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A Synthesis of Shari'ah Issues and Market Challenges in the Application of Wa'ad in Equity-based Sukuk

AAOIFI pronouncement on the issue of purchase undertaking (wa`ad) as applied in Sukuk motivated the study. The research note summarizes the methodology and main findings of the project. Empirical evidence from the case studies support that purchase undertaking as it…

Journal (English)

Application of Wa'ad In Equity Based Sukuk Empirical Evidence

The AAOIFI pronouncement on Sukuk issued in February 2008 reiterated its strong view against the application of purchase undertaking (PU) at par in equity-based Sukuk, namely musharakah, mudarabah and wakalah. The main research question that this study attempts to answer…

Research Paper

Critical Appraisal of Shari'ah Issues on Ownership in Asset-based Sukuk as Implemented in The Islamic Debt Market

Sukuk comprise one of the fastest-growing segments of the Islamic debt capital market. This paper aims to shed light on Shari‘ah issues that arise in asset-based sukuk structures and operations. It first discusses the concept of sukuk and delineates the…

Research Paper

A Diagnosis of Tranching in Light of Shari'ah Principles

This research provides empirical evidence on how tranching is done in the Islamic space. To achieve this, case-study analysis of asset-backed sukuk in the market was conducted. This research note summarizes the findings from the case-studies analysis. In concluding the…

Journal (English)