Special purpose vehicles and corporate Sukuk : how true is “true sale” ?
Other Title(s)
الشركة ذات العرض الخاص في صكوك المؤسسات : هل البيع الحقيقي حقيقي ؟
Joint Authors
Source
Journal of King Abdulaziz University : Islamic Economics
Issue
Vol. 29, Issue 2 (31 Jul. 2016), pp.3-21, 19 p.
Publisher
King Abdulaziz University Scientific Publishing Center
Publication Date
2016-07-31
Country of Publication
Saudi Arabia
No. of Pages
19
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
- Islamic jurisprudence
- Foundations of Islamic jurisprudence
- Islamic economics
- Sales
- Investments
- Capital
- Bahrain
- Corporations
- Distribution(Economic theory)
- Payments
- Deeds
- Accounting and Auditing Organization for Islamic Financial Institutions
Abstract EN
Ṣukūk is a current hot topic in Islamic finance discussions.
This paper aims to examine ṣukūk and focus on the initial yet fundamental requirement of “true sale”- one that can determine if a particular ṣukūk is, in fact, a Sharīʿah compliant financial instrument.
Ten ṣukūk are selected for the test, issued between the years 2004 and 2012 in seven countries.
Selection is not random and based mostly on availability of information necessary for conducting the test.
The ṣukūk are subjected to evaluation criteria developed by the paper and built on legal, financial, accounting and Sharīʿah requirements.
The evaluation reveals that only one of the ten ṣukūk met the “true-sale” requirements.
The rest contained several violations and therefore could not be considered Sharīʿah compliant instruments.
American Psychological Association (APA)
Qahf, Mundhir& al-Suudi, Hibah. 2016. Special purpose vehicles and corporate Sukuk : how true is “true sale” ?. Journal of King Abdulaziz University : Islamic Economics،Vol. 29, no. 2, pp.3-21.
https://search.emarefa.net/detail/BIM-694473
Modern Language Association (MLA)
Qahf, Mundhir& al-Suudi, Hibah. Special purpose vehicles and corporate Sukuk : how true is “true sale” ?. Journal of King Abdulaziz University : Islamic Economics Vol. 29, no. 2 (Jul. 2016), pp.3-21.
https://search.emarefa.net/detail/BIM-694473
American Medical Association (AMA)
Qahf, Mundhir& al-Suudi, Hibah. Special purpose vehicles and corporate Sukuk : how true is “true sale” ?. Journal of King Abdulaziz University : Islamic Economics. 2016. Vol. 29, no. 2, pp.3-21.
https://search.emarefa.net/detail/BIM-694473
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 19
Record ID
BIM-694473