PL EN


2014 | 48 | 3 |
Article title

Sukuk - źródło pozyskiwania kapitału na islamskim rynku długu

Authors
Content
Title variants
Languages of publication
PL
Abstracts
PL
Artykuł nie zawiera abstraktu w języku polskim
EN
Sukuk, an Islamic equivalent of bond, has established itself as one profitable product that holds great potential in the Islamic finance market. Its lucrative returns resulted in the robust growth in demand and supply of different varieties in the capital market. Sukuk are securities that comply with the Islamic law and its investment principles, which prohibits the charging, or paying of interest. All Sukuk returns and cash flows are linked to assets purchased or those generated from an asset. Over the years, the sukuk market has grown from 10 to 15% annually to reach approximately USD 140 billion and contributed to approximately 10% of the global Islamic finance assets in 2012. While sukuk are structured in a similar way to conventional asset-backed securities (ABS) or covered bonds, they can have significantly different underlying structures. Especially, when sukuk have the real asset-backed structure (as opposed to the asset-based structure) they can indeed protect investors once a default event is triggered. Governments remain the most active issuers across the history of the global sukuk market, with Malaysia's government leading. Sovereigns have issued a total of USD 280 milion since 2013. In the last three years, 82% of global sukuk issuance came from governments and quasi government bodies while only 18% were issued by corporates.
Keywords
PL
EN
Year
Volume
48
Issue
3
Physical description
Dates
published
2014
online
2015-05-23
Contributors
References
  • 2013 Annual Global Sukuk Report, Rasameel Structured Finance, January 2014.
  • Afshar T.A., Compare and Contrast Sukuk (Islamic Bonds) with Conventional Bonds, Are they Compatible?, "The Journal of Global Business Management" February 2013, vol. 9.
  • Ayub M., Understanding Islamic Finance, John Wiley & Sons, 2007.
  • Karwowski J., Sukuk - islamskie certyfikaty inwestycyjne, [w:] Finanse - nowe wyzwania teorii i praktyki. Rynki finansowe, K. Jajuga (red.), Wyd. Uniwersytetu Ekonomicznego we Wrocławiu, Wrocław 2011.
  • Mannan M., Islamic Capital Market, [w:] Islamic Finance: A Guide for International Business and Investment, H. Anwar (red.), GMB Publishing, London 2008.
  • Maroun Y., Liquidity management and trade financing, [w:] Islamic Finance: Innovation and Growth, S. Archer, Rifaat Ahmed Abdel Karim (red.), Euromoney Books, London 2002.
  • Muhammad al-Bashir Muhammad al-Amine, The Islamic Bonds Market: Possibilities and Chal- lenges, "International Journal of Islamic Financial Services" 2001, vol. 4, no. 4.
  • Nowak P., Sukuk - alternatywne źródło pozyskiwania kapitału, "Master of Business Administration" 2010, nr 5, Akademia Leona Koźmińskiego w Warszawie.
  • Nursilah Ahmad and Syazwani Abd Rahim, Sukuk Ijarah vs. Sukuk Musyarakah: Investigating Post-Crisis Stock Market Reactions, "International Journal of Humanities and Management Sci- ences (IJHMS)" 2013, vol. 1, issue 1.
  • Piotrowski D., Sukuk - instrument finansowy na islamskim rynku długu, [w:] Rola informatyki w naukach ekonomicznych i społecznych, K. Grysa (red.), Świętokrzyskie Centrum Edukacji na Odległość, Kielce 2007.
  • Sukuk Perceptions and Forecast Study 2014, Thomson Reuters Zawya 2014.
  • Sukuks: the way forward, [w:] The 2006 guide to opportunities and trends in Islamic finance, Euromoney, January 2006.
  • Tariq A.A., Managing financial risk of sukuk structures, www.sbr.org.pk.
  • Zawya Collaborative Sukuk Report 2010, www.zawya.com.
Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.ojs-doi-10_17951_h_2014_48_3_307
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.