Introduction to Sukuk

  • Ahcene Lahsasna
  • M. Kabir Hassan
  • Rubi Ahmad


This chapter provides an introduction to Sukuk in the Islamic capital market (ICM). Sukuk is defined as certificates of equal value representing ownership over an underlying asset. Sukuk represents common shares and rights over the underlying assets or over usufruct (benefits derived from an underlying asset) and services. It is regarded as one of the most important financial instruments in Islamic finance and is a leading product in the ICM. It has its own features and specifications that distinguish it from other financial instruments in conventional finance such as bonds.


Sukuk Financial certificate Bonds Shares Securitization 


  1. AAOIFI. (2010). Shariah Standards. Accounting and Auditing Organization for Islamic Financial Institutions, Kingdom of Bahrain.Google Scholar
  2. Al-Amine, M. A. (2012). Global Sukuk and Islamic Securitization Market: Financial Engineering and Product Innovation. Leiden, NL: Koninklijke Brill NV.Google Scholar

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© The Author(s) 2018

Authors and Affiliations

  • Ahcene Lahsasna
    • 1
  • M. Kabir Hassan
    • 2
  • Rubi Ahmad
    • 3
  1. 1.Salihin Shariah AdvisoryKuala LumpurMalaysia
  2. 2.Department of Economics and FinanceUniversity of New OrleansNew OrleansUSA
  3. 3.Department of Finance and Banking, Faculty of Business and AccountancyUniversity of MalayaKuala LumpurMalaysia

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