Global Sukūk and Islamic Securitization Market

Financial Engineering and Product Innovation

Series:

The Sukūk market is the fastest growing segment of international finance. The study explores the dimension of this market, its growth globally and the main Sukūk markets. The liquidity in this market, the main currency denomination, the subscription diversification, the subprime crisis effects and the dominant structures are elaborated. The difference between sovereign and corporate Sukūk, the benefits and reasons behind Sukūk issuance as well as the Sharī‘ah basis are analysed. Securitisation as the best way forward for Sukūk structuring is scrutinized. The study also discusses the various legal, Sharī‘ah, financial and operational risks facing Sukūk as well as the default controversies. Finally the book examines the methodologies in rating Sukūk and highlights the issues of Sukūk listing, Sukūk index and Sukūk fund.
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Biographical Note

Muhammad Al-Bashir Muhammad Al-Amine, PhD, (2003) International Islamic University Malaysia, is currently Group Head- Shariah Compliance at Unicorn Investment Bank. He published extensively on Islamic finance and he is the author of Risk Management in Islamic Finance: An Analysis of Derivatives Instruments in Commodity Markets (Brill 2008) and Istisnā‘(Manufacturing Contract) in Islamic Banking and Finance (A.S Noordin 2001-2006)

Table of contents

Acknowledgements
Abbreviations
Glossary of Arabic Terms

Introduction

I. Islamic Finance Development and Growth
II. Concept and Development of the Ṣukūk Market
III. Sharīʿah Basis for the Development of Ṣukūk Structures
IV. Ṣukūk, Structures and Case Studies
V. Global Profit- Loss Sharing Ṣukūk Structures
VI. Securitisation and Ṣukūk
VII. Governing Law in Ṣukūk Structures
VIII. Sharīʿah Compliance Harmonisation and Governance
IX. Risk Factors in Ṣukūk Structures
X. Rating Ṣukūk

Conclusion
Bibliography
Index

Readership

All those interested in Islamic law and Islamic Banking and finance and in particular investment bankers, lawyers, Shariah scholars, regulators, rating agencies, academicians and university students.

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