Please use this identifier to cite or link to this item: http://ir.unikl.edu.my/jspui/handle/123456789/20685
metadata.conference.dc.title: Role of Şukuk al-Istisnā’ In Islamic Capital for Developing Economy of A Country and Providing Fund For A Project
metadata.conference.dc.contributor.*: Issoufou Chaibou
(UniKL BiS)
metadata.conference.dc.subject: Istisnā’ contract Şukuk al-Istisnā’
Features of Şukuk al-Istisnā’
Islamic law
Process Şukuk al-Istisnā’
Structure Şukuk al-Istisnā’
metadata.conference.dc.date.issued: 6-Dec-2018
metadata.conference.dc.description.abstract: In the contemporary era Şukuk al-Istisnā’ becomes one of the most important element of Islamic capital market instruments. It plays a crucial role in development of a country. Thus, in a Şukuk al-Istisnā’ transaction the companies can issue Şukuk on a manufactured asset suc a s a building, highway, bridge, university that will be constructed for future purposes, and Şukuk holders can sell their Şukuk in the secondary market at any mutually agreed price. In addition, they can also issue Şukuk on manufactured assets such as air craft that will be manufactured by foreign companies, and the issuer can conclude a parallel Istisna’ contract with another company to make similar assets and deliver it to the Şukuk holders. This paper examines legality of Istisna’ contract, similarities and dissimilarities between Istisna’ contract and Salam as well as Ijarah. It also analyses the nature and the essential features of Şukuk al-Istisnā’. The paper highlights the role of Şukuk al-Istisnā’ and its process. The methodology used in this paper is qualitative in which Islamic jurisprudential method which is based on the view of prominent Muslim scholars. It was found in the study that, Istisna contract in general is a vital contract which can contribute significant role in development of economy of a country. It is argued in the paper that Şukuk al-Istisnā’is crucial element of financing a project which will be carried out in the future as the issuer of Şukuk al-Istisnā’ can conclude a parallel Istisna’ contract on an asset which will be manufactured in the future.
metadata.conference.dc.identifier.uri: http://ir.unikl.edu.my/jspui/handle/123456789/20685
metadata.conference.dc.conference.name: 5th ASEAN International Business Conference
metadata.conference.dc.conference.year: 2018
Appears in Collections:Conference Papers

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