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Global Sukuk And Islamic Securitization Market
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Book Synopsis Global Sukūk and Islamic Securitization Market by : Muhammad al-Bashir Muhammad al-Amine
Download or read book Global Sukūk and Islamic Securitization Market written by Muhammad al-Bashir Muhammad al-Amine and published by BRILL. This book was released on 2011-11-25 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book discusses the Sukūk market, its developments, and the legal, Sharī‘ah, risks, and rating issues facing Sukūk. Securitisation as the best way forward for Sukūk structuring is emphasized and issues such as Sukūk listing, Sukūk index and Sukūk fund are highlighted.
Book Synopsis The Islamic Debt Market for Sukuk Securities by : Mohamed Ariff
Download or read book The Islamic Debt Market for Sukuk Securities written by Mohamed Ariff and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Sukuk Securities written by Meysam Safari and published by John Wiley & Sons. This book was released on 2014-11-17 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Islamic Capital Markets by : Imam Uddin
Download or read book Islamic Capital Markets written by Imam Uddin and published by Routledge. This book was released on 2022-01-16 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Islamic Finance Application in Turkey in Comparison with Other Countries: Developments and Current State of Sukuk by : Atilla Yücel
Download or read book Islamic Finance Application in Turkey in Comparison with Other Countries: Developments and Current State of Sukuk written by Atilla Yücel and published by GRIN Verlag. This book was released on 2012-05-22 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 1,0, Istanbul Marmara University (Faculty of Economics and Administrative Sciences), course: Bank Funds Management, language: English, abstract: The Islamic finance industry has been on the rise with the Islamic banking sector growing throughout crises. Turkey’s Islamic banking sector is said to have shown just a moderate growth compared to its actual potential and global developments. The country’s Islamic banks are said to grow further depending on whether they’re able to improve investments, and to find sources of mid- to long-term funding for their investment activities. In the Islamic finance industry Sukuk, a form of Shariah-compliant securitization, emerged as a viable form of finance for both sovereign and corporate entities that seek for Shariah-compliant long-term financing sources. Since the international breakthrough in 2001, Sukuk certificates have been increasingly issued in various jurisdictions throughout the Middle East and Asia, and in parts of the western world. The upward rise supposedly represents the need of Islamic financial institutions for longer-term funding sources to overcome their short-term liquidity constraints. This paper provides a comparative analysis (quantitative and qualitative) of developments and the current state of applications of Sukuk financing in Turkey and the global Islamic finance sector. Sukuk markets have surely become one of the main sections of the Islamic finance industry. Islamic banks in Turkey just recently tapped the market, though. In line with trends in global Sukuk issuances, Turkish Sukuk were sponsored by corporate entities and of the Ijarah and Murabaha Sukuk types. However, sovereign / quasi-sovereign Sukuk issuance has been globally on the rise lately. In the near future, this trend could happen to be also true for the Turkish Sukuk market.
Book Synopsis Forward Lease Sukuk in Islamic Capital Markets by : Ahcene Lahsasna
Download or read book Forward Lease Sukuk in Islamic Capital Markets written by Ahcene Lahsasna and published by Springer. This book was released on 2018-09-15 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Islamic Bond Issuance by : Mr.Paul S. Mills
Download or read book Islamic Bond Issuance written by Mr.Paul S. Mills and published by International Monetary Fund. This book was released on 2008-07-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent years have witnessed a surge in the issuance of Islamic capital market securities (sukuk) by corporates and public sector entities amid growing demand for alternative investments. As the sukuk market continues to develop, new challenges and opportunities for sovereign debt managers and capital market development arise. This paper reviews the key developments in the sukuk market and informs the debate about challenges and opportunities going forward.
Book Synopsis The Challenges and Prospects of Sukuk by : Essia Ries Ahmed
Download or read book The Challenges and Prospects of Sukuk written by Essia Ries Ahmed and published by Cambridge Scholars Publishing. This book was released on 2022-02-11 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Economics of Islamic Finance and Securitization by : Andreas Jobst
Download or read book The Economics of Islamic Finance and Securitization written by Andreas Jobst and published by International Monetary Fund. This book was released on 2007-05 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitization seems straightforward. This paper explains the fundamental legal principles of Islamic finance, which includes the presentation of a valuation model that helps distil the essential economic characteristics of shariah-compliant synthetication of conventional finance. In addition to a brief review of the current state of market development, the examination of pertinent legal and economic implications of shariah compliance on the configuration of securitization transactions informs a discussion of the most salient benefits and drawbacks of Islamic securitization.
Book Synopsis Islamic Finance: Issues in Sukuk and Proposals for Reform by : Mohammad Hashim Kamali
Download or read book Islamic Finance: Issues in Sukuk and Proposals for Reform written by Mohammad Hashim Kamali and published by Kube Publishing Ltd. This book was released on 2014-12-22 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Raising Capital on Ṣukūk Markets by : Salim Al-Ali
Download or read book Raising Capital on Ṣukūk Markets written by Salim Al-Ali and published by Springer. This book was released on 2019-05-10 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ṣukūk markets have grown significantly worldwide since their emergence— in Islamic jurisdictions as well as conventional jurisdictions including the US, the UK, Germany, China, France and Singapore. The practices of ṣukūk markets, however, have come under close scrutiny. The legal and regulatory risks arising from the existing general legal environment and their impact on those investing and trading in ṣukūk markets has not received adequate attention. The topic of ṣukūk has been subject to extensive research and academic discussion from different perspectives, but the existing literature has not adequately addressed the issues associated with these markets. This book examines the contemporary issues encountered in the foundation and operation of ṣukūk markets by providing an in-depth discussion of the issues facing ṣukūk markets from legal and regulatory perspectives and focusing attention on how soundness can be ensured in the wider context. These issues go to the heart of what the ṣukūk market is really about, as recent debate has recognised in ṣukūk the replication of conventional bonds in ways that are considered unsatisfactory from an Islamic law point of view.
Book Synopsis Fundamentals of Islamic Money and Capital Markets by : Azmi Omar
Download or read book Fundamentals of Islamic Money and Capital Markets written by Azmi Omar and published by John Wiley & Sons. This book was released on 2013-02-15 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first comprehensive guide to Islamic financial markets Based on the course taught at the International Islamic University Malaysia, this is the first book on Islamic finance to focus exclusively on money and capital markets. Covering basic concepts as well as current practices in Islamic financial markets, the book features case studies from real markets. It outlines the theory of money in terms of value, supply, and demand, while explaining the Islamic capital markets in terms of classifications, types of operations, valuations of securities, Islamic unit trust, ETFs, Islamic stock broking, and much more. Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance The first guide to Islamic finance focused solely on money and capital markets An excellent introduction to money market principles for students in Islamic banking and finance, as well as researchers and current practitioners, Fundamentals of Islamic Money and Capital Markets is a vital resource on the subject.
Book Synopsis Islamic Capital Market by : Muhammad Hanif
Download or read book Islamic Capital Market written by Muhammad Hanif and published by CreateSpace. This book was released on 2014-05-01 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic banking and finance industry is expanding world over with an unprecedented growth. The global volume of Shari'a compliant assets has reached to US $ 1,700 Billion by the end of 2013, displaying a growth of 21% from 2007-13 (GIBCR-2014) Middle East and North Africa (MENA) region is the centre of Islamic finance market and contributes 74% share in global assets under Islamic finance, followed by East Asian region with a share of 17% while 9% from rest of the world. (IFSL, 2013). Share of Bank assets is 90% followed by equity funds 5% and rests are others in the global volume of assets under Islamic finance. For Islamic financial industry, deposit collection is not as much difficult as is financing and investments in business and industry. The investment avenues are limited due to Shari'a compliance restrictions as compared to conventional banks. For IFIs, Shari'a compliant modes of investments are a must. Conventional interest based bonds, leasing and insurance companies' certificates and government securities are not in line with Islamic financial system. However investment in equities, which are primarily profit and loss sharing based, fall within Shari'a compliant investment universe. Capital market is one of the major sources of diverting funds from savers to investors. Islamic finance is expanding in capital market in the form of Islamic indexes, Sukuk, money market funds and equity market funds. To address the issue of investment in marketable equities (which are primarily based on profit and loss sharing principle), Shari'a screening filters have been developed and we have above ten Islamic Indexes operating worldwide including DJIM, FTSE, S&P, MSCI, HSBC, Ameri, BID, Azzad and KMI. There exist differences in filtering criteria of these indexes and it is quite possible that a company is Shari'a compliant under one index and not under other(s) [see Derigs & Marzban, 2008]. This difference exists among all followers of revealed books (Jews, Christians and Muslims), in explanation and detailed rules development based on revelations. There are at least five schools of thoughts based on solid reasons and logic among Muslims including Hanfi, Shafai, Malki, Hanbali and Jaafari. In Pakistan Al-Meezan Investment Management Ltd (AIML), subsidiary of a leading IFI (Meezan Bank) took the initiative and started screening of KSE listed securities through Shari'a compliance filters and developed KSE-Meezan Index (KMI-30). Test of Shari'a compliance of stocks is done under the guidance of qualified and reputed Shari'a experts. For a security, to be “Shari'a compliant” based on KMI Criteria, it must meet ALL the six key tests given below (KMI-2008).This book is written with a clear focus on learning of Islamic capital market by accounting, banking, business and finance students/professionals. Under Islamic capital market two dedicated chapters have been included; each for equities and Sukuk. Shari'a compliance of equity securities, trading rules and valuation mechanism discussed under equity chapter. Chapter-2 on Sukuk includes origin, development, types and Sukuk process along with Shari'a rulings. In this edition due attention has been given to present material in reader friendly mode in addition to thorough review of content, exercises and figures. Updated figures on equity funds and Sukuk are also part of this edition. This book is useful for MBA/BBA students as well as for banking/finance students and practitioners of Islamic banking & finance. It is also useful for accounting & finance professionals, trainers in Islamic banking, regulators, investors, corporate managers and general public, interested in understanding Islamic finance.
Book Synopsis Islamic Capital Markets by : Kabir Hassan
Download or read book Islamic Capital Markets written by Kabir Hassan and published by John Wiley & Sons. This book was released on 2011-04-04 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic Finance has experienced rapid growth in recent years, showing significant innovation and sophistication, and producing a broad range of investment products which are not limited to the complete replication of conventional fixed-income instruments, derivatives and fund structures. Islamic Finance represents an elemental departure from traditional interest-based and speculative practices, relying instead on real economic transactions, such as trade, investment based on profit sharing, and other solidary ways of doing business, and aims to incorporate Islamic principles, such as social justice, ecology and kindness, to create investment products and financial markets which are both ethical and sustainable. Products created according to Islamic principles have shown a low correlation to other market segments and are relatively independent even from market turbulences like the subprime crisis. Therefore, they have become increasingly popular with secular Muslims and non-Muslim investors, as highly useful alternative investments for the diversification of portfolios. In Islamic Capital Markets: Products and Strategies, international experts on Islamic Finance and Sharia'a Law focus on the most imminent issues surrounding the evolution of Islamic capital markets and the development of Sharia'a-compliant products. The book is separated into four parts, covering: General concepts and legal issues, including Rahn concepts in Saudi Arabia, the Sharia'a process in product development and the integration of social responsibility in financial communities; Global Islamic capital market trends, such as the evolution of Takaful products and the past, present and future of Islamic derivatives; National and regional experiences, from the world's largest Islamic financial market, Malaysia, to Islamic finance in other countries, including Germany, France and the US; Learning from Islamic finance after the global financial crisis; analysis of the risks and strengths of Islamic capital markets compared to the conventional system, financial engineering from an Islamic perspective, Sharia'a-compliant equity investments and Islamic microfinance. Islamic Capital Markets: Products and Strategies is the complete investors' guide to Islamic finance.
Book Synopsis Asset Securitization Sukuk and Islamic Capital Markets by : Michael J. T. McMillen
Download or read book Asset Securitization Sukuk and Islamic Capital Markets written by Michael J. T. McMillen and published by . This book was released on 2013 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: After introducing some fundamental concepts of relevance to Islamic finance, this article describes investment funds used to make investments in the United States, lease (ijara) investment structures used for real estate investments in different jurisdictions (including the early development of those structures), and the equity investment paradigm (including applicable tests) for making Shari`ah-compliant equity investments as set forth in the leading fatwa on the topic. The article next turns to asset securitizations, summarizing the primary considerations in effecting conventional asset securitizations. Thereafter, the article discusses asset-backed sukuk (Shari`ah compliant securitizations), including parameters set forth by the Accounting and Auditing Organization for Islamic Financial Institutions in its original sukuk standard and those discussed in its 2008 clarification of that standard. As that 2008 clarification primarily addressed musharaka (profit sharing partnership) sukuk, the article discusses certain critical elements of valid musharaka structures. Next, the articles turns to a discussion of the capital markets initiative of the Islamic Financial Services Board. An overview is then provided of the primary sukuk structures, in particular those utilizing an underlying ijara (lease). Two 2007 securitizations are considered as abbreviated case studies: the Tamweel sukuk al-ijara of residential villas in Dubai; and a conventional commercial mortgage-baked security relating to the TECOM Free Zone in Dubai. The second sukuk structure discussed in the article is the sukuk al-mudaraba, pertaining to profit sharing service-capital partnerships. After discussing Shari`ah principles applicable to mudaraba arrangements, the sukuk al-mudaraba structure is considered.The third and final sukuk structure considered in this section is the sukuk al-musharaka. The sukuk structure is discussed after a review of the relevant Shari`ah principles applicable to musharaka arrangements.
Book Synopsis Islamic Finance and Africa's Economic Resurgence by : Muhammad Al Bashir Muhammad Al Amine
Download or read book Islamic Finance and Africa's Economic Resurgence written by Muhammad Al Bashir Muhammad Al Amine and published by Springer. This book was released on 2016-06-08 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes Africa's unprecedented economic growth, the state of its financial sector, and the varied opportunities for Islamic finance investors. It considers the role - potential and realized - of Islamic finance in fostering financial inclusion in areas such as banking, microfinance, capital market development, insurance, and private equity business. The book stresses that investing in Africa through Islamic finance will open new markets, ensure higher profit margins, diversify risk, and create business competition; and that these changes that will provide financial products that can satisfying the desires and beliefs of all consumers and unlock the real potential of the continent's financial system. The book also looks into the rise of international interest in Africa and concludes by scrutinizing the challenges impeding further economic growth, as well as the specific barriers that need to be addressed in order to promote the implementation of Islamic finance. Investors, policymakers, and academics ready to confront these challenges will find much of value in this book.
Book Synopsis Islamic Capital Markets: A Comparative Approach (Second Edition) by : Obiyathulla Ismath Bacha
Download or read book Islamic Capital Markets: A Comparative Approach (Second Edition) written by Obiyathulla Ismath Bacha and published by World Scientific. This book was released on 2019-02-27 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic Capital Markets: A Comparative Approach (2nd Edition) looks at the similarities and differences between Islamic capital markets and conventional capital markets. The book explains each topic from both the conventional and the Islamic perspective, offering a full understanding of Islamic capital markets, processes, and instruments. In addition to a full explanation of Islamic products, the book also ensures a holistic understanding of the dual markets within which Islamic capital markets operate.Ideal for both students and current practitioners, the second edition of the highly successful Islamic Capital Markets: A Comparative Approach fills a large gap in the current literature on the subject, featuring case studies from Malaysia, Indonesia, Europe, and the Middle East. One of the few comprehensive, dedicated guides to the subject available, the book offers comprehensive and in-depth insights on the topic of Islamic finance for students and professionals alike.
