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The application of tanazul and its shariah issues in equity based sukuk

Nowadays, there are number of product innovations in Islamic capital market instruments particularly in Sukuk using the equity based contract; musharakah, mudharabah and wakalah bi al istithmar. In Islamic parameter of these contracts, there shall be no determination of return or possible arrangeme...

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Main Authors:	Mohd Noor, Azman, Haron, Muhamad Nasir, Mohammad, Sri Zuraihan
Format:	Article
Language:	English English English
Published:	ISTAC 2015
Subjects:	H Social Sciences (General)
Online Access:	http://irep.iium.edu.my/48076/1/THE_APPLICATION_OF_TANAZUL_AND_ITS_SHARIAH_ISSUES_IN_EQUITY_BASED_SUKUK.pdf http://irep.iium.edu.my/48076/3/48076_the_application_of_tanazul.pdf http://irep.iium.edu.my/48076/5/48076_the_application_of_tanazul_wos.pdf http://irep.iium.edu.my/48076/
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spelling	my.iium.irep.480762016-07-19T00:29:07Z http://irep.iium.edu.my/48076/ The application of tanazul and its shariah issues in equity based sukuk Mohd Noor, Azman Haron, Muhamad Nasir Mohammad, Sri Zuraihan H Social Sciences (General) Nowadays, there are number of product innovations in Islamic capital market instruments particularly in Sukuk using the equity based contract; musharakah, mudharabah and wakalah bi al istithmar. In Islamic parameter of these contracts, there shall be no determination of return or possible arrangement that may lead to guaranteeing the return of any partners in musharakah and mudarabah. Conversely, conventional bond usually offers a fixed income determination for their bond structures and issuance. Yet, this raises issue as to whether the sukuk equity based structure may have the same implication. Then, this is where the tanazul may play its role to give effect in sukuk structuring using musharakah, mudarabah and wakalah bi al istithmar contracts to offer a similar feature of fixed income instrument. This paper attempts to ascertain the status of tanazul in equity based sukuk from Shariah perspective. The paper will analyze the use of concept tanazul in sukuk structures and its implications on the validity of the equity based sukuk transactions. ISTAC 2015-12-31 Article REM application/pdf en http://irep.iium.edu.my/48076/1/THE_APPLICATION_OF_TANAZUL_AND_ITS_SHARIAH_ISSUES_IN_EQUITY_BASED_SUKUK.pdf application/pdf en http://irep.iium.edu.my/48076/3/48076_the_application_of_tanazul.pdf application/pdf en http://irep.iium.edu.my/48076/5/48076_the_application_of_tanazul_wos.pdf Mohd Noor, Azman and Haron, Muhamad Nasir and Mohammad, Sri Zuraihan (2015) The application of tanazul and its shariah issues in equity based sukuk. Al-Shajarah (SI). pp. 87-110. ISSN 1394-6870
institution	Universiti Islam Antarabangsa Malaysia
building	IIUM Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	International Islamic University Malaysia
content_source	IIUM Repository (IREP)
url_provider	http://irep.iium.edu.my/
language	English English English
topic	H Social Sciences (General)
spellingShingle	H Social Sciences (General) Mohd Noor, Azman Haron, Muhamad Nasir Mohammad, Sri Zuraihan The application of tanazul and its shariah issues in equity based sukuk
description	Nowadays, there are number of product innovations in Islamic capital market instruments particularly in Sukuk using the equity based contract; musharakah, mudharabah and wakalah bi al istithmar. In Islamic parameter of these contracts, there shall be no determination of return or possible arrangement that may lead to guaranteeing the return of any partners in musharakah and mudarabah. Conversely, conventional bond usually offers a fixed income determination for their bond structures and issuance. Yet, this raises issue as to whether the sukuk equity based structure may have the same implication. Then, this is where the tanazul may play its role to give effect in sukuk structuring using musharakah, mudarabah and wakalah bi al istithmar contracts to offer a similar feature of fixed income instrument. This paper attempts to ascertain the status of tanazul in equity based sukuk from Shariah perspective. The paper will analyze the use of concept tanazul in sukuk structures and its implications on the validity of the equity based sukuk transactions.
format	Article
author	Mohd Noor, Azman Haron, Muhamad Nasir Mohammad, Sri Zuraihan
author_facet	Mohd Noor, Azman Haron, Muhamad Nasir Mohammad, Sri Zuraihan
author_sort	Mohd Noor, Azman
title	The application of tanazul and its shariah issues in equity based sukuk
title_short	The application of tanazul and its shariah issues in equity based sukuk
title_full	The application of tanazul and its shariah issues in equity based sukuk
title_fullStr	The application of tanazul and its shariah issues in equity based sukuk
title_full_unstemmed	The application of tanazul and its shariah issues in equity based sukuk
title_sort	application of tanazul and its shariah issues in equity based sukuk
publisher	ISTAC
publishDate	2015
url	http://irep.iium.edu.my/48076/1/THE_APPLICATION_OF_TANAZUL_AND_ITS_SHARIAH_ISSUES_IN_EQUITY_BASED_SUKUK.pdf http://irep.iium.edu.my/48076/3/48076_the_application_of_tanazul.pdf http://irep.iium.edu.my/48076/5/48076_the_application_of_tanazul_wos.pdf http://irep.iium.edu.my/48076/
_version_	1643613305638486016
score	13.211869

The application of tanazul and its shariah issues in equity based sukuk

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