Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia

This research is a case study of two Ijarah Sukuk issuances in two countries. One issued by central bank of Bahrain and matured in 2014 and the other was issued by the Malaysian company TSH Resources Bhd and matured in 2017. By adopting library research and document analaysis, this research examines...

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Main Authors:	Sharif, Abdul Rahman, Abdullah, Adam
Format:	Article
Language:	English
Published:	CCSE 2018
Subjects:	HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/64274/ http://irep.iium.edu.my/64274/ http://irep.iium.edu.my/64274/ http://irep.iium.edu.my/64274/1/64274-Impact%20of%20Time%20Value%20of%20Money%20Theory%20in%20Ijarah%20Sukuk%20Genuineness.pdf

id	iium-64274
recordtype	eprints
spelling	iium-642742018-07-10T00:55:03Z http://irep.iium.edu.my/64274/ Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia Sharif, Abdul Rahman Abdullah, Adam HG3368 Islamic Banking and Finance This research is a case study of two Ijarah Sukuk issuances in two countries. One issued by central bank of Bahrain and matured in 2014 and the other was issued by the Malaysian company TSH Resources Bhd and matured in 2017. By adopting library research and document analaysis, this research examines the terms and conditions of both cases based on what has been disclosed in the prospectuses. Accordingly, this study presents the impact of the Time Value of Money (TVM) in these cases and how it differentiates between genuine Ijarah Sukuk and a duplicate-bond Sukuk. The study revealed that there were some Shari’ah non-compliance issues in the implementation of Sukuk concept in both cases in a way it emulates conventional instruments featured as guaranteed-return instruments, which take into account TVM as an essential compenent in calculating its returns. However, such practice has a major effect on the genuineness of Sukuk, in terms of Shari’ah-compliance risk. CCSE 2018-06-15 Article PeerReviewed application/pdf en http://irep.iium.edu.my/64274/1/64274-Impact%20of%20Time%20Value%20of%20Money%20Theory%20in%20Ijarah%20Sukuk%20Genuineness.pdf Sharif, Abdul Rahman and Abdullah, Adam (2018) Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia. International Business Research, 11 (7). pp. 56-63. ISSN 1913-9004 E-ISSN 1913-9012 http://www.ccsenet.org/journal/index.php/ibr/article/view/75348 https://doi.org/10.5539/ibr.v11n7p56
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG3368 Islamic Banking and Finance
spellingShingle	HG3368 Islamic Banking and Finance Sharif, Abdul Rahman Abdullah, Adam Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
description	This research is a case study of two Ijarah Sukuk issuances in two countries. One issued by central bank of Bahrain and matured in 2014 and the other was issued by the Malaysian company TSH Resources Bhd and matured in 2017. By adopting library research and document analaysis, this research examines the terms and conditions of both cases based on what has been disclosed in the prospectuses. Accordingly, this study presents the impact of the Time Value of Money (TVM) in these cases and how it differentiates between genuine Ijarah Sukuk and a duplicate-bond Sukuk. The study revealed that there were some Shari’ah non-compliance issues in the implementation of Sukuk concept in both cases in a way it emulates conventional instruments featured as guaranteed-return instruments, which take into account TVM as an essential compenent in calculating its returns. However, such practice has a major effect on the genuineness of Sukuk, in terms of Shari’ah-compliance risk.
format	Article
author	Sharif, Abdul Rahman Abdullah, Adam
author_facet	Sharif, Abdul Rahman Abdullah, Adam
author_sort	Sharif, Abdul Rahman
title	Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
title_short	Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
title_full	Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
title_fullStr	Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
title_full_unstemmed	Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
title_sort	impact of time value of money theory in ijarah sukuk genuineness; the case of bahrain and malaysia
publisher	CCSE
publishDate	2018
url	http://irep.iium.edu.my/64274/ http://irep.iium.edu.my/64274/ http://irep.iium.edu.my/64274/ http://irep.iium.edu.my/64274/1/64274-Impact%20of%20Time%20Value%20of%20Money%20Theory%20in%20Ijarah%20Sukuk%20Genuineness.pdf
first_indexed	2023-09-18T21:31:11Z
last_indexed	2023-09-18T21:31:11Z
_version_	1777412521774284800

Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia

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