Law of Sukuk: Shari'a Compliant Securities

This book is the first authoritative guide to Sukuk, or shari’a-compliant securities. The book offers clear guidance for legal and finance professionals on the sale, purchase, origination and issuance of sukuk, including standard form documents and financial services contracts.

• Offers guidance to solicitors, barristers and legal and finance professionals on the sale, purchase, origination and issuance of sukuk, the Islamic equivalent of bonds
• Gives an account of how to run Islamic finance transactions, including standard form documents and shari’a-compliant financial services contracts
• Explains the meaning of sukuk, both modern and pre-modern, and compares bonds and sukuk
• Provides an up-to-date treatment of the legal, regulatory, and policy issues pertinent to shari’a-compliant securities specifically in the UK and the utility of passporting to the European Economic Area
• Explains English case law and statute on banking and company law as pertinent to the principles and practices of Islamic financial law
• Authored by a leading English lawyer with experience of financial services in a shari’a compliant context
• Sets out the steps to floating a sukuk on the LSE and includes the forms with which to do so, together with procedural and documentary timetables for sukuk and for listing on the LSE
• Contains UK and international case studies of notable sukuk issuances and structures, to highlight issues of disclosure, liability, and insolvency or default specific to the sale of sukuk
• Analyses the state of the art regarding benchmarks, rating and accounting for sukukoffers some conjectural observations on the impact of Brexit upon Islamic finance in the UK and abroad
• Explains and categorises nominate shari’a-compliant contract types; sets out the required document lists
• Analyses the use of corporate service providers and offshore trusts and financial service centres
• Analyses securitisation, asset backing and Islamic finance
• Contains a glossary and explanation of Arabic terms pertinent to sukuk and classical Islamic commercial law
• Sets out international hard and soft law on sukuk
• Advises on and provides precedent language for sukuk prospectuses
• Takes into account the usufruct and tangible property requirements
• Presents alternative to litigation for sukuk: Islamic Dispute Resolution
• Considers the costs and provides a cost-benefit analysis of sukuk
• Covers corporate governance and Islamic banking and finance reviews Islamic securities and deals in the UK
• Supports investigation of sukuk as a financing option and associated investment and asset classes
• Identifies areas of legal uncertainty and attendant risk, and its related measurement and management, considering the respective utility and function of shari’a compliant and conventional instruments
• Sets out analysis of completed or prospective deals in Islamic securities
• Analyses and categorises nominate shari’a-compliant contract types