?ukuk markets have grown significantly worldwide since their emergence- in Islamic jurisdictions as well as conventional jurisdictions including the US, the UK, Germany, China, France and Singapore. The practices of ?ukuk markets, however, have come under close scrutiny. The legal and regulatory risks arising from the existing general legal environment and their impact on those investing and trading in ?ukuk markets has not received adequate attention. The topic of ?ukuk has been subject to extensive research and academic discussion from different perspectives, but the existing literature has not adequately addressed the issues associated with these markets. This book examines the contemporary issues encountered in the foundation and operation of ?ukuk markets by providing an in-depth discussion of the issues facing ?ukuk markets from legal and regulatory perspectives and focusing attention on how soundness can be ensured in the wider context. These issues go to the heart of what the ?ukuk market is really about, as recent debate has recognised in ?ukuk the replication of conventional bonds in ways that are considered unsatisfactory from an Islamic law point of view.