Browsing by Topic Islamic capital markets::Sukuk

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Showing results 5 to 14 of 19
  • Funding_development_infrastructure_without_leverage_Obiya.pdf.jpg
  • Journal Article


  • Authors: Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2017)

  • Muslim developing countries like many of their conventional counterparts suffer serious indebtedness. Amongst the 57 OIC countries, only the six Gulf cooperation Council countries have positive fiscal balances. The other 51 OIC nations have government budget deficits. Nineteen of these 51 countries are classified by the World Bank/IMF as HIPC (heavily indebted poor country). That government expenditure exceeds government revenues is a fairly common characteristic of developing economics. It is typically the result of the need to fund development. As matters now stand, there are two key problems with this. First, the budget shortfall is typically met by way of interest-based borrowing....

  • incentive_compatible_sukuk_musharakah_private_sector_funding_ahcene_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Diaw, Abdou; Bacha, Obiyathulla Ismath; Lahsasna, Ahcene (2012)

  • Despite the huge potential on both the demand and supply sides of the sukuk market, the current sukukstructures fall short of adequately meeting the market’s needs as the Shari'ah compliance of many of them and/or their economic efficiency are questionable. Even though partnership-based sukuk are claimed to reflect the true spirit of Islamic finance, their underuse as a financing instrument is a notable fact. Such a situation, if not addressed, will impede the development of the sukuk market in the future. This paper proposes an innovative sukuk musharakah model for consideration by companies and revenue generating infrastructure projects. The model has an incentive-compatible feature...

  • introduction to sukuk islamic debt.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Iqbal, Munawar; Ramadili Mohd, Shamsher Mohamad (2012)

  • This book is the outcome of a joint effort of a number of senior practising professionals as well as leading research scholars and educators in Islamic finance. The result is a reliable book on the subject of sukuk securities. Though this type of security is new ro modern Islamic finance, it has its historical roots some centuries earlier as a novel instrument developed in the Turkish Empire based on earlier practices of government treasuries to raise money. Available in physical copy only (Call Number: HG 4651 I82I)

  • Is_the_long_term_profit_rate_of_Malaysian_shamsher.pdf.jpg
  • Journal Article


  • Authors: Adejoke, Adesina-Uthman Ganiyat; Hassan, Taufiq; Ramadili Mohd, Shamsher Mohamad; Hassan, M. Kabir (2013)

  • Decomposition of yield curves is important for pricing of fixed income instruments, inflation management, and modeling term structure of interest rates. Therefore, this study investigates whether the long term profit rate of different classes of Sukuk (Islamic bond) is a viable predictor of future spot profit rates. Data on Malaysian Sukuk from 2001-2010 was used to estimate yield curves and forward rates. Regression findings suggest that the forward rate is a weak predictor of future spot profit rate, implying long term profit rates are not average of future spot rate s on long term Sukuk. The findings do not support the expectation hypothesis. However, comparison with securities of ...

  • Islamic_capital_markets.pdf.jpg
  • Book


  • Authors: Muhammad, Marjan; Sairally, Beebee Salma; Habib, Farrukh (2015)

  • The book presents the various aspects of the theory of Islamic capital markets (ICM) and its operations by starting with the simplest ideas and moving on to the complex applied issues. The topics covered include: an overview of ICM and its development; Shari'ah principles, contracts and issues; regulatory and governance frameworks; risk management, accounting and taxation issues; details on different segments of the ICM, including sukuk, Shari'ah-compliant stocks, Islamic fund management, Islamic private equity and venture capital, Islamic derivatives and Islamic structures investment products; and future directions for the ICM.

  • linkages_co-movement_between_international_stockmarket_returns_Case_Dow_Jones_Islamic_Dubai_FinancialMarket_index_mm.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Rosly, Saiful Azhar; Mohammed Masih, Abul Mansur (2015)

  • Using wavelet techniques (discrete and continuous), this paper is the first attempt to investigate the co-movement dynamics at different time scales or horizons of Islamic Dubai Financial Market (DFM-UAE) index returns with their counterpart regional Islamic indices returns such as GCC index, ASEAN index, Developing Countries index, Emerging Countries Index, and the Global Sukuk. Finally, we examine the impact of the LIBOR on the Islamic DFM-UAE return. Our first finding is that the two markets DFM_UAE, and (GCC and Saudi) are converging, in the long run, to the same level of risk and volatility with the Global Sukuk index. The wavelet analysis based on betas indicates a strong non-ho...

  • origination_issuance_marketing.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2012)

  • The first Malaysia sukuk as a new Islamic financial debt security was issued as a private sector issue by Shell Company (M) Bhd, and raised RM125 million (US$45 million) in 1990. However, sukuk had been introduced earlier in Saudi Arabia and Pakistan back in the 1980s, but the debut of the 1990 issue was after the institutional development of the market for sukuk in several locations in the Middle East and Southeast Asia, and which is now in major financial centres such as in London and Zurich.

  • item.jpg
  • PhD


  • Authors: Diaw, Abdou (2011)

  • Current sukuk structures often fall short of adequately meeting the Shariah conscious investors' needs. The objective of this dissertations is, therefore, to address this issue by conceptualizing and operationalizing three innovative models of sukuk. The first proposed model of sukuk is based on the concept of musharakah and is meant for companies and revenue generating infrastructure projects. The model has an incentive-compatible feature by making the share of the issuing entity in the profit positively related to its performance ... Available in physical copy only (Call Number: t HG 4651 D541)

  • public_sector_funding_debt_management_case_GDP-linked_sukuk_Diaw_Obiyatullah_Lahsasna.pdf.jpg
  • Journal Article


  • Authors: Diaw, Abdou; Bacha, Obiyathulla Ismath; Lahsasna, Ahcene (2014)

  • Despite the huge amount of wealth in the hand of Muslims, most countries with Muslim majority population fall in the category of developing nations. The development of infrastructure has been proven to be an effective means for economic growth and poverty reduction. Usually governments have recourse to conventional debt financing to undertake infrastructure projects. However, this form of financing is unsuitable in an Islamic framework due to the prohibition of interest. Moreover, the recurrent sovereign debt crises over the last few decades stresses the importance of debt management that helps avoid the high costs of these forms of catastrophe. Debt indexation to some indicators from...

  • shariah_issues_islamic_capital_markets_sukuk_al.pdf.jpg
  • Journal Article


  • Authors: Lee, Sze Lin; Lahsasna, Ahcene; Ahmed, Rubi (2013)

  • The purpose of this paper is to ascertain the prevailing Shari'ah issues in Islamic capital markets, particularly Sukuk. Common features of conventional bonds are replicated in Sukuk via late penalty payment upon default, trading of debt-based Sukuk, purchase undertaking in equity-based structures and ownership status in asset-based transactions. These features pose Shari'ah concerns and are discussed in the paper from the perspective of current practices and views of scholars by compiling various references that reveal the diversity of the Shari'ah. The paper does not claim to provide solutions to the issues of debate; rather it engages in providing an analysis of these Shari'ah issu...

Browsing by Topic Islamic capital markets::Sukuk

Jump to: 0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
or enter first few letters:  
Showing results 5 to 14 of 19
  • Funding_development_infrastructure_without_leverage_Obiya.pdf.jpg
  • Journal Article


  • Authors: Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2017)

  • Muslim developing countries like many of their conventional counterparts suffer serious indebtedness. Amongst the 57 OIC countries, only the six Gulf cooperation Council countries have positive fiscal balances. The other 51 OIC nations have government budget deficits. Nineteen of these 51 countries are classified by the World Bank/IMF as HIPC (heavily indebted poor country). That government expenditure exceeds government revenues is a fairly common characteristic of developing economics. It is typically the result of the need to fund development. As matters now stand, there are two key problems with this. First, the budget shortfall is typically met by way of interest-based borrowing....

  • incentive_compatible_sukuk_musharakah_private_sector_funding_ahcene_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Diaw, Abdou; Bacha, Obiyathulla Ismath; Lahsasna, Ahcene (2012)

  • Despite the huge potential on both the demand and supply sides of the sukuk market, the current sukukstructures fall short of adequately meeting the market’s needs as the Shari'ah compliance of many of them and/or their economic efficiency are questionable. Even though partnership-based sukuk are claimed to reflect the true spirit of Islamic finance, their underuse as a financing instrument is a notable fact. Such a situation, if not addressed, will impede the development of the sukuk market in the future. This paper proposes an innovative sukuk musharakah model for consideration by companies and revenue generating infrastructure projects. The model has an incentive-compatible feature...

  • introduction to sukuk islamic debt.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Iqbal, Munawar; Ramadili Mohd, Shamsher Mohamad (2012)

  • This book is the outcome of a joint effort of a number of senior practising professionals as well as leading research scholars and educators in Islamic finance. The result is a reliable book on the subject of sukuk securities. Though this type of security is new ro modern Islamic finance, it has its historical roots some centuries earlier as a novel instrument developed in the Turkish Empire based on earlier practices of government treasuries to raise money. Available in physical copy only (Call Number: HG 4651 I82I)

  • Is_the_long_term_profit_rate_of_Malaysian_shamsher.pdf.jpg
  • Journal Article


  • Authors: Adejoke, Adesina-Uthman Ganiyat; Hassan, Taufiq; Ramadili Mohd, Shamsher Mohamad; Hassan, M. Kabir (2013)

  • Decomposition of yield curves is important for pricing of fixed income instruments, inflation management, and modeling term structure of interest rates. Therefore, this study investigates whether the long term profit rate of different classes of Sukuk (Islamic bond) is a viable predictor of future spot profit rates. Data on Malaysian Sukuk from 2001-2010 was used to estimate yield curves and forward rates. Regression findings suggest that the forward rate is a weak predictor of future spot profit rate, implying long term profit rates are not average of future spot rate s on long term Sukuk. The findings do not support the expectation hypothesis. However, comparison with securities of ...

  • Islamic_capital_markets.pdf.jpg
  • Book


  • Authors: Muhammad, Marjan; Sairally, Beebee Salma; Habib, Farrukh (2015)

  • The book presents the various aspects of the theory of Islamic capital markets (ICM) and its operations by starting with the simplest ideas and moving on to the complex applied issues. The topics covered include: an overview of ICM and its development; Shari'ah principles, contracts and issues; regulatory and governance frameworks; risk management, accounting and taxation issues; details on different segments of the ICM, including sukuk, Shari'ah-compliant stocks, Islamic fund management, Islamic private equity and venture capital, Islamic derivatives and Islamic structures investment products; and future directions for the ICM.

  • linkages_co-movement_between_international_stockmarket_returns_Case_Dow_Jones_Islamic_Dubai_FinancialMarket_index_mm.pdf.jpg
  • Journal Article


  • Authors: El Alaoui, AbdelKader Ouatik; Dewandaru, Ginanjar; Rosly, Saiful Azhar; Mohammed Masih, Abul Mansur (2015)

  • Using wavelet techniques (discrete and continuous), this paper is the first attempt to investigate the co-movement dynamics at different time scales or horizons of Islamic Dubai Financial Market (DFM-UAE) index returns with their counterpart regional Islamic indices returns such as GCC index, ASEAN index, Developing Countries index, Emerging Countries Index, and the Global Sukuk. Finally, we examine the impact of the LIBOR on the Islamic DFM-UAE return. Our first finding is that the two markets DFM_UAE, and (GCC and Saudi) are converging, in the long run, to the same level of risk and volatility with the Global Sukuk index. The wavelet analysis based on betas indicates a strong non-ho...

  • origination_issuance_marketing.pdf.jpg
  • Chapter in Book


  • Authors: Ariff, Mohamed; Ramadili Mohd, Shamsher Mohamad (2012)

  • The first Malaysia sukuk as a new Islamic financial debt security was issued as a private sector issue by Shell Company (M) Bhd, and raised RM125 million (US$45 million) in 1990. However, sukuk had been introduced earlier in Saudi Arabia and Pakistan back in the 1980s, but the debut of the 1990 issue was after the institutional development of the market for sukuk in several locations in the Middle East and Southeast Asia, and which is now in major financial centres such as in London and Zurich.

  • item.jpg
  • PhD


  • Authors: Diaw, Abdou (2011)

  • Current sukuk structures often fall short of adequately meeting the Shariah conscious investors' needs. The objective of this dissertations is, therefore, to address this issue by conceptualizing and operationalizing three innovative models of sukuk. The first proposed model of sukuk is based on the concept of musharakah and is meant for companies and revenue generating infrastructure projects. The model has an incentive-compatible feature by making the share of the issuing entity in the profit positively related to its performance ... Available in physical copy only (Call Number: t HG 4651 D541)

  • public_sector_funding_debt_management_case_GDP-linked_sukuk_Diaw_Obiyatullah_Lahsasna.pdf.jpg
  • Journal Article


  • Authors: Diaw, Abdou; Bacha, Obiyathulla Ismath; Lahsasna, Ahcene (2014)

  • Despite the huge amount of wealth in the hand of Muslims, most countries with Muslim majority population fall in the category of developing nations. The development of infrastructure has been proven to be an effective means for economic growth and poverty reduction. Usually governments have recourse to conventional debt financing to undertake infrastructure projects. However, this form of financing is unsuitable in an Islamic framework due to the prohibition of interest. Moreover, the recurrent sovereign debt crises over the last few decades stresses the importance of debt management that helps avoid the high costs of these forms of catastrophe. Debt indexation to some indicators from...

  • shariah_issues_islamic_capital_markets_sukuk_al.pdf.jpg
  • Journal Article


  • Authors: Lee, Sze Lin; Lahsasna, Ahcene; Ahmed, Rubi (2013)

  • The purpose of this paper is to ascertain the prevailing Shari'ah issues in Islamic capital markets, particularly Sukuk. Common features of conventional bonds are replicated in Sukuk via late penalty payment upon default, trading of debt-based Sukuk, purchase undertaking in equity-based structures and ownership status in asset-based transactions. These features pose Shari'ah concerns and are discussed in the paper from the perspective of current practices and views of scholars by compiling various references that reveal the diversity of the Shari'ah. The paper does not claim to provide solutions to the issues of debate; rather it engages in providing an analysis of these Shari'ah issu...