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Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia

This research is a case study of two Ijarah Sukuk issuances in two countries. One issued by central bank of Bahrain and matured in 2014 and the other was issued by the Malaysian company TSH Resources Bhd and matured in 2017. By adopting library research and document analaysis, this research examines...

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Main Authors: Sharif, Abdul Rahman, Abdullah, Adam
Format: Article
Language:English
Published: CCSE 2018
Subjects:
HG3368 Islamic Banking and Finance
Online Access:http://irep.iium.edu.my/64274/1/64274-Impact%20of%20Time%20Value%20of%20Money%20Theory%20in%20Ijarah%20Sukuk%20Genuineness.pdf
http://irep.iium.edu.my/64274/
http://www.ccsenet.org/journal/index.php/ibr/article/view/75348
https://doi.org/10.5539/ibr.v11n7p56
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spelling my.iium.irep.64274 http://irep.iium.edu.my/64274/ Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia Sharif, Abdul Rahman Abdullah, Adam HG3368 Islamic Banking and Finance This research is a case study of two Ijarah Sukuk issuances in two countries. One issued by central bank of Bahrain and matured in 2014 and the other was issued by the Malaysian company TSH Resources Bhd and matured in 2017. By adopting library research and document analaysis, this research examines the terms and conditions of both cases based on what has been disclosed in the prospectuses. Accordingly, this study presents the impact of the Time Value of Money (TVM) in these cases and how it differentiates between genuine Ijarah Sukuk and a duplicate-bond Sukuk. The study revealed that there were some Shari’ah non-compliance issues in the implementation of Sukuk concept in both cases in a way it emulates conventional instruments featured as guaranteed-return instruments, which take into account TVM as an essential compenent in calculating its returns. However, such practice has a major effect on the genuineness of Sukuk, in terms of Shari’ah-compliance risk. CCSE 2018-06-15 Article PeerReviewed application/pdf en http://irep.iium.edu.my/64274/1/64274-Impact%20of%20Time%20Value%20of%20Money%20Theory%20in%20Ijarah%20Sukuk%20Genuineness.pdf Sharif, Abdul Rahman and Abdullah, Adam (2018) Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia. International Business Research, 11 (7). pp. 56-63. ISSN 1913-9004 http://www.ccsenet.org/journal/index.php/ibr/article/view/75348 https://doi.org/10.5539/ibr.v11n7p56
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
topic HG3368 Islamic Banking and Finance
spellingShingle HG3368 Islamic Banking and Finance
Sharif, Abdul Rahman
Abdullah, Adam
Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
description This research is a case study of two Ijarah Sukuk issuances in two countries. One issued by central bank of Bahrain and matured in 2014 and the other was issued by the Malaysian company TSH Resources Bhd and matured in 2017. By adopting library research and document analaysis, this research examines the terms and conditions of both cases based on what has been disclosed in the prospectuses. Accordingly, this study presents the impact of the Time Value of Money (TVM) in these cases and how it differentiates between genuine Ijarah Sukuk and a duplicate-bond Sukuk. The study revealed that there were some Shari’ah non-compliance issues in the implementation of Sukuk concept in both cases in a way it emulates conventional instruments featured as guaranteed-return instruments, which take into account TVM as an essential compenent in calculating its returns. However, such practice has a major effect on the genuineness of Sukuk, in terms of Shari’ah-compliance risk.
format Article
author Sharif, Abdul Rahman
Abdullah, Adam
author_facet Sharif, Abdul Rahman
Abdullah, Adam
author_sort Sharif, Abdul Rahman
title Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
title_short Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
title_full Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
title_fullStr Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
title_full_unstemmed Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness; the Case of Bahrain and Malaysia
title_sort impact of time value of money theory in ijarah sukuk genuineness; the case of bahrain and malaysia
publisher CCSE
publishDate 2018
url http://irep.iium.edu.my/64274/1/64274-Impact%20of%20Time%20Value%20of%20Money%20Theory%20in%20Ijarah%20Sukuk%20Genuineness.pdf
http://irep.iium.edu.my/64274/
http://www.ccsenet.org/journal/index.php/ibr/article/view/75348
https://doi.org/10.5539/ibr.v11n7p56
_version_ 1643617211888173056
score 13.211869

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