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Home > Sukuk: Structual Analysis for Shariah and Regulatory Implication in Islamic Financial Intermediation

Sukuk: Structual Analysis for Shariah and Regulatory Implication in Islamic Financial Intermediation

Thesis Info

Access Option

External Link

Author

Jabeen, Zohra

Program

PhD

Institute

Mohammad Ali Jinnah University

City

Islamabad

Province

Islamabad

Country

Pakistan

Thesis Completing Year

2010

Thesis Completion Status

Completed

Subject

Management Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11929/1/zohra%20jabeen%20cust.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676725061234

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In a global economy, not all economic units are following the same socio-economic regime, but a predominant majority is pursuing a capitalistic economic system, propagating a free market economy, with checks and balances and a good number of welfare state economies. The socio-economic system of Islam too espouses a market economy but with a system of rights and responsibilities from the smallest or weakest element to the largest and strongest socio-economic unit/s. The regulatory system of Islam, called the Sharia’h defines the nature and sphere of activities of this socio-economic system. Innovations in Finance create new products in an effort to provide better solutions to the market. Some time passes before the products’ total, real impact is felt and understood by the stakeholders and the economy. As innovators do attempt to beat or sideline the given regulations and make room for their own interests to be fulfilled, it becomes necessary to evaluate products for their true worth and meaning. This is made possible through application of regulatory clauses as well as evaluation of regulations, as new products often attempt to beat regulations. This is why it becomes all the more important to study together products and their regulatory issues, particularly discussing the products’ impact on all stakeholders and the socio-economic system, as in this research. This research work analyses sukuk structures as products of Islamic Finance and tests whether they are Sharia’h compatible products or just another name for a type of conventional bonds. It tests the sukuk attributes in comparison to the Sharia’h objectives of Islamic Finance, as given in the AAOIFI Sharia’ Standards. It further tests sukuk in terms of conventional structured finance. It assesses whether sukuk transfer risk from the originator to sukuk holders or not, applying the relevant securitisation clauses of the International regulations for Financial Institutions, given by Basel II regulatory report. The results of the analyses shall clarify the position of the sukuk according to the Sharia’ Standards as well as the Basel II regulations. It throws light on the possible application of sukuk by Islamic finance Institutions particularly due to the securitisation and fund generating attributes of the sukuk. The study provides important insight into the sukuk structures through the above-mentioned synthesis. While some aspects of the sukuk comply with the AAOIFI Sharia’ standards, there are others that do not. While it was expected of the sukuk as Islamic finance products, to transfer risk from originators to the sukuk holders, this was proved incorrect. This research has implications for further product development, design and usage as well as development of Sharia’ Standards and International regulations within the prerequisites of the Sharia’h requirements.
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محنت دا پھل

محنت دا پھل

پرانے وقتاں دی گل اے کہ اک پنڈ وچ بڈھا کسان رہندا سی۔ اوس دے چار پتر سن۔ جو آپس وچ وی لڑ دے تے لوکاں نال وی۔ لوک اکثر لڑائی دی شکایت اوس بڈھے کسان کول کر دے۔ بابا اوہناں دے ایس وطیرے پاروں سخت پریشان سی۔ اوہناں دی حالت ویکھ کے اوس نوں اوہناں دی بہت فکر لگی رہندی۔ پھر اک دن اجیہا ہویا کہ اوہ سخت بیمار ہو گیا۔ ایتھوں تک کہ اوس دا بچنا مشکل ہو گیا۔ اوس نے اپنے پتراں نوں سدیا تے آکھیا کہ میں تہانوں اک راز دسن لگا آں۔ اپنے کھیتاں وچ اک بہت وڈا خزانہ دفن اے۔ تسی زمین نوں کھود کے کڈھ لئو۔ کسان دے مرن توں بعد اگلے دن ای چاراں نے کھیت نوں کھودنا شروع کر دتا۔ پہلاں تھوڑا پٹیا۔ پر اوہناں نوں خزانہ نہ ملیا۔ ایس توں بعد اوہناں کھیت نوں ہور ڈونگا پٹیا۔ خزانہ فیر وی اوہناں دے ہتھ نہ لگا۔ اوہناں نوں اپنے باپ اُتے بہت غصہ آیا۔ تھک کے اوہ گھر آ گئے۔

ساری رات آپس وچ گل کر دے رہے تے اپنے باپ نوں برا بھلا آکھدے رہے۔ سب توں وڈے نے اوہناں نوں صلاح دتی کہ کھیت دی کھدائی تاں کر لی اے۔ کیوں نہ ایس نوں پانی دے کے فصل بیجی لئی جاوے۔ دوجیاں نے اوس دی گل نال اتفاق کیتا۔ اگلے دن اوہناں کھیت نوں پانی لایا۔ ایس توں بعد بی کھلاریا تے فصل اگن دا انتظار کرن لگ پئے۔ کجھ عرصے بعد فصل اُگ آئی۔ اوہناں دیکھ بھال کیتی۔ اوہناں دی فصل بہت ودھیا ہوئی۔ جدوں فصل نوں کٹیا گیا پیداوار نوں ویچیا تاں اوہناں نوں بہت سارے پیسے ملے۔ جو کہ ایس توں پہلاں اوہناں ویکھے وی نئیں سن۔ ہن اوہ بہت خوش سن۔ ایس ویلے...

Historical Contribution of Islamic Waqf in Human Capital Development Through Funding Education

Islam being a complete code of life encompasses all aspects of a person’s personal and social life. Islam considers those as Muslims who submit to the will of Allah Almighty in all aspects of life. Islam is not merely a matter of private life and its worship system is not restricted only to a set of rituals, but has pervasive social consequences and develops a strong sense of moral society based on system of rules around center of universal concept of justice. Therefore, Islam proposed institutions with relation to justice, governance, cooperation and solidarity for achieving high economic growth and development. Achievement of development and growth of economy is fast in a society or country if it has developed human capital (human resource). Human capital is developed when education is imparted and facilities of health and sound life are provided to human beings. According to Islamic principles, if human beings cannot afford proper education in the society (or other facilities such as health care) then those who are well off endow their properties in Zakat, Awqaf (plural of waqf) and Charities for their better development and nourishment. These properties when endowed as Awqaf are deployed for propagation of education (knowledge, skills, training etc.) by establishing Madrassas (schools, maktabs, colleges, universities etc.) libraries, translating books, and conducting research. In Islamic society there were many Awqaf founded for establishing Madrassas. This paper is dedicated to discuss the development of human capital through education funded by Islamic Awqaf by reviewing literature.

Design and Optimization of Antenna for Mimo Systems Via Heuristic Algorithms

The radiation pattern and other electrical characteristics of an antenna primarily depend on its size and geometry. In the current age of communications, it is highly desirable to have compact and light weight communication devices. Therefore the most challenging issue of today’s wireless communication systems is to design antennas which are cost effective and of compact size without compromising the radiating efficiency and effectiveness. Since microstrip patch antennas are light weight, compact, easy to design and install; they are the best choice for today’s communication devices. That’s why patch antennas are widely used in numerous wireless applications as a single radiating element and as an array of multiple elements. However, designing of different shaped antennas to suit the electrical and/or physical requirements of the communication system is not an easy task. In this dissertation we have successfully designed microstrip patch antennas to achive desired electrical charcteristics such as frequency, bandwidth and quality factor alongwith the targeted physical characteristics such as length, radius or area etc. Keeping in mind the utilization of various shapes of antennas in communication systems; the dissertation includes designing of different geometrical shaped patch antennas such as square, circular and hexagonal. In addition to design patch antennas, we have succefully designed array of patch elements to be used in MIMO systems. The array has been designed for the desired electrical characteristics such as directivity, frequency, and return loss etc. Moreover, using this array design model, we estimated the channel capacity for ferquency selective Rayleigh fading channel. Since ultra wide band frequency systems are suitable for high data rates with low power consumption, we have particularly focused on this range of frequncy for antenna designing. Among all the heuristic approaches, literature shows that particle swarm optimization (PSO) and genetic algorithm (GA) are the most efficient and effective heuristic approaches in solving the problems of antenna and electromagnetics. Therefore we have employed these two approaches for designing and optimizing these antennas. We have also developed a new heuristic algorithm namely Wildebeest Herd Optimization (WHO) algorithm. It is based on the living wildebeest in their herd and migrating from one point to another for food and water. All the multi-geometrical antennas have been designed and optimized on WHO in addition to GA and PSO. The comparative analysis verifies that the proposed algorithm is more effective and efficient than the existing heuristic approaches. Moreover, artificial neural network (ANN) is employed to model the electrical/magnetic behavior of single antenna and arrays. The outcome of ANN models are compared with the results of numerical computational software Ansoft HFSS. In the light of this work, various future recommendations are also given at the end.