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The Idealization of Risk-Profit Sharing in Partnership-Based Sukuk (Islamic Bonds): Why Sukuk Are Experiencing Default?

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dc.contributor.authorRafisah Mat Radzien_US
dc.contributor.authorAmir Bin Shaharuddinen_US
dc.date.accessioned2024-05-28T03:43:47Z
dc.date.available2024-05-28T03:43:47Z
dc.date.issued2018
dc.description.abstractThis paper critically evaluates the practice of partnership-based or equity-based sukuk (Islamic bonds) structure in light of the problem concerning default. The study focuses on the debt characteristics built into the equity structure before and after the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announcement in 2008. A closer examination the structure of two musharakah (joint venture) sukuk that practice in the market has demonstrated „why‟ sukuk are experiencing default situations. While ideally the element of risk avoidance and profit-sharing should present in the structure, due to market presssure, these structural features practically turned the equity-based profit-and-losssharing arrangements into fixed-income instruments. Ultimately, the structure that should practice „no concept of fixed obligation‟ has in fact defaulted on its obligations. Keywords: Sukuk (Islamic Bonds), Shariah (Islamic Law), Default, Profit-sharing, Musharakah (Joint venture).en_US
dc.identifier.citationInternational Review of Management and Business Research Vol. 7 Issue.3 September 2018en_US
dc.identifier.epage645
dc.identifier.issn2306-9007
dc.identifier.issue3
dc.identifier.other146-25
dc.identifier.spage633
dc.identifier.urihttps://www.irmbrjournal.com/paper_details.php?id=831
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/4994
dc.identifier.volume7
dc.language.isoenen_US
dc.publisherAcademy of IRMBRen_US
dc.relation.ispartofInternational Review of Management and Business Researchen_US
dc.subjectSukuk (Islamic Bonds),en_US
dc.subjectShariah (Islamic Law),en_US
dc.subjectDefault, Profit-sharing,en_US
dc.subjectMusharakah (Joint venture).en_US
dc.titleThe Idealization of Risk-Profit Sharing in Partnership-Based Sukuk (Islamic Bonds): Why Sukuk Are Experiencing Default?en_US
dc.typeArticleen_US
dspace.entity.typePublication

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