In this Intelligence report, the authors describe the intrinsic nature of a Sukuk and its application particularly in the sovereign Sukuk market and more
The meltdown of the interest based financial system has generated considerable interest in Islamic Finance. The Sukuk or Islamic Bond market has also garnered significant attention. Many western countries lead by the United Kingdom are in the process of changing existing laws and regulations to accommodate the unique nature of Sukuk.
In this report, the authors describe the intrinsic nature of a Sukuk and its application particularly in the sovereign Sukuk market. The authors attempt to provide a critical review of the existing practices and provide a framework for the market to adhere to the letter and the spirit of the fundamentals of Islamic Finance.
List of Contents
- Objectives of Islamic economic and financial system
- What is Sukuk?
- Case studies in sovereign Ijara Sukuk
- Case studies in sovereign wakala Sukuk
- Salam Sukuk
- Differentiating Sukuk and conventional bonds
- Elements of Riba, Gharar and lack of Qabd in existing Sukuk structures
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