Sukuk (Islamic bonds): Sukuk is a kind of Islamic financial certificates that make the part of ownership in the future assets of the country. These are Islamic bonds which are issued by the government of Pakistan. These bonds are also the replacement of the traditional bonds that are present in the markets for saving purposes. These bonds are introduced in the market as Islam clearly disallows group interest or any form of interest. Interest payments are the kinds of Riba which is the other form of usurious and exploitative in nature. So due to its connection with interest and interest payments, the bonds are forbidden and are not liked by the majority of the Muslims.
Sukuk is said to be against the obligation of debt that is commonly done in the general bonds. In this kind of bonds, the authority that issues this sukuk sell the certificate to the investor. The issuer is allowed to purchase the asset with this amount in the form of sukuk and the purchaser becomes the part time owner of the asset.the purchaser of the Islamic bonds also become eligible to get the profit from the assets thus gained from using this sukuk. This is the unrated definition of the sukuk bonds or Islamic bonds.
This is the new concept in the market and has proved very successful as it has earned almost 800 billion dollars from the time it is launched in the markets. The fact is that it is not coming back and is growing at the positive rate of 20 to 30 % per year. This is very high and encouraging rate and was not expected least but the success is marvelous and unbelievable. The sukuk bonds are present in the 12 major growing markets of the world like Kuala Lumpur, London, and Zurich etc. These are the big financial centers that attract the investors
The present book presents the comprehensive detail of the definition of Islamic bonds called sukuk and the working of the bonds. It is first and the only kind of the book that is written about the sukuk bonds. No attempt was ever made by any writer before this book. The investors have the golden chance to try their luck in these newly emerging bonds that are the sure success if one has the complete knowledge about sukuk and its functions.
The book is the presentation of the internationally recognized contributors. They are offering the depth in study about the sukuk with entire history and the beginning of the sukuk bonds and the main concept behind issuing these sukuk bonds. The different financial concepts and practices that function behind the sukuk bonds are given in detail and the basic purpose behind issuing these sukuk bonds.
The book is valuable for the investors to read and invest their wealth in the growing market of sukuk bonds
Questions and Answers Islamic Debt Market for Sukuk
Hafiz Abdul Hameed
Master In Islamic Studies
(Tajweed, Waqf)
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