Rather than focusing on issuer characteristics as done in prior studies, this paper presents a macro-level perspective on the role of societal trust in Sukuk issuance. Using a comprehensive sample of global Sukuk issuances spanning over the period of 2001 to 2018 and controlling for issuer...

The Sukuk market has proven its usefulness as a significant source of capital for the public and private sector entities. As a result, the Sukuk market has gained great popularity both in the Islamic and the non-Islamic countries. The Sukuk market has a flexible nature in product structuring and...

Islamic strictures require investors to share risks with the entrepreneurs they finance. Sukuk (Islamic securities) come mostly in two varieties, musharakah (basically a joint venture agreement) and ijarah (more like an operational lease agreement). Yet defaults did happen, even in the case of...

An exploration of the raison d'être of Islamic Finance and the justification afforded to demonstrate its validity. Additionally the paper delves into the phenomenon that is Sukuk and examines its modus operandi from a Shariah compliance standpoint

The concept of sukuk, plural of the Arabic word sakk meaning deed or instrument, is not new but in their modern form as capital market instruments, sukuk are certificates reflecting undivided, proportionate ownership in underlying tangible assets, usufruct, services or assets of a project or...

There is a large expansion of sukuk, the shari'a-compliant alternative mode of financing compared to conventional bonds, in the recent years. We analyze if the stock market reaction to sukuk issues is influenced by two key features of these instruments: the sukuk type, and the characteristics of...