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SUKUK SECURITIESARIFF M. SAFARI M. MOHAMAD SH.wydawnictwo: WILEY, 2014, wydanie Icena netto: Sukuk SecuritiesNew Ways of Debt ContractingSukuk Securities provides complete information and guidance on the latest developments in the burgeoning sukuk securities markets. Written by leading Islamic finance experts, this essential guide offers insight into the concepts, design features, contract structures, yields, and payoffs in all twelve global sukuk markets, providing Islamic finance professionals with an invaluable addition to their library. The first book to fully introduce the market, this book provides a detailed overview of the sukuk market, with practical guidance toward applying these instruments in real-world scenarios. Readers will learn how sukuk securities are regulated and the issues that arise from regulations, and gain insight into the foundation and principles of Islamic finance as applied to these instruments. Extensive tables illustrate t-test comparisons between conventional bonds and sukuk, risk factors, and the issuance of different types of sukuk securities by country to give readers a deeper understanding of the markets. In 2010, the World Bank recommended sukuk as the best form of lending for growth in developing countries; since then, the value of new issues has grown at 45 percent per year. The market's present size is close to US $1,200 billion, with private markets in major financial centers like London, Zurich, and New York. This book provides comprehensive guidance toward understanding and using these instruments, and working within these markets.
PART ONE The Foundation of Sukuk Securities 1 CHAPTER 1 Introduction to Sukuk Markets 3 Islamic (Participation) Debt Securities 4 The Origin of Sukuk Structures 6 Contemporary Sukuk Securities 9 How Sukuk Securities Are Priced 10 The Structure of This Book 12 CHAPTER 2 Sukuk Securities: Definitions, Classification, and Pricing Issues 13 Fundamental Principles 14 Defi nitions and Regulations 20 Classifi cation Based on Practices 22 Conclusion 29 CHAPTER 3 Pragmatic and Idealistic Approaches to Structuring Sukuk 31 Shariah : The Basic Foundations of Islamic Finance and Sukuk 32 Islamic Financial Principles 35 Three Approaches to Islamic Finance 40 The History of Sukuk 41 Sukuk Structures: Pragmatic and Idealistic Approaches 44 Conclusion 55 CHAPTER 4 Contract Design and the Structure of Common Sukuk Securities Issued to Date 57 Mudarabah (Partnership) 57 Musharakah (Profit Sharing) 59 Murabahah (Markup) 62 Ijarah (Leasing) 64 Salam (Futures) 67 Istisna (Working Capital) 69 Conclusion 70 CHAPTER 5 Samples of Sukuk Issued 71 Sukuk Simpanan Rakyat (Malaysia) 71 Central Bank of Bahrain 73 Khazanah Nasional Berhad (Malaysia) 74 Qatar Central Bank 74 Nakheel Sukuk (UAE) 75 Mahan Airline Company (Iran) 75 Conclusion 76 CHAPTER 6 Contract Design and the Structure of Sukuk Securities Yet Issued 77 Wakalah (Agency) 77 Manfaah (Usufruct) 78 Muzarah (Farmland Leasing) 78 Musaqah (Orchard Leasing) 79 Muqarasah (Tree Leasing) 79 Conclusion 79 CHAPTER 7 Sukuk Securities and Conventional Bonds 81 Comparison of the Yields of Islamic Securities and Bonds 82 Yield Curves 86 The Granger Causality Test for the Yields of Sukuk and Conventional Bonds 90 Conclusion 94 PART TWO Sukuk Securities in Practice 97 CHAPTER 8 Regulations with a Difference 99 Regulating Sukuk 99 Conclusion 105 CHAPTER 9 Securitization, Trading, and Rating 107 Sukuk Trading 107 Sukuk Rating Methodologies 113 Conclusion 123 CHAPTER 10 Worldwide Sukuk Markets 125 The Geographical Location of Sukuk Securities 128 The Effect of Geographical Location on Contract Specifications 137 Conclusion 139 CHAPTER 11 Regulatory Issues for Sukuk Financial Products 141 The Current Sukuk Market 142 Regulation and Shariah Issues in the Current Sukuk Market 143 Current Sukuk Structures 145 Possible Developments and Implications 151 PART THREE Payoff Structures and Sukuk Valuation 161 CHAPTER 12 The Foundation and Principles of Islamic Finance 163 Foundation 163 Principles 164 Conclusion 167 CHAPTER 13 Cash-Flow Identification and Pattern Recognition for Theoretical Valuation Models 169 Zero-Promised Regular-Payment Sukuk 169 Fixed-Promised Regular-Payment Sukuk 171 Variable-Promised Payment Sukuk 172 Undetermined-Promised Payment Sukuk 174 Conclusion 175 CHAPTER 14 A Matter of Choice: Sukuk or Bond? 177 The Economics of Conventional Bond-Based Funding 178 World Markets for Conventional Loans 181 The Case against Interest-Based Debt with No Risk Shared 182 Are Sukuk an Alternative to Bonds? 185 Conclusion 187 CHAPTER 15 Challenges and Future Developments 189 Valuation 189 Liquidity 190 Market Widening and Market Depth 191 Cost of Issuance 191 Variation in Schools of Thought 192 Educating More Experts in Sukuk 193 Regulatory Sufficiency 194 Conclusion 195 Bibliography 197 Index 209 192 pages, Hardcover
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