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Beyond DebtIslamic Experiments in Global Finance$
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Daromir Rudnyckyj

Print publication date: 2018

Print ISBN-13: 9780226551920

Published to Chicago Scholarship Online: May 2019

DOI: 10.7208/chicago/9780226552118.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 28 July 2021

Making Bonds Islamic

Making Bonds Islamic

(p.101) Chapter Four Making Bonds Islamic
Beyond Debt

Daromir Rudnyckyj

University of Chicago Press

This chapter describes sukuk, one of the most celebrated instruments in contemporary Islamic finance. Often referred to as Islamic bonds, the chapter illustrates how Islamic finance experts identify the emergence of Islamic bonds in Ottoman history. The chapter argues that one of the main problems with sukuk is that, due to the way Islamic finance is framed by conventional finance, they often wind up mimicking conventional bonds. The chapter empirically documents the efforts of one Islamic finance practitioner to find a lead issuer for a sukuk based on Australian home mortgages in Kuala Lumpur.

Keywords:   sukuk, Islamic global city, shariah compliance, globalization, Islamic history, shariah boards, risk

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