Similar to any type of financial asset, sukuk are vulnerable to macroeconomic conditions and business cycles. In 1999, there were a series of high-profile sukuk defaults globally that tarnised the market's confidence in sukuk. Among these were the East Cameron Partners (ECP), in which the company failed to pay the periodic returns that amounted to US$166 million (Zaheer and Wijnbergen, 2013). Nakheel Sukuk of Dubai are issued by the Gulf Cooperation Council (GCC) and Malaysian companies that include Johor Corporation, Ingress Sukuk Berhad, Tracoma Holdings Berhad and Nam Fatt Corporation Berhad.