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Islamic Bond Market
The meltdown of the interest based financial system has generated considerable interest in Islamic Finance. The Sukuk or Islamic Bond market has also garnered significant attention. Many western countries lead by the United Kingdom are in the process of changing existing laws and regulations to accommodate the unique nature of Sukuk.
In this report, the authors describe the intrinsic nature of a Sukuk and its application particularly in the sovereign Sukuk market. The authors attempt to provide a critical review of the existing practices and provide a framework for the market to adhere to the letter and the spirit of the fundamentals of Islamic Finance.
List of Contents
Objectives of Islamic economic and financial system
What is Sukuk?
Case studies in sovereign Ijara Sukuk
Case studies in sovereign wakala Sukuk
Differentiating Sukuk and conventional bonds
Elements of Riba, Gharar and lack of Qabd in existing Sukuk structures
Mr. Parvez Daruwalla earned an MBA from Katholieke Universiteit Leuven, Belgium and has extensive background and expertise in conventional finance He is also a keen follower of Islamic Finance and has taught an introductory course in Islamic Finance and Banking at the University of Toronto.
He is presently a Manager, Pooled Investments with the Ontario Financing Authority in Toronto and has previously worked with Bank Muscat in Muscat, Oman as well as with Over the Counter Exchange of India (OTCEI) in Bombay, India. He also holds the Chartered Financial Analyst (CFA) designation.
Shahzad Siddiqui is a Toronto-based lawyer and investment banker. A graduate of the University of Toronto and Osgoode Hall Law School, he worked at the Bay Street law firm of Fraser Milner Casgrain LLP before teaching the law of international business transactions at Southwest University in China. He subsequently spearheaded the entry of a Chinese conglomerate into the Islamic Republic of Pakistan.
He currently advises organisations as diverse as Ittihad Securities, an Islamic investment firm based in Toronto; the Islamic Foundation of Toronto Inc., which is one of the largest mosque and school facilities in Canada; the Chinese Muslim Association of Canada; and Islamic wealth management teams at HSBC Securities and Blackmont Capital, a top-tier Canadian investment bank.