|
Sukuk ((アラビア語:صكوك), plural of صك Sakk, "legal instrument, deed, check") is the Arabic name for financial certificates, but commonly referred to as "sharia compliant" bonds. Sukuk are defined by the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) as "securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets."〔AAOIFI Standard 17〕 The Fiqh academy of the OIC legitimized the use of sukuk in February 1988 〔Visser, Hans. 2009. ''Islamic finance: Principles and practice.'' Cheltenham, UK and Northampton MA, Edward Elgar. p.63〕〔Khan, ''What Is Wrong with Islamic Economics?'', 2013: p.251〕 Since fixed-income, interest-bearing bonds are not permissible in Sharia or Islamic law, Sukuk securities are structured to comply by not paying interest. This is generally done by involving a tangible asset in the investment. For example, by giving partial ownership of a property built by the investment company to the bond owner who collect the profit as rent, which is allowed under Islamic law. Upon expiration of the Sukuk, the rent payments cease. HSBC estimates that as of 2009 there was $822bn Islamic finance debt outstanding in the world.〔("Castles in the sand" ) by Dan Roberts, ''The Guardian'', 27 November 2009〕 According to the 2014 Global Islamic Finance Report, $1.813 trillion of assets are being managed in a sharia compliant manner.〔(Global Islamic Finance Report, 2014 )〕 In common usage outside of Arabic-speaking countries, the word "sukuk" is often used both as singular as well as plural. (In proper Arabic, "sukuk" is plural, "sakk" is singular.) Use of the word "sukuks" when referring to more than one Islamic bond is incorrect. ==History== In the classical period of Islam, Sakk (sukuk)—which is cognate with the European root "cheque" from Persian '(چک) pronounced check'—meant any document representing a contract or conveyance of rights, obligations or monies done in conformity with the Shariah. Sukuk were extensively used during medieval Islam for the transferring of financial obligations originating from trade and other commercial activities. The first sukuk—worth RM125 million—were issued in Malaysia by Shell MDS, on the basis of ''bai' bithaman ajil'', according to an 2012 International Islamic Financial Market report.〔International Islamic Financial Market, 2012. ''Sukuk report: A comprehensive study of the global sukuk market'', http://iifm.net/media/pdf/iifm_suku_report_2.pdf〕 In 2000, the government of Sudan issued domestic sovereign short-term sukuk worth 77 million Sudanese pounds on the basis of ''musharaka''. In 2001, the sukuk market went international with the issuance of the first US-dollar-denominated ''ijara sukuk'', worth $100 million by the Central Bank of Bahrain. Since then many sovereign and corporate sukuk issues have been offered in various jurisdictions.〔Khan, ''What Is Wrong with Islamic Economics?'', 2013: p.306-7〕 In 2004, Euromoney published the first book exclusively on sukuk investments, ''Islamic Bonds: Your Issuing, Structuring and Investing in Sukuk''. It was co-authored by the Islamic banking specialist Nathif Jama Adam.〔(Nathif Jama Adam bio ), Association of Ethics Officers, 3 July 2014〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Sukuk」の詳細全文を読む スポンサード リンク
|