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Title: DEFINITION OF SUKUK
Description: It gives definitions from certain parts of my references for completing my assignment. It is also consists of types of sukuk and related notes in it such as the differences between sukuk and bond.
Description: It gives definitions from certain parts of my references for completing my assignment. It is also consists of types of sukuk and related notes in it such as the differences between sukuk and bond.
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Definition of 'Sukuk'
An Islamic financial certificate, similar to a bond in Western finance, that complies with Sharia, Islamic
religious law
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The issuer also makes a contractual promise to buy back the bonds at a
future date at par value
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This is because trading in debt is prohibited under Sharia
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Sukuk and Bond have number of characteristics which should be aware of
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Issuer is the
one who needs the additional funds
...
There are many varieties of bond that can be customized to the specific needs of the issuer for example
Murabaha, Musharakah, Ijarah Sukuk, straight bond, amortizing bond, and convertible bond, etc
...
Maturity Date: The date on which the sakk or bond investor will be repaid the face value of the sakk/bond
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The Coupon (annual return): The percentage of the face value which represents the annual return of the
sakk or bond
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What is Sukuk? Print
Sukuk (Arabic: ,صكوكplural of صكsakk, "legal instrument, deed, check") is the Arabic name for a
financial certificate but can be seen as an Islamic equivalent of bond
...
Financial assets
that comply with the Islamic law can be classified in accordance with their tradability and nontradability in the secondary markets
...
[1] Such principles form part of
Shari'ah, which is often understood to be ‘Islamic Law’, but it is actually broader than this in that it
also encompasses the general body of spiritual and moral obligations and duties in Islam
...
In the Gulf and Asia, Standard & Poor's estimates that 20 per cent of banking customers would now
spontaneously choose an Islamic financial product over a conventional one with a similar risk-return
profile
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A good analogy is one of ethical or green investing
...
Islamic Finance is also a subset
of the global market and there is nothing that prevents the conventional investor from participating
in the Islamic market
...
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Principle Shari’ah requires that financing should only be raised for trading in, or construction of,
specific and identifiable assets
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Thus all Sukuk returns and cashflows will be linked to
assets purchased or those generated from an asset once constructed and not simply be income that
is interest based
...
Equity financing is Shari’ah compliant and fits
well with the risk/return precepts of Islam
...
This generation of money from money (simplistically
interest) is "Riba", and is forbidden
...
This principle is widely understood to mean uncertainty in the
contractual terms and/or the uncertainty in the existence of an underlying asset in a contract and this
causes issues for Islamic scholars when considering the application of derivatives
...
Title: DEFINITION OF SUKUK
Description: It gives definitions from certain parts of my references for completing my assignment. It is also consists of types of sukuk and related notes in it such as the differences between sukuk and bond.
Description: It gives definitions from certain parts of my references for completing my assignment. It is also consists of types of sukuk and related notes in it such as the differences between sukuk and bond.