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Chair of Ethics and Financial Norms
Université Paris 1 Panthéon Sorbonne – King Abdulaziz University
2nd Seminar
Emergence of Sovereign Sukuk Towards An Eco-Sustainable Development
Wednesday 12 October, 2016 (11/01/1438H)
Prof. Dr. Mohd Ma'Sum Billah (Speaker)
Researcher, Islamic Economics Institute, King Abdulaziz University, Jeddah, Saudi Arabia
Abstract
Today, the world is observed with increasingly eco-tensions due to negative in oil-price, war, debt-based economy, haunts of capitalism and other unwanted factors. Any development (public or private) be on at a local, national or international levels are mainly depending on the debt, which eventually compels the country suffers with endless liabilities. The way out of this phenomenon, the asset based arrangement as an alternative may be a solution. Islamic finance however, is an asset based integrated system for all regardless of one’s religion, gender or status, which may be a desired alternative to rescue the world economy from the debt. Sovereign Sukuk is among the major products in today’s Islamic finance in facilitating development projects on an asset based financial arrangement. It is structured based on the Shari’ah instruments like al-Musharakah (partnership), al-Ijarah (Leasing), al-Istisna (manufacturing) and others. In this humble research an attempt is going to be made to analyze on the model and structure of Sovereign Sukuk in emerging of a sustainable infrastructural development opportunity with no debt, which may eventually drive a country with eco-prosperity by diminishing liability.
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