Are sukuk debt or equity? A classification of sukuk by regulatory bodies and credit rating agencies / Rafisah Mat Radzi and Nurul Aini Muhamed.

Mat Radzi, Rafisah and Muhamed, Nurul Aini (2019) Are sukuk debt or equity? A classification of sukuk by regulatory bodies and credit rating agencies / Rafisah Mat Radzi and Nurul Aini Muhamed. Journal of Emerging Economies and Islamic Research, 7 (2). pp. 1-10. ISSN 2289 - 2559

Abstract

Sukuk (Islamic bonds) are the Shariah (Islamic law) instrument that serves as an alternative to conventional bonds that are used in the modern capital market. In theory, sukuk represent a form of equity as they represent certificates conferring ownership to holders of an asset or pool of assets or claim to its cash flows. In practice, they have become known as Islamic bonds with their investors holding debt. Following the question of whether sukuk are debt or equity, this paper aims to classify sukuk from the perspective of regulatory bodies and credit rating agencies. Furthermore, to what extent the innovations in this Islamic instrument make it differ substantially from conventional bonds in practice will be examined.

Metadata

Item Type: Article
Creators:
CreatorsEmail / ID. Num
Mat Radzi, RafisahUNSPECIFIED
Muhamed, Nurul AiniUNSPECIFIED
Subjects: H Social Sciences > HG Finance > Investment, capital formation, speculation
H Social Sciences > HG Finance > Investment, capital formation, speculation > Securities. Fixed-income securities
H Social Sciences > HG Finance > Investment, capital formation, speculation > Securities. Fixed-income securities > Bonds
Divisions: Universiti Teknologi MARA, Selangor > Puncak Alam Campus > Faculty of Business and Management
Journal or Publication Title: Journal of Emerging Economies and Islamic Research
Journal: UiTM Journal > Journal of Emerging Economies and Islamic Research (JEEIR)
ISSN: 2289 - 2559
Volume: 7
Number: 2
Page Range: pp. 1-10
Official URL: http://www.jeeir.com/v2/index.php/45-current/2019/...
Item ID: 32289
Uncontrolled Keywords: Sukuk (Islamic bonds), Shariah (Islamic law), equity, debt
URI: http://ir.uitm.edu.my/id/eprint/32289

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