Sukuk and Islamic Capital Markets

A Practical Guide

Buch | Hardcover

225 Seiten

2011
Globe Law and Business Ltd (Verlag)
978-1-905783-42-7 (ISBN)

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This practical title provides a comprehensive overview of the Islamic capital markets, tracking their development from the first sukuks to the current outlook after the global economic crisis and the recent Shariah rulings of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in relation to sukuk

The Islamic finance industry has grown at a phenomenal pace over the past decade. A key driver has been the development of the Islamic capital markets, which offer tremendous potential for sovereigns, financial institutions, corporates and investors alike.

This publication comes at a key juncture in the development of the Islamic capital markets, with the global financial crisis providing an opportunity for the different players in the Islamic capital markets to re-appraise successes and failures to date. More stringent Sharia oversight has also encouraged a recent critical re-evaluation of the structures used in the Islamic capital markets.

This practical title provides a comprehensive overview of the Islamic capital markets, tracking their development from the first sukuks to the current outlook after the global economic crisis and the recent Sharia rulings of the Accounting and Auditing Organisation for Islamic Financial Institutions in relation to sukuk. Featuring contributions by prominent practitioners - including Shibeer Ahmed from White & Case, Moinuddin Malim from Mashreq al Islami and Debashis Dey and Stuart Ure from Clifford Chance, among other leading professionals - this book analyses market trends and key Sharia and legal issues and structures. Cutting-edge topics include the standardisation of sukuk, securitisation, treasury and other capital markets and rate protection products.

With examples from practitioners who have helped to shape the Islamic capital markets, this book presents key insights for beginners, as well as more experienced practitioners. The guide is a practical handbook for legal practitioners, financial Institutions and bankers, central banks, university libraries and students and practitioners generally who have an interest in Islamic finance.

Rahail Ali is the global head of Islamic finance and co-office managing partner of Hogan Lovells' Dubai office. He is an acknowledged expert on Islamic finance, reflected in numerous accreditations from leading industry and legal journals, as well as his top-tier rating in various directories. Mr Ali has worked on many of the most innovative and high-value Islamic finance transactions closed to date, including 'jumbo' syndicated financings and inaugural sukuk issuances for sovereigns, IFC (World Bank Group), Emirates and Petronas ("Rahail Ali is arguably the leading figure in the sukuk market" - Legal 500 EMEA)). Mr Ali is regularly consulted by leading publications as well as banks, governments and regulatory authorities, and is a member of Her Majesty's Treasury's Islamic Finance Experts Group.

Preface 5
Rahail Ali
Hogan Lovells (Middle East) LLP

Part I: Overview of the Islamic capital markets

An overview of the sukuk market 7
Rahail Ali
Hogan Lovells (Middle East) LLP

The Islamic money market and its relevance to the Islamic capital markets 21
Mark Morris
Latham & Watkins LLP

Part II: Legal and structural anatomy and parties

Comparisons and differences between sukuk and conventional products 35
Yavar Moini
Morgan Stanley

Legal and structural anatomy of a sukuk 51
Rahail Ali
Imran Mufti
Hogan Lovells (Middle East) LLP

The role of the SPV issuer 57
Manuela Belmontes
Tahir Jawed
Maples and Calder

The role of the delegate and paying agent in sukuk transactions 71
Sema Kandemir
Hogan Lovells International LLP
Daniel Rankin
Hogan Lovells (Middle East) LLP

Part III: Regulation and standardisation of sukuk

Sukuk: standardisation and regulation 81
Rahail Ali
Hogan Lovells (Middle East) LLP
Mustafa Kamal
Al Yaqoub Attorneys & Legal Advisers in association with Hogan Lovells

Listing sukuk 91
Roger Fankhauser
Hogan Lovells (Middle East) LLP

Part IV: New directions

Islamic treasury products: demystifying the tawarruq controversy 103
Rafe Haneef
HSBC Amanah Malaysia

Equity-linked sukuk 117
Imran Mufti
Hogan Lovells (Middle East) LLP

Project sukuk 131
Shibeer Ahmed
White & Case LLP

Islamic securitisation 145
Debashis Dey
Stuart Ure
Clifford Chance LLP

Restructuring and buy-back of sukuk 157
Daniel Rankin
Hogan Lovells (Middle East) LLP

Part V: The road ahead

The future of sukuk: Islamic capital markets 167
Moinuddin Malim
Mashreq Al-Islami

Glossary 173

About the authors 177

Erscheint lt. Verlag	1.3.2011
Verlagsort	London
Sprache	englisch
Maße	160 x 240 mm
Gewicht	540 g
Themenwelt	Recht / Steuern ► Allgemeines / Lexika
	Recht / Steuern ► EU / Internationales Recht
	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
	Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
ISBN-10	1-905783-42-6 / 1905783426
ISBN-13	978-1-905783-42-7 / 9781905783427
Zustand	Neuware