This collection of essays brings together leading scholars and practitioners to discuss contemporary issues in the rapidly-expanding sukuk market, and debates the challenges facing it since the 2008 financial crisis and a number of high profile sukuk defaults. It looks in particular at issues of Shari‘ah compliance, the issue of replication in Islamic finance, the need to have a true sale in the asset securitisation process, and the issue of sukuk defaults. It is highly recommended for practitioners, scholars and students of Islamic finance.
The contributors are Abdul Karim Abdullah, Mohammed Imad Ali, Muhammad Al-Bashir Muhammad Al-Amineo, Rafe Haneef, Mohammad Hashim Kamali, Nermin Klopic, Raja Teh Maimunah, Faizal Ahmad Manjoo, Abbas Mirakhor, Sirajulhaq Hilal Yasini, and Sheila Ainon Yussof.
“In a relatively short space of time the sukuk industry has become the most vibrant chapter of IBF. Rapid progress has, however, given rise to very many questions. This book provides insightful responses to topical questions that the students and scholars of Shari’ah would find refreshing and relevant.”
— Sheikh Nizam Yaqubi, Shariah scholar and advisor to numerous Islamic financial and institutions worldwide
“The papers in this volume contributed by scholars and practitioners demonstrate that Shari’ah compliance in sukuk structuring remains a challenge. They also remind us of the need to resolve the issue of overlapping jurisdictions that govern sukuk under the common law and the Shari’ah. This book will be of interest to members of the legal profession, especially in the corporate sector, and in Islamic banking and finance.”
— Tun Abdul Hamid Mohamad, former Chief Justice of Malaysia
Mohammad Hashim Kamali (Editor) (born February 7, 1944, Nangarhar Province, Afghanistan) is an Afghan Islamic scholar and former professor of law at the International Islamic University of Malaysia. He taught Islamic law and jurisprudence between 1985 and 2004. Born in Afghanistan in 1944, he graduated from the University of Kabul and the University of London.
Kamali is the author of Islamic Commercial Law (2000), a study of the application of Shariah principles to some crucial financial instruments, options and futures contracts. He takes a much more permissive view of these instruments than do most Islamists.
In his book, Islamic Commercial Law (2000), Kamali wrote, for example, that many have "passed prohibitive judgments on futures and options" who have "not only failed to produce decisive evidence in support of their positions but have done so on the assumption that futures trading has no social utility and has no bearing on the welfare... of the people."
Among the scholars who pass the "prohibitive judgments" with which Kamali disagrees are Muhammad Akram Khan and Umar Chapra.
Mohammad Hashim Kamali served as Professor of Islamic law and jurisprudence at the International Islamic University Malaysia, and also as Dean of the International Institute of Islamic Thought & Civilisation (ISTAC) from 1985-2007. He is currently the CEO of the International Institute of Advanced Islamic Studies (IAIS) Malaysia under the newly appointed Chairman of the Institute, Former Prime Minister of Malaysia, Tun Abdullah Haji Ahmad Badawi. He studied law at Kabul University and then served as Assistant Professor, and subsequently as Public Prosecutor with the Ministry of Justice, Afghanistan, 1965-1968. He completed his LL.M. in comparative law and a PhD in Islamic and Middle Eastern law at the University of London, 1969–1976.
A. K. Abdullah (Editor) is Research Fellow at the IAIS. He previously lectured at several private institutions of higher learning both in Canada and in Malaysia, and also at the University Sains Islam Malaysia (USIM).