ABSTRACT
Two of the most notable developments in modern Islamic finance relate to the Shari‘ah-compliant capital markets. The business opportunities made available by the Dow Jones Fatwa and the development of sukuk extend well beyond buying and selling securities. The level of inquiry for a Shari‘ah board considering prohibitions for an index is on business sectors. Purification processes are also operative in real estate investment transactions. A couple examples provide a flavour of the dynamic. Assume an approved investment by an investment fund in a commercial office building with two tenants that is located in a metropolitan area. The strength of a rating for a sovereign and quasi-sovereign issuer may induce that issuer to be unconcerned with the tradability of a sukuk issuance, at least as a relative matter, because of the identities of the sukuk purchasers.
