First of all, one shall provide the definition for sukuk in the light of the banking system. One shall be aware that sukuk are considered asset-backed bonds that comply with Sharia, in other words this assets prohibit an open exposure of interest as they have to comply with Islamic legal code. Such a compliance with the Islamic legal system comprises a unique feature of the domestic economy, In fact, it shall be emphasized that sukuk had a positive influence on economy. Namely, sukuk insurance increased from the 0.4 billion in 200 to 24.5 billion by 2006, which certainly evidences an economic boost. The only lacking aspect for sukuk could be defined the disintegration with the processes on the global economy level.
According to the article in “New York Times”, Islamic banking system has some of the most substantial consequences on the value of the US dollar. Particularly, the favorable investment climate leads to the numerous inflows of the capital from the United States to the Muslim world. Consequently, domestic economy grows and reversely, the investments are being returned with the added values. So, in other words one can claim that Islamic economy contributes to the stability of the US dollar as such.
Personally, the idea of compliance with the Islamic legal system appears really appealing to me. However, I have a clear understanding that our domestic economy is largely dependent on the oil prices. What is more, I am a big proponent of the fact that the local economy and local financial markets should take into consideration stability in the global context. To do that, one shall modify the perception of SUKUK and adjust to the demands of the stock markets in the global context to follow the universal rules.