Structural risks exist in some Sukuk designs due to disagreements between Shariah scholars over key architectural elements. This causes bundled risks that make certain financial products impossible according to some scholars but possible according to others. To avoid structural risks that could harm Islamic capital markets, there needs to be consensus among the main stakeholders in the industry, including standard setters, issuers, investors and scholars, which may require establishing an apex board representing these groups.
The Presentation is meant for learning purpose where it defines what is Sukuk, Types of Sukuk, Structure of Sukuk, Islamic Mode , Riba, Difference Between Sukuk and Bonds, Islamic structure, Structure Ijarah Murabaha Musharakah Mudarbah Istisna salam Bai Salam
The Presentation is meant for learning purpose where it defines what is Sukuk, Types of Sukuk, Structure of Sukuk, Islamic Mode , Riba, Difference Between Sukuk and Bonds, Islamic structure, Structure Ijarah Murabaha Musharakah Mudarbah Istisna salam Bai Salam
Islamic Capital Market is a long term market transactions are carried out in ways that does not conflict with the conscience of Muslims and Islam religion. It follows the religious law or Shariah compliance that is free from any activities prohibited by Islam such as usury (riba), coercion, ambiguity (gharar), and gambing (maysir). The Shariah Advisory Council (SAC) was established in May 1996 as advisor of the Comission on Shariah matters especially in Islamic Capital Market.
The Malaysia Islamic Capital Market has experienced phenomenal growth and raised the bar globally for product innovation and financial intermediation. Islamic financial system is running with conventional system has seen a continuous development in the Gulf cooperation council (GCC) countries. While it has also get success to attract financial centers of world big countries such as UK, USA, France, China, Italy, Korea, Singapore and Japan. Furthermore, this market comprises the Islamic equity sector and fixed income. Various Islamic Capital Market products are available especially for Muslims who only seek into invest and transact in it such as Islamic Unit Trust, Sukuk, Shariah Indices and warrants.
Click on the link to watch full video-
https://youtu.be/mQuFxUCmZOs
The quantum of fund required by big businesses/ corporates for various purposes like expansion, equipment purchase, plant set up, working capital etc. is huge which involves high risk for a single bank to provide the loan required.
Consortium finance is the way by which few banks come together and extend the loan facilities by sharing the loan amount between themselves.
This is also known as joint financing. Loan requirements of government and public sector units are also financed through consortium.
Thank you for watching
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Different Types of Loans Offered by Commercial Banks Snqobile Ndebele
The Different Types of Loans offered by Commercial Banks and Explain how Trade Credit & Equipment Loans can Provide Initial Capital Funding. Banks in Zimbabwe
The 2012 Capital Markets Conference, organised by the QCB and the IMF in the Ritz Carlton Hotel Doha dated 18-19, September 2012
Reference - http://www.gsdp.gov.qa/portal/page/portal/gsdp_en/media_center/events_activities/capital_markets_conference_2012/Tab1/18Sep_Session04_TKhan.pdf
Islamic Capital Market is a long term market transactions are carried out in ways that does not conflict with the conscience of Muslims and Islam religion. It follows the religious law or Shariah compliance that is free from any activities prohibited by Islam such as usury (riba), coercion, ambiguity (gharar), and gambing (maysir). The Shariah Advisory Council (SAC) was established in May 1996 as advisor of the Comission on Shariah matters especially in Islamic Capital Market.
The Malaysia Islamic Capital Market has experienced phenomenal growth and raised the bar globally for product innovation and financial intermediation. Islamic financial system is running with conventional system has seen a continuous development in the Gulf cooperation council (GCC) countries. While it has also get success to attract financial centers of world big countries such as UK, USA, France, China, Italy, Korea, Singapore and Japan. Furthermore, this market comprises the Islamic equity sector and fixed income. Various Islamic Capital Market products are available especially for Muslims who only seek into invest and transact in it such as Islamic Unit Trust, Sukuk, Shariah Indices and warrants.
Click on the link to watch full video-
https://youtu.be/mQuFxUCmZOs
The quantum of fund required by big businesses/ corporates for various purposes like expansion, equipment purchase, plant set up, working capital etc. is huge which involves high risk for a single bank to provide the loan required.
Consortium finance is the way by which few banks come together and extend the loan facilities by sharing the loan amount between themselves.
This is also known as joint financing. Loan requirements of government and public sector units are also financed through consortium.
Thank you for watching
Subscribe to DevTech Finance
Different Types of Loans Offered by Commercial Banks Snqobile Ndebele
The Different Types of Loans offered by Commercial Banks and Explain how Trade Credit & Equipment Loans can Provide Initial Capital Funding. Banks in Zimbabwe
The 2012 Capital Markets Conference, organised by the QCB and the IMF in the Ritz Carlton Hotel Doha dated 18-19, September 2012
Reference - http://www.gsdp.gov.qa/portal/page/portal/gsdp_en/media_center/events_activities/capital_markets_conference_2012/Tab1/18Sep_Session04_TKhan.pdf
Financial architecture comprises of the globally acceptable core principles,best practice guidelines and standards that are need for the inclusiveness, effectiveness, resilience and sustainability of the financial system.
Financial infrastructure comprises of the resources, public policy support, protection, facilities and utilities that make the use of the financial architecture beneficial for developing an inclusive, dynamic and resilient financial system.
Sale buyback (bai' al I'na) and buy sale-back (tawaruq) are often confused and most independent Shariah councils/boards strongly recommend to avoid these rather fictitious legal tricks.
All the Islamic financial contracts that are dominantly in practice are actually based on promise not sale contracts and by its nature a promise is non-binding but due to prudential requirements it is treated as binding.
Islamic profit rate swap - exchange of the mark-up of a long dated fixed rate Murabahah contract with the LIBOR rate underlying a series of smaller Murabahahs corresponding to the date of installment payments on the fixed rate long dated contract.
Estimates of assets of islamic financial services industryTariqullah Khan
In 2013 the size of Islamic finance assets are estimated to be $ 1.5 trillion to $ 2.1 trillion depending on 10% annual growth and 15% annual growth assumptions.
Private sector in infrastructure funding/financing models and role of institu...OECD Governance
Presentation made by Raffaele Della Croce, Financial Affairs Division & Dejan Makovsek, Investment Division, OECD, at the 9th annual network meeting of Senior Infrastructure & PPP Officials held at the OECD, Paris, on 1 March 2016
Sukuk Rating Prediction using Voting Ensemble Strategy IJECEIAES
Islamic finance development has grown into a focal point in many countries accros the globe. Sukuk, in particular, an Islamic investment product that has received growing attention from sovereigns, multinational and national organizations from both developed and emerging economies. Its uses has been aimed to finance investments in a varieties of economic activities and development projects. Despite the promising look of Sukuk, currently there is lack of studies had been to examine and predict the rating of the Sukuk. As a result, many practitioners adopted the conventional bond hence ignore the fact that these two instruments are different in nature. In order to fill the gap in the literature, it is the aim of this research to develop an ensemble model that can be used to predict Sukuk rating. The effectiveness of the proposed models were evaluated using dataset on Sukuk issuance for domestic from 2006 to 2016. The results indicate that the overall performance of the ensemble model is fall short behind the induction decision tree (IDT) model. However, the class precision of the ensemble model improved, particularly in predicting the lowest rating of Sukuk.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Pfm gp#2 prstn(f 50 slides)-working with lenders(07 may 20)tariqmaliktm
It is a precise presentation to facilitate the finance students in specific & others in general to comprehend the very vital concept of,"Working with Lenders"
Students will be presented with three case studies on directors' and officers' duties incorporating legal issues taken from Modules 3 and 4 up to and including Topic 4.1. Students are to answer either a single question or a series of questions about each of these case studiesin approximately 2 500 - 3 000 wordsin total and submit their written responses via Turnitin on Blackboard
Project finance is the financing of long-term infrastructure, industrial projects and public services based upon a non-recourse or limited recourse financial structure, in which project debt and equity used to finance the project are paid back from the cash flow generated by the project. Project financing is a loan structure that relies primarily on the project's cash flow for repayment, with the project's assets, rights and interests held as secondary security or collateral. Project finance is especially attractive to the private sector because companies can fund major projects off balance sheet.
Over the last 4 billion years known history of earth, nature has not wasted even one drop of water. We can learn from nature and try to establish zero-waste compassionate circular free market economies. Islamic finance must play a central role in such a transformation.
Science has learnt from natural laws tremendously; nature doesn't waste but economics is build around a paradigm of extract, produce, use and waste. A zero-waste circular economy paradigm will be consistent with natural laws and offers hopes for a sustainable world. We discuss the various aspects of this optimistic prospect.
Global Digital Sukuk (GDS) - A basic frameworkTariqullah Khan
GDS is a suggested digital Sukuk based on the idea of Bitcoin, but is proposed to be a registered and regulated digital(crypto)-asset as a perpetual Mudharabah issued on Public Blockchain by a credible SDGs oriented entity based on the entity’s overall balance sheet strength. The keywords are:
a. Digital(Crypto)-asset that is registered and regulated
b. On Public Blockchain
c. Perpetual Mudharabah Sukuk
d. Based on the overall balance sheet strength of the issuer
e. The issuer is a SDGs oriented business entity having track record of issuing Sukuk.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
1. Structural risks in
Sukuk designs
Dr. Tariqullah Khan, Professor of Islamic Finance
QFIS – Hamad bin Khalifa University
CENTER FOR ISLAMIC ECONOMICS AND FINANCE
Symposium on Sukuk - Shariah, Legal and Economic
Issues - November 9, 2013
2. What are Sukuk?
Sukuk are special types
of bonds based on the:
Credit risk of the issuer
Ownership share of the underlying assets
Exposure to market risk based on underlying
contracts
Simultaneous compliance with Islamic and
prevailing laws
3. Yearly issuance in billion US dollars
140
Size of annual global Sukuk issues
Total outstanding
global Sukuk in 2013
are estimated at US$
210 billions
120
100
80
60
40
20
0
2004
2005
2006
2007
2008
2009
2010
2011
2012 2013Q3
Source: Zawya Sukuk Reports
4. Sukuk demand drivers
Simultaneous conformity with the Islamic and
prevailing legal regimes
Financial inclusion, deepening of financial
markets
Risk-return considerations & unique asset class
Infrastructure project finance
Synergy with other segments of Islamic financial
services
Progress in relevant financial infrastructures
5. Structural risks in the design
of Sukuk
is inhibiting & destabilizing
What is it?
How it exists?
How to alleviate it?
6. Sukuk are engineered and
structured products
by the architectural
players in conformity with
the required architectural
elements
7. ⃝
⃝
⃝
⃝
⃝
Who are the architectural
players in designing the
product?
Architects – setting the principles, norms and
guidelines (Shariah & legal scholars);
Engineers - (product developers & arrangers)
Plumbers - (other professionals)
Influencers – independent
scholars, Muftees, media
Investors and users
8. What are the architectural
elements of the product design?
Universal ethical principles;
Tenets of religious faith;
Social norms;
Best practice business and industry
standards;
* External regulatory guidelines
* Internal operational and contractual
documentation
*
*
*
*
13. Top standard setter
of the industry
❶ Promise to repurchase the
Sukuk assets at the initial price
is not permissible
“Sukuk and their Contemporary Applications”
open source document 2007 by Muhammad
Taqi Usmani, President of the AAOIFI Shariah
Council
❷ Promise to repurchase the
Ijarah Sukuk assets at the
initial price is permissible
AAOIFI Sukuk Resolution 2008
If the AAOIFI position was #
2, why in #1 it was completely
ignored?
If #1 was an important internal
position paper, why it became
viral on the Internet even before
#2 was issued?
Hence the impression – there is
a disagreement between
Chairman and members of the
AAOIFI Shariah Board
Noisy architectural players – example 1
14. OIC Fiqh
Academy
Re-purchase of Sukuk or
their assets for a prefixed
price is impermissible in
the future cases of
issuance
Resolution No. 188 (2012) of OIC Fiqh
Academy on the subject of Sukuk
Top independent
Academy of the
industry
❶ Externally in conflict
with the 2008 AAOIFI
Resolution about
permissibility of
repurchase in case of Ijara
❷ Internally inconsistent
as it makes only future
cases of Sukuk with
repurchase impermissible
Noisy architectural players – example 2
15. Impression of the Market
&
- the 2 apex standard setters of
the industry disagree on what
is permissible and what is not
16. “Prospective Holders should note
that different Shariah advisers, and
Saudi courts and judicial
committees, may form different
opinions on identical issues and
therefore prospective Holders may
wish to consult their own legal and
Shariah advisers to receive an
opinion if they so desire.”
SABIC Sukuk Prospectus
Response of Sukuk
issuers to the noise
between
architectural players
by itself adds
additional noise
Noisy architectural players – example 3
17. Structural basis of Financial
Market Products
Ownership
risk of the
asset
(price
risk)
Equity shares
Credit risk of
the issuer &
interest rate
risk
Bonds
19. Shariah Advisors of Sukuk
Issuers
Asset
price
risk
Equity
Interest
rate
risk
Credit
risk
Sukuk
Bond
Structural risk free Sukuk will be
with repurchase agreement
20. Repurchase at
initial price is not
permissible
Independent
team
noisy
arguments
fragility of
Repurchase at
initial price is
required
Advisors’
team
firm
argument
s
structure
21. Lack of consensus on
architectural elements
Independent
Shariah
scholars
More noise No noise
Shariah
Advisors
The one single most important
architectural element – repurchase of
Sukuk assets at initial price
22. Sukuk Structural Risk – bundled nature
of credit, price and return risk
Consequence
of disputes Return
and noise
risk
between
Shariah
Price
Credit
scholars
risk
risk
Sukuk
Credit
risk
Interest
rate risk
Bond
Asset
price risk
Equity
23. Can the market
have this type
of a product?
Return
risk
Price
risk
Credit
risk
Bundled risks
Independent
Shariah
Scholars –
No, because it has
credit risk and the
rate of return risk is
actually interest rate
risk
Shariah Advisors –
No, because rating and
pricing is not possible
24. Structural risk
originates from
the
disagreements of
Shariah scholars
and leads to the
bundling of
credit, price
and return risks
Such a financial market product could not exist
in the market by consensus of the Shariah
advisors and independent Shariah scholars
28. The key architectural
players are actually
Finance Ministers
Central Bank Governors
Sukuk Issuers and Dealers
Islamic Bankers
Investors
“Independent” scholars
29. Looking ahead – a high
powered Apex Islamic
Finance Board of the
above mentioned key
stakeholders is needed to
avoid the structural risks of
the Sukuk industry
30. Announcement
Please be informed that the Qatar
Faculty of Islamic Economics does offer
an Executive Education Program on
“Sukuk and Islamic Capital Markets”