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The Journal of Structured Finance

The Journal of Structured Finance

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An Overview of Islamic Sukuk Bonds

S.R Vishwanath and Sabahuddin Azmi
The Journal of Structured Finance Winter 2009, 14 (4) 58-67; DOI: https://doi.org/10.3905/JSF.2009.14.4.058
S.R Vishwanath
is an assistant professor at Institute of Management Technology in Nagpur, India.
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  • For correspondence: vishwanathsr@imtnag.ac.in
Sabahuddin Azmi
is a faculty at Emirates Institute for Banking and Financial Studies in Sharjah, UAE.
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  • For correspondence: sabahazmi@hotmail.com
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Abstract

Sukuk (plural) are unique fixed-income vehicles structured as asset-, project- or service-backed entities. They provide proportionate ownership in a designated asset or pool of assets. This enables investors (sukuk holders) to have an undivided, beneficial ownership in the underlying assets, entitling them to a share of the revenues and proceeds upon disposition. A saak (singular) offers the diversification of fixed income, paying an income stream (similar to rental income), while remaining Shari’ah compliant. Since interest- bearing instruments are not permissible under Islamic Investment Principles, the investment concept called sukuk was created as an alternative to traditional bonds. Sukuk are asset-based securities whereas bonds are debt-based. Sukuk are not subject to interest-rate movements. This article provides an overview of the market for sukuk.

TOPICS: Developed, fixed income and structured finance

  • © 2009 Pageant Media Ltd
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Vol. 14, Issue 4
Winter 2009
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An Overview of Islamic Sukuk Bonds
S.R Vishwanath, Sabahuddin Azmi
The Journal of Structured Finance Jan 2009, 14 (4) 58-67; DOI: 10.3905/JSF.2009.14.4.058

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An Overview of Islamic Sukuk Bonds
S.R Vishwanath, Sabahuddin Azmi
The Journal of Structured Finance Jan 2009, 14 (4) 58-67; DOI: 10.3905/JSF.2009.14.4.058
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  • Article
    • Abstract
    • SUKUK CHARACTERISTICS
    • OVERVIEW OF THE MARKET
    • SUKUK VERSUS CONVENTIONAL BONDS
    • COMMON TYPES OF SUKUK
    • RISK AND RETURN
    • CONCLUDING COMMENTS
    • ENDNOTES
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  • PDF (Subscribers Only)

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