Sebanyak 38355 item atau buku ditemukan

Islamic Finance: Issues in Sukuk and Proposals for Reform

This collection of essays brings together leading scholars and practitioners to discuss contemporary issues in the rapidly expanding sukuk market, and frankly debates the challenges facing it since the 2008 financial crisis. Highly recommended for practitioners, scholars, and students of Islamic finance. Professor Mohammad Hashim Kamali is the founding chairman and CEO of the International Institute of Advanced Islamic Studies (IAIS) in Malaysia, and is a leading authority in Islamic jurisprudence, Islamic finance, and human rights in Islamic law. A.K. Abdullah is an assistant research fellow at the IAIS.

This collection of essays brings together leading scholars and practitioners to discuss contemporary issues in the rapidly expanding sukuk market, and frankly debates the challenges facing it since the 2008 financial crisis.

The Challenges and Prospects of Sukuk

A Content Analysis-Based Study

Over recent decades, Sukuk (Islamic bonds) have emerged as one of the most important tools for Islamic investment and financing. They have become the most successful financial product in the Islamic financing industry, which has grown at a phenomenal pace over the past decade. A key driver in this regard has been the development of the Islamic capital markets, which offer tremendous potential for sovereigns, financial institutions, firms, and investors alike. This book comes at a key juncture in the development of the Islamic capital markets, with the global pandemic crisis providing an opportunity for the different players in the Islamic capital markets to re-appraise successes and failures to date. More stringent Shariah oversight has also encouraged a recent critical re-evaluation of the structures used in the Islamic capital markets. This book provides a comprehensive overview of the Sukuk markets, tracking their development from the first Sukuk to the current outlook after the global pandemic crisis and the recent Shariah rulings for Islamic financial institutions in relation to Sukuk. It presents key insights for beginners, as well as more experienced practitioners, and will serve as a practical handbook for postgraduate research students, undergraduate students pursuing a degree in Islamic banking and finance, academics, researchers, and stakeholders in Islamic capital markets, among others.

This book comes at a key juncture in the development of the Islamic capital markets, with the global pandemic crisis providing an opportunity for the different players in the Islamic capital markets to re-appraise successes and failures to ...

Term Structure of Profit Rates of Sukuk

MATLAB Stochastic Simulation

This book explores several non-traditional and under-researched fields in Islamic finance through its investigations into how the newly-emergent financial instrument Sukuk behaves in the broader field of finite-period financing and pricing in the market place. It provides readers with didactic information on the fundamental theories of term structure and in-depth information on this nascent financial instrument in the Islamic capital market. The book employs one and two-factor models of term structure in order to analyse sovereign and corporate Sukuk bonds from the worlds leading Islamic economy, Malaysia. For the purposes of the study, the book establishes profit rate yield curves in the tradition of the conventional bond yield curve in order to define different risk classes of Sukuk. The dynamics of term structure of profit rates are captured with the inclusion of volatility as a factor in one of the models. The book provides informative case studies for interested students and researchers in the field of financial economics and mathematical finance. It also provides examples that will serve to simplify future research in term structure analysis and reduce its computational inefficiency.

This book explores several non-traditional and under-researched fields in Islamic finance through its investigations into how the newly-emergent financial instrument Sukuk behaves in the broader field of finite-period financing and pricing ...

Sukuk and Islamic Capital Markets

A Practical Guide

This practical title provides a comprehensive overview of the Islamic capital markets, tracking their development from the first sukuks to the current outlook after the global economic crisis and the recent Shariah rulings of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in relation to sukuk

This practical title provides a comprehensive overview of the Islamic capital markets, tracking their development from the first sukuks to the current outlook after the global economic crisis and the recent Shariah rulings of the Accounting ...

Sukuk

Innovations in finance have various objectives, attempting to provide better solutions to the target market. This study analyzes the latest innovative Islamic financial product, namely the sukuk, for adherence to AAOIFI Sharia' standards and interpretation of it in the light of Basel II's securitization framework. It is a rare study that discusses the Sharia'h parameters for the product as well as conventional financial regulations, and combines both in order to draw meaningful conclusion. The work entails a cross-sectional analysis of the underlying contracts from the legal documents of sample Ijara'h sukuk and Musharikah sukuk. Sukuk are investment instruments representing ownership to underlying fungible assets and/or rights of usage of such assets. This book is particularly valuable for industry practitioners, regulators, researchers and academia. It is culled from the authors' Ph.D thesis. However, the analysis is simple to understand for an average reader interested in finance and economics too. The author's observations section in the end is particularly noteworthy.The annexes serve to assist the reader in further delving on the roots of the subject matter

Sukuk are investment instruments representing ownership to underlying fungible assets and/or rights of usage of such assets. This book is particularly valuable for industry practitioners, regulators, researchers and academia.

Islamic Capital Market

Sukuk and Its Risk Management

Islam is a religion of almost 1.6 billion people of the world. It is a practical religion from the Stone Age till modern era of technology and innovation. Islam gives everything that human society needs. Economy and financial system is one of those. Islamic finance is thus the economic and financial system which is established and monitored in compliance with the Shariah, the Islamic fundamental law. Islamic finance is acquiring a growing respected place in the world financial system and its market share has been growing by more than 15 percent annually for the last ten years. Sukuk is the financial instrument which is considered to be the icon of the Islamic finance now. It is now one of the fastest growing financial instruments in the world.world. In this book, Sukuk and its original structures are defined and discussed. The features of each structure and their practicality are also highlighted. The main and most important contribution of this book is a discussion and an analysis of the risk identification of Sukuk structure and its management.

It is now one of the fastest growing financial instruments in the world.world. In this book, Sukuk and its original structures are defined and discussed. The features of each structure and their practicality are also highlighted.

Sukuk Structures: Legal Engineering Under Dutch Law

Sukuk is the Arabic name for financial certificates. Sukuk securities are structured to comply with Islamic law and its investment principles, which prohibit the charging or paying of interest. This book is the first to set out how sukuk transactions can be structured under Dutch private law and covers the Islamic and Dutch legal issues involved. It explains the fundamentals of Islamic finance and analyzes Islamic contract, property, corporate, and finance law. The book describes how Islamic finance principles, such as riba (in short: prohibition on interest) and gharar (avoidance of contractual uncertainty), have contributed to the development of Islamic finance contracts. It examines the legal structure of sukuk transactions and the applicable Islamic finance rules, and it scrutinizes three main sukuk transactions (the sukuk al-musharaka, the sukuk al-murabaha, and the sukuk al-ijarah) under Dutch private law, mainly focusing on Dutch contract, property, insolvency, and corporate law. The book concludes that there are no legal obstacles to introducing Islamic finance in the Netherlands. Sukuk Structures: Legal Engineering under Dutch Law will be of interest to academics and practitioners in the field of banking and finance law.

This book is the first to set out how sukuk transactions can be structured under Dutch private law and covers the Islamic and Dutch legal issues involved.

Islamic Banking in Practice, Volume 2

Sukuk

This is How Islamic Banking Really Works Volume 2 of the "Islamic Banking in Practice" series covers the broad and subtle subject of Sukuk. In a sector where publications focus on theory and are rarely written by experienced practitioners, the "Islamic Banking in Practice" series concentrates firmly on market practice. Sukuks (sometimes referred to as Islamic versions of bonds) are one of the most visible products in Islamic banking, and their global reach has ensured a rapid growth in issuance. This volume will explain how Sukuks work and why they were created. The reader will be guided in how to structure a Sukuk product from first principles of Islamic commercial law. We will discover how a simple purchase of an asset can evolve into a complex structure to issue a $1bn Sukuk. Most of the different major types of Sukuk in issuance will also be described in detail, such as: Ijara Sukuk Mudarabah Sukuk Wakala Sukuk Musharakah Sukuk Hybrid Sukuk Perpetual Sukuk Project Finance / Istisna Sukuk Murabaha Sukuk Equity-linked or convertible or exchangeable Sukuk This will be reinforced through the presentation and detailed analysis of market transactions by examination of prospectuses that are publicly available. At all stages, the focus will be on the aspects of Sukuk that relate to compliance with the rules of Islamic banking. Areas covered include: the issuance process asset injection pricing and relation to underlying asset price how asset price risk is managed and mitigated Shariah compliance, and how the risk of non-compliance is managed Other relevant areas such as credit rating, defaults and the impact of introducing assets (including the controversial topic of a "true sale") will be covered. The key development in the markets as a consequence of AAOIFI rule changes are analysed. We will see a picture emerge of instruments, and markets, that behave in a manner far removed from the existential nature of the classic contracts that underpin the transactions. REVIEW OF VOLUME 1 "This is a book written by a practitioner in Islamic Finance, Safdar Alam, about what many would consider to be quite a dry topic, that of Islamic Banking. In fact, that is quite simply not the case. This is a book as the author describes it as "A download of what I have done and what I know." From its very outset, this first volume, which tackles money market, FX and other market contracts, gives the view of a pioneer in the industry who was challenged with a blank sheet of paper and asked to create something from the ground up, without any guidance, without a frame of reference and the minimum of support infrastructure. The story that unfolds is very readable. The book captures the imagination vividly of what it was really like in this industry less than 20 years ago, when the pioneering spirit of a few created the global industry that we now see today. This is about as real as it gets because there is a very big difference between creating something yourself and replicating something that has already been created. The author, in both a logical and engaging fashion takes us through this journey and shares his insights "warts and all" of what it took to do the needful. I would consider this book as essential reading for practitioners, students, academics and anyone who shares an interest in finding out how something new is created from the ground up. I, for one, eagerly await the sequel in Volume 2 on Sukuk." By Daud Vicary Abdullah Managing Director of DVA Consulting and former President and CEO of INCEIF The Global University of Islamic Finance

The story that unfolds is very readable. The book captures the imagination vividly of what it was really like in this industry less than 20 years ago, when the pioneering spirit of a few created the global industry that we now see today.

Sukuk - the Islamic Bonds

Risks and Challenges

Islamic banking is by name is not mere a concept but a complete conduct of financial structure. Islamic finance is based on prohibition of riba (interest), gharrar (uncertainty) and maysir (gambling). The core concept of Islamic finance is not new to the world since its foundations were explained in teachings of Holy Quran and Ahadithes of Holy Prophet Muhammad (Sallalahu Ailehe Wasallam). The beginning of formal Islamic financial institutions in 1970s lead the financial world to a new era. Since then financial experts are analyzing products. Main hub of Islamic finance is South East Asia, centered in Bahrain, Malaysia and GCC. The establishment of retail Islamic financial institutions developed the need for secondary markets and tools to deal in Islamic financial models and transactions. Islamic bonds are based on the techniques taught by Islamic jurisprudence. These bonds are need of time for Islamic and conventional financial institutions. This book covers development of such tools and their analysis in Islamic financial world.

These bonds are need of time for Islamic and conventional financial institutions. This book covers development of such tools and their analysis in Islamic financial world.