Sukuk are financial certificates that provide an investor with proportionate beneficial ownership of an asset, and returns based on this ownership. They are commonly referred to as Islamic bonds and have proven popular as an alternative source of funding. In 2014 the UK government issued its first sovereign Sukuk.
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The library provides full text access to a selection of eBooks and articles on Islamic finance which cover Sukuk, including the titles highlighted below.
The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact firstname.lastname@example.org.
Mastering Islamic Finance is a practical and accessible guide to Islamic finance that helps demystify the differences with conventional banking, enabling practitioners to develop Sharia compliant products for customers. Chapter 6 on sukuk covers the mechanics of a sukuk transaction, types of sukuk, asset-based verus asset-backed sukuk, sukuk and the secondary market and the future of sukuk (pages 97-111).
This book covers the theoretical background of Islamic finance, the concept of riba, risk sharing as an alternative to debt, Islamic financial intermediation and banking, regulation of Islamic financial institutions, and the challenges of globalisation. In chapter 9: capital markets the authors turn their attention to Islamic bonds and provide a step by step walkthrough of the process of structuring a sukuk (pages 185-187).
Sukuk and Securitization
In 'Understanding Islamic Finance' Muhammad Ayub of the Institute of Islamic Banking and Insurance (IIBI) introduces all the major products and processes associated with Islamic finance. Chapter 15 focuses on Sukuk and Securitization which provides a good introduction to Sukuk issues, looking at the Shariah bases of Sukuk issue, the parties involved in Sukuk transactions and the tradability of Sukuk.
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The market for Sukuk
2016 Global sukuk market: A record year for corporate issuance
Report by the Malaysia International Islamic Financial Centre (MIFC), highlighting a rebound in the global sukuk market during 2016. Includes tables showing global sukuk issuance from 2006-2016, top four sukuk markets in 2016, global sukuk outstanding figures and global sukuk issuance by currency, type of issuers, tenure and structure.
Global trends in Islamic finance and the UK market 2019
TheCityUK publishes a regular Islamic finance research report which summarises global trends in Islamic finance, with particular reference to how the market - including the sukuk market - is developing in the UK. The most recent report was published in April 2019.
ICD Thomson Reuters Islamic Finance Development Report 2017
Annual report examining the top performing markets for Islamic finance services, including sukuk, and the top sukuk trends in 2016 and 2017. It reports that Malaysia continued to dominate the global sukuk market in terms of sukuk outstanding and issuance in 2016. Requires free registration to download.
Islamic Finance News: IFN Annual Guide 2018
This annual IFN journal guide looks at overall markets for Islamic finance, along with a review of the sukuk market during 2017, developments in the green sukuk bond market and individual market reports for 48 countries.
Islamic Finance Outlook 2019
S&P Global Ratings research report predicting trends that will shape the industry's growth in 2019, with a focus on how the global sukuk market will fare.
Accounting for sukuk under IFRS and AAOIFI accounting standards
Article by Mohammed Amin (formerly a PwC Tax Partner), who looks at the difference in treatment of sukuk under IFRS and under AAOIFI standards. The article includes a worked example which shows how a sukuk transaction can be accounted for under both. Published in May 2011.
Debt, financing and sukuk
Video of an October 2013 presentation given by Roger Wedderburn-Day (Partner, Allen & Overy) as part of the LSE Department of Law's Islamic Finance Seminar Series. The presentation covers what debt financing is, how bond issues work, how this is relevant to sukuk, how sukuk work, interesting features of sukuk and the future of sukuk.
Dissecting the UK Government Sukuk
A briefing by law firm Clifford Chance covering how the firm assisted with the UK Government's ground-breaking sukuk issuance in 2014, the first of its kind by a European sovereign state (see the Gov.uk June 2014 press release, Government issues first Islamic bond).
Project Sukuk: Islamic finance solutions for funding infrastructure
A short briefing from international law firm Norton Rose Fulbright which explains what sukuk are, the key features of sukuk and sukuk structures. Published in May 2015.
This site aims to provide free access to a comprehensive searchable database of issued sukuk bonds, as well as market news articles and a Who's Who directory of qualified industry professionals and firms.
Sukuk in focus: The necessity for global common practices
A 2018 industry whitepaper published by Deloitte’s Islamic Finance Knowledge Center (IFKC) in collaboration with the International Shari’ah Research Academy for Islamic Finance (ISRA). The report shares perspectives from industry experts on the need for better common practices within the global Sukuk market.
The UK's first Islamic bank sukuk issue
Article by Mohammed Amin (formerly a PwC Tax Partner) on the first sukuk issue by a UK based Islamic bank, which occurred in February 2018.
The library provides access to a range of online articles from leading business and finance journals on sukuk, supplemented by a collection of articles and books that can be obtained through the library's enquiry service.
ICAEW members and ACA students can obtain articles from the Journal of Islamic Accounting and Business Research by contacting the Library enquiry service by telephone on +44 (0)20 7920 8620 or by email at email@example.com.
Indonesia returns to green notes with sukuk
The Republic of Indonesia has issued a new sukuk bond with a green tranche. The green sukuk will allow Indonesia to appeal to a niche set of investors, in an effort to raise $2bn. In 2018 Indonesia became the first Asian sovereign to sell a green sukuk bond.
World's first sovereign green sukuk
Indonesia’s landmark sovereign bond is the first in the world to be structured as a green sukuk bond. Its February 2018 issuance marks the first time the ASEAN national green bond framework has been used since being introduced in November 2017.
First RMBS sukuk sees institutional investor interest
The UK-based Al-Rayan Bank has issued a £250 million ($347 million) sukuk bond using a residential mortgage-backed securitisation (RMBS). The bond is backed by a portfolio of home purchase plans from clients in England and Wales, at a time when RMBS deals are making a comeback in the market.
Articles and books in the Library
Click on the links below to see our catalogue record and holdings for each item. Please contact us if you would like to borrow a book or request a copy of an article.
Law of Sukuk: shari'a compliant securities
S.Morrison (Sweet and Maxwell, 2017, 515 pages)
An authoritative guide to Sukuk, the Islamic equivalent of bonds. The book offers clear guidance for legal and finance professionals on the sale, purchase, origination and issuance of sukuk, including standard form documents and financial services contracts.
Mastering islamic finance : a practical guide to sharia-compliant banking, investment and insurance
F.Karbani (Pearson Education, 2015, 191 pages)
A practical guide to provide practitioners with an understanding of the key concepts underpinning Islamic finance and the prevalent and developing market practices. It also explains the main products and service types and how they differ from comparable conventional finance instruments. Includes a chapter on Sukuk.
Islamic finance: a practical guide
R.Ali, ed. (Globe Business Publishing, 2014, 200 pages)
This book includes sections on market trends, key developments and legal structuring considerations for the global sukuk market.
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