Over the past two years, the Islamic securitization market has grown dramatically, although its growth faces serious roadblocks if the legal issues surrounding how to achieve a true sale are not clarified.

The main hindrance goes back to the combination of the overregulation by scholars, the grey areas within the Shariah framework and the absence of a recognized and accepted central body in the Gulf Cooperation Council (GCC) region to sign off on securitization structures.

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