Shari’a compliant funds and Islamic Finance by Kashif Jahang

Top 20 FREQUENT WORDS

sukuk 25 assets 17 musharakah 16 presen 16 securitization 15 ownership 12 issued 11 asset 10 certificates 9 ijarah 9 holder 8 holders 8 murabaha 8 basis 7 pool 7 project 7 projects 6 purpose 6 certificate 5 conditions 5 funds 5 proportionate 5 securities 5 sold 5

DOCUMENT KEY POINTS

• different kinds of securities if bonds issued by a company if bonds issued by a government if debentures if certificates if notes if treasury bills
• presen introduction a c in normal conventional market security is a document representing receivable amounts owed by the issuer in favor of the holder

• a c if they are sold at a price higher or lower than their face value it is considered as riba a c if they are purchased at their face value bai al dayn this involves gharar and hence prohibited
• the difference between sale and assignment hawala is that transfer in hawala is with recourse while transfer in sales in without recourse

• a c if the securities represent the proportionate ownership of the holder in illiquid or tradable assets the trade of such securities is permissible
• presen securitization definition issuing certificates of ownership against an asset investment pool or business enterprise

• i sukuk of ownership of usufructs of assets issued with the aim of leasing the asset so that holders of sukuk become owners of the usufruct of the assets
• i sukuk of ownership of services issued for the purpose of providing services through a specified provider so that sukuk holders become owners of these services

• typespresen of sukuk if musharaka sukuk issued with the aim of using the mobilized funds for establishing a new project developing an existing project or financing a business activity on the basis of any of partnership contracts
• i investment agency sukuk a represent projects or activities managed on the basis of an investment agency by appointing an agent to manage the operation

• types presen of sukuk if muzara a sharecropping musaqa irrigation sukuk issued for the purpose of using the mobilized funds for financing a project so that sukuk holders become entitled to a share in the crop as per the agreement
• if mugharasa agricultural sukuk issued for the purpose of mobilizing funds so that sukuk holders become entitled to a share in the land and plantation

• a c every subscriber can be given a musharakah certificate which represents his proportionate ownership in the assets of the musharakah
• a c especially in case of big projects where huge amounts are required

• portfolio of musharakah should consist of non liquid assets valuing more than of its total worth
• musharakah presen securitization essential conditions a c profit earned by the musharakah is shared according to an agreed ratio

• musharakah presen securitization essential conditions a c however if hanafi view is adopted trading will be allowed even if the non liquid assets are less than but the size of the nonliquid assets should not be negligible
• a c whenever there is a combination of liquid and non liquid assets it can be sold and purchased for an amount greater than the amount of liquid assets in combination

• presen difference musharakah certificates conventional bond a c represents the direct pro a c has nothing to do with rata ownership of the the actual business holder in the assets of the undertaken with the project
• a c if all the assets of the a c the bond stands for a joint project are in liquid loan repayable to the form the certificate will holder in any case and represent a certain mostly with interest

• presen securitization of murabaha a c murabaha is a transaction which cannot be securitized for creating a negotiable instrument to be sold and purchased in secondary market
• a c however if the murabaha paper is transferred it must be at par value not more not less

• a c however as described earlier if hanafi view is adopted trading will be allowed even if the non liquid assets are more than of its total worth
• presen conditions a c in murabaha securitization pool of asset should consist of ijarah valuing more than of its total worth

• presen conditions a c investors in the pool will have musharakah relationship and each one will be proportionate owner of the pool

• a c the lessor owner can sell the leased asset wholly or partly either to one party or to a number of individuals to recover his cost of purchase of the asset with a profit thereon
• a c this purchase of a proportion of the asset by each individual may be evidenced by a certificate which may be called ijarah certificate

• a c the holder will have the right to enjoy a part of the rent according to his proportion of ownership in the asset
• presen of ijarah securitization a c ijarah certificate represents the holder s proportionate ownership in the leased asset

• presen of ijarah securitization a c in the case of total destruction of the asset he will suffer the loss to the extent of his ownership
• a c these certificates can be negotiated and traded freely in the market and can serve as an instrument easily convertible into cash

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

reit estate invest tax trust NA account incom NA finance boardwalk manage rental busi pakistan limit leas properties NA distributable

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DOCUMENT REFERENCES

Number of Pages

24

Published Date

2016-09-17 00:55:15

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