2022_Shariah Compliance Measures for Contractual Obligations of Sukuk and Shariah Issues
| Format: | General Document |
|---|
| _version_ | 1860798060456574976 |
|---|---|
| building | INTELEK Repository |
| collection | Online Access |
| collectionurl | https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection3 |
| copyright | Copyright©PWB2025 |
| country | Malaysia |
| date | 2022-05-24 |
| format | General Document |
| id | 15709 |
| institution | UniSZA |
| internalnotes | Sila masukkan subject wajib Dissertations, Academic. Terima kasih... |
| originalfilename | SHARIAH COMPLIANCE MEASURES FOR CONTRACTUAL OBLIGATIONS OF SUKUK AND SHARIAH ISSUES (PHD_2022).pdf |
| person | Ibraheem Alani Abdulkareem |
| recordtype | oai_dc |
| resourceurl | https://intelek.unisza.edu.my/intelek/pages/view.php?ref=15709 |
| sourcemedia | Server storage Scanned document |
| spelling | 15709 https://intelek.unisza.edu.my/intelek/pages/view.php?ref=15709 https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection3 General Document Malaysia Library Staff (Top Management) Library Staff (Management) Library Staff (Support) Terengganu Faculty of Business and Management English application/pdf 1.5 Server storage Scanned document Universiti Sultan Zainal Abidin UniSZA Private Access Universiti Sultan Zainal Abidin SAMBox 2.3.4; modified using iTextSharp™ 5.5.10 ©2000-2016 iText Group NV (AGPL-version) Copyright©PWB2025 2022-05-24 399 SHARIAH COMPLIANCE MEASURES FOR CONTRACTUAL OBLIGATIONS OF SUKUK AND SHARIAH ISSUES (PHD_2022).pdf Ibraheem Alani Abdulkareem Shariah Compliance Measures Contractual Obligations Of Sukuk And Shariah Issues Sukuk Islamic bonds Islamic law—Economic aspects Contracts (Islamic law) Financial instruments—Law and legislation (Islamic law) 2022_Shariah Compliance Measures for Contractual Obligations of Sukuk and Shariah Issues Sukuk market has developed rapidly in recent years despite a few disputes. These disputes include legal and beneficial ownership of Sukuk issue, repurchase undertaking of the underlying asset of Sukuk, penalty charge for late payment of Sukuk, and lack of standardization/harmonization of opinions and interpretations among Shariah scholars. This situation makes the secondary market of Sukuk weak, heightens uncertainty, and makes investors confused about which Sukuk is Shariahcompliant. This circumstance, therefore, serves as the motivation for this study to examine and explore Shariah compliance measures for the contractual obligation of Sukuk structure and Shariah issues in Malaysia as a template for the Nigerian Islamic finance industry. The study adopts a qualitative method of data collection premised on harmonization theory. The study employs interpretivism assumption and relies on qualitative data sources including in-depth interviews, reputable journals, documentary analysis, newspapers, reports, textbooks, and archival sources. Interview meetings were organized with 16 interviewees who are Shariah scholars and practitioners of Islamic financial institutions, both from Malaysia and Nigeria. This study used Malaysia as a case study to help understand the process, strengths, and weaknesses of Sukuk implementation in Malaysia. This process would be used to develop and reinforce the existing Sukuk structure for future implementations in Nigeria. The findings of this study showed that the issues of legal and beneficial ownership arise on Sukuk in a country that practices common law while the issue may not be found in a country that operates civil law. The findings reveal that the issues of legal and beneficial ownership are not Shariah issues, rather it is a legal requirement that is generated from the common law system. Based on these findings, the beneficial ownership applied in the Sukuk structure in Malaysia does not violate any Shariah requirement of the contract. The study demonstrated that purchase undertaking applied in the Sukuk structure in Malaysia does not also violate the Shariah principle in the equity-based contract as claimed by international Shariah scholars. Penalty charge for late payment default does not contradict the principle of Shariah as it serves as a deterrent so that people should not consume others' property wrongly. The study has significantly contributed fresh and up-to-date angles to the general Shariah perspectives on the issues of legal and beneficial ownership, repurchase undertaking of the underlying Sukuk asset, penalty charge for late payment default, and lack of standardization/harmonization of opinions and interpretations. The study suggests that early stages countries in Islamic finance especially Nigeria should emulate the Malaysian Islamic financial industry in order to make Nigeria a leader in Islamic finance and particularly, Sukuk in Africa. The study also provides insights for policymakers and investors in making an accurate investment decision regarding Sukuk that will bring a high rate of return to them. Dissertations, Academic Sila masukkan subject wajib Dissertations, Academic. Terima kasih... Thesis |
| spellingShingle | 2022_Shariah Compliance Measures for Contractual Obligations of Sukuk and Shariah Issues |
| state | Terengganu |
| subject | Sukuk Islamic bonds Islamic law—Economic aspects Contracts (Islamic law) Financial instruments—Law and legislation (Islamic law) Dissertations, Academic |
| summary | Sukuk market has developed rapidly in recent years despite a few disputes. These disputes include legal and beneficial ownership of Sukuk issue, repurchase undertaking of the underlying asset of Sukuk, penalty charge for late payment of Sukuk, and lack of standardization/harmonization of opinions and interpretations among Shariah scholars. This situation makes the secondary market of Sukuk weak, heightens uncertainty, and makes investors confused about which Sukuk is Shariahcompliant. This circumstance, therefore, serves as the motivation for this study to examine and explore Shariah compliance measures for the contractual obligation of Sukuk structure and Shariah issues in Malaysia as a template for the Nigerian Islamic finance industry. The study adopts a qualitative method of data collection premised on harmonization theory. The study employs interpretivism assumption and relies on qualitative data sources including in-depth interviews, reputable journals, documentary analysis, newspapers, reports, textbooks, and archival sources. Interview meetings were organized with 16 interviewees who are Shariah scholars and practitioners of Islamic financial institutions, both from Malaysia and Nigeria. This study used Malaysia as a case study to help understand the process, strengths, and weaknesses of Sukuk implementation in Malaysia. This process would be used to develop and reinforce the existing Sukuk structure for future implementations in Nigeria. The findings of this study showed that the issues of legal and beneficial ownership arise on Sukuk in a country that practices common law while the issue may not be found in a country that operates civil law. The findings reveal that the issues of legal and beneficial ownership are not Shariah issues, rather it is a legal requirement that is generated from the common law system. Based on these findings, the beneficial ownership applied in the Sukuk structure in Malaysia does not violate any Shariah requirement of the contract. The study demonstrated that purchase undertaking applied in the Sukuk structure in Malaysia does not also violate the Shariah principle in the equity-based contract as claimed by international Shariah scholars. Penalty charge for late payment default does not contradict the principle of Shariah as it serves as a deterrent so that people should not consume others' property wrongly. The study has significantly contributed fresh and up-to-date angles to the general Shariah perspectives on the issues of legal and beneficial ownership, repurchase undertaking of the underlying Sukuk asset, penalty charge for late payment default, and lack of standardization/harmonization of opinions and interpretations. The study suggests that early stages countries in Islamic finance especially Nigeria should emulate the Malaysian Islamic financial industry in order to make Nigeria a leader in Islamic finance and particularly, Sukuk in Africa. The study also provides insights for policymakers and investors in making an accurate investment decision regarding Sukuk that will bring a high rate of return to them. |
| title | 2022_Shariah Compliance Measures for Contractual Obligations of Sukuk and Shariah Issues |
| title_full | 2022_Shariah Compliance Measures for Contractual Obligations of Sukuk and Shariah Issues |
| title_fullStr | 2022_Shariah Compliance Measures for Contractual Obligations of Sukuk and Shariah Issues |
| title_full_unstemmed | 2022_Shariah Compliance Measures for Contractual Obligations of Sukuk and Shariah Issues |
| title_short | 2022_Shariah Compliance Measures for Contractual Obligations of Sukuk and Shariah Issues |
| title_sort | 2022_shariah compliance measures for contractual obligations of sukuk and shariah issues |