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Author Ariff, Mohamed
Title Sukuk Securities : New Ways of Debt Contracting
Imprint New York : John Wiley & Sons, Incorporated, 2014
©2014
book jacket
Edition 1st ed
Descript 1 online resource (235 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
Series Wiley Finance Ser
Wiley Finance Ser
Note Intro -- Sukuk Securities -- Contents -- Preface -- Acknowledgments -- List of Tables -- List of Figures -- About the Authors -- PART ONE The Foundation of Sukuk Securities -- CHAPTER 1 Introduction to Sukuk Markets -- Islamic (Participation) Debt Securities -- The Origin of Sukuk Structures -- Contemporary Sukuk Securities -- How Sukuk Securities Are Priced -- The Structure of This Book -- CHAPTER 2 Sukuk Securities: Definitions, Classification, and Pricing Issues -- Fundamental Principles -- Definitions and Regulations -- Classification Based on Practices -- Conclusion -- CHAPTER 3 Pragmatic and Idealistic Approaches to Structuring Sukuk -- Shari'ah: The Basic Foundations of Islamic Finance and Sukuk -- Sources of Shari'ah -- Ijtihad -- Islamic Financial Principles -- Riba -- Gharar -- Three Approaches to Islamic Finance -- The History of Sukuk -- Sukuk Structures: Pragmatic and Idealistic Approaches -- Shari'ah Requirements for Sukuk Structures -- Sukuk Structures: A Pragmatic Approach -- The AAOIFI Resolution: An Idealistic Approach -- Conclusion -- CHAPTER 4 Contract Design and the Structure of Common Sukuk Securities Issued to Date -- Mudarabah (Partnership) -- Musharakah (Profit Sharing) -- Murabahah (Markup) -- Ijarah (Leasing) -- Salam (Futures) -- Istisna (Working Capital) -- Conclusion -- CHAPTER 5 Samples of Sukuk Issued -- Sukuk Simpanan Rakyat (Malaysia) -- Central Bank of Bahrain -- Khazanah Nasional Berhad (Malaysia) -- Qatar Central Bank -- Nakheel Sukuk (UAE) -- Mahan Airline Company (Iran) -- Conclusion -- CHAPTER 6 Contract Design and the Structure of Sukuk Securities Yet Issued -- Wakalah (Agency) -- Manfaah (Usufruct) -- Muzarah (Farmland Leasing) -- Musaqah (Orchard Leasing) -- Muqarasah (Tree Leasing) -- Conclusion -- CHAPTER 7 Sukuk Securities and Conventional Bonds
Comparison of the Yields of Islamic Securities and Bonds -- Yield Curves -- The Granger Causality Test for the Yields of Sukuk and Conventional Bonds -- Conclusion -- PART TWO Sukuk Securities in Practice -- CHAPTER 8 Regulations with a Difference -- Regulating Sukuk -- The Accounting and Auditing Organization for Islamic Financial Institutions -- The Islamic Financial Services Board -- The International Islamic Financial Market -- Conclusion -- CHAPTER 9 Securitization, Trading, and Rating -- Sukuk Trading -- Sukuk Securitization as IPO -- Disclosure -- Special Purpose Company (SPC) -- Sukuk Rating Methodologies -- Standard & Poor's -- Moody's -- Fitch -- RAM -- MARC -- Conclusion -- CHAPTER 10 Worldwide Sukuk Markets -- The Geographical Location of Sukuk Securities -- Country of Domicile -- Issuing-Country Risk -- The Effect of Geographical Location on Contract Specifications -- Conclusion -- CHAPTER 11 Regulatory Issues for Sukuk Financial Products -- The Current Sukuk Market -- Regulation and Shari'ah Issues in the Current Sukuk Market -- Current Sukuk Structures -- Disclosures in the Current Sukuk Market -- Do Regulators Have a Role in Sukuk Structures? -- Market Supervision -- Possible Developments and Implications -- The Extension of Sukuk to the Retail Market -- New Sukuk Structures -- Longer-Dated Sukuk -- Pressure for More Trades on Exchanges -- PART THREE Payoff Structures and Sukuk Valuation -- CHAPTER 12 The Foundation and Principles of Islamic Finance -- Foundation -- Principles -- Conclusion -- CHAPTER 13 Cash-Flow Identification and Pattern Recognition for Theoretical Valuation Models -- Zero-Promised Regular-Payment Sukuk -- Fixed-Promised Regular-Payment Sukuk -- Fixed-Promised Regular Payments and Zero-Promised Maturity Payment -- Fixed-Promised Regular Payments and Promised Maturity Payment -- Variable-Promised Payment Sukuk
Growing-Promised Regular Payments and Predetermined Maturity Payment -- Declining-Promised Regular Payments and Zero-Promised Maturity Payment -- Undetermined-Promised Payment Sukuk -- Conclusion -- CHAPTER 14 A Matter of Choice: Sukuk or Bond? -- The Economics of Conventional Bond-Based Funding -- World Markets for Conventional Loans -- The Case against Interest-Based Debt with No Risk Shared -- Are Sukuk an Alternative to Bonds? -- Conclusion -- CHAPTER 15 Challenges and Future Developments -- Valuation -- Liquidity -- Market Widening and Market Depth -- Cost of Issuance -- Variation in Schools of Thought -- Educating More Experts in Sukuk -- Regulatory Sufficiency -- Conclusion -- Bibliography -- Index -- EULA
The essential guide to global sukuk markets worldwideSukuk 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 pricingLearn the different approaches to structuring and contract designDiscover how sukuk is applied, including regulations, ratings, and securitizationExamine 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
Description based on publisher supplied metadata and other sources
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
Link Print version: Ariff, Mohamed Sukuk Securities : New Ways of Debt Contracting New York : John Wiley & Sons, Incorporated,c2014 9781118937877
Subject Investments -- Islamic countries.;Securities -- Islamic countries
Electronic books
Alt Author Mohamad, Shamsher
Safari, Meysam
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