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Cash Waqf Link Sukuk (CWLS): Persepsi dan Preferensi Investor Sosial

Buku monograf yang berjudul “Cash Waqf Link Sukuk (CWLS): Persepsi Dan Preferensi Investor Sosial ini diharapkan dapat menjadi transfer knowledge bagi setiap pihak yang membacanya karena diselesaikan melalui kajian dan penelitian yang telah dilaksanakan

Buku monograf yang berjudul “Cash Waqf Link Sukuk (CWLS): Persepsi Dan Preferensi Investor Sosial ini diharapkan dapat menjadi transfer knowledge bagi setiap pihak yang membacanya karena diselesaikan melalui kajian dan penelitian yang ...

The Islamic Debt Market for Sukuk Securities

The Theory and Practice of Profit Sharing Investment

The relatively new sukuk (or Islamic debt securities) markets have grown to more than US $800 billion over the past decade, and continue to grow at a rate of around 20-30 per cent per year. Arguably the first of its kind, this path-breaking book provides a highly unique reference tool relating to key issues surrounding sukuk markets, which are found in 12 major financial centres, including Kuala Lumpur, London and Zurich. The internationally renowned contributors present an in-depth study of sukuk securities, beginning with a comprehensive definition and history. They go on to discuss Islamic financial concepts and practices that govern how sukuk securities are issued, how markets are carefully regulated to protect investors, and how securities are designed to safeguard invested money. The prospects and challenges of developing sukuk Islamic debt markets across the world are also illustrated. This comprehensive guide to sukuk markets will prove a fascinating and useful reference tool for academics, students, researchers and practitioners with an interest in Islamic finance, and, more specifically, in the nascent field of sukuk securities.

marketing. and. listing. of. sukuk. securities. Mohamed. Ariff. and. Shamsher. Mohamad1. 12.1. INTRODUCTION. The first Malaysian sukuk as a new Islamic financial debt security was issued as a private sector issue by Shell Company (M) ...

Forward Lease Sukuk in Islamic Capital Markets

Structure and Governing Rules

This book focuses on forward lease sukuk, which is one of the most viable and dynamic Shari’ah-compliant instruments in the Islamic capital market. The idea of forward lease sukuk is to raise funds from non-existent assets whose subject matter does not exist at the time of the sukuk issuance. This book discusses the significant features of forward lease sukuk and demonstrates its vital contribution to project construction and manufacturing within the expanding field of Islamic finance.

This book focuses on forward lease sukuk, which is one of the most viable and dynamic Shari’ah-compliant instruments in the Islamic capital market.

Do the Type of Sukuk and Choice of Shari'a Scholar Matter?

Sukuk, the shari’a-compliant alternative mode of financing to conventional bonds, have expanded considerably over the last decade. We analyze the stock market reaction to two key features of this financial instrument: sukuk type and characteristics of the shari’a scholar certifying the issue. We use the event study methodology to measure abnormal returns for a sample of 131 sukuk from eight countries over the period 2006-2013 and find that Ijara sukuk structures exert a positive influence on the stock price of the issuing firm. We observe a similar positive impact from shari’a scholar reputation and proximity to issuer. Overall our results support the hypotheses that the type of sukuk and the choice of scholars hired to certify these securities matter for the market valuation of the issuing company.

Sukuk, the shari’a-compliant alternative mode of financing to conventional bonds, have expanded considerably over the last decade.

Sukuk Securities

New Ways of Debt Contracting

The essential guide to global sukuk markets worldwide Sukuk Securities provides complete information and guidance on the latest developments in the burgeoning sukuk securities markets. Written by leading Islamic finance experts, this essential guide offers insight into the concepts, design features, contract structures, yields, and payoffs in all twelve global sukuk markets, providing Islamic finance professionals with an invaluable addition to their library. The first book to fully introduce the market, this book provides a detailed overview of the sukuk market, with practical guidance toward applying these instruments in real-world scenarios. Readers will learn how sukuk securities are regulated and the issues that arise from regulations, and gain insight into the foundation and principles of Islamic finance as applied to these instruments. Extensive tables illustrate t-test comparisons between conventional bonds and sukuk, risk factors, and the issuance of different types of sukuk securities by country to give readers a deeper understanding of the markets. In 2010, the World Bank recommended sukuk as the best form of lending for growth in developing countries; since then, the value of new issues has grown at 45 percent per year. The market's present size is close to US $1,200 billion, with private markets in major financial centers like London, Zurich, and New York. This book provides comprehensive guidance toward understanding and using these instruments, and working within these markets. Get acquainted with the sukuk market, definitions, classification, and pricing Learn the different approaches to structuring and contract design Discover how sukuk is applied, including regulations, ratings, and securitization Examine payoff structures and suggested sukuk valuation in the context of Islamic finance principles With the sukuk market growing the way it is, regulators, investors, and students need to fully understand the mechanisms at work. Sukuk Securities is the complete guide to the sukuk markets, with expert insight. July 2014 saw the first sukuk listing in London. Hong Kong and Seoul have also entered this niche market. Predictions are that there will be continued high growth of sukuk debt markets around the world, all providing targeted funding via sukuk contracting modes.

The approach taken in this volume is thoroughly analytical and remarkably refreshing.” —Mohamed Ariff Abdul Kareem, Professor of Economics and Governance, INCEIF In 2010 the World Bank recommended sukuk as the best form of lending for ...

An Analysis of Corporate Sukuk Development

In Indonesia and The United Kingdom: Analytic Network Process Approach

Islamic financial concept-based today has developed quite rapidly. One of the role player is the investments instrument such as sukuk or also known as islamic bonds. Sukuk, particularly corporate sukuk, deemed as a source of interest-free fund that could be utilized by any corporation to enhance their existing economic business scale. In fact, the development of Islamic financial instrument gradually happens not only in the Muslim country but also to a country that does not implement Islamic law entirely. As a growing sukuk market, Indonesia and The UK are among countries that have been utilized the benefit of corporate sukuk. Basically this book is trying to portray how the development of corporate sukuk in both these countries. The research shows that academics/experts and practitioners respondents in both countries have relatively similar views on major issues of corporate sukuk development. Beside some minor challenges, both two countries have a major similarity particularly lies in the lack of understanding of the corporate sukuk issuers as well as supporting factors. Therefore there should be a concrete and sustainable effort for the stakeholders to tackle this nice issue.

As a growing sukuk market, Indonesia and The UK are among countries that have been utilized the benefit of corporate sukuk. Basically this book is trying to portray how the development of corporate sukuk in both these countries.

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 ...