Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis

Asset ownership is an important aspect of ṣukūk structuring and issuance. However, a recurring and contentious issue regarding the underlying ṣukūk asset is the actual nature of its ownership and the corresponding legal implications for ṣukūk holders and other parties in the ṣukūk transaction. Many...

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Main Authors:	Engku Ali, Engku Rabiah Adawiah, Klopic, Nermin, Ellias, Muhammad Ramadhan Fitri, Haron, Muhamad Nasir
Format:	Article
Language:	English
Published:	International Shari'ah Research Academy for Islamic Finance (ISRA) 2015
Subjects:	HG Finance K Law (General) KBP Islamic Law KD England and Wales KPG Malaysia
Online Access:	http://irep.iium.edu.my/46885/ http://irep.iium.edu.my/46885/9/sukuk.pdf

id	iium-46885
recordtype	eprints
spelling	iium-468852016-06-29T01:37:36Z http://irep.iium.edu.my/46885/ Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis Engku Ali, Engku Rabiah Adawiah Klopic, Nermin Ellias, Muhammad Ramadhan Fitri Haron, Muhamad Nasir HG Finance K Law (General) KBP Islamic Law KD England and Wales KPG Malaysia Asset ownership is an important aspect of ṣukūk structuring and issuance. However, a recurring and contentious issue regarding the underlying ṣukūk asset is the actual nature of its ownership and the corresponding legal implications for ṣukūk holders and other parties in the ṣukūk transaction. Many ṣukūk are based solely on beneficial ownership of the assets whilst legal title is retained by the originator or trustee. This paper attempts to ascertain the status of beneficial ownership vis-à-vis registered legal title from the Islamic legal perspective. The paper begins with an examination of the meaning, origin and status of beneficial ownership under English law. This is followed by a brief discussion on ownership (milkiyyah) from the Sharīʿah (Islamic law) perspective and a deliberation on the status of beneficial ownership under the Sharīʿah. Finally, the paper analyses the use of beneficial ownership in ṣukūk structures and its implication on ṣukūk holders and other parties in the ṣukūk transaction. International Shari'ah Research Academy for Islamic Finance (ISRA) 2015-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/46885/9/sukuk.pdf Engku Ali, Engku Rabiah Adawiah and Klopic, Nermin and Ellias, Muhammad Ramadhan Fitri and Haron, Muhamad Nasir (2015) Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis. ISRA International Journal of Islamic Finance, 7 (2). pp. 105-133. ISSN 0128-1976
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG Finance K Law (General) KBP Islamic Law KD England and Wales KPG Malaysia
spellingShingle	HG Finance K Law (General) KBP Islamic Law KD England and Wales KPG Malaysia Engku Ali, Engku Rabiah Adawiah Klopic, Nermin Ellias, Muhammad Ramadhan Fitri Haron, Muhamad Nasir Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis
description	Asset ownership is an important aspect of ṣukūk structuring and issuance. However, a recurring and contentious issue regarding the underlying ṣukūk asset is the actual nature of its ownership and the corresponding legal implications for ṣukūk holders and other parties in the ṣukūk transaction. Many ṣukūk are based solely on beneficial ownership of the assets whilst legal title is retained by the originator or trustee. This paper attempts to ascertain the status of beneficial ownership vis-à-vis registered legal title from the Islamic legal perspective. The paper begins with an examination of the meaning, origin and status of beneficial ownership under English law. This is followed by a brief discussion on ownership (milkiyyah) from the Sharīʿah (Islamic law) perspective and a deliberation on the status of beneficial ownership under the Sharīʿah. Finally, the paper analyses the use of beneficial ownership in ṣukūk structures and its implication on ṣukūk holders and other parties in the ṣukūk transaction.
format	Article
author	Engku Ali, Engku Rabiah Adawiah Klopic, Nermin Ellias, Muhammad Ramadhan Fitri Haron, Muhamad Nasir
author_facet	Engku Ali, Engku Rabiah Adawiah Klopic, Nermin Ellias, Muhammad Ramadhan Fitri Haron, Muhamad Nasir
author_sort	Engku Ali, Engku Rabiah Adawiah
title	Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis
title_short	Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis
title_full	Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis
title_fullStr	Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis
title_full_unstemmed	Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis
title_sort	application of the concept of beneficial ownership in sukūk structures: 105 an islamic legal analysis
publisher	International Shari'ah Research Academy for Islamic Finance (ISRA)
publishDate	2015
url	http://irep.iium.edu.my/46885/ http://irep.iium.edu.my/46885/9/sukuk.pdf
first_indexed	2023-09-18T21:06:44Z
last_indexed	2023-09-18T21:06:44Z
_version_	1777410983381172224

Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis

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