Sukuk by Ahmad Ibrahim

Top 20 FREQUENT WORDS

sukuk 104 contract 22 islamic 21 holders 20 asset 18 issued 17 financing 15 values 15 services 14 projects 12 finance 11 expected 10 salam 10 assets 9 banks 9 financial 9 certificates 8 future 8 issuing 8 leased 8 owner 8 project 8 uae 8

DOCUMENT KEY POINTS

• sukuk islamic bonds and development financing by doctor abdul fattah mohamed farah economic advisor the early specialized academic contributions have started by the scholars of the sharia a boards in various islamic banks and by the writings about sukuk during the beginning of the last decade of the twentieth century out of the same are the legitimate fatwas and the writings of mohamed arif m
• mannan in fahim khan in munzer kahaf awsaf khan and tariqullah khan in sami suwailim in mubid al jarhi and munawer iqbal in omer chabra habib ahmed rifaat abdul karim and simon archer in in addition to other scholars researches and writers

• if the rate of increase in the value of the service is higher than the rate of decrease in the value due apse of part of the lifespan of the asset then it is expected that the value of the service shall increase other factors remaining constant
• the aim of the transaction at the end is to sell the leased property through issuing sukuk accordingly the holders of the certificates or ijarah sukuk own the asset and its charges during the rental period each in proportionate to the certificates of sukuk held in the leased asset

• usufructs of future assets the usufruct could also be futuristic for a specified period of time for a specified asset which would not be ready at the time of issuing the sukuk certificates but it could be under construction or contracted for construction and delivery at a future time

• these sukuk carries equal values issued by a covenanter to provide or sell services described in the security such services are to sold in a form of sukuk so that the holders of the same shall to be the owners of such services and shall gain the proceeds from selling the same in the markets
• salam sukuk sukuk or certificates of salam carry equal values for mobilizing the capital necessary to produce some specified commodities contracted for deliverance at specified periods of time in future while their value prices are fully paid in advance

• musharakah sukuk these sukuk carry equal values and are issued by the supplier entrepreneur or a covenanter or his agent to finance a project or projects where the holders of sukuk will be the owners of such projects this is far similar to partnership companies although they might differ if the sukuk issuer is authorized to select the projects which are transferred and constructed mudarabah sukuk this type of sukuk carry equal values issued by the contractor to provide the entrepreneurship and to manage the proposed project for the purpose of financing such project or a combination of projects which are specified or those in which he is authorized to act upon

• entrepreneur at an agreed portion of the profits and shall bear the expected losses in capital muzaraa sukuk these sukuk carry equal values issued by the owner of the agricultural land in order to finance the agricultural costs according to a muzaraa contract where the holders of sukuk become partners in the produced crops as per the terms stipulated in the contract musaqat sukuk these sukuk carry equal values issued by the owner of the plants the subject of the contract in order to finance the processes of irrigation and cultivation where the holders of sukuk become partners in the produced crops as per the terms stipulated in the musaqat contract
• sukuk of reducing ownership these sukuk carry equal values issued by the owner of the innovated idea the subject of the contract in order to finance a project pursuant to the establishment contract ending by transferring the ownership of the assets or services to the owners of the idea or to the founding after a specified period of time

• sukuk is a newely emerged financing approach the foundation of which is rooted in what is named as fiqh al moamalat the islamic shari ah it is a financing mechanism aiming to realize what have been previously lacked by the islamic banks that is to create a real partnership between the factors of production in financing the process of development using tools such as mudharaba and musharaka and to diverge from financing through mudharaba which has been adopted by the majority of islamic banks

• the financer and the finance receiver taking into consideration the fact that realizing profitable investment returns in favor of sukuk holders gives creditability for other issuances and builds confidence in issuance approving authorities hence it realizes economic and social security and encourages small scale capitals to gather and coordinate towards strongly building the developing economies

• sukuk issuance in gcc countries percentage year year united saudi bahrainkuwait qatar arab arabic countries emirates expansion of sukuk market out of the many reasons behind the extensiveness of sukuk market we would like to focus the following the conviction generated in savers not to conflict with the provisions of oshari a law and the performance of sukuk and the structure of the same
• the set up of the legislations to organize sukuk the continuous need to expand the infrastructure projects within gcc countries in the availability of the necessary funds to finance sukuk

• uae has issued sukuk of milliard during and at a value of milliard during out of the large scale projects in abu dhabi which is expected to be financed through issuing sukuk is khalifa port and the free zone by approximately milliard
• sectors financed through sukuk in uae sector percentage financial services real estates energy others total during the year the share of uae and malaysia exceeded millard constituting more than of the total sukuk issued worldwide world

• the sectors financed through sukuk in uae financial services financial services other real estates energy other energy real estates source moody s international classification agency ajman islamic bank uae being the country of origin for the first commercial bank in world dealing with the public in compatible to the provisions of the islamic shari a a that is dubai islamic bank a that was during is presently surviving a continuous increase in the number of islamic banks which after the launching of ajman islamic bank and al hilal bank in abu dhabi counts for eight islamic banks
• these banks would directly contribute in levering the issues and values of sukuk which would enhance in pushing forward the movement of economic development through financing the large scale projects and the infrastructure projects within such countries

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DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\sukuk islamic

KeyWords

sukuk issu secur debt malaysia investor issuanc islam bond issuer corporate billion governance malaysian rate structur bankable institut developed convention

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DOCUMENT REFERENCES

Number of Pages

11

Published Date

2009-03-29 08:42:41

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