Examining the issue of Sukuk ownership from the viewpoint of some Islamic financial institutions

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Original article

Author :

Abdul Razzak Kaba

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Abstract :

This study aims to shed a light on the reality of sukuk ownership which particularly focuses on the Anglo-Saxon legal concept of ‘beneficial ownership’. The main focus of this research is to examine the extent of adaptation of beneficial ownership by Islamic financial institutions. By following descriptive and analytical methods, the concept of beneficial ownership is explored from AAOIFI standards, International Fiqh Academy’s resolutions, IFSB standards, SAC Bank Negara, and SC resolutions in Malaysia. As a part of the findings, there is a huge difference between the aforementioned institutions in their treatments towards the concept of beneficial ownership. While IFSB dedicated on the concept of asset-backed and asset-based in relation to Sukuk, AAOIFI and International Fiqh Academy did not give any particular emphasis on these types of assets of Sukuk. Instead, these two institutions give more focus on standards and requirements for a valid issuance of Sukuk before Shariah. SAC and SC of Malaysia did mention about the beneficial ownership and the concept of asset-backed and asset-based in their resolutions. Their views seem to be in line with those of IFSB

Keyword :

Islamic financial institutions, beneficial ownership, Sukuk
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