Difference between revisions of "Sukuk structure by Hamad Hassan"
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Contents
Top 20 FREQUENT WORDS
sukuk 48 sibghat 46 dot 45 gmail 45 mslaw 45 august 44 mian 44 sale 22 riba 16 issue 12 loss 12 services 12 murabaha 11 payment 11 profit 11 delivery 10 price 10 assets 9 commodity 9 ownership 9
DOCUMENT KEY POINTS
- in the name of allah the beneficient the merciful mian sibghat mslaw
- pk gmail dot com august
- sukuk and its legal and regulatory framework in pakistan by sibghatullah ahsan partner mian sibghat advocates legal consultants islamabad
- pk gmail dot com august
- islamic financial systeman introduction i based on quran and sunnah i demands socio economic justice i prohibits all kinds of riba i prohibits all forms of exploitation i provides equal opportunities to all i condemns accumulation of wealth in few hands i encourages acts of benevolence mian sibghat mslaw
- pk gmail dot com august
- principles of islamic finance i prohibition of riba i alkharajo bil dhaman entitlement to profit is associated with corresponding risk i prohibition of sale of goods before acquiring ownership i prohibition of sale of food stuff before possession i prohibition of debt for debt i avoidance of gharar uncertainty mian sibghat mslaw
- pk gmail dot com august
- prohibition of riba i quran a allah has permitted bai sale and prohibited riba al baqarah a o you believers fear allah and give up whatever is left in lieu of riba if you are indeed believer watch out if you do not obey this order and give up all outstanding riba then there is a declaration of war against you from allah and his prophet
- neither you inflict zulm on others nor the others should do zulm on you
- prohibition of riba i sunnah obadah ibn samit directly reports from the prophet as saying buy and sell gold for gold silver for silver dates for dates wheat for wheat salt for salt and barley for barley on the like for like basis
- however trade gold for silver as you wish subject to the condition that the exchange be hand to hand spot
- exchange of homogeneous commodities or currencies delivery must be simultaneous spot commodity a commodity b measurment must be same in amount weight count mian sibghat mslaw
- pk gmail dot com august
- exchange of heterogeneous commodities or currencies delivery must be simultaneous spot commodity b commodity a measurement may be different mian sibghat mslaw
- pk gmail dot com august
- exchange involving riba in homogeneous commodities or currencies delivery any one of the counter values is delayed commodity a commodity b measurment counter values are not equal mian sibghat mslaw
- pk gmail dot com august
- exchange involving riba in heterogeneous commodities or currencies delivery delay in any of the counter values would amount to riba delivery must be simultaneous spot commodity b commodity a measurement may be different mian sibghat mslaw
- pk gmail dot com august
- some principles derived from the hadith i general principles a in a contract of sale counter values must be exchanged simultaneously a quantity number measure etc
- should be same i exceptions a credit sale a salam a qard e hasanah mian sibghat mslaw
- what is riba i simple definition a any delay or discrimination regarding weight measure or count in any of the counter values in a contract of exchange is riba a any addition without a counter value is riba a every loan entailing an increase is riba mian sibghat mslaw
- pk gmail dot com august
- islamic contracts for commercial transactions i musharaka profit and loss sharing i modaraba profit sharing i musawamah bargaining sale i ijarah leasing i salam advance payment sale i istisna contract of manufacturing i murabaha cost plus margin sale mian sibghat mslaw
- pk gmail dot com august
- musharaka i characteristics a all parties share in the capital a all parties share profits as well as losses a profits are distributed as per agreed ratio a loss is borne by the parties as per capital ratio a every partner is agent of other mian sibghat mslaw
- pk gmail dot com august
- musharaka may be in any profit agreed ratio rs
- must be according to capital mianratio sibghat mslaw
- musharaka may be in any profit agreed ratio rs
- must be according to capital mianratio sibghat mslaw
- mudaraba i one partner rab al mal contributes capital and the other mudarib contributes his skills or services to the venture i venture may for a fixed period or purpose i both share profit in pre agreed ratio i loss is borne by rab al mal only mudarib loses his services mian sibghat mslaw
- pk gmail dot com august
- mudaraba profit services capital rabbul mal venture mudarib all monetory loss loss of services loss mian sibghat mslaw
- pk gmail dot com august
- mudaraba profit services capital rabbul mal venture mudarib all monetory loss loss of services loss mian sibghat mslaw
- pk gmail dot com august
- ijarah i usufruct of an asset is passed to other party against a periodic rent payment i the asset must have corpus body and be in existence i the asset must not be consumable in nature should not vanish if used i ownership will remain with the lessor and he will bear all the risks related to ownership mian sibghat mslaw
- pk gmail dot com august
- ijarah use usufruct only ownership lessor lessee asset usufruct usufruct periodical payments rent mian sibghat mslaw
- pk gmail dot com august
- salam advance payment i it is an exception to the general principle of instant exchange of counter values in a contract of sale mian sibghat mslaw
- pk gmail dot com august
- salam advance payment i full payment of purchase price no deferment or installment in advance money allowed i no loan adjustment is allowed i quality and quantity must be specified i date of delivery must be specified mian sibghat mslaw
- pk gmail dot com august
- murabaha i murabaha is sale of a commodity at cost plus margin it must fulfill all the conditions of a valid sale i it may be spot sale or a deferred credit sale i deferred sale murabaha is used as financing mode by islamic banks i deferred price becomes a debt and shall be dealt with as a loan transaction i price once settled at the time of sale can not be changed due to default of creditor any thing above sale price would be riba mian sibghat mslaw
- pk gmail dot com august
- conditions for murabaha i since it is a sale contract it must fulfill all the conditions of a valid sale i the bank should purchase the asset from a third party and not from the customer himself i the bank must own the asset before it sells to the customer i the bank must have possession physical or constructive ie it must come to its risk i the seller must know and disclose the cost including freight insurance and taxes etc
- i profit may be fixed in lump sum or through agreed ratio to be charged over the cost mian sibghat mslaw
- murabaha murabaha deferred deferred classical spot with lump sum with installment payment payment mian sibghat mslaw
- pk gmail dot com august
- classical murabaha immidiate delivery cost margin price seller buyer good immidiate delivery mian sibghat mslaw
- pk gmail dot com august
- bai mu jjal deferred sale deferred payment price seller buyer goods immidiate delivery mian sibghat mslaw
- pk gmail dot com august
- murabaha with deferred payment cost margin delayed payment price seller buyer good immidiate delivery mian sibghat mslaw
- pk gmail dot com august
- what is sukuk i the word sukuk plural of word suk which means i the accounting and auditing organization for islamic financial institutions defines sukuk as certificates of equal value representing undivided shares in ownership of tangible assets usufruct and services or in the ownership of the assets of particular projects or special investments activity mian sibghat mslaw
- pk gmail dot com august
- a company may by public offer or upon terms and conditions contained in an agreement in writing issue to one or more scheduled banks financial institutions or such other persons as are specified for the purpose by the federal government by notification in the official gazette either severally jointly or through their syndicate any instrument in the nature of redeemable capital in any or several forms in consideration of any funds moneys or accommodations received or to be received by the company whether in cash or in specie or against any promise guarantee undertaking or indemnity issued to or in favour of or for the benefit of the company mian sibghat mslaw
- legal definition of sukuk i pakistani law does not define the word sukuk i there is no particular legislation in pakistan that governs a sukuk by a company i then how to define a sukuk and how to regulate a sukuk issue in pakistan i section of the companies ordinance a
- different kinds of sukuk i sukuk representing ownership in tangible assets mostly based on sale and lease back or direct lease
- i the issuer cannot guarantee the face value of the certificate for the holder except in case of negligence misconduct
- i in sukuk based on sale and lease back the issuer can unilaterally undertake that he will purchase the asset after one year for a certain price
- i in sukuk of musharakah mudarabah the issuer can redeem the certificates on the market price or the mutually agreed price
- i trading or redemption of sukuk is allowed after closing subscription allotment of sukuk and commencement of activity
- tradability of sukuk i tradable sukuk sukuk representing tangible assets or proportionate ownership of a business or investment portfolio are tradable
- sukuk of ijarah or musharakah mudarabah i non tradable sukuk sukuk representing receivables of cash or goods are nontradable
- a debenture is not defined as a word in the companies ordinance or any other law but as per company law it includes debenture stock bonds term finance certificate and any other securities other than a share of a company whether constituting a charge of the assets of the company or not a share means a a share in the share capital of a company s
- legal nature of sukuk i is it a debenture or i it s a stock share or something else i to ascertain we need to know what is debenture and what is stock share
- asset backed securitization rules i these rules provide mechanism for securitization and define securitization as securitization means a process whereby any special purpose vehicle raises funds by issue of term finance certificates or any other instruments with the approval of the commission for such purpose and uses such funds by making payment to the originator and through such process acquires the title property or right in the receivables or other assets in the form of actionable claims i the sukuk does not fall in the definition of actionable claim or receivables therefore sukuk can not be issued under these rules mian sibghat mslaw
- pk gmail dot com august
- nature of sukuk i as discussed sukuk is a security of its own kind not provided by any law in pakistan
- i we may classify it as redeemable capital mian sibghat mslaw
- how to issue sukuk i presently most of the sukuk are issued under private placement which does not require any regulatory compliance i companies are issuing privately placed sukuk when they get syndicate financing from financial institutions to meet their financing requirements i most of the sukuk are based on ijarah i these sukuk are being issued under s
- of the companies ordinance through an agreement between the issuer and the financial institutions mian sibghat mslaw
- how to issue sukuk to public i there is no specific provision in pakistani law for sukuk therefore we will resort to some provisions of the companies ordinance that govern issue of securities debentures and redeemable capital i again the sukuk will be issued under s
- i however for guidance on public issue we will look at the guide lines issued for term finance certificates tfcs mian sibghat mslaw
- public issue of sukuk i once we consider that sukuk is a security in the form of redeemable capital then we can issue sukuk public through circulating and publishing prospectus under section of the companies ordinance i an independent trustee shall be appointed and the assets will be transferred in the name of the trustee who will hold the same for the benefit of the investors sukuk holders i for issuing sukuk general public a company will file an application to secp mian sibghat mslaw
- pk gmail dot com august
- approval from secp i i in case of a new project expansion or balancing modernization replacement bmr a feasibility study should be conducted and a report should be prepared
- i vii auditor s certificates as to profit and loss and dividend or returns on securities issued in previous years mian sibghat mslaw
- pk gmail dot com august
- mian sibghat mslaw
- contact sibghatullah ahsan advocate high court mian sibghat advocates legal consultants off
- a st floor azeem mansion block e fazal e haq road blue area islamabad
Please note, This is an auto generated summary based on sentances position in the document and other factors
DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\sukuk islamic
KeyWords
sukuk islam asset finance issu certifi financi contract bankable bond ijarah leas structur profit holder rate developed purchase risk investor
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DOCUMENT REFERENCES
Number of Pages
44
Published Date
2016-09-17 00:55:39
