Islamic Law

Raising Capital on Sukuk Markets: Structural, Legal and Regulatory Issues

By Salim Al-Ali
Springer-Verlag July 2019

Specifications

ISBN-13
9783030145354
Publisher
Springer-Verlag
Publication
July 2019
Format
Hardback
Jurisdiction
Switzerland ? Countri(es) for reference only

Details

Ṣukūk markets have grown significantly worldwide since their emergence— in Islamic jurisdictions as well as conventional jurisdictions including the US, the UK, Germany, China, France and Singapore. The practices of ṣukūk markets, however, have come under close scrutiny.

The legal and regulatory risks arising from the existing general legal environment and their impact on those investing and trading in ṣukūk markets has not received adequate attention. The topic of ṣukūk has been subject to extensive research and academic discussion from different perspectives, but the existing literature has not adequately addressed the issues associated with these markets.

This book examines the contemporary issues encountered in the foundation and operation of ṣukūk markets by providing an in-depth discussion of the issues facing ṣukūk markets from legal and regulatory perspectives and focusing attention on how soundness can be ensured in the wider context. These issues go to the heart of what the ṣukūk market is really about, as recent debate has recognised in ṣukūk the replication of conventional bonds in ways that are considered unsatisfactory from an Islamic law point of view.

Table of Contents

1. Islamic Financial Markets: Legal and Regulatory Hurdles
2. An Overview of Sukuk
3. Asset-Backed Sukuk
4. Asset-Based Sukuk
5. Default in the Sukuk Market: A Case Study of Default and Near-Default Sukuk Issuances
6. Legal Issues Surrounding Sukuk Structures
7. Regulation of the Sukuk Market: Case of Malaysia, the UAE, and the KSA
8. Proposed Approaches for the Development of Sound Sukuk Markets
9. Conclusion
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