Copy of Sukuk Regulation

7/26/2019 Copy of Sukuk Regulation

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AugustMIAN & SIBGHAT

IN THE NAME OF ALLAH

THE BENEFICIENT

THE MERCIFUL


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August 27, 2008August 27, 2008

MIAN & SIBGHATMIAN & [email protected]@gmail.com 2

By

SIBGHATULLAH AHSAN

Partner

MIAN & SIBGHAT

Advocates & Lega Cons!tants

Isa"a#ad$

SukukSukuk and %tsand %tsLega andLega and

Reg!atory Fra"eor' %nReg!atory Fra"eor' %nPa'%stanPa'%stan


3/44

AugustMIAN & SIBGHAT !

ISLAMIC FINANCIAL SYSTEM-ISLAMIC FINANCIAL SYSTEM-

AN INTRODUCTIONAN INTRODUCTIONBas"# o$ QURANa$# SUNNAH

%"ma$#s socio "co$omic ustic"

'(o)i*its all ki$#s o+RIBA'(o)i*its all +o(ms o+ "ploitatio$

'(o-i#"s "ual oppo(tu$iti"s to all

/o$#"m$s accumulatio$ o+ w"alt) i$ +"w)a$#s

$cou(ag"s acts o+ *"$"-ol"$c"


4/44

AugustMIAN & SIBGHAT 1

PRINCIPLES OF ISLAMICPRINCIPLES OF ISLAMIC

FINANCEFINANCE'(o)i*itio$ o+RIBA

Alkharajo bil dhaman "$titl"m"$t to p(o+it is

associat"# wit) co(("spo$#i$g (isk3Prohibition of sale of goods before acquiring

onershi!

'(o)i*itio$ o+ sal" o+ +oo# stu++ *"+o("

poss"ssio$'(o)i*itio$ o+ #"*t +o( #"*t

A-oi#a$c" o+ "hararu$c"(tai$t43


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AugustMIAN & SIBGHAT 5

PROHIBITION OFPROHIBITION OF RIBARIBA

QURAN6 #A$$AH )as p"(mitt"# BAI% sal"3 a$# p(o)i*it"#

RIBA& Al Baqarah' ()*3

6 4ou *"li"-"(s, +"a( A$$AH a$# gi-" up w)at"-"( isl"+t i$ li"u o+ RIBA i+ 4ou a(" i$#""# *"li"-"(, Watchout! I+ 4ou #o $ot o*"4 t)is o(#"( a$# gi-" up all

outsta$#i$g RIBA+, t)"$ t)"(" is a declaration of waragai$st 4ou from ALLAH and HIS PROPHET.How"-"(, i+ 4ou ("p"$t 4ou )a-" entitlement only to4ou( principals.N"it)"( 4ou i$+lict-ulm o$ ot)"(s, $o(t)" ot)"(s s)oul# #o-ulm o$ 4ou. Al Baqarah' ()./03


6/44

AugustMIAN & SIBGHAT

PROHIBITION OFPROHIBITION OF RIBARIBA

SUNNAH

1badah ibn Samit #i("ctl4 ("po(ts +(om t)"

'(op)"t as sa4i$g9 :Buy a$# sell gold +o( gold,silver +o(silver, dates +o(dates, wheat +o(wheat,salt +o(salt, a$#barley +o(barley o$ t)"like forlike *asis. ;)oso"-"( gave mo(" o( took more,-"(il4 )" madeaRIBA#"al. How"-"(, t(a#" gold+o( silveras 4ou wis) su*"ct to t)" conditiont)att)" "c)a$g" *" hand to handspot3. T(a#" w)"at+o( #at"s o( *a(l"4 +o( #at"s also lik"wis".


7/44AugustMIAN & SIBGHAT 7

E(CHANGE OF HOMOGENEOUSE(CHANGE OF HOMOGENEOUS

COMMO)ITIES OR CURRENCIESCOMMO)ITIES OR CURRENCIES

Co""od%ty A Co""od%ty B

MEASURMENT* M!st #e

sa"e %n a"o!nt + e%g,t +

co!nt

)ELI-ER.* M!st #es%"!taneo!s + s/ot



E(CHANGE OF HETEROGENEOUSE(CHANGE OF HETEROGENEOUS

COMMO)ITIES OR CURRENCIESCOMMO)ITIES OR CURRENCIES

Co""od%ty B Co""od%ty A

)ELI-ER.* M!st #es%"!taneo!s + s/ot

MEASUREMENT* May #e

d%00erent


9/44AugustMIAN & SIBGHAT m"asu(" "tc. s)oul# *" sam"

c"ptio$s6/("#it Sal"

6Salam

6=a(#?"?Hasa$a)



WHAT ISWHAT IS RIBARIBA

Simpl" #"+i$itio$

6A$4 #"la4 o( #isc(imi$atio$ ("ga(#i$g

w"ig)t, m"asu(" o( cou$t3 i$ a$4 o+ t)"cou$t"( -alu"s i$ a co$t(act o+ "c)a$g" is

(i*a

6A$4 a##itio$ wit)out a cou$t"( -alu" isIBA

6-"(4 loa$ "$taili$g a$ i$c("as" is IBA


13/44AugustMIAN & SIBGHAT !

ISLAMIC CONTRACTS FORISLAMIC CONTRACTS FOR

COMMERCIAL TRANSACTIONSCOMMERCIAL TRANSACTIONSMus)a(aka '(o+it a$# oss s)a(i$g3

Mo#a(a*a '(o+it s)a(i$g3

Musawama) Ba(gai$i$g sal"3

Ia(a) "asi$g3

Salam A#-a$c" pa4m"$t sal"3Istis$a /o$t(act o+ ma$u+actu(i$g3

Mu(a*a)a /ost plus ma(gi$ sal"3



MUSHARA3AMUSHARA3A

/)a(act"(istics

6All pa(ti"s s)a(" i$ t)" capital

6All pa(ti"s s)a(" p(o+its as w"ll as loss"s

6'(o+its a(" #ist(i*ut"# as p"( ag(""# (atio

6oss is *o($" *4 t)" pa(ti"s as p"(capital (atio

6-"(4 pa(t$"( is ag"$t o+ ot)"(



MUSHARA3AMUSHARA3A

PARTNER A PARTNER B-ENTURE

Rs$4555 Rs$4555

PROFIT

Rs$ 455

LOSS

Rs$455

Rs$ 65 Rs$ 75

Rs$ 85 Rs$ 85

May be in anyagreed ratio

Must be according to

capital ratio


16/44AugustMIAN & SIBGHAT

MUSHARA3AMUSHARA3A

PARTNER A PARTNER B-ENTURE

Rs$9555 Rs$:555

PROFIT

Rs$ 455

LOSS

Rs$455

Rs$ 85 Rs$ 85

Rs$ 75 Rs$ 65

May be in anyagreed ratio

Must be according to

capital ratio



MU)ARABAMU)ARABA

$" pa(t$"( a* al Mal3 co$t(i*ut"scapital a$# t)" ot)"( Mu#a(i*3 co$t(i*ut"s

)is skills o( s"(-ic"s to t)" -"$tu("C"$tu(" ma4 +o( a +i"# p"(io# o( pu(pos"

Bot) s)a(" p(o+it i$ p("?ag(""# (atio

oss is *o($" *4 a* al Mal o$l4, Mu#a(i*los"s )is s"(-ic"s



MU)ARABAMU)ARABA

RABBUL MAL MU)ARIB-ENTURE

SER-ICES CAPITAL

PROFIT

LOSS

85 ;85 ;

ALL MONETOR. LOSS LOSS OF SER-ICES


19/44

AugustMIAN & SIBGHAT %ansion or Ba&an'in*/Mod$rni+ation R$%&a'$($nt 0BMR1/ a f$asii&it3 stud3s!ou&d $ 'ondu't$d and a r$%ort s!ou&d $ %r$%ar$d9

ii1 Pr$-IPO %&a'$($nt of s!ou&d $ fina&i+$d9 iii1 Und$r#ritin* arran*$($nts/ if an3/ s!ou&d $

'o(%&$t$d9

i.1 Cr$dit ratin* of t!$ $ntit3 as #$&& as t!$ instru($ntfro( an3 ratin* a*$n'3 s!ou&d $ 'arri$d out9 .1 Trust$$/ Ban4$rs to t!$ Issu$/ Ba&&ot$rs/ R$*istrar

0Transf$r A*$nt1 and L$*a& Ad.is$r to t!$ Issu$ s!ou&d$ a%%oint$d9

.i1 C&$aran'$ of t!$ %ros%$'tus fro( t!$ 'on'$rn$d

sto'4 $>'!an*$0s1 s!ou&d $ otain$d9 .ii1 Auditor=s '$rtifi'at$s as to %rofit and &oss anddi.id$nd or r$turns on s$'uriti$s issu$d in %r$.ious @3$ars


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AugustMIAN & SIBGHAT 1!


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Conta't,Conta't,

Sibghatullah hsan

A#-ocat" Hig) /ou(t

I" # SIB$%&dvocates # 'egal (onsultants++. 02?A, stEloo(, A""m Ma$sio$,

Block 87?, Eaal?"?Ha oa#, Blu" A("a

Islama*a#.

').

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