Guiding Principles for the Issuance and Listing of Islamic Sukuk in Arab Capital Markets

The Union of Arab Securities Authorities (UASA) has published general guiding principles for the issuance and listing of Sharia-compliant sukuk in Arab capital markets, as part of its ongoing efforts to implement the objectives of its Strategic Plan for the years 2021–2025.
Islamic sukuk have become one of the most prominent tools for financing and investment in recent years, attracting significant attention at the regional and international levels. Their importance lies in offering innovative financial instruments that meet the needs of investors and market participants in accordance with Islamic Sharia principles. Sukuk also play a key role in diversifying investment portfolios and attracting a broader base of investors seeking Sharia-compliant opportunities.
The guiding principles were developed by a dedicated working group established by the Union’s Board during its eighteenth meeting, held in Doha in 2024, in collaboration with the Union’s General Secretariat. The framework was informed by existing legislation and best practices from the Union’s member countries, as well as broader regional experiences in Islamic finance.
The guidelines consist of several chapters focusing on the regulatory and supervisory frameworks for issuing, offering, listing, and trading Islamic sukuk. They also cover key areas such as governance, investor protection, innovation in sukuk markets, risk management, and crisis response mechanisms. These principles aim to support the development of Islamic capital markets, enhance transparency and credibility, and contribute to sustainable economic growth while meeting the aspirations of investors and market participants.
It is worth noting that the Union’s Strategic Plan emphasized the importance of issuing such guidelines as a reference to help regulatory authorities in member countries align and harmonize their legal and supervisory frameworks, thereby promoting cross-border investment flow and greater integration of Arab financial markets.