Activating Islamic Sukuk as a Tool for Strategic Agility in Sustainable Development

A Proposed Framework for the Iraqi Environment on International Experiences

Abstract

                 Islamic Sukuk are an important financial tool that complies with Islamic Sharia law, and they have witnessed widespread dissemination and significant demand in many Islamic and non-Islamic countries. Islamic bonds have proven their effectiveness and success in financing large projects, especially after the global financial crisis in 2008. International interest in Islamic Sukuk has increased as a distinctive financial tool that contributes to financing infrastructure, real estate, and development projects. There are many successful international experiences in the field of issuing Islamic Sukuk, which confirm their ability to finance infrastructure projects in different countries around the world. Strategic agility represents a necessary need in the current era to face severe fluctuations in the external environment, and its effective activation in public and private institutions to achieve organizational excellence. The current study aims to explore the impact of strategic agility in activating Islamic bonds in the government sector to enhance sustainable development. Infrastructure projects are considered a basic pillar for the development and growth of societies, and they require massive financing that may exceed the budgets of some countries, especially developing countries that suffer from debt and budget deficits. Therefore, it is necessary to search for appropriate financing alternatives to establish these projects without increasing debt or resorting to privatization.

This research paper aims to demonstrate the extent to which Islamic bonds can be used to finance infrastructure projects under the Amir system, which protects the state from the risks of both indebtedness and privatization, while simultaneously preserving its sovereignty and independence to achieve sustainable development.