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Gülsüm Ç. Dolgun and Muhammed H. Dolgun

Sukūk are compliant alternative mode of financing with partial ownership in an asset, or project or business or an investment. The most commonly used such structure is a replication of the cash flows of conventional bonds, as in rental (ijarah) and these are listed in exchanges and traded on secondary markets in some 17 countries: Malaysia accounts for two-thirds of this market. The issues relating to these mostly new debt-like products are discussed in this chapter. Starting with general information, the author provides a literature review and describe how the market has developed in the last two decades. The reader should note the debt-taking principles surrounding this new form of debt-like products, which are aimed to provide specific funding needs of businesses at various stages of their needs. Endorsed by international institutions, this form of debt-taking is considered much safer than the mainstream practices that is based on the firm taking the risk, and the financier taking little risk.