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13.9.09

Sukuk and their Contemporary Applications

This particular piece sparked an industry-wide debate on the day-to-day practice of various sukuk structures (mainly murabaha and musharaka versions). For a short review of the paper and its market implications also check this short brief from Norton Rose. Among other things Taqi Usmani goes on to discuss 'The Higher Purposes of Islamic Economics', but mainly he focuses his attention on these three key points:

1. Bond Holders' Ownership of Enterprise Assets
2. Regular Distributions to Sukuk Holders
3. Guaranteeing the Return of Principal

Sukuk and their Contemporary Applications
Muhammad Taqi Usmani
President of the AAOIFI Shariah Council
2007
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