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AccordingtotheIslamicDevelopmentBank:SukukcommonlyreferstotheIslamic

equivalent of bonds. However, as opposed to conventional bonds, which merely


conferownershipofadebt,Sukukgrantstheinvestorashareofanasset,alongwith
thecommensuratecashflowsandrisk.Assuch,SukuksecuritiesadheretoIslamic
laws sometimes referredtoas Shariah principles,whichprohibitthe charging or
paymentofinterest().Inotherwords,Sukukarefinancialcertificatesthataresharia
compliant.SinceGhararisnotpermissibleinIslamicFinance,Sukukarestructured
differentlythantheconventionalbonds.Inthismarket,theissuersellsthecertificate
to one or a group of investors, who will then lease it back to the issuer. At the
beginning,theissuermakesapromisetobuybacktheunderlyingassetvaluedat
initialpriceatanagreedupondate.Asforanyotherfinancialinstrument,Sukukmust
beprofitableinordertogaintheattentionofinvestors.Forthat,theprofitinSukuk
marketisgeneratedthtoughthereturnscreatedfromanassetpurchased.
In Shariah, trading in debts is considered Haram. As a result, the choice of the
underlying asset to finance is very limited. For example, in Sukuk market, and
especiallywhenitcomestotherealestateindustry,profitisbasicallytherentalfee
paidbythebuyertotheinvestor,whichtechnicallycanbeconsideredasinterestrate
inconventionalbanking.
ThereisadifferencebetweenconventionalbondsandIslamiconeswhenitcomesto
the overall structure. Thus, bonds are debt certificates that make the issuer
contractuallyforcedtopaythebondholderanagreeduponinterestplusprincipalona
givendate.Meanwhile,thesukukholderhasanunspecifiedvaluableownershipwhen
it comes to the underlying asset. According to the Accounting and Auditing
Organization for Islamic Financial Institutions: Certificates of equal value
representingafterclosing subscription,receipt ofthevalueofthe certificates and
puttingittouseas planned,commontitletoshares andrights intangibleassets,
usufructsandservices,orequityofagivenprojectorequityofaspecialinvestment
activity().

EventhoughtheIslamicfinancialsectorisyetaminormarket,ithasgrownsharply
mainlythankstodifferentfactorssuchas:

Muslimpopulationisgrowingallovertheworld.
Muslims are now living in all quarters not only in Arab countries, which

makestheircontributiontotheuniversaleconomyessential.
ThegrowingdemandofIslamicfinancialinstrumentsinsomecountries.For
example,theArabcountrieslikeBahrainandDubaipushedsomegovernment
to encourage the expansion of Islamic institution by rearranging their

regulationsandtaxlaws.
TheideathatIslamicfinancecanoperatebetterthanconventionalbankingdue
toitsriskfreestructure.Somescholarshavebeendiscussingtheprocessof
adopting Islamic finance as and alternative to normal financing. This
happened after the latest financial crisis with the subprimes interest rate

problem.
SomefinancialinstitutionsarenowconsideringIslamicfinancialinstitutions
asameanofdiversification.

Thegrowthinthismarketcanbemainlyexplainedbytheriskstructurerelatedto
Sukuk.Indeed,asforallotherIslamicfinancialinstruments,Sukukpromotesrisk
sharingasasubstitutetoconventionalinterestandinterestleverage.
StepsinvolvedduringtheissuanceofSukuk:

ThespecialpurposevehicletoraisefundsforaknownprojectissuesSukuk

certificates.
The funds generated through the Sukuk funding are used to pay the
manufacturer/construct/buy(itdependsonthenatureoftheunderlyingasset)

anddelivertheproject.
Afterdelivery,ownershipistransferredtothespecialpurposevehicle.
Inordertogetbacktheownershipoftheasset,theenduserwillrent/leasethe

asset/property/projectbypayinginstallmentstothespecialpurposevehicle.
After collecting the different installments, the special purpose vehicle will
distributethemamongtheSukukholdersdependingontheagreeduponratios.

Afterall,investorsshouldbeaskingaboutthelevelofriskinessrelatedtoSukuk.The
problem is that, since it is not widely and commonly used, Sukuk market faces
differenttypesofproblemsbeing:
1. Thelimitedsourceofhistoricaldataaboutthepastsukukperformancemakes
thisinstrumentopentoquestionableideas.Thereisalackofresearchand
empiricalstudies,whichresultinmakingtheSukukmarketunattractiveto
investors.Asallfondholders,investorshavetohaveanideaonthefinancial
instrument that is going to be used. More research and studies should be
conductedabouttoSukukasawaytoencouragepeopletoadoptthisfunding
instrumentratherthanusingtheconventionalbondones.
2. Thenatureoftheunderlyingasset:Sukukissuanceismainlyrelatedtothereal
estatemarket.Thismarkethasexperienceddifferentcomplicationswiththe
latestfinancialboom.ThisproblemisgreatlyabouttheShariahcompliance
risk,whichisonlyapplicabletoIslamicfinancialinstrumentssinceithastodo
with the risk of loss of the underlying asset due to the sukuk Shariah
incompliance.
There are several differences between conventional and Islamic banking,
thatswhyinordertobecomplianttotheIslamicrulings,eachissueofsukuk
hastobeapprovedbyShariahboard.ThisrisklimitsandrestrictstheSukuk
usageasfinancialinstrument.
3. OneofthebigissuesfacingSukukmarketnowadaysisthelackofconcrete
proper legislative base. Therefore, as a Shariah instrument, Sukuk has to
operateundernonShariahcompliantregulations.Hence,legalactionsafter
possiblecasesofdefaultcanbeveryconfusingtodecideupon.
Theproblemisrelatedtothefactthatitwouldbehardtobuilddocument
sukukrelatedcontractssothatboth,theShariahandthegoverninglawsatthe
sametime,wouldsupportthem.
4. Followingthepreviousissue,thereisalackofstandardizedpolicieswhenit
comestoIslamicfinance.Standardsandregulationsareveryimportantfor,
both,issuersandinvestorssinceitwillhelpthemunderstandtheirrightsand
obligationswilechoosingSukukasafundinginstrument.

Thisproblemconstructsamajorproblemmainlyinnonarabcountrieswhere
Shariahlawsarenotpartoftheeverydaylifeofinvestors.Thereignoranceof
suchlawsmaydiscouragethemtouseIslamicfinancialinstruments.
5. ThenatureofthecollateralgivenatthebeginningoftheSukukprocedureis
alsoonethemarketproblems.Thevalueofthecollateralmayfluctuateduring
thetransactionperiod.Thisvariationinthevalueoftheunderlyingassetcan
beseenasariskfortheinvestorincaseofdefault.
Asweknow,thecollateralisahedgingstrategythattheinvestorwillusein
ordertoreducetheriskinessoftheinvestment.Incaseofdefault,thecollateral
willbesold,andtheinvestorwillgetbackhis/hermoney.Whatifthevalueof
thecollateraldecreased?Theinvestorwillbefacinglosses,whichcontradicts
withtheideaofthecollateral.Thisiswhythenatureofthecollateralshould
behighlyrestrictedtoaspecificnatureinordertoensurethesafenessofthe
investor.

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