The Pacific Rim nation of Malaysia is still–by far–the largest issuer of sukuk (Islamic bonds) in the world, accounting for a whopping 72% of market value.

The fact that the nations that dominate the rest of Shariah Finance–Iran and Saudi Arabia–along with the balance of Islamic nations, account for such a small percentage of sukuk issuance could mean that there is still some controversy bubbling under the surface as to whether sukuk are actually halal. Over two years ago, one of the world’s leading Shariah scholars, Mufti Taqi Usmani, declared that most sukuk issued were in fact NOT shariah compliant.



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