Sukuk Paradigm and Structure

  • Mohd Ma’Sum Billah


In the process of Sukuk issuance the doctrine of Tawarruq (special purpose vehicle) is used to securitize the instrument in the primary market, while in the secondary market, bay’ al-Dain is used in order to legalize reselling of the bonds. Such process is mostly used in the Malaysian market, while most of the Middle-Eastern countries do not accept it. The proposed alternative is Islamic bonds based on Muqaradah (profit sharing).



It is acknowledged that, the idea of this chapter has been shared with author’s other research works for the common benefit of academia, regulators, researchers and industries as well.


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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Mohd Ma’Sum Billah
    • 1
  1. 1.Islamic Economics InstituteKing Abdulaziz UniversityJeddahSaudi Arabia

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