Global Sukuk Arbitration Center' perhaps under the OIC chamber of Commerce aiming at dispute settlement within the Shari'ah spirit arising out of Sukuk in any jurisdiction of the world should one be not contrary to the concerned local jurisdiction.