IslamicLawBlog

Similar to conventional bonds, sukuks are Islamic debt instruments. Sukuks are also known as “trust certificates” or “participation securities.” Sukuks are part of an emerging Islamic financial market that, per Moody’s Investor Service estimates, will hit $4,000 bn. In the legal academy, sukuks are unfamiliar debt instruments. The purpose of this post is to explain the Islamic law behind sukuks. Read the entire piece with comments .

Divine texts are the common heritage of human beings. They cultivate human spirituality. Too much time is spent finding faults with divine text and too little attention is paid to understanding their unity of purpose. While doubters question the authenticity of divine texts and while factions set one divine text against the other, divine texts are munificent in establishing the truth. The Hebrew Bible warns that among nations gone astray from the path of God, “the prophet is considered a fool, the inspired man a maniac.” [1] The Qur’an affirms: “We have sent thee revelation, as We sent it to Noah and the Messengers after him: We sent revelation to Abraham, Ishmael, Isaac, Jacob and the Tribes, to Jesus, Job, Jonah, Aaron, and Solomon, and to David We gave the Psalms.” [2] The New Testament declares, “All scripture is God-breathed.” [3] The Buddhist Dhammapada proclaims, “Blessed is the devotion of those who dwell in unity.” [4] The Bhagavad Gita’s call to unity is no less vivid whe...