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Sukuk (Islamic Investment Participation Certificates)——伊斯兰债券(伊斯兰投资参与证书)
Sukuk is the Arabic name for a monetary certificate but can be witnessed as an Islamic correspondence of debentures. Nevertheless, definitely assured earnings, interest bearing bonds are not acceptable by Islam; therefore, securities that abide with the Islamic law are Sukuk. Sukuk: Plural of 'Sakk', this refers to a financial paper illustrating entitlement of the holder to the amount of money shown on it. The English word "cheque" is a derivative from it. Technically, Sukuk are financial apparatus entitling their holders to some financial asserts.
The Liquidity Management Centre is designed to manage the asset liquidity mismatch, to create a pool of quality assets for Islamic financial institutions (IFIs) and an Islamic interbank money market collaterally with enhancing Shariah credibility and achieving higher returns for investors and shareholders. It also facilitates the pooling of assets acquired from the government, financial institutions and companies to be securitized through the issuance of tradable instruments (sukuk), where Islamic Financial Institutions will invest their surplus liquidity. (Islamization of Financial System in Pakistan, 2003)
Corporate sukuk issuance, reported by International Islamic Financial Market (IIFM), an industry association grew from USD 0.4 billion in 2000 to USD 24.5 billion in 2006 alone. Growth in this specific commodity topped 122% in 2006 alone. (Is Islamic finance at tipping point?, 2008)
The Need for Tangible Assets——对有形资产的需要
Sharia'h necessitates that investments should only be hoisted for transacting in, or construction of, explicit and certain assets. Transacting in 'indebtedness' is prohibited and since the conventional bond are based on the mentioned criteria issuing of conventional bonds by any means wouldn't be Shariah compliant. Thus all Sukuk returns and cash flows will be based on assets bought or built making all the incom free from interest. It is noteworthy that Equity investment is Sharia'h compliant and adjusts quite good enough among the risk/return guidelines of Islam.
Islamic Equity Funds——伊斯兰股票基金
In the Islamic financial market the equity funds for investments are the most swiftly growing sector. To date, there are almost 100 Islamic equity funds operating worldwide. The accumlated assets handled through these funds currently surpass US$5 billion while the growth rate of these funds can be estimated at 12 - 15% per annum. Keeping in view the current prospects of these funds it can easily be said that very soon investments would be diverted towards this specific sector in tandom. Looking at this very lucrative market some of the majors from the west have intiated or are planning to deploy parallel Musharkah certificates. (Zaheer & Hassan)
