Publication:
An exploratory study on musharakah SRI sukuk for the development of waqf properties/assets in Malaysia
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Date
2020
SDG:
Abstract
This study aims to explore a sustainable and responsible investment (SRI) sukuk model based on musharakah that could be implemented to develop waqf properties and assets under the SRI sukuk framework in Malaysia. This includes proposing and designing a potential SRI sukuk model and seeking the opinion of subject-matter experts and industry practitioners on the model, its attractiveness to investors and its feasibility to implement in Malaysia. The study adopts desk research and semi-structured interview as its methodology. A desk research is where a detailed critical review and analysis of past literature from reports, journals, framework, books and practices are undertaken. To establish a SRI sukuk model, the paper also studies the cases of the first SRI sukuk issued in Malaysia and other waqf-related sukuks that have been structured for the development of waqf property/asset in the past. Following that, the opinion of subject-matter experts and industry practitioners on the proposed SRI sukuk model is sought in a semi-structured interview. Based on the interviewees response, the study proposes the most feasible SRI sukuk model that could be implemented in the Malaysian context for the development of waqf properties/assets, which is a musharakah-based sukuk model. The model will be elaborated based on the purpose of development, functionality, choice of Shari'ah contract, obligor and return mechanism.
Keywords
Corporate governance , Islamic finance , Endowment , Social responsible investment , SRI sukuk , Waqf properties/assets , Feasibility , Sukuk musharakah
Citation
Zain, Nor Syahirah and Muhamad Sori, Zulkarnain. (2020). An exploratory study on musharakah SRI sukuk for the development of waqf properties/assets in Malaysia. Qualitative Research in Financial Markets, 12 (3), pp. 301-314.
Publisher
Emerald Publishing Limited