Follow AYMAN A KHALEQ and AMANJIT K FAGURA as they discuss the rising popularity of Sukuk among non-Islamic issuers and issues surrounding asset-backed and asset-based Sukuk. The past several years have seen a steady, though slow, rise in the number of Sukuk being issued by and to non-Islamic entities from non-Islamic jurisdictions. Such Sukuk issuances often encounter a number of legal, accounting, tax, and obviously Shariah structuring issues which tend to vary depending on the type of assets backing such....