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Appeal of Sukuk as a New Type of Financial Instrument نداء صكوك كنوع جديد من الأدوات المالية

Author

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  • Mohamed Ariff

    (Professor of Finance at the University Putra Malaysia)

Abstract

This paper aims at stimulating a creative discussion on an emerging market for Sukuk, which some writers consider to be a new way of debt-type contracting and others view as an equity-type instrument. This difference of opinion arises from various ways of structuring Sukuk. The market is founded on a set of clear ethical financial principles found in Islam’s teachings on financial trading. This topic attracts attention especially because the market is no more than two decades old, yet has chalked up an outstanding value of US$ 1,200 billion in five financial centers: Saudi Arabia, Malaysia, Kuwait, Bahrain and United Arab Emirates. Together with these, there are 13 other financial centers with one or more Sukuk instruments listed and traded in their financial markets. London listed its first such instrument in August, 2014, and more has followed since, with the announced aim of making London a leading center for this form of contracting. --

Suggested Citation

  • Mohamed Ariff, 2015. "Appeal of Sukuk as a New Type of Financial Instrument نداء صكوك كنوع جديد من الأدوات المالية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 28(2), pages 149-175, July.
    • Handle: RePEc:abd:kauiea:v:28:y:2015:i:2:no:5:p:149-175
    DOI: 10.4197/Islec.28-2.5
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    References listed on IDEAS

    as
    1. M. Kabir Hassan & Mervyn K. Lewis (ed.), 2014. "Handbook on Islam and Economic Life," Books, Edward Elgar Publishing, number 16009.
    2. Mohamed Ariff & Meysam Safari, 2014. "A socio-economic profile of Muslim countries," Chapters, in: M. Kabir Hassan & Mervyn K. Lewis (ed.), Handbook on Islam and Economic Life, chapter 10, pages iii-iii, Edward Elgar Publishing.
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    Cited by:

    1. Ghozali Maski & An'im Kafabih & Arif Hoetoro, 2018. "Testing Profit and Loss Sharing to Stabilise Level of Inflation: Evidence From Indonesia," Research in World Economy, Research in World Economy, Sciedu Press, vol. 9(2), pages 12-23, June.

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