The regulation and supervision of sukuk in global capital markets

There is no doubt that the rate at which sukuk financing has been accepted in different jurisdictions outside the usual Muslim-majority countries is encouraging. This seemingly considerable feat comes with much responsibility and a proactive role for Shariah scholars and regulators. The chapter exam...

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Main Authors:	Oseni, Umar Aimhanosi, Hassan, M. Kabir
Format:	Book Chapter
Language:	English English
Published:	Edward Elgar Publishing 2014
Subjects:	HB Economic Theory HG Finance K Law (General) KBP Islamic Law
Online Access:	http://irep.iium.edu.my/41318/ http://irep.iium.edu.my/41318/ http://irep.iium.edu.my/41318/ http://irep.iium.edu.my/41318/20/41318_the_regulation_and_supervision_of_sukuk-new.pdf http://irep.iium.edu.my/41318/19/41318-The%20regulation%20and%20supervision%20of%20sukuk%20in%20global%20capital%20markets_SCOPUS.pdf

id	iium-41318
recordtype	eprints
spelling	iium-413182017-09-21T08:17:27Z http://irep.iium.edu.my/41318/ The regulation and supervision of sukuk in global capital markets Oseni, Umar Aimhanosi Hassan, M. Kabir HB Economic Theory HG Finance K Law (General) KBP Islamic Law There is no doubt that the rate at which sukuk financing has been accepted in different jurisdictions outside the usual Muslim-majority countries is encouraging. This seemingly considerable feat comes with much responsibility and a proactive role for Shariah scholars and regulators. The chapter examines prevailing practices in the market and the need to enhance the Shariah compliance of the processes through proper regulation and follow-up supervision of sukuk transactions, particularly the underlying contracts. To this end, law and Shariah should complement each other with a view to ensuring compliance with the laid-down rules. A number of fundamental legal issues that are important in the ICM and consequently applicable to sukuk transactions have been raised. Some of these legal issues are either taken for granted during the drafting stage or assumed to be effective even though the philosophy underlying such issues differs from the original value proposition of Islamic economics. Therefore, it is incumbent on the stakeholders not only to promote a commercially viable industry but also to ensure that Shari‘ah principles are observed at all stages of sukuk transactions. This is where regulation and supervision intercept in the general framework of Islamic finance. Edward Elgar Publishing 2014-12-26 Book Chapter PeerReviewed application/pdf en http://irep.iium.edu.my/41318/20/41318_the_regulation_and_supervision_of_sukuk-new.pdf application/pdf en http://irep.iium.edu.my/41318/19/41318-The%20regulation%20and%20supervision%20of%20sukuk%20in%20global%20capital%20markets_SCOPUS.pdf Oseni, Umar Aimhanosi and Hassan, M. Kabir (2014) The regulation and supervision of sukuk in global capital markets. In: Handbook on Islam and Economic Life. Edward Elgar Publishing, Cheltenham, United Kingdom, pp. 394-416. ISBN 9781783479818 http://www.elgaronline.com/view/9781783479818.00029.xml 10.4337/9781783479825
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HB Economic Theory HG Finance K Law (General) KBP Islamic Law
spellingShingle	HB Economic Theory HG Finance K Law (General) KBP Islamic Law Oseni, Umar Aimhanosi Hassan, M. Kabir The regulation and supervision of sukuk in global capital markets
description	There is no doubt that the rate at which sukuk financing has been accepted in different jurisdictions outside the usual Muslim-majority countries is encouraging. This seemingly considerable feat comes with much responsibility and a proactive role for Shariah scholars and regulators. The chapter examines prevailing practices in the market and the need to enhance the Shariah compliance of the processes through proper regulation and follow-up supervision of sukuk transactions, particularly the underlying contracts. To this end, law and Shariah should complement each other with a view to ensuring compliance with the laid-down rules. A number of fundamental legal issues that are important in the ICM and consequently applicable to sukuk transactions have been raised. Some of these legal issues are either taken for granted during the drafting stage or assumed to be effective even though the philosophy underlying such issues differs from the original value proposition of Islamic economics. Therefore, it is incumbent on the stakeholders not only to promote a commercially viable industry but also to ensure that Shari‘ah principles are observed at all stages of sukuk transactions. This is where regulation and supervision intercept in the general framework of Islamic finance.
format	Book Chapter
author	Oseni, Umar Aimhanosi Hassan, M. Kabir
author_facet	Oseni, Umar Aimhanosi Hassan, M. Kabir
author_sort	Oseni, Umar Aimhanosi
title	The regulation and supervision of sukuk in global capital markets
title_short	The regulation and supervision of sukuk in global capital markets
title_full	The regulation and supervision of sukuk in global capital markets
title_fullStr	The regulation and supervision of sukuk in global capital markets
title_full_unstemmed	The regulation and supervision of sukuk in global capital markets
title_sort	regulation and supervision of sukuk in global capital markets
publisher	Edward Elgar Publishing
publishDate	2014
url	http://irep.iium.edu.my/41318/ http://irep.iium.edu.my/41318/ http://irep.iium.edu.my/41318/ http://irep.iium.edu.my/41318/20/41318_the_regulation_and_supervision_of_sukuk-new.pdf http://irep.iium.edu.my/41318/19/41318-The%20regulation%20and%20supervision%20of%20sukuk%20in%20global%20capital%20markets_SCOPUS.pdf
first_indexed	2023-09-18T20:59:12Z
last_indexed	2023-09-18T20:59:12Z
_version_	1777410508905775104

The regulation and supervision of sukuk in global capital markets

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