Application of shari'ah principles of legal and beneficial ownership in debt-based sukuk /
Since the formation of Islamic Capital Market (ICM) at the forefront of global initiatives to establish sustainable, viable, and feasible financial products, various financial innovations have emerged to comply with Shariah principles, such is the Islamic securitisation known as “sukuk”. Basically,...
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| Format: | Thesis |
| Language: | English |
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Kuala Lumpur :
2015
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| Subjects: | |
| Online Access: | Click here to view 1st 24 pages of the thesis. Members can view fulltext at the specified PCs in the library. |
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| Summary: | Since the formation of Islamic Capital Market (ICM) at the forefront of global initiatives to establish sustainable, viable, and feasible financial products, various financial innovations have emerged to comply with Shariah principles, such is the Islamic securitisation known as “sukuk”. Basically, sukuk is a less expensive means of raising funds as alternative to the conventional securitisation. It differs from its global counterparts, practically due to its riba free transaction and other Shariah commercial principles. Despite the formation of ṣukuk as Shariah compliant product, it faces some controversies which articulate some of its structures not to differ totally from the conventional products. The distinction of ownership to the underlying assets in various ṣukūk structures as “legal” and “beneficial” have been argued and misunderstood as a modern legal formality adopted from the conventional models and therefore, labels these products not to adhere totally with Shariah principles. Verily, this dissertation examines the misconception of legal and beneficial ownership in some ṣukuk structures (debt-based ṣukuk) as a subject to verification and re-examination of ownership under the microscope of Islamic law. In sum, the research concludes that the misconception that circles both concept of “legal” and “beneficial” ownership as applied in ṣukuk is inaccurate. Both legal and beneficial ownership are verifiable under the ambit of ownership principles in Islamic law, whereby both concepts equate the concept of Shariah principles of ownership as “milk al-tam” and “milk al-manfaʻah” respectively. However, the application of beneficial ownership as analogous to milk al-manfa'ah in some ṣukuk structures (asset-based) may potentially lead to non-compliance with the Shariah principles of ownership. |
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| Physical Description: | xiv, 132 leaves : illustrations ; 30cm. |
| Bibliography: | Includes bibliographical references (leave 127-132). |