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2006/12/28

MANAGING FINANCIAL RISKS OF SUKUK STRUCTURES
Ali Arsalan Tariq (M.Sc. International Banking)


TABLE OF CONTENTS

I. Introduction
II. Islamic Financial Assets: Overview of Theoretical Aspects
2.1 Prohibitions
2.1.1. Prohibition of Riba (Interest)
` 2.1.2. Prohibitions of Gharar (Excessive Uncertainty)
2.1.3. Avoidance of Unethical Investments and Services
2.2 Alternative Basis of Financial Instruments
2.2.1 Partnership Contracts
2.2.2. Exchange Contracts
2.2.3. Financial Assets
III. Evolution and Profile of Sukuk Structures and Markets
3.1 Types of Sukuk
3.1.1 Pure Ijarah Sukuk
3.1.2. Hybrid/Pooled Sukuk
3.1.3. Variable Rate Redeemable Sukuk
3.1.4. Zero-coupon non-tradable Sukuk
3.1.5. Embedded Sukuk
3.1.6. Expanded List of Sukuk
3.2 Recent Developments in Sukuk Markets
3.3 Cases: Ijarah: Sovereign Sukuks
3.3.1 Qatar
3.3.2 Malaysia
3.3.3 Ijarah Corporate Sukuks: Gutherie
3.3.4. Hybrid Corporate Sukuks: IDB
3.4 Assessment of Sukuk Structures
IV. Risks underlying Sukuk Structures
4.1 Market Risks
4.1.1. Interest Rate Risk
4.1.2. Foreign Exchange Rate Risks
4.2. Credit and Counterparty Risk
4.3 Shariah Compliance Risk
4.4 Operational Risks
4.5 Institutional Rigidity
V. Managing Financial Risks of Sukuk Structures
5.1 Sukuk and the Challenge of Institutional Reform
5.1.1 Public Debt Management
5.1.2. Derivative Markets
5.1.3. Securitisation
5.1.4. Liquidity and Secondary Markets
5.2 Sukuk and the Challenge of Derivatives
5.2.1. Embedded Options and Gharar
5.2.2. Embedded Options as a Risk Management Tool
5.2.3. Islamic Embedded Option
5.2.4 Floating to Fixed Rate Swaps of Sukuk
5.2.5. Pricing of Sukuks with Embedded Options
VI Conclusion
Bibliography

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