01-23-2010, 04:03 AM
01-24-2010, 04:46 PM
The economies section usually gets far lower replies... y? .... barring recession topic... its poor
02-01-2010, 02:22 PM
Fortunately or unfortunately the Economics Forum was established by the forum administration on my request. I wanted to give the answer of your question for many days but due to some reasons I could not do so.
Saak (Singular of Sakuk) is an Arabic work which means "Certificate". In Islamic Economics and Finance the term Sakuk is used to refer Islamic Bonds and Islamic Financial Certificates or you simply may say that sakuk are Islamic Securities. Sakuk are listed in stock markets.
There are three types of Sakuk
1. Madarba Sakuk
2. Musharka Sakuk
3. Ijara Sakuk
Sakuk work on the basis of injunctions of Holy Quran and Sunnah of Apostle of Allah, Hazrat Muhammad (S.A.W). Islamic Jurists (Faqiyah and Mufties) determine the guidelines and principles for the issuance and functioning of Sakuk
1. First sakuk are listed in desired stock exchages and then the issuance process starts in the same manner in which other securities are issued to general public. Sakuk,in mostly cases, are asset backed securities.
2. After the issuance of sakuk the funds are invested in desired projects in accordance to their types i.e Madarba, Musharka and ijara Sakuk.
3. Sakuk holders share the profit of the asset or project, in which their funds have been invested, in accordance with the principles of Sharia.
4. Sakuk are used as negotiable instrument also
Establishment of Islamic Capital Market is very necessary for the development of Islamic Economic and Banking system in a country. Usually banks invest their money in the stock market. Currently in Pakistan banking sector of the country is major investor in the capital market. Thus the need of Islamic Capital Market is necessary for sound Islamic banking sector. Sakuk can be very helpfull tool for the development of Islamic Capital Market.
Wallah Allam Bisawab (Allah Knows Better)
Regards,
Awais Aftab
Saak (Singular of Sakuk) is an Arabic work which means "Certificate". In Islamic Economics and Finance the term Sakuk is used to refer Islamic Bonds and Islamic Financial Certificates or you simply may say that sakuk are Islamic Securities. Sakuk are listed in stock markets.
There are three types of Sakuk
1. Madarba Sakuk
2. Musharka Sakuk
3. Ijara Sakuk
Sakuk work on the basis of injunctions of Holy Quran and Sunnah of Apostle of Allah, Hazrat Muhammad (S.A.W). Islamic Jurists (Faqiyah and Mufties) determine the guidelines and principles for the issuance and functioning of Sakuk
1. First sakuk are listed in desired stock exchages and then the issuance process starts in the same manner in which other securities are issued to general public. Sakuk,in mostly cases, are asset backed securities.
2. After the issuance of sakuk the funds are invested in desired projects in accordance to their types i.e Madarba, Musharka and ijara Sakuk.
3. Sakuk holders share the profit of the asset or project, in which their funds have been invested, in accordance with the principles of Sharia.
4. Sakuk are used as negotiable instrument also
Establishment of Islamic Capital Market is very necessary for the development of Islamic Economic and Banking system in a country. Usually banks invest their money in the stock market. Currently in Pakistan banking sector of the country is major investor in the capital market. Thus the need of Islamic Capital Market is necessary for sound Islamic banking sector. Sakuk can be very helpfull tool for the development of Islamic Capital Market.
Wallah Allam Bisawab (Allah Knows Better)
Regards,
Awais Aftab