Topic
Sukuk
About: Sukuk is a research topic. Over the lifetime, 1126 publications have been published within this topic receiving 10174 citations.
Papers published on a yearly basis
Papers
Book•
1 Jan 2007
Abstract: List of Boxes and Figures. Foreword. Preface. Acknowledgements. PART I FUNDAMENTALS. 1 Introduction. 1.1 Economic Scenario in the Neoclassical Framework. 1.2 Conventional Debt: A Recipe for Exploitation. 1.3 Growth per se May not Lead to Socio-economic Justice. 1.4 Social Welfare Activities of the States. 1.5 The Main Culprit. 1.6 The Need of the Hour. 1.7 Economics and Religion. 1.8 Islamic Principles Can Make the Difference. 1.9 Regulating Trade and Business. 1.10 Islamic Finance Passing Significant Milestones. 1.11 Could it Work to Achieve the Objectives? 1.12 About this Book. 2 Distinguishing Features of the Islamic Economic System. 2.1 Introduction. 2.2 Islamic Shari'ah and its Objectives. 2.3 Why Study Islamic Economics? 2.4 Islamic Economics: What should it be? 2.5 Paraphernalia of Islamic Economics. 2.6 Summary. 3 The Main Prohibitions and Business Ethics in Islamic Economics and Finance. 3.1 Introduction. 3.2 The Basic Prohibitions. 3.2.1 Prohibition of Riba. 3.3 Business Ethics and Norms. 3.4 Summary and Conclusion. 4 The Philosophy and Features of Islamic Finance. 4.1 Introduction. 4.2 The Philosophy of Islamic Finance. 4.3 Debt versus Equity. 4.4 Islamic Banking: Business versus Benevolence. 4.5 Exchange Rules. 4.6 Time Value of Money in Islamic Finance. 4.7 Money, Monetary Policy and Islamic Finance. 4.8 Summary. PART II CONTRACTUAL BASES IN ISLAMIC FINANCE. 5 Islamic Law of Contracts and Business Transactions. 5.1 Introduction. 5.2 Mal (Wealth), Usufruct and Ownership. 5.2.1 Defining Various Related Terms. 5.3 General Framework of Contracts. 5.4 Elements of a Contract. 5.5 Broad Rules for the Validity of Mu'amalat. 5.6 W'adah (Promise) and Related Matters. 5.7 Types of Contracts. 5.8 Commutative and NonCommutative Contracts. 5.9 Conditional or Contingent Contracts. 5.10 Summary. 6 Trading in Islamic Commercial Law. 6.1 Introduction. 6.2 Bai' - Exchange of Values. 6.3 Legality of Trading. 6.3.1 Trade (Profit) versus Interest: Permissibility versus Prohibition. 6.4 Types of Bai'. 6.5 Requirements of a Valid Sale Contract. 6.6 Riba Involvement in Sales. 6.7 Gharar - A Cause of Prohibition of Sales. 6.8 Conditional Sales and "Two Bargains in One Sale" 6.9 Bai' al'Arbun (Downpayment Sale). 6.10 Bai' al Dayn (Sale of Debt). 6.11 Al 'Inah Sale and the Use of Ruses (Hiyal). 6.12 Options in Sales (Khiyar). 6.13 Summary. 7 Loan and Debt in Islamic Commercial Law. 7.1 Introduction. 7.2 The Terms Defined. 7.3 Illegality of Commercial Interest. 7.4 Loaning and the Banking System. 7.5 Guidance from the Holy Qur'an on Loans and Debts. 7.6 The Substance of Loans. 7.7 Repayment of the Principal Only. 7.8 Time Value of Money in Loans and Debts. 7.9 Instructions for the Debtor. 7.10 Instructions for the Creditor. 7.11 Husnal Qadha (Gracious Payment of Loan/Debt). 7.12 Remitting a Part of a Loan and Prepayment Rebate. 7.13 Penalty on Default. 7.13.1 Insolvency of the Debtor. 7.14 Hawalah (Assignment of Debt). 7.15 Security/Guarantee (Kafalah) in Loans. 7.16 Bai' al Dayn (Sale of Debt/Debt Instruments). 7.17 Impact of Inflation on Loans/Debts. 7.18 Summary. PART III ISLAMIC FINANCE - PRODUCTS AND PROCEDURES. 8 Overview of Financial Institutions and Products: Conventional and Islamic. 8.1 Introduction. 8.2 What is Banking or a Bank? 8.3 The Strategic Position of Banks and Financial Institutions. 8.4 Categories of Conventional Financial Business. 8.5 The Need for Islamic Banks and NBFIs. 8.6 The Issue of Mode Preference. 8.7 Islamic Investment Banking. 8.8 Islamic Financial Markets and Instruments. 8.9 Summary and Conclusion. 9 Murabaha and Musawamah. 9.1 Introduction. 9.2 Conditions of Valid Bai'. 9.3 Murabaha - a Bai' al Amanah. 9.4 Bai' Murabaha in Classical Literature. 9.5 The Need for Murabaha. 9.6 Specific Conditions of Murabaha. 9.6.1 Bai' Murabaha and Credit Sale (Murabaha-Mu'ajjal). 9.7 Possible Structures of Murabaha. 9.8 Murabaha to Purchase Orderer (MPO). 9.9 Issues in Murabaha. 9.10 Precautions in Murabaha Operations. 9.11 Musawamah (Bargaining on Price). 9.12 Summary. 10 Forward Sales: Salam and Istisna'a. 10.1 Introduction. 10.2 Bai' Salam/Salaf. 10.3 Benefits of Salam and the Economic Role of Bai' Salam. 10.4 Features of a Valid Salam Contract. 10.5 Security, Pledge and Liability of the Sureties. 10.6 Disposing of the Goods Purchased on Salam. 10.6.1 Alternatives for Marketing Salam Goods. 10.7 Salam - Post Execution Scenarios. 10.8 Salam-Based Securitization - Salam Certificates/Sukuk. 10.9 Summary of Salam Rules. 10.10 Salam as a Financing Technique by Banks. 10.11 Istisna'a (Order to Manufacture). 11 Ijarah - Leasing 279. 11.1 Introduction. 11.2 Essentials of Ijarah Contracts. 11.3 General Juristic Rules of Ijarah. 11.4 Modern Use of Ijarah. 11.5 Islamic Banks' Ijarah Muntahia-bi-Tamleek. 11.6 Summary of Guidelines for Islamic Bankers on Ijarah. 12 Participatory Modes: Shirkah and its Variants. 12.1 Introduction. 12.2 Legality, Forms and Definition of Partnership. 12.3 Basic Rules of Musharakah. 12.4 The Concept and Rules of Mudarabah. 12.5 Mudarabah Distinguished from Musharakah. 12.6 Modern Corporations: Joint Stock Companies. 12.7 Modern Application of the Concept of Shirkah. 12.8 Diminishing Musharakah. 12.9 Diminishing Musharakah as an Islamic Mode of Finance. 12.10 Summary and Conclusion. 13 Some Accessory Contracts. 13.1 Introduction. 13.2 Wakalah (Agency). 13.3 Tawarruq. 13.4 Ju'alah 13.5 Bai' al Istijrar (Supply Contract). 14 Application of the System: Financing Principles and Practices. 14.1 Introduction. 14.2 Product Development. 14.3 The Nature of Financial Services/Business. 14.4 Prospects and Issues in Specific Areas of Financing. 14.5 Islamic Banks' Relationship with Conventional Banks. 14.6 Fee-based Islamic Banking Services. 14.7 Summary and Conclusion. Appendix: The Major Functions of a Shari'ah Supervisory Board in the Light of the AAOIFI'S Shar ~ i'ah Standard. 15 Sukuk and Securitization: Vital Issues in Islamic Capital Markets. 15.1 Introduction. 15.2 The Capital Market in an Islamic Framework. 15.3 Securitization and Sukuk. 15.4 Summary and Conclusion. 16 Takaful: An Alternative to Conventional Insurance. 16.1 Introduction. 16.2 The Need for Takaful Cover. 16.3 The Shari'ah Basis of Takaful. 16.4 How the Takaful System Works. 16.5 Takaful and Conventional Insurance Compared. 16.6 Status and Potential of the Takaful Industry. 16.7 Takaful Challenges. Appendix: Fatawa (Juristic Opinions) on Different Aspects of Insurance. 17 An Appraisal of Common Criticism of Islamic Banking and Finance. 17.1 Introduction. 17.2 The Common Myths and Objections. 17.3 Appraisal of Conceptual Criticism. 17.4 Appraisal of Criticism on Islamic Banking Practice. 17.5 Conclusion. 18 The Way Forward. 18.1 Introduction. 18.2 Agenda for the Policymakers. 18.3 Potential, Issues and Challenges for Islamic Banking. 18.4 Conclusion. Acronyms. Glossary. References. Arabic/Urdu References. Suggested Further Reading. Index.
895 citations
Book•
3 Jul 2006TL;DR: In this paper, the authors present a review of the major prohibitions of shari'a arbitrage in Islamic finance, including Riba and Gharar, and Derivative-like sales: Salam, Istisma, and Urbun.
Abstract: 1. Introduction 2. Jurisprudence and arbitrage 3. Two major prohibitions: Riba and Gharar 4. Sale-based Islamic finance 5. Derivative-like sales: Salam, Istisma' and 'Urbun 6. Leasing, securitization and Sukuk 7. Partnerships and equity investment 8. Islamic financial institutions 9. Governance and regulatory solutions in mutuality 10. Beyond Shari'a arbitrage Conclusion.
806 citations
TL;DR: In this paper, the authors investigate whether stock market investors react differently to the announcements of sukuk and conventional bond issues, and they find that the stock market is neutral to announcements of conventional bonds issues, but it reacts negatively to announcement of SUkuk issues.
248 citations
Book•
1 Oct 2007
TL;DR: In this paper, the authors provide a comprehensive overview of topics related to the assessment, analysis, and management of various types of risks in the field of Islamic banking, and an attempt to provide a high-level framework (aimed at non-specialist executives) attuned to the current realities of changing economies and Islamic financial markets.
Abstract: This publication provides a comprehensive overview of topics related to the assessment, analysis, and management of various types of risks in the field of Islamic banking. It is an attempt to provide a high-level framework (aimed at non-specialist executives) attuned to the current realities of changing economies and Islamic financial markets. The Islamic financial system is not limited to banking; it also covers capital formation, capital markets, and all types of financial intermediation and risk transfer. Islamic finance was practiced predominantly in the Muslim world throughout the middle ages, fostering trade and business activities with the development of credit. The growth of Islamic finance coincided with the current account surpluses of oil-exporting Islamic countries. The Middle East saw a mushrooming of small commercial banks competing for surplus funds. The Islamic Republics of Iran, Pakistan, and Sudan announced their intention to make their financial systems compliant with Shariah.
240 citations
TL;DR: In this article, the authors examine the recent empirical literature in Islamic banking and finance, highlight the main findings and provide a guide for future research, concluding that there are no major differences between Islamic and conventional banks in terms of their efficiency, competition and risk features.
Abstract: This paper examines the recent empirical literature in Islamic banking and finance, highlights the main findings and provides a guide for future research. Early studies focus on the efficiency, production technology and general performance features of Islamic versus conventional banks, whereas more recent work looks at profit and loss-sharing (PLS) behaviour, competition, risks as well as other dimensions such as small business lending and financial inclusion. Apart from key exceptions, the empirical literature suggests no major differences between Islamic and conventional banks in terms of their efficiency, competition and risk features (although small Islamic banks are found to be less risky than their conventional counterparts). There is some evidence that Islamic finance aids inclusion and financial sector development. Results from the empirical finance literature, dominated by studies that focus on the risk/return features of mutual funds, finds that Islamic funds perform as well, if not better, than conventional funds - there is little evidence that they perform worse than standard industry benchmarks. Some recent evidence, however, suggests that Islamic bond (Sukuk) issuance destroys value for shareholders.
220 citations
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Performance Metrics
| Year | Papers |
|---|---|
| 2025 | 99 |
| 2024 | 145 |
| 2023 | 129 |
| 2022 | 213 |
| 2021 | 114 |
| 2020 | 130 |