Islamic securities (Sukuk) are hybrid securities bearing features of stocks and bonds, altogether. Similar to stocks, they indicate a type of partnership and holders of Sukuk will be considered as the owners of underlying asset or project for finance of which, Sukuk have been issued. Theoretically, these holders share any loss and profit resulted from underlying asset. However, these securities...

The growth of the Islamic financial market in recent years has been remarkable, but this market has faced growing pains in terms of the struggle with Shari'ah-compliance of its products. A major criticism of Islamic financial products has been their resemblance to conventional financial products. This article explores the developments in the Islamic financial market in regard to equity-based su...

The Sukuk market has become the fastest growing segment of the Islamic financial services industry. Governments and other corporate entities have started tapping the local and international Sukuk markets in order to raise the required funds. The investor base is also expanding and Sukuk has now become a popular and obvious choice for retail investors in a number of jurisdictions. However, becau...

The development of Sukuk market as the alternative to the existing conventional bond market has risen the issue of rating the Sukuk issuance. These credit ratings fulfil a key function of information transmission in capital market. Moreover, Basel Committee for Banking Supervision has now instituted capital charges for credit risk based on credit ratings. Basel II framework allowed the bank to ...

the latest instrument in islamic financial market is sukuk securities.   sukuk is a flexible stock securities that can meet the financial needs of firms in the capital markets. however, sukuk is considered as an alternative investment securities for bonds that receive usury which is forbidden in islam. the growth of  sukuk market in recent years, mainly due to its role in monitoring and control...

this paper is a comparative study of legal aspect of islamic securities (sukuk), between iran (as shia fiqh) malaysia (as the first country that issued sukuk based on sonni fiqh) and england (as a chief western country in sukuk). results indicate many similarities between iran and malaysia rules despite specifications with england rules. different in definition of contract, asset valuation, lim...

limited government resources, inadequate domestic bank resources and international financial restrictions are major obstacles to the implementation of infrastructure projects in the country and providing development programs. now the proceeds from the sale of crude oil are the main source of revenue for the country's infrastructure development. meanwhile, sukuk of istisna can prove their c...