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  1. SUKUK: DEFAULT OR NO DEFAULT? (ISRA-TR REPORT 2017)

    Published on 2016 by Oliver Agha

    Commentators have suggested that sukuk holders’ rights and the resolution options available to them are no different from conventional bondholders’. This article offers a counter-argument to that perception. When defaults in market sukuk structures result from contractual covenants imported from conventional…


  2. THE ISLAMIC CAPITAL MARKET VIS-À-VIS THE INTERNATIONAL REGULATORY FRAMEWORK (ISRA-TR REPORT 2017)

    Published on 2016 by Salman Syed Ali

    Human initiatives tend to drive capital markets, and the desire for acquiring more keeps these markets active and vibrant. However, the smooth functioning of financial markets requires regulations to ensure fairness between transacting parties and to avoid adverse effects on…


  3. ADVANCING THE ISLAMIC CAPITAL MARKET THROUGH STOCKBROKING: THE CASE OF MALAYSIA (ISRA-TR REPORT 2017)

    Published on 2016 by Jamaluddin Nor Mohamad

    For years, attention has been skewed towards an emerging section of capital markets, namely debt securities, especially when discussing Islamic capital markets. The fixed-income asset class sukuk, which commonly refers to the Shariah-compliant alternative to bonds, has been without a…


  4. EMERGING TRENDS IN THE SUKUK MARKETS (ISRA-TR REPORT 2017)

    Published on 2016 by Blake Goud

    Sukuk markets have undergone tremendous upheaval during the past two years, driven by the drop in oil prices and signi ed by typically large issuer Bank Negara Malaysia markedly reducing its issuance.1 What has remained relatively consistent is the preference…


  5. SUKUK HISTORICAL DEVELOPMENT AND OUTLOOK (ISRA-TR REPORT 2017)

    Published on 2016 by Redha Al Ansari

    Sukuk is widely acknowledged as the poster child of the Islamic finance industry. Its universal appeal for all types of corporate issuers, the strong captive demand base from Islamic financial institutions and high-profile issuances of non-Muslim sovereigns have catapulted sukuk into…


  6. CONCEPTS EMPLOYED IN THE ISLAMIC CAPITAL MARKET: AN OVERVIEW (ISRA-TR REPORT 2017)

    Published on 2016 by Youness Soualhi

    The Islamic capital market has employed a number of Sha- riah concepts to structure products deemed innovative and robust. In order to meet the objective of fund allocation from surplus units to de cit units, Shariah scholars have had to…


  7. MAJOR PROHIBITIONS IN THE ISLAMIC CAPITAL MARKET (ISRA-TR REPORT 2017)

    Published on 2016 by Said Bouheraoua

    The establishment of permissibility (ibahah) as a basic principle in Islamic law of transactions is an important reflection of the fundamental approach to Islamic transactions; that is, to promote creativity and nurture innovation. The small spectrum of prohibitions prescribed by…


  8. HIGHER OBJECTIVES (MAQASID AL-SHARIAH) IN THE ISLAMIC CAPITAL MARKET (ISRA-TR REPORT 2017)

    Published on 2016 by Hafas Furqani, Mohamad Akram Laldin

    The Islamic capital market (ICM), like its conventional counterpart, is an important component of the overall Islamic financial system. It facilitates the transfer of investible funds from economic agents with financial surpluses to those requiring funds. In its operations, the…


  9. (SRD 2016) Islamic Social Finance : Based on GW-ACT Experience

    Published on 2016 by N. Imam Akbari

    6th ISRA-IRTI-Durham University Strategic Roundtable Discussion, (2016)


  10. Comprehensive Guidance on Riba; Now or Later

    Published on 2016 by Hamzah Kamaruzaman, Suhaimi Mohd Yusof, Nur Muhammad, Nurul Khairunissa Esman

    1)    Introduction Banks, as intermediaries in the financial system, play an important role with three main functions. Firstly, banks provide a safe place for people to deposit their savings. Without banks, people would have to store and protect their savings…


  11. PRINCIPLES OF PREDOMINANCE (GHALABAH) AND SUBORDINACY (TAB’IYYAH): A HIGHLIGHT OF SHARIAH ISSUES IN THE TRADING OF “BLENDED” SUKUK (ISRA-TR Report 2016)

    Published on 2016 by Marjan Muhammad

    With the advent of various Shariah- compliant capital market instruments including sukuk, shares and unit trusts — collectively known as financial papers — to match the demand for funds of deficit units with the need for investment opportunities of surplus…


  12. ISLAMIC INSURANCE: A COOPERATIVE MODEL (ISRA-TR Report 2016)

    Published on 2016 by Abu Umar Faruq Ahmad

    Takaful is an alternative term used for ‘Islamic insurance’. It is aimed at social help and solidarity to mitigate the impact of losses. The takaful concept is aimed at eliminating riba (paying or receiving interest through exchanging money for money…


 

 

 


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