ABSTRACT
The global market of sukuk certificates is described in the chapter, offering a comprehensive outline of their nature as certificates for fund mobilization grounded on asset-backed debt financing. The study depicts both the legal requirements for sukuk issuance, the sukuk categories available in the global market, as well as the inherent advantages of their asset-backing principle, in terms of financial stability, limitation of debt overhang and infrastructural development. Accordingly, it highlights the importance of sukuk as an alternative to lending interest-based financial tools, in order to promote a social impact in the long-term development of local communities and to restrain debt overhang afflicting the modern economies.
