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

 1208
ISBN/ISSN: 0128-1976 (Printed) | E-ISSN 2289-4365
Pages: 160
Year: 2009


This publication is part of the journal ISRA International Journal of Islamic Finance (English Journal) (2009-1)


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 is currently priced provides assurance to the Sukuk holders of not only the principal but also the accrued but unpaid profit. The note wraps up the discussion with how the market is coping with the AAOIFI pronouncement.


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