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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. -
Analisis Pendapat Yusuf Qardhawi Tentang Undian Berhadiah
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Walisongo Institutional Repository ANALISIS PENDAPAT YUSUF QARDHAWI TENTANG UNDIAN BERHADIAH SKRIPSI Diajukan Untuk Memenuhi Tugas dan Melengkapi Syarat Guna Memperoleh Gelar Sarjana Strata Satu (S1) Dalam Ilmu Syari’ah Oleh: ABDUL CHOLIQ NIM : 042311175 FAKULTAS SYARI’AH INSTITUT AGAMA ISLAM NEGERI WALISONGO SEMARANG 2008 DEKLARASI Dengan penuh kejujuran dan tanggung jawab, penulis menyatakan bahwa skripsi ini tidak berisi materi yang telah ditulis oleh orang lain atau diterbitkan. Demikian juga skripsi ini tidak berisi satu pikiran orang lain kecuali informasi yang terdapat dalam referensi yang dijadikan bahan rujukan. Semarang, Januari 2009 Deklarator, Abdul Choliq NIM 042311175 ABSTRAK Akhir-akhir ini berbagai bentuk undian berhadiah digunakan berbagai kalangan dalam berbagai tujuan. Ada yang mengatasnamakan kepentingan sosial. Ada pula yang menggunakannya sebagai media promosi oleh sebagian perusahaan. Melihat berbagai kenyataan tersebut, maka banyak umat muslim di dunia yang bertanya-tanya mengenai hukumnya. Apakah halal ataukah sebaliknya, haram. Di sini penulis tertarik untuk mengkaji pendapat dan istinbath hukum dari Yusuf Qardhawi. Ini mengingat bahwa beliau merupakan ulama’ yang terkenal dan hingga kini masih hidup dan aktif dalam berfatwa. Penelitian ini merupakan penelitian doktrinal dengan menggunakan metode library research. Sebagai sumber data primer penulis menggunakan kitab Min Hadyil Islam Fatawi Mu’ashirah karya Yusuf Qardhawi. Setelah penulis teliti secara seksama, penulis menemukan bahwa dengan metode al-wasath-nya Yusuf Qardhawi yang menyatakan bahwasanya undian semacam lotre termasuk dalam kategori judi (al-maisir) sebagaimana disebutkan dalam QS Al-Baqarah ayat 219 dan QS Al-Maa’idah ayat 90. Qardhawi tetap mengharamkan bentuk semacam ini kendati hasilnya digunakan untuk bantuan sosial atau tujuan kemanusiaan. -
Specific Traits of Islamic Law in Relation to Economic and Financial Systems
Specific traits of Islamic law in relation to economic and financial systems Martina KRÜGEROVÁa*, Václav ZÁVADA, Damian CZUDEK, Michal KOZIEŁ, Petra DVOŘÁKOVÁ, Jan KUBICA a Department of Law, Faculty of Economics, VŠB-Technical University of Ostrava, Sokolská 33, 701 21 Ostrava, Czech Republic. Abstract Islamic law is a legal system with a number of specific traits, which determine the path to the Islamic economic system. The Islamic banking system has been overlooked as an alternative to our financial system for years. The lack of interest to which it was exposed in the past clearly left a trace of misconceptions, with which we are accus- tomed to view it. It does not just concern the concept of our Western world banking in an Islamic environment. It is a system based on pillars, which are based on a very different historical context. The goal of the paper is to de- scribe and explain the principles of the Islamic laws and the actual behaviour of the economy, as well as the eco- nomic entities formally operating under Islamic principles (mainly banks). Based on an understanding of the prin- ciples of Islamic law and the principles on which Islamic banks work and on an explanation of the banks’ main characteristics, in particular the relationship with interest, loan usury and clarification of the method of profit gain, the paper aims to evaluate the effect of Islamic finance and outline the current practice in the light of compliance with the fundamentals of Islamic financial law. Keywords Islamic bank, Islamic economy, Islamic financial law, Islamic law. JEL Classification: P40, P43, K00, G21, G22 * [email protected] (corresponding author) This article was funded by the Student Grant Competition at the Faculty of Economics, VSB-Technical University of Ostrava as part of the project SP2013/100 Regulation and economic aspects of Islamic banking system and its application in the Czech Republic. -
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. -
Bentuk Maisir Dalam Transaksi Keuangan
Jurnal Hukum Ekonomi Islam (JHEI) P-ISSN : 2622-0822 | E-ISSN : 2614-0004 Jurnal Hukum Ekonomi Islam, Vol. 2, No. 1, July 2018 Available online at www.jhei.appheisi.or.id Bentuk Maisir Dalam Transaksi Keuangan Nabila Zulfaa Fakultas Hukum, Universitas Diponegoro (Email: [email protected]) Abstract Understanding a prohibition is very important as a form of devotion to Allah SWT to apply religion kaffah. Understanding and understanding a prohibition for every Muslim is not easy to get lost in a forbidden activity. Included in this is the meaning and meaning and nature of maisir (gambling), which Islam prohibits. In this paper, we discuss the meaning of Maisir, its laws, and forms of implementation in today's financial transactions. The research method used in this research is doctrinal, with data obtained from library research. Maisir / gambling is defined as something obtained quickly without hard work, profits without working, or anything that contains bets, or risky games, or what is commonly called speculation/gambling. Maisir (gambling) is prohibited in Islamic law, both from the Koran, As-Sunnah, and Ijma '. Forms of economic transactions that contain elements of maisir are stock investment speculation and resignation, conventional insurance, the use of foreign exchange rates and interest rates in export activities, and gifts or coupons in purchasing a product. Keywords: Maisir, Financial transactions Abstrak Memahami pengertian suatu larangan merupakan hal yang sangat penting sebagai wujud ketakwaan kepada Allah SWT sehingga dapat mengaplikasikan agama secara kaffah. Memahami dan mengerti suatu larangan bagi setiap muslim tidak mudah untuk tersesat terhadap sesuatu kegiatan yang terlarang. Termasuk dalam hal ini yaitu mengetahui dan memahami makna dan hakikat maisir (judi) yang dilarang oleh Agama Islam. -
Riba, Interest and Six Hadiths
Riba , Interest and Six Hadiths: Do We Have a Definition or a Conundrum? Dr. Mohammad Omar Farooq Associate Professor of Economics and Finance Upper Iowa University June 2006 [Draft; Feedback welcome] The Readers are highly encouraged to read another of my essays "Islamic Law and the Use and Abuse of Hadith " before this one to better follow and appreciate this essay. NOTE for fellow Muslims: Because this topic involves what is haram (prohibited) and halal (permissible) in Islam, every Muslim MUST do his/her own due diligence and conscientiously reach own position/decision in regard to personal practice. In doing so regarding this matter or any other aspect of life, Muslims should seek guidance from the Qur'an and the Prophetic legacy. Each hadith is properly referenced, but for internal reference within this essay, in the sequence presented, each hadith is numbered with # H-. Some of the references in this essay are from secondary sources. As the draft takes it final shape, original sources would be gradually cited and replace the secondary source citations. "There is nothing prohibited except that which God prohibits ... To declare something permitted prohibited is like declaring something prohibited permitted." Ibn Qayyim 1 I. Introduction The Qur'an categorically prohibits riba . However, since there is no unanimity about the definition or scope of this prohibition, we will use the original term riba throughout this essay. In the Qur'an it is specified: Those who devour riba will not stand except as stands one whom the Evil One by his touch hath driven to madness. That is because they say: "Trade is like riba 1 Quoted in Abdulkader Thomas (ed.) Interest in Islamic Economics: Understanding Riba [Routledge, 2006, p. -
Commercial Partnership in Islām: a Brief Survey of Kitāb Al-Muḍārabah of Al-Mabsūṭ by Al-Sarakhsī
TAFHIM Online © IKIM Press TAFHIM: IKIM Journal ofCommercial Islam and Partnership the Contemporary in Islam World 11 (2018): 79–111 Commercial Partnership in Islām: A Brief Survey of Kitāb al-Muḍārabah of al-Mabsūṭ by al-Sarakhsī Mohd. Hilmi Ramli* [email protected] Abstract Muḍārabah is a contract of profit-sharing known as partnership in capital and labour. Its concept and practices were notable in the history of Muslims specifically after its incorporation in the fiqh literatures that have spread to the entire education and economic institutions in the Muslim world. It combines two parties: those who have capital and those who are skilful in business to achieve a common economic objective underpinned by the Sharīʿah. This study analyses the work of al- Mabsūṭ by al-Sarakhsī (d. 483 A.H./1090 C.E.), an accomplished Hanafī jurist (fāqih) in the fifth/ eleventh century, pertaining to muḍārabah drawn from the analysis of the first chapter of the book titled Kitāb al-Muḍārabah. This study is significant as it fills the lacuna in the historiography of Islamic economic thought by focusing on al-Sarakhsī’s epistemic framework and definition of muḍārabah, as well as extending in its coverage from the individual * Zamalah UTM Recipient cum PhD candidate at the Centre for Advanced Studies on Islam, Science and Civilisation (CASIS), Technology University of Malaysia (UTM), Kuala Lumpur. 79 TAFHIM Online © IKIM Press Mohd Hilmi / TAFHIM 11 (2018): 79–111 to the institutional. It is a testimony of how Muslims conducted their economic activities based on the intellectual framework and moral guidance underlined by the Sharīʿah. -
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. -
Islamic Law and Criminal Justice in Aceh
ISLAMIC LAW AND CRIMINAL JUSTICE IN ACEH Asia Report N°117 – 31 July 2006 TABLE OF CONTENTS EXECUTIVE SUMMARY ...................................................................................................... i I. INTRODUCTION .......................................................................................................... 1 II. THE SHARI’A DEBATE ............................................................................................... 2 A. THE HISTORICAL PRECEDENT ...............................................................................................2 B. THE DARUL ISLAM REBELLION.............................................................................................3 C. THE NEW ORDER ..................................................................................................................3 D. SHARI’A AS THE SOLUTION ....................................................................................................4 E. SHARI’A AND THE CONFLICT.................................................................................................5 III. THE NEW REGULATORY FRAMEWORK............................................................. 6 IV. IMPLEMENTATION .................................................................................................... 7 A. THE WILAYATUL HISBAH .....................................................................................................7 1. Background................................................................................................................7 -
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. -
The Role and Responsibilities of Shari'ah Boards in The
THE ROLE AND RESPONSIBILITIES OF SHARI’AH BOARDS IN THE CONTEXT OF ISLAMIC FINANCE AND THEIR POSITION IN LAW BY SARA ASHRAFKASHANI A THESIS SUBMITTED FOR THE DEGREE OF DOCTOR OF PHILOSOPHY INSTITUTE OF ADVANCED LEGAL STUDIES UNIVERSITY OF LONDON SEPTEMBER 2015 SUPERVISOR: PROFESSOR BARRY A. K. RIDER 1 Table of Contents Table of Contents………………………………………………………………………………2 Declaration……………………………………………………………………………………...6 Abstract…………………………………………………………………………………………7 Acknowledgement……………………………………………………………………………...8 Dedication………………………………………………………………………………………9 List of Abbreviations/Acronyms………………………………………………………………10 List of Cases…………………………………………………………………………………...10 List of Statutes…………………………………………………………………………………13 List of Arabic Terms…………………………………………………………………………..14 Chapter One…………………………………………………………………………………………………………….18 Introduction…………………………………………………………………………………………………………….18 Chapter Two…………………………………………………………………………………………………………….23 Islamic Finance in the Global Financial Services Industry……………………………………….23 2.1 Introduction………………………………………………………………………………23 2.2 The Development of Islamic Finance……………………………………………………23 2.3 Islamic Finance Sources………………………………………………………………….26 2.3.1 Shari’ah……………………………………………………………………………..26 2.3.2 International Soft Law……………………………………………………………....30 2.4 Islamic Jurisprudence and Islamic Finance Development………………………………...34 2.4.1 Juristic Ruling (Fatwa) and Islamic Finance………………………………………..43 2.5 Islamic Finance Principles………………………………………………………………...48 2.5.1 The Prohibition of Riba……………………………………………………………..49 2.5.2 The Prohibition