المستخلص: |
Islamic Sukuk have gained great popularity in many countries of the Islamic and non-Islamic world due to its positive results in the fields of finance and investment in many economic sectors. Moreover, it is characterized by pluralism and diversity; it has thus opened many doors for investment which contributed to increasing the strength of Islamic Sukuk as one of the tools of Islamic finance. This is why the term “Sovereign Sukuk” appeared to express the state's issuance of Sukuk that are in accordance with the principles of Islamic law as the issuance of Islamic Sukuk is more general and comprehensive in terms of issuers. One of them is the sovereign instruments issued by governments in each country. The International Monetary Fund confirms that Islamic Sukuk are witnessing significant successive growth and are in line with large segments of investors, whether governments, individuals, companies or the financial institutions themselves. On the macroeconomic level, they contribute significantly, whether in financing the budget deficit, activating financial markets or financing development and infrastructure projects, and thus reduce public debt, whether internal or external. The international experiences have proven the importance of being very careful in managing public debt, and for this, a framework has been developed. This framework demonstrates a strategy based on mitigating costs and minimizing risks in the medium term from (3-5 years). In addition, it aims at meeting the needs of government financing at the lowest possible cost in the medium and long term. In addition, developing the local market for government debt securities to enjoy efficiency and depth is taken into consideration.
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