The Ulama, Religious Authority, and the State
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The Development of the Global Sukuk Market from an Indexing Perspective
Index Education The Development of the Global Sukuk Market from an Indexing Perspective The global sukuk market has enjoyed tremendous growth since 2013. As Contributor measured by the Dow Jones Sukuk Total Return Index and the S&P Global Jason Giordano High Yield Sukuk Index, the U.S. dollar-denominated sukuk market Director experienced a compound annualized growth rate of nearly 18%, driven by Fixed Income Product increased issuance from sovereigns and supranationals, as well as strong Management investor demand for Shariah-compliant securities. Historically, the majority [email protected] of issuance has come from Saudi Arabia and Malaysia; however, the past three years have witnessed an increasing number of issuers from new markets, as well as a deeper and broader investor base. Exhibit 1: Growth of the Global Sukuk Market 100 90 80 70 60 USD Billions USD 50 40 30 20 October 2013 October 2014 October 2015 October 2016 October 2017 October 2018 October 2019 October Dow Jones Sukuk Index (Investment Grade) S&P Global High Yield Sukuk Index Source: S&P Dow Jones Indices LLC. Data as of October 2019. Past performance is no guarantee of future results. Chart is provided for illustrative purposes and reflects hypothetical historical performance. Please see the Performance Disclosure at the end of this document for more information regarding the inherent limitations associated with back-tested performance. This article was first published in Islamic Finance news Investors Report 2020. Register to receive our latest research, education, and commentary at on.spdji.com/SignUp. The Development of the Global Sukuk Market from an Indexing Perspective February 2020 The recent growth of the global sukuk market is likely to accelerate, as GCC issuers are poised to refinance in order to fund increasing deficits and The global sukuk as new entrants continue to come to market. -
The Law of Islamic Finance in the United Kingdom: Legal Pluralism and Financial Competition
Ercanbrack, Jonathan G (2011) The Law of Islamic Finance in the United Kingdom: Legal Pluralism and Financial Competition . PhD Thesis, SOAS (School of Oriental and African Studies) http://eprints.soas.ac.uk/13598 Copyright © and Moral Rights for this thesis are retained by the author and/or other copyright owners. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This thesis cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder/s. The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders. When referring to this thesis, full bibliographic details including the author, title, awarding institution and date of the thesis must be given e.g. AUTHOR (year of submission) "Full thesis title", name of the School or Department, PhD Thesis, pagination. THE LAW OF ISLAMIC FINANCE IN THE UNITED KINGDOM: LEGAL PLURALISM AND FINANCIAL COMPETITION BY JONATHAN G. ERCANBRACK SCHOOL OF LAW SCHOOL OF ORIENTAL AND AFRICAN STUDIES (SOAS) UNIVERSITY OF LONDON THESIS SUBMITTED FOR THE PHD IN LAW 15 SEPTEMBER 2011 1 DECLARATION FOR PHD THESIS I have read and understood regulation 17.9 of the Regulations for students of the School of Oriental and African Studies concerning plagiarism. I undertake that all the material presented for examination is my own work and has not been written for me, in whole or in part by any other person. I also undertake that any quotation or paraphrase from the published or unpublished work of another person has been duly acknowledged in the work which I present for examination. -
Emerging Trends in Sukuk Offerings
Chicago Journal of International Law Volume 7 Number 2 Article 5 1-1-2007 New Horizons for Islamic Securities: Emerging Trends in Sukuk Offerings Ayman H. Abdel-Khaleq Christopher F. Richardson Follow this and additional works at: https://chicagounbound.uchicago.edu/cjil Recommended Citation Abdel-Khaleq, Ayman H. and Richardson, Christopher F. (2007) "New Horizons for Islamic Securities: Emerging Trends in Sukuk Offerings," Chicago Journal of International Law: Vol. 7: No. 2, Article 5. Available at: https://chicagounbound.uchicago.edu/cjil/vol7/iss2/5 This Article is brought to you for free and open access by Chicago Unbound. It has been accepted for inclusion in Chicago Journal of International Law by an authorized editor of Chicago Unbound. For more information, please contact [email protected]. New Horizons for Islamic Securities: Emerging Trends in Sukuk Offerings Ayman H. Abdel-Khaleq* and Christopher F. Richardson** I. INTRODUCTION Shari'ah-compliant finance and investment products are fast becoming part of the mainstream of the world economy as Muslim money is increasingly integrated into global capital markets and, generally, the commercial finance system. Once largely restricted to the Middle East and Southeast Asia, Islamic finance and investment now permeate markets throughout Europe, Asia, and even the US. As a number of countries in the Islamic world, emboldened by sustained increases in commodity prices and higher levels of foreign direct investment, look beyond traditional borders for investment opportunities, new forms of Islamic finance and investment have emerged. Perhaps the most significant recent development has been the emergence of sukuk (which roughly translates to "certificates")-in essence an asset-backed security structured in compliance with the precepts of Shari'ah, somewhat similar to a trust certificate or bond. -
THE ULAMA in INDONESIA: Between Religious Authority and Symbolic Power
MIQOT Vol. XXXVII No. 1 Januari-Juni 2013 THE ULAMA IN INDONESIA: Between Religious Authority and Symbolic Power Zulkifli Fakultas Ilmu Sosial dan Ilmu Politik UIN Syarif Hidayatullah Jl. Ir. H. Juanda No. 95, Ciputat, Jakarta, 15419 e-mail: [email protected] Abstrak: Ulama di Indonesia: Antara Otoritas Keagamaan dan Kekuatan Simbolik. Artikel ini berupaya menguji hubungan antara peranan ulama, otoritas keagamaan, dan kekuatan simbolik dalam masyarakat Muslim Indonesia dengan meneliti sejumlah literatur penting. Dalam studi ini penulis menggunakan kerangka teoretis ahli sosiologi Prancis Pierre Bourdieu, yakni teori praksis yang hampir tidak pernah digunakan dalam kajian agama di Indonesia. Studi ini mengungkapkan bahwa ulama memegang peranan yang strategis dalam masyarakat Indonesia dan peranannya tetap penting dalam konteks perubahan sosial, politik, dan ekonomi yang cepat. Tetapi otoritas keagamaan ulama telah terfragmentasi sejak lama dan media global dan teknologi informasi telah membuat otoritas tersebut semakin plural. Dalam konteks ini otoritas keagamaan merupakan arena yang kompetitif di mana kelompok tradisionalis, reformis, radikalis, dan pendatang baru berkompetisi untuk mencapai pengakuan. Studi ini juga menegaskan bahwa otoritas keagamaan dan pengakuan berjalan hanya dengan adanya kekuatan simbolik. Abstract: This article attempts to examine the relationship between the role of ulama, religious authority, and symbolic power in Indonesian Muslim society by scrutinizing famous literature of ulama in Indonesia. In the study I utilize French sociologist Pierre Bourdieu’s theoretical framework known as theory of practice, hardly ever used in the study of religion (Islam) in Indonesia. The study reveals that the ulama have played a strategic role in the Indonesian society and their role continues to be important in the context of rapid social, political, and economic changes. -
Sukuk in Focus the Necessity for Global Common Practices Deloitte Islamic Finance Insights Series Leading by Engaging
Sukuk in focus The necessity for global common practices Deloitte Islamic Finance Insights Series Leading by engaging Sukuk in focus | The necessity for global common practices Contents 04 05 06 07 Foreword from Deloitte Foreword from ISRA Acknowledgments Executive summary 09 10 12 17 Introduction: Strategic Shariah governance and Practice and market Regulatory capabilities and practice approach sustainability institutions market development 40 41 Sustainability in focus Thinking further ahead: Practice and policy considerations 03 Sukuk in focus | The necessity for global common practices Foreword from Deloitte Dear Islamic finance practitioners, For Islamic finance practitioners, this will require re-thinking and re-modelling of For nearly two decades, many financial their governance frameworks and regulators and investment institutions business operating channels. Most around the world have been committed importantly, practitioners need to harness to strengthening practices in Islamic their Islamic finance corporate culture capital markets, and leverage standards and embrace a ‘back to basics’ approach for Sukuk as a key investment asset class. and adhere to designing products and Embedded within this has been an services in line with the ‘equity-base’ equally strong commitment from industry differentiator to fund real economy standards setters and other business projects. supporting institutions (BSIs) to address practice differences and inconsistency. Clearly, this can be streamlined in the first place, with Maqasid Al Shariah, which It is with great pleasure that we produce reflects values and practices of social and Dr. Hatim El Tahir, FCISI this report, and put forward our thoughts economic inclusion and sustainable Director, Islamic Finance Group on a number of business practices community development. -
Resolutions of the Shariah Advisory Council of the SC
RESOLUTIONS OF THE SHARIAH ADVISORY COUNCIL OF THE SECURITIES COMMISSION MALAYSIA 31 December 2020 Resolutions of the Shariah Advisory Council of the Securities Commission Malaysia Resolutions of the Shariah Advisory Council ii of the Securities Commission Malaysia CONTENTS PART A 2 INTRODUCTION AND OBJECTIVES PART B 3 RESOLUTIONS OF THE SHARIAH ADVISORY COUNCIL OF THE SECURITIES COMMISSION MALAYSIA PRINCIPLES AND CONCEPTS OF MUAMALAT IN THE ISLAMIC CAPITAL MARKET 1. Ta`widh 4 2. Bai` `Inah (i) Implementation of Bai` `Inah 8 (ii) Implementation of Resolution on Bai` `Inah in Sukuk Structuring 12 3. Ibra’ 14 4. Wa`d and Muwa`adah 16 5. Tawarruq 20 6. `Aqd al-Tawrid 21 ISLAMIC CAPITAL MARKET PRODUCTS 7. Nature of Shares 25 8. Crude Palm Kernel Oil Futures Contract (FPKO) 26 9. Single Stock Futures (SSFs) Contract 27 10. Islamic Business Trusts 29 11. Islamic Exchange-Traded Fund Based on Gold and Silver 31 12. Stapled Securities 34 Resolutions of the Shariah Advisory Council iii of the Securities Commission Malaysia 13. Issuance of Redeemable Convertible Unsecured Islamic Debt 35 Securities (RCUIDS) with Free detachable Warrants Based on Shariah Principle of Murabahah (via Tawarruq Arrangement) 14. Islamic Securities Selling and Buying-Negotiated Transaction (iSSB- 39 NT) Model 15. Islamic Real Estate Investment Trusts (Islamic REIT) 40 SHARIAH ISSUES IN RELATION TO THE ISLAMIC CAPITAL MARKET TYPES OF IJARAH 16. Ijarah Mudhafah Ila Mustaqbal 54 17. Ijarah Mawsufah Fi Zimmah 56 18. Ijarah Muntahiyah Bi Tamlik 58 19. Sublease 60 20. Implied Sublease 61 IJARAH ASSET 21. Asset and Usufruct as Mahal al-`Aqd in Ijarah Contract 63 22. -
Indonesian Schools: Shaping the Future of Islam and Democracy in a Democratic Muslim Country
Journal of International Education and Leadership Volume 5 Issue 1 Spring 2015 http://www.jielusa.org/ ISSN: 2161-7252 Indonesian Schools: Shaping the Future of Islam and Democracy in a Democratic Muslim Country Kathleen E. Woodward University of North Georgia This paper examines the role of schools in slowly Islamizing Indonesian society and politics. Why is this Islamization happening and what does it portend for the future of democracy in Indonesia? The research is mostly qualitative and done through field experience, interviews, and data collection. It is concluded that radical madrasahs are not the main generators of Islamization, but instead the widespread prevalence of moderate Islamic schools are Islamizing Indonesian society and politics. The government began the “mainstreaming” of Islamic elementary and secondary schools, most of which are private, in 1975. This has continued and grown, making them popular options for education today. The government has more recently been increasing the role of state run Islamic universities by expanding their degree offerings to include many non- Islamic disciplines. The use of Islamic schools to educate Indonesians is due to the lack of development of secular public schools and high informal fees charged for the public schools. By making Islamic schools an attractive option that prepares students for success, society has been Islamized slowly as the number of alumni increases and as these alumni play leadership roles in society, business, and government. This Islamization is not of a radical nature, but it is resulting in more Islamic focused public discourse and governing policy, and low levels of tolerance for other faiths and variant Muslim practices. -
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Advances in Social Science, Education and Humanities Research, volume 329 4th International Conference on Contemporary Education, Social Sciences and Humanities (ICCESSH 2019) Political Philosophy of Al-Ghazali* Nur Kirabaev Maythem Al-Janabi Department of History of Philosophy Department of History of Philosophy Faculty of Humanities and Social Sciences Faculty of Humanities and Social Sciences Peoples’ Friendship University of Russia Peoples’ Friendship University of Russia Moscow, Russia Moscow, Russia E-mail: [email protected] E-mail: [email protected] Abstract—The article is dedicated to the major issues of the embodiment in the spirit and way of Sufism, so cherished by political philosophy of the prominent medieval philosopher of al-Ghazali. His political philosophy had changed and formed the Muslim East al-Ghazali (1058 - 1111). It is exactly the under these complex processes. consideration of both the historical circumstances and political practice of the state (Caliphate / Imamate) of his days that An analysis of his works on socio-philosophical and allowed al-Ghazali to re-examine the traditional Sunni dogma political issues shows that he allowed himself moderate of combining the authority and power, and to take a different freedom of thought yet within the framework of the Sunni look at the nature of the state in his teaching about the tradition. His position is that of a rational jurist and moralist Imamate, which differed both from the model found during the who well understood Islam being both spiritual and worldly, reign of the Prophet and the Rashidun Caliphs, and from al- for all Muslim movements were as well political ones, be it Ghazali’s predecessors and contemporaries among the fuqaha Kalām, fiqh, or philosophy of Sufism. -
Sukuk Bond: the Global Islamic Financial Instrument
Munich Personal RePEc Archive Sukuk Bond: The Global Islamic Financial Instrument Shaikh, Salman and Saeed, Shan 1 November 2010 Online at https://mpra.ub.uni-muenchen.de/26700/ MPRA Paper No. 26700, posted 16 Nov 2010 05:48 UTC SUKUK BOND: The Global I slamic Financial I nstrument Salman Ahmed Shaikh1 & Shan Saeed2 Abstract Global financial markets are volatile right now and will remain so for the next 2-years. Equity markets are shaky. Investors risk appetite is suddenly moving to commodities. Bond market is precarious as Sovereign debt risk goes high. Global economy is slowly moving into recession which will be either U or W-Shaped. Recovery figures are questionable and are creating doubts among investors. So, where are we heading towards? As we navigate through treacherous times, Islamic financial market provides a new hope without speculation and exploitation of resources. The emergence of Sukuk Islamic Bond in the financial markets heralds a new era which can provide much needed financial stability and mitigation of risk in these arduous times. With advent of Sukuk in the financial world, the market players have got a new option to invest into this asset which hold considerable value and benefit for all. This bond promises to all investors an equitable return which is justifiable and above all safe for the strategic investment purpose. 1. Background Global financial markets are volatile right now and will remain so for the next 2-years. Equity markets are shaky. Investors risk appetite is suddenly moving to commodities. Bond market is precarious as Sovereign debt risk goes high. -
Sovereign Islamic Sukuk and the Economic Development: a Case Study of Jordan
European Journal of Business and Management www.iiste.org ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol.8, No.32, 2016 Sovereign Islamic Sukuk and the Economic Development: A Case Study of Jordan Ghassan Salem Altaleb 1 Abdullah Yusri Alkhatib 2 1. Professor, Dean of Faculty of Business and Finance, Department of Islamic Banks, World Islamic Science and Education University 2. PhD. Student, Department of Islamic Banks, Faculty of Business and Finance, World Islamic Science and Education University Abstract The importance of Islamic sukuk, especially sovereign Islamic sukuk (which are issued by the government) for a country as Jordan that needs to develop projects and finance these projects is a very vital issue. Jordan does not have enough economic resources, but it can rely on national savings and use them effectively, rather than relying on foreign financial aids that represent a burden on the national economy and increase in external indebtedness, but all of that does not deny the issuance of these sukuk represents new financial obligations on the government if these sukuk are directed to meet the public common of Jordan’s needs in a time that requires sukuk to be issued to the existence of real assets, not cash, and here we highlights that the most important question which is do we have the ability to find real and new assets so that we can benefit from the issuance of these sukuk? Keywords: Islamic Sukuk, Economic Development, Sovereign Financing, and Jordan. Introduction Islamic sukuk are instruments to finance projects from an Islamic perspective, they open abroad way to innovate and create promised opportunities to improve Islamic banking and financing because of the relationship between Islamic finance and diverse investing instruments. -
Following Madhhab Fiqh) According to Sa'id Ramadhan Al-Buthi
THE CONCEPT OF TAMADHHUB (FOLLOWING MADHHAB FIQH) ACCORDING TO SA'ID RAMADHAN AL-BUTHI Muhammad Andrie Bagia' e-mail: m.andriebagia@gmail .com Abstrak Pada umumnya, pandangan para ulama mengenai ibadah menggunakan fiqh di kalangan umat Islam ter bagi menjadi dua. Sebagian ulama menganggap umat Islam awam harus bertakl id kepada Imam Madhhab . Sebagian ulama me larang ha l itu dan mewajibkan setiap muslim untuk be rijtihad sendiri . Salah seorang ulama kontem- porer , Sa 'Id Ramaan al-Buml mempunyai penjelasan lengkap akan masalah tersebut. Argumentasinya banyak ter tulis da lam buku-buku dan program telev isinya yang menjadi rujukan umat Islam dunia. Menurut al-Bumi, tamadhhub adalah se su atu yang dibo lehkan secara ijma' ulama . Ini karena tidak setiap muslim memiliki kemamp uan untuk berijtihad terhadap permasalahan yang ia hadapi . Maka masalah in i bisa dipercaya kan kepada Imam ber kualifikasi yang memi liki otoritas un tuk mencari hukum yang benar dari permasalah tersebu t. M aka tidak ada kewajiban bag i Musl im awam terseb ut kecuali mengikut i pe ndapa t s ang Imam. Bagaima napun, mas ih ban yak golongan ya ng t er lalu fanatik dan me larang prak rik ber mad hh ab, meng angg apnya seba gai bid ' a h yang se sat. Padahal in i buka n waktu nya un tuk saling menyal ahka n, tapi s ekarang a dalah w aktu ny a uma t Isla m untuk b er satu dan b erjal an b ers ama, mel awan s eti ap m asalah sebenarnya yang d atan g dar i luar, dan s ang at berbah aya jika d iab aik an. -
Ghazali and His Theory of Government
Ghazali and His Theory of Government by Khoiruddin Nasution Khoiruddin Nasution. adalah Alumnus Fak. Syari'ah IAIN Sunan Kalijaga Yogyakarta (89/90) dan diangkat sebagaltenagapengajarpadaalmamaternya. Dansejak tahun 1993iamengikuttProgramMasfertentangIslamic Studies di MC GillUniversityMontreal, Canada. Introduction government, and the last-part comprises In his article, Islamic Concept the conclusion., of State, Nasim .Hasan Shah stkes that there are many foims ofan Islamic state,, Al-Ghazali's Life and Works. and every period Muslim comunity Abu Hamid Muhammad al-GazaT discreate most suitable form to their w^s bom in Tiis,^ a town near modem demands, and the most consonant with the Meshhed in northeast Iran, in 1058/450 spirit of the Shari'a.^ That is probably A.H. Almost since his lifetime, there has why muslim*thinkers both the earlier and been a debate on whether his nisba the present period have expressed ideas (relative name), should be considered to about Authority in Islam as a dogmatic be al-GhazaT or GazzaT. The former approach. This is greatly different from al- would relateto village or womancalled al- Mawardi's administrative approach, Ibn GazaT, while the latter relate to. the Khaldun's sociological approach and al- profession ofthespirmer or seller of spun Farabi's philospohical approaches.^ yam (ghazzal). But there is no certainty This paper will discuss al-GhazaT's about the ancestor who was a spinner, theory of Islamic government. Before since he had a grand-uncle (or less discussing this subject, it is necessary to probably an uncle), who was also called understand al-GhazaT and his works so al-GhazaT, mid the village or woman is we are able to understand his theory otherwi^ unknowa'^ better.