Over the last three decades, the Islamic finance industry has produced significant product innovation across various business segments. The market has followed the progress of Islamic financial products from simple murabahah-based home financing to more complex home financing based on musharakah mutanaqisah. We have also seen Islamic cross-border business grow from simple syndicated murabahah transactions to complex project finance syndications combining istisna’ and forward ijarah. The sukuk market has also undergone exponential growth due to the innovative sukuk structures that have been introduced, ranging from simple ijarah-based sukuk to complex multi-asset sukuk combining tangible assets, intangible rights, and murabahah receivables. All these innovations have generated a lot of buzz in the Islamic financial markets, and have helped propel the progress of the Islamic finance industry to where it is today.
ISRA THOMSON REUTERS ISLAMIC COMMERCIAL LAW REPORT 2016 (Pg 122 - 124)
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