Forward Lease Sukuk in Islamic Capital Markets Structure and Governi
This book focuses on forward lease sukuk, which is one of the most viable and dynamic Shari’ah-compliant instruments in the Islamic capital market. The idea of forward lease sukuk is to raise funds from non-existent assets whose subject matter d
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Ahcene Lahsasna, M. Kabir Hassan, Rubi Ahmad
Forward Lease Sukuk in Islamic Capital Markets
Ahcene Lahsasna · M. Kabir Hassan Rubi Ahmad
Forward Lease Sukuk in Islamic Capital Markets Structure and Governing Rules
Ahcene Lahsasna Salihin Shariah Advisory Kuala Lumpur, Malaysia M. Kabir Hassan Department of Economics and Finance University of New Orleans New Orleans, LA, USA
Rubi Ahmad Department of Finance and Banking, Faculty of Business and Accountancy University of Malaya Kuala Lumpur, Malaysia
ISBN 978-3-319-94261-2 ISBN 978-3-319-94262-9 (eBook) https://doi.org/10.1007/978-3-319-94262-9 Library of Congress Control Number: 2018947406 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: proxyminder, iStock/Getty Images Plus This Palgrave Macmillan imprint is published by the registered company Springer International Publishing AG part of Springer Nature The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
The present book focuses on one of the instruments in Islamic capital market that is forward lease Sukuk also known as Ijarah mawsufah fi dhimmah. It discusses its structure, governing rules and analyse the Shari’ah issues along with the issuance process of this type of Sukuk. The present book adds value to Sukuk market and contributes to the growth and expansion of the Islamic capital market industry by presenting a comprehensive structure of forward lease which is regarded as innovative class asset. The idea of forward lease Sukuk is based on raising fund from non-existent asset where the subject matter does not exist during the time of the Sukuk issuance. This Shari’ah flexibility that exist in Ijarah makes Ijarah sukuk mawsufah fi dhimmah a dynamic financial instrument and resilient structure in the Islamic capital m
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