The Newsletter 65 Autumn 2013

Islamic bonds unbound: Japan's samurai sukuk

Scott Morrison

Japan is an evolving case showing how a form of financial praxis originally based in the identity and ethical concerns of Islam has acquired new appeal and is thereby expanding into regions of the global economy that is lacking large Muslim populations. This article surveys the initiation and the proffered justifications of Japan’s issue of Islamic bonds (sukuk). It examines Japanese or J-sukuk, and the tax and legal regulatory reforms underlying their issuance, to explore the signifi cance of the current state and future trajectory of Islamic finance in Asia.

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