Research Article
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Year 2019, , 1 - 19, 31.03.2019
https://doi.org/10.25272/ijisef.473269

Abstract

References

  • Abdel-Rahman, Yousri, (1995), “Islamic securities in Muslim stock markets, and an assessment of the need for an Islamic secondary market,” Islamic Economic Studies 3:1 (1995), 1–37. (Downloadable from www.irti.org)
  • Abdel-Rahman, Yousri, (2005), “Islamic banking modes of finance: Proposals for further evolution.” In Munawar Iqbal and Rodney Wilson (eds). Islamic Perspectives on Wealth Creation: Studies in Honour of Robert Hillebrand. Edinburgh: Edinburgh University Press.
  • Abdel-Rahman Yousri A., (2013), “Islamic Modes of Finance and the Role of Sukuk’’, in QFINANCE (Bloomsbury Information Ltd in partnership with QFCA).
  • Abdelrahman Yousri Abdelrahman,(2014), ‘’Fundamental Issues in Islamic Economics’’, Lambert Publishers.
  • Abdelrahman Yousri A., “Does Islamic Banking help in Economic Development of Muslim Countries?”,Vol.6 No.2, 2016 (December) Issue of the JIBM pp: 19-39.
  • Abozaid, A. and M. Al-Jarhi, (2009), Islamic Fiqh Academy, the 19th Round, Sharjah, UAE. معبد الجارحى وعبد العظيم أبوزيد (2009) "الصكوك: قضايا فقهية واقتصادية" الدورة التاسعة عشرة لمجمع الفقه الإسلامي بالشارقة ، ، ص8-11
  • Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Decisions with respect to practices in Sukuk market which are Sharia incompliant ( Report in Arabic of three meetings: Jun 2007, Madinah Munawara, September 2007, Makkah, and February 2008, Bahrain).
  • AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions). “Shari’a standards,” 2008, 2010, and 2017. (www.aaoifi.com/keypublications.html)
  • Al-Jarhi, Mabid Ali, (2017) "An economic theory of Islamic finance", ISRA International Journal of Islamic Finance, Vol. 9 Issue: 2, pp.117-132, https://doi.org/10.1108/IJIF-07-2017-0007
  • Al-Jarhi, Mabid Ali (2018), “Islamic Finance at Crossroads,” https://www.academia.edu/37227900/Islamic_Finance_at_Crossroads-Mabid_Al-Jarhi.docx
  • Al-Zuhayli, Wahbah, (1985)" The Theory of Necessity in Islamic Law "( Nazariyyat al- Darürah al-Shar`iyyah ), Beirut; Also Jamil Mubärak,(1988),
  • Dar Al Istithmar, (2006) ‘’SUKUK: An Introduction to the Underlying Principles and Structure’’, DIRE/SUK/06- https://www.sukuk.com/wp-content/uploads/2014/03/Sukuk-Structures.pdf
  • Haneef, Rafe, (2006), ‘’Present Trends & Future Prospects of Sukuk’’, Presented at IIFM’s International Workshop on Sukuk, 12 September 2006. https://www.scribd.com/document/322034449/AlHuda-CIBE-Present-Trends-and-Future-Propectus-of-Sukuk
  • Ibn Khaldûn, Abdelrahman, (2015), “The Muqaddimah: An Introduction to History” - Abridged Edition by N. J. Dawood (Princeton Classics).
  • International Islamic Financial Market (IIFM),(2015, 2016, 2017’ Editions), Sukuk Report, A Comprehensive Study of the Global Sukuk Market https://www.islamicfinance.com/wp-content/uploads/2016/04/IIFM
  • Iqbal, Munawar, and Tariqullah Khan (eds),(2005), "Financial Engineering and Islamic Contracts", New York, NY: Palgrave Macmillan.
  • Islamic Development Bank (IsDB), “Sukuk in Brief: A secure return through an ethical investment” http://www.isdb.org/irj/portal/anonymous/idb_capital_en
  • Islamic Fiqh Academy of the Organization of Islamic Countries, “Resolutions and recommendations of the council of the Islamic Fiqh Academy 1985–2000.” Jeddah: IRTI, Islamic Development Bank (IDB), 2000. Available online; www.irtipms.org/PubDetE.asp?pub=73
  • Kabir, M. Hassan, and Mervyn K. Lewis (eds), (2007), “Islamic Finance: The International Library of Critical Writings in Economics”. Cheltenham: Edward Elgar Publishing Ltd.
  • Lahsasna, Ahcene, and Umar Idris, (2008), ‘’Examination of the AAOIFI pronouncement on Sukuk issuance and its implication on the future Sukuk structure in the Islamic Capital Market, 6th International Islamic Finance Conference 2008 Peer Reviewed Paper’’
  • Monzer, M. Kahf, (1997), ‘The use of Ijara bonds for bridging the budget gap”, Islamic Financial Instruments for Public Resource Mobilization, Ahmad, Ausaf, and Tariqullah Khan (eds), Jeddah: Islamic Research and Training Institute, Islamic Development Bank, Seminar Proceedings, Number 39, 1997, p. 293.
  • Muhammad al-Amine, Muhammad al-Bashir,(2003), ‘The Islamic bonds market: possibilities and challenges’, International Journal of Islamic Financial Services (Volume 3, Number 1 2001),Mark Fisher and Zoe Shaw, eds., Euromoney Books, London.
  • Muhammad Taqi Usmani, (2008), ‘’Sukuk and their Contemporary Applications’’, Islamic Economic Studies Vol. 15, No. 2, January 2008
  • OECD (2015), “New Approaches to SME and Entrepreneurship Financing: Broadening the Range of Instruments”, PP. 29-37
  • QFINANCE (created by Bloomsbury Information Ltd in partnership with the Qatar Financial Centre Authority (QFCA): The Ultimate Resource, 4th edition, 2013 ( ISBN:9781849300629)
  • Rifaat, Abdel Karim Ahmed, and Simon Archer (eds), (2002), “ Islamic Finance: Innovation and Growth. London: Euromoney Books.
  • Standard & Poor’s (S&P) gets it wrong on Sukuk (https://www.islamicfinance.com/2015/07/standard-poors-gets-wrong-sukuk/#!)
  • S&P, Islamic Finance Outlook 2017 Edition | September 2016
  • S&P, Global Ratings, “Global Sukuk Market Outlook: Another Strong Performance..? P.2, January 7, 2018.
  • Vishwanath, S.R, And Sabahuddin Azmi, (2009), “ An Overview of Islamic Sukuk Bonds”, The Journal Of Structured Finance, Winter 2009
  • Vogel, Frank, and Samuel Hayes, (1998), "Islamic Law and Finance: Religion, Risk and Return", The Hague: Kluwer Law International.
  • Wilson, Rodney, “Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukuk”, Overview of the Sukuk market www.euromoneybooks.com
  • Zarka, M. Anas,(2005), ‘’Challenges in Making Sukuk Shariah Compliant”, Presented to ‘’International Islamic Financial Markets Conference’’, Bahrain 16-17 May 2005

Sukuk : A Critique of Experience, and their Possible Role in Muslim Countries Development

Year 2019, , 1 - 19, 31.03.2019
https://doi.org/10.25272/ijisef.473269

Abstract

The article
focuses on Sukuk, in the framework of Islamic finance and its possible role in
the economic development of the Muslim world. Sukuk, as a new financial
instrument, opened doors since 2001-002, for drawing funds from international
sources.  The article, firstly, pinpoints incorrect practices in Sukuk
experience (2001-17), which ought to be removed, in order to ensure the Islamic
authenticity of such an instrument. Secondly, we search possibilities of
employing genuine Islamic Sukuk in ways that would maximize their role in
financing the development of Muslim countries. Some proposals are presented for
how Sukuk can possibly support the investment activities of SMEs, as well as
opening new avenues for financing promising business ventures and corporates in
industrial and service sectors.

References

  • Abdel-Rahman, Yousri, (1995), “Islamic securities in Muslim stock markets, and an assessment of the need for an Islamic secondary market,” Islamic Economic Studies 3:1 (1995), 1–37. (Downloadable from www.irti.org)
  • Abdel-Rahman, Yousri, (2005), “Islamic banking modes of finance: Proposals for further evolution.” In Munawar Iqbal and Rodney Wilson (eds). Islamic Perspectives on Wealth Creation: Studies in Honour of Robert Hillebrand. Edinburgh: Edinburgh University Press.
  • Abdel-Rahman Yousri A., (2013), “Islamic Modes of Finance and the Role of Sukuk’’, in QFINANCE (Bloomsbury Information Ltd in partnership with QFCA).
  • Abdelrahman Yousri Abdelrahman,(2014), ‘’Fundamental Issues in Islamic Economics’’, Lambert Publishers.
  • Abdelrahman Yousri A., “Does Islamic Banking help in Economic Development of Muslim Countries?”,Vol.6 No.2, 2016 (December) Issue of the JIBM pp: 19-39.
  • Abozaid, A. and M. Al-Jarhi, (2009), Islamic Fiqh Academy, the 19th Round, Sharjah, UAE. معبد الجارحى وعبد العظيم أبوزيد (2009) "الصكوك: قضايا فقهية واقتصادية" الدورة التاسعة عشرة لمجمع الفقه الإسلامي بالشارقة ، ، ص8-11
  • Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Decisions with respect to practices in Sukuk market which are Sharia incompliant ( Report in Arabic of three meetings: Jun 2007, Madinah Munawara, September 2007, Makkah, and February 2008, Bahrain).
  • AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions). “Shari’a standards,” 2008, 2010, and 2017. (www.aaoifi.com/keypublications.html)
  • Al-Jarhi, Mabid Ali, (2017) "An economic theory of Islamic finance", ISRA International Journal of Islamic Finance, Vol. 9 Issue: 2, pp.117-132, https://doi.org/10.1108/IJIF-07-2017-0007
  • Al-Jarhi, Mabid Ali (2018), “Islamic Finance at Crossroads,” https://www.academia.edu/37227900/Islamic_Finance_at_Crossroads-Mabid_Al-Jarhi.docx
  • Al-Zuhayli, Wahbah, (1985)" The Theory of Necessity in Islamic Law "( Nazariyyat al- Darürah al-Shar`iyyah ), Beirut; Also Jamil Mubärak,(1988),
  • Dar Al Istithmar, (2006) ‘’SUKUK: An Introduction to the Underlying Principles and Structure’’, DIRE/SUK/06- https://www.sukuk.com/wp-content/uploads/2014/03/Sukuk-Structures.pdf
  • Haneef, Rafe, (2006), ‘’Present Trends & Future Prospects of Sukuk’’, Presented at IIFM’s International Workshop on Sukuk, 12 September 2006. https://www.scribd.com/document/322034449/AlHuda-CIBE-Present-Trends-and-Future-Propectus-of-Sukuk
  • Ibn Khaldûn, Abdelrahman, (2015), “The Muqaddimah: An Introduction to History” - Abridged Edition by N. J. Dawood (Princeton Classics).
  • International Islamic Financial Market (IIFM),(2015, 2016, 2017’ Editions), Sukuk Report, A Comprehensive Study of the Global Sukuk Market https://www.islamicfinance.com/wp-content/uploads/2016/04/IIFM
  • Iqbal, Munawar, and Tariqullah Khan (eds),(2005), "Financial Engineering and Islamic Contracts", New York, NY: Palgrave Macmillan.
  • Islamic Development Bank (IsDB), “Sukuk in Brief: A secure return through an ethical investment” http://www.isdb.org/irj/portal/anonymous/idb_capital_en
  • Islamic Fiqh Academy of the Organization of Islamic Countries, “Resolutions and recommendations of the council of the Islamic Fiqh Academy 1985–2000.” Jeddah: IRTI, Islamic Development Bank (IDB), 2000. Available online; www.irtipms.org/PubDetE.asp?pub=73
  • Kabir, M. Hassan, and Mervyn K. Lewis (eds), (2007), “Islamic Finance: The International Library of Critical Writings in Economics”. Cheltenham: Edward Elgar Publishing Ltd.
  • Lahsasna, Ahcene, and Umar Idris, (2008), ‘’Examination of the AAOIFI pronouncement on Sukuk issuance and its implication on the future Sukuk structure in the Islamic Capital Market, 6th International Islamic Finance Conference 2008 Peer Reviewed Paper’’
  • Monzer, M. Kahf, (1997), ‘The use of Ijara bonds for bridging the budget gap”, Islamic Financial Instruments for Public Resource Mobilization, Ahmad, Ausaf, and Tariqullah Khan (eds), Jeddah: Islamic Research and Training Institute, Islamic Development Bank, Seminar Proceedings, Number 39, 1997, p. 293.
  • Muhammad al-Amine, Muhammad al-Bashir,(2003), ‘The Islamic bonds market: possibilities and challenges’, International Journal of Islamic Financial Services (Volume 3, Number 1 2001),Mark Fisher and Zoe Shaw, eds., Euromoney Books, London.
  • Muhammad Taqi Usmani, (2008), ‘’Sukuk and their Contemporary Applications’’, Islamic Economic Studies Vol. 15, No. 2, January 2008
  • OECD (2015), “New Approaches to SME and Entrepreneurship Financing: Broadening the Range of Instruments”, PP. 29-37
  • QFINANCE (created by Bloomsbury Information Ltd in partnership with the Qatar Financial Centre Authority (QFCA): The Ultimate Resource, 4th edition, 2013 ( ISBN:9781849300629)
  • Rifaat, Abdel Karim Ahmed, and Simon Archer (eds), (2002), “ Islamic Finance: Innovation and Growth. London: Euromoney Books.
  • Standard & Poor’s (S&P) gets it wrong on Sukuk (https://www.islamicfinance.com/2015/07/standard-poors-gets-wrong-sukuk/#!)
  • S&P, Islamic Finance Outlook 2017 Edition | September 2016
  • S&P, Global Ratings, “Global Sukuk Market Outlook: Another Strong Performance..? P.2, January 7, 2018.
  • Vishwanath, S.R, And Sabahuddin Azmi, (2009), “ An Overview of Islamic Sukuk Bonds”, The Journal Of Structured Finance, Winter 2009
  • Vogel, Frank, and Samuel Hayes, (1998), "Islamic Law and Finance: Religion, Risk and Return", The Hague: Kluwer Law International.
  • Wilson, Rodney, “Islamic Bonds: Your Guide to Issuing, Structuring and Investing in Sukuk”, Overview of the Sukuk market www.euromoneybooks.com
  • Zarka, M. Anas,(2005), ‘’Challenges in Making Sukuk Shariah Compliant”, Presented to ‘’International Islamic Financial Markets Conference’’, Bahrain 16-17 May 2005
There are 33 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Abdelrahman Yousri Abdelrahman

Publication Date March 31, 2019
Published in Issue Year 2019

Cite

APA Abdelrahman, A. Y. (2019). Sukuk : A Critique of Experience, and their Possible Role in Muslim Countries Development. International Journal of Islamic Economics and Finance Studies, 5(1), 1-19. https://doi.org/10.25272/ijisef.473269

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