Sukuk Securities von Meysam/Ariff Safari

InhaltsangabeIn 2010 the World Bank recommended sukuk as the best form of lending for growth in developing countries. Since that time, the value of new issues has grown at an astonishing rate of 45% per year. Sukuk Securities offers regulators, investors, analysts, and students a comprehensive resource that includes a thorough analysis of Islamic debt instruments and information on the latest developments in the burgeoning sukuk securities market. Mohamed Ariff--an expert on the topic of Islamic finance--offers insights into the concepts, design features, contract structures, yields, and payoffs in all the global sukuk markets. Sukuk contracts are based on an entrepreneur and a financier taking a business risk together and sharing the profits, while prepared to incur losses together if the venture does not prove successful. The Sukuk marketplace currently spans over twelve countries, and is expected to further develop as a chosen form of fundraising in the capital markets space. Sukuk Securities addresses the most common questions and concerns about the sukuk marketplace. The author clearly defines and explains what a sukuk security is and explains how it should be classified vis-à-vis bond markets. The book also explores how a sukuk security is designed and reveals how the various types of sukuk contracts can match the needs of a vast range of issuers in the debt capital markets space--from the agricultural to manufacturing industries. Sukuk Securities clarifies why this form of funding is more suited to today's market and investment environment, compared to conventional forms of debt contracting, and details the differences between the sukuk market and the common bond market. Sukuk Securities is designed to be an invaluable addition to the library of any Islamic finance professional or serious student of finance and banking.

InhaltsangabePreface xi Acknowledgments xiii List of Tables xv List of Figures xvii About the Authors xix 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 ZeroPromised RegularPayment Sukuk 169 FixedPromised RegularPayment Sukuk 171 VariablePromised Payment Sukuk 172 UndeterminedPromised 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