Sukuk | Wikipedia audio article
Channel: wikipedia tts
Date: 15/12/2018

This is an audio version of the Wikipedia Article:
Sukuk


00:02:22 1 History
00:04:35 2 Industry
00:05:54 2.1 Secondary market
00:06:42 3 Principles
00:08:10 3.1 Similarities with bonds
00:09:17 3.2 Differences from bonds
00:11:05 4 Definitions, structure and characteristics
00:16:03 4.1 Issuing and payment process
00:18:03 4.2 Example
00:19:42 5 Challenges, criticism and controversy
00:19:53 5.1 Challenges
00:26:20 5.2 Criticism and controversy
00:31:29 6 Countries using Sukuk
00:31:39 6.1 Bahrain
00:31:51 6.2 Brunei
00:32:12 6.3 Egypt
00:32:43 6.4 Gambia
00:33:04 6.5 Indonesia
00:33:25 6.6 Iran
00:34:10 6.7 Malaysia
00:34:53 6.8 Kazakhstan
00:35:36 6.9 Kuwait
00:35:45 6.10 Pakistan
00:36:00 6.11 Qatar
00:36:21 6.12 Saudi Arabia
00:37:26 6.13 Singapore
00:38:27 6.14 Somalia
00:39:00 6.15 Turkey
00:39:47 6.16 United Arab Emirates
00:40:22 6.17 United Kingdom
00:40:56 6.18 Hong Kong
00:41:32 7 See also



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SUMMARY
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Sukuk (Arabic: صكوك‎ ṣukūk, plural of صك ṣakk, "legal instrument, deed, cheque") is the Arabic name for financial certificates, also commonly referred to as "sharia compliant" bonds.
Sukuk are defined by the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions)  as "securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets." The Fiqh academy of the OIC legitimized the use of sukuk in February 1988.Sukuk were developed as an alternative to conventional bonds which are not considered permissible by many Muslims as they pay interest and may finance businesses involved in non-Sharia-compliant activities (gambling, alcohol, pork, etc.).  Sukuk securities are structured to comply with Sharia by paying profit, not interest—generally by involving a tangible asset in the investment. For example, Sukuk securities may have partial ownership of a property built by the investment company (and held in a Special Purpose Vehicle), so that sukuk holders can collect the property's profit as rent, (which is allowed under Islamic law). Because they represent ownership of real assets and (at least in theory) do not guarantee repayment of initial investment, sukuk resemble equity instruments, but like a bond (and unlike equity) regular payments cease upon their expiration. However, most sukuk are "asset-based" rather than "asset-backed"—their assets are not truly owned by their Special Purpose Vehicle, and their holders have recourse to the originator if there is a shortfall in payments.Different types of sukuk are based on different structures of Islamic contracts (Murabaha, Ijara, Istisna, Musharaka, Istithmar, etc.) depending on the project the sukuk is financing.According to the State of the Global Islamic Economy Report 2016/17, of the $2.004 trillion of assets being managed in a sharia compliant manner in 2014, $342 billion were sukuk, being made up of 2,354 sukuk issues.In common usage outside of Arabic-speaking countries, the word "sukuk" is often used both as singular as well as plural. (In the Arabic language, "sukuk" is plural, "sakk" is singular.)