Journal of Islamic Banking and Finance

Islamic Finance Based on Sukuk Approach: The Roadmap for Economic Development in Tunisia
Mohamed Araar

Abstract
This research seeks to engage a little focus on a different type of capital market in Muslim countries where the emergence of the Islamic finance industry could offer a system of tools to promote social and economic justice and stimulate economic development. The research briefly defines a coherent plan in Tunisia for unlocking the potential of Sukuk which has been identified as an important avenue to plug the Tunisian government's deficit, and raise financing for the country's infrastructure and development needs. The current situation in Tunisia, however, poses many challenges for Sukuk issuance planned to support economic development. The research precisely identifies and assesses the opportunities, risks and hurdles in attempting such a plan. The findings and recommendations of this case study offer as so different interpretations as to help guide measures that target a standardised approach towards a vital, important, and viable role of Sukuk in today's economic development.

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