🌐 Entity
Sukuk
Financial instruments in Islamic law
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📌 Topics
- Islamic Finance (1)
- Capital Markets (1)
- Economic Development (1)
🏷️ Keywords
Sukuk (1) · Trust Certificates (1) · Islamic Finance (1) · Dubai (1) · Capital Raising (1) · Sharia-Compliant (1) · Infrastructure (1) · MENA (1)
📖 Key Information
Sukuk (Arabic: صكوك, romanized: ṣukūk; plural of Arabic: صك, romanized: ṣakk, lit. 'legal instrument, deed, cheque') is the Arabic name for financial certificates, also commonly referred to as "sharia compliant" bonds.
Sukuk are defined by the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) as "securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets." The Fiqh academy of the OIC legitimized the use of sukuk in February 1988.
Sukuk were developed as an alternative to conventional bonds, which are not considered permissible by many Muslims as they pay interest (prohibited or discouraged as Riba, or usury), and also may finance businesses involved in activities not permitted under sharia (gambling, alcohol, pork, etc.).
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Islamic banking and finance · 1 shared articles