Sukuk

The steady development of the Islamic capital market (ICM) across the globe in recent years has positioned it as a significant counterpart to the conventional capital market. As the need for global funding continues to grow, ICM products have attracted the interest of a vast segment of market participants, not just Muslims concerned that market transactions are carried out in ways that comply with Islamic principles.

In line with the Securities Commission Malaysia’s (SC) mission “to promote and maintain fair, efficient, secure and transparent securities and futures markets and to facilitate the orderly development of an innovative and competitive capital market”, the SC’s Islamic Capital Market Series published by Sweet & Maxwell Asia aims to bring about a greater awareness and understanding of ICM issues, and to address the increasing interest of market participants and policy makers in the potential and opportunities presented by the ICM.

The rising popularity of sukuk worldwide challenges the Islamic finance industry, particularly those involved in sukuk, to develop and build financial solutions on a solid Shariah foundation.

Sukuk – the first title in the SC’s Islamic Capital Market Series – presents the insights of a panel of expert authors on various sukuk structures and contracts based on Shariah principles, such as ijarah, salam, istisna`, musharakah, mudharabah and wakalah. It aims to give readers a clear understanding and guidance on fiqh (Islamic jurisprudence) in the ICM, and its practical workings from both the perspective of instruments and players. This presentation is enhanced by frequent references to the requirements of the global regulatory framework driven by international bodies like the Accounting and Auditing Organization for Islamic Financial Institutions and the Islamic Financial Services Board, and the experts’ views on how sukuk have been fashioned for jurisdictions like Kuala Lumpur, Dubai, Bahrain, London and New York. The reader will also benefit from the coverage given to the innovative varieties of sukuk, including exotic forms attached with derivatives, that are penetrating markets never before imagined and the opportunities available in the ICM.

This title brings you:
• The Emerging Islamic Capital Market
• Sukuk and the Capital Markets
• Ground Rules for Sukuk Issuance
• Regulatory Issues: Innovations and Application in Sukuk
• Legal Certainty for Sukuk
• Basel II and Sukuk
• Debt-Based Sukuk: Murabahah, Istisna` and Istithmar (Tawarruq) Sukuk
• Ijarah Sukuk
• Salam-Based Capital Market Instruments
• Musharakah Sukuk: Structure, Legal Framework and Opportunities
• Mudharabah Sukuk: Essential Islamic Contract, Applications and Way Forward
• Wakalah Sukuk
• Exotic Sukuk Features
• Derivatives and Sukuk in the Islamic Capital Market
• Nature of Risk Present in Sukuk Structures – Rating Agency Perspective
• How Expansive are the Frontiers.

Jurisdiction: International