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Islamic Capital Markets

The Structure, Formation and Management of Sukuk

This book offers a unique, in-depth, and up-to-date overview of Islamic banking and finance, capital markets, and sukuks at the grassroots level. It deals with one of the most potent and increasingly popular financial instruments. It defines and explores the differences between conventional and Sukuk bonds and also examines the integration of Sukuk in various country contexts and both Muslim and non-Muslim economies. The book consists of five core topics. First, it describes the evolution of the Islamic finance industry and capital markets; second, it discusses the basic features and instruments of Islamic banking; and third, it illustrates the current state of capital markets and Islamic finance. The book then examines the development of Sukuk in Islamic capital markets and Shariah perspectives and, finally, briefly discusses the structure of Sukuks and its development in the context of Pakistan. In a nutshell, this book provides a basic understanding of Islamic financial instruments, their implementation in different regions, and their points of differentiation from conventional modes of finance; therefore, it will be a useful addition to the literature for scholars, researchers, and students of Islamic banking and finance.

This book offers a unique, in-depth, and up-to-date overview of Islamic banking and finance, capital markets, and sukuks at the grassroots level.

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.

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.

Scharia-konforme Finanzinstrumente

Analyse der Rechtsnatur von sukuk und die Strukturierung nach deutschem Recht

Der Autor beschreibt die in der Praxis besonders bedeutsamen Finanzierungsinstrumente nach islamischem Recht (sukuk) und präsentiert eine Einführung in die Grundlagen der islamischen Rechtsquellen und der Methode der Entscheidungsfindung. Juristisch-dogmatisch ist die Thematik besonders interessant, weil das weltliche-wirtschaftliche Recht religionskonform ausgestaltet werden muss, um den Anforderungen der Glaubensvorschriften zu genügen. Vergleichbare Institutionen des deutschen Rechts werden aufgezeigt und analysiert sowie entsprechende Möglichkeiten einer deutsch-rechtlichen Ausgestaltung von sukuk dargestellt. Das deutsche Recht ist dabei so flexibel, dass die religiösen Vorgaben bei der Strukturierung von sukuk-Transaktionen eingehalten werden können.

Der Inhalt • Grundlagen der islamischen Rechts- und Wirtschaftsordnung• Grundgeschäfte islamischer Finanzierungen• Sukuk Die Zielgruppen • Dozierende und Studierende der Rechtswissenschaften, der Wirtschaftswissenschaften, der ...

Sukuk und deren zeitgemäße Anwendung

Der Einfluss der Usmani-Kritik und der AAOIFI-Resolution auf die strukturellen Maßnahmen von Sukuk-Zertifikaten

Islamic Banking in Practice - Volume 2

Sukuk - Structuring, Pricing and Risk Management

This is how Islamic Banking really works ​ In a sector where publications focus on theory, the Islamic Banking in Practice series concentrates solely on market practice. ​ The evolution of principles into practice is explained clearly and concisely. Sukuk ​ Sukuks, sometimes referred to as the Islamic version of bonds, are one the most visible products in islamic banking and finance, and with a global reach. ​ This volume will explain why Sukuks were created, and how they work. The different structures of Sukuk will be explained, and reinforced through detailed analysis of market transactions. ​ Areas covered include Issuance process Pricing Asset injection Risk management Shariah compliance Chapter headings include Common Sukuk structures Ijara, Musharakah, Mudarabah, Wakala, Murabaha Project finance Perpetual Equity linked / Exchangeable Hybrid Shariah compliance AAOIFI developments Credit rating Defaults The issue of a "True Sale"

This is how Islamic Banking really works ​ In a sector where publications focus on theory, the Islamic Banking in Practice series concentrates solely on market practice. ​ The evolution of principles into practice is explained clearly ...