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Law of Sukuk: Shari'a Compliant Securities

Law of Sukuk: Shari'a Compliant Securities

Author: Scott Morrison
Publisher: Sweet & Maxwell U.K.
ISBN: 9780414055377
Published In: June 2017
Format: Hardback
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

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

Introduction: Law of Sukuk and the Use of this Book

Book One
Islamic Commercial law and the Modern Islamic Financial Institution
Introduction to Book One
The Inception and Growth of Islamic finance and Banking
Part I
Islamic Law and its Commercial Applications in History
Introduction to Part I: Islamic Law and Legal Culture
Chapter 1: Islamic Law and Jurisprudence
Chapter 2: Islamic Commercial Law: Principles and Rules
Conclusion to Part I: Continuity and Reupture in Capitalism and Commercial Life
Part II
Modern Islamic Finance and Banking (IFB): hard and soft law, dispute resolution and governance
Introduction to Part II: Re-constructing the Medieval in the Modern
Chapter 3: The Global Construction of IFB: history, products and standards
Chapter 4: Banking Law, the Common Law and IFB
Chapter 5: Islamic Dispute Resolution and Corporate Governance
Conclusion to Part II: Convergence, Divergence and Legal Uncertainty in IFB
Conclusion to Book One: Innovation and Tradition: the argument about tawarruq

Book Two
Sakk/Sukuk: a Capital Market Security
Introduction to Book Two: Sakk: origins, rupture, consensus and legal development
Part III
Sakk/Sukuk: definitions, standards and securitisation
Introduction to Part III: Sakk’s Origins, Consensus and Legal Elaboration
Chapter 6: Formation of Sakk Markets and an Emergent Legal Consensus
Chapter 7: A Disruptive Legal Opinion (2007) and Corresponding AAOIFI Reforms (2008)
Chapter 8: Sakk Securitisation
Chapter 9
Procedures and Players: Sakk and Eurobond compared
Conclusion to Part III: Insolvency Regimes and Restructuring
Part IV
The Sakk in the United Kingdom: regulation, transaction documentation, listing and trading
Introduction to Part IV: The Position of English Law, UK Regulations and the City of London in Global Sakk Markets
Chapter 10: The UK Regulation and Taxation of Sukuk
Chapter 11: Sakk Documentation
Chapter 12: Promotion and Marketing of Sukuk: UK/EU Prospectus and Listing Rules
Conclusion to Part IV: On the Future of the Sakk in the United Kingdom
Conclusion to Book Two: Competition between IFB Financial Centres, and Sovereign Sukuk
Summary and Conclusion: Anticipating the Effect of Britain’s Departure from the European Union