Mufti Taqi Usmani’s critique of contemporary Sukuk issues

The following paper was presented by Mufti Taqi Usmani at the AAOIFI Shariah Council meeting. It has been translated from the original Arabic by Sheikh Yusuf Talal DeLorenzo:

Sukuk and Their Contemporary Applications

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4 responses to “Mufti Taqi Usmani’s critique of contemporary Sukuk issues

  1. JEONG CHUN PHUOC

    “Sukuk as a viable financing tool in the Construction Industry”

    Sukuk is not without inherent weakness and criticism among the banking community.

    Insofar as the financing of construction projects and infra-structural construction are concerned, Sukuk appeared to be a viable financing tool.

    Of course, Sukuk has its limitation as well:it cannot be used across the board even if it involve construction-related projects and financial undertakings.

    The use of Sukuk is NOT only subject to the Syariah-compliant requirements but also the particular national legislative and special legal provisions in a participating country/region.

    ……………………….
    Jeong Chun Phuoc
    Expert Consultant at a major law firm and a pioneer advocate in Competitive Legal Intelligence(CLI)
    and a Reader in Syariah Competitive Legal Intelligence(sCLI)
    He can be reached at Jeongphu@yahoo.com

    **The above professional analysis is the writer’s personal view and in no way represent the view/position of the research institutes/thinktanks/organisations to which he is currently attached to.

  2. JEONG CHUN PHUOC

    “SUKUK AS A VIABLE FINANCING INSTRUMENT IN THE CONSTRUCTION INDUSTRY”

    Sukuk is not without inherent weakness. Rising criticism among the banking community appears to indicate opposition against Sukuk which may be deem to be contrary to Islamic principles.

    The difference in Syariah opinions on this issue is acknowledged and hence, there is a need for a more invigorated approach in resolving the stalemate.

    Insofar as the financing of construction projects and infra-structural construction are concerned, Sukuk appeared to be a viable financing tool.

    Of course, Sukuk has its limitation as well:it cannot be used across the board even if it involve construction-related projects and financial undertakings.

    The use of Sukuk is NOT only subject to the Syariah-compliant requirements but also the particular national legislative and special legal provisions in a participating country/region.

    ……………………….
    Jeong Chun Phuoc
    Expert Consultant at a major law firm and a pioneer advocate in Competitive Legal Intelligence(CLI)
    and a Reader in Syariah Competitive Legal Intelligence(sCLI)
    He can be reached at Jeongphu@yahoo.com

    **The above professional analysis is the writer’s personal view and in no way represent the view/position of the research institutes/thinktanks/organisations to which he is currently attached to.

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  4. It’s hard to find educated people in this particular subject, however, you seem like you know what you’re talking about!

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