Introduction
“Debt markets are an integral part of the financial sector and effectively supplement the funds provided by the banking sector” (Tariq, 2004, p. 5). In developing markets, these marketplaces are nevertheless at a primary phase of their growth. Islamic rule (Shari’ah) forbids the charging and disbursing of interest. So, in nations anywhere Muslim populace establishes a significant section of the culture, customary debt marketplaces cannot succeed. Henceforth there is a great request and necessity for evolving options to current debt markets that can be satisfactory to the Islamic rule.
IDB Sukuk
According to (Anon., 2016), The Islamic Development Bank is a commercial organization founded in the enactment of the Declaration of Intent delivered through the Conference of Finance Ministers of Muslim Countries stored in Jeddah in Dhul Q'adah 1393H, linking to December 1973. The Inaugural Meeting of the Board of Governors took position in Rajab 1395H, linking to July 1975, and the Bank was officially started on 15 Shawwal 1395H relating to 20 October 1975. The reason for the Bank is to nurture the financial growth and social development of member nations and Muslim groups separately in addition to jointly in conformity with the values of Shari'ah namely, Islamic Law.
The purposes of the Bank are to contribute to equity wealth and allow finances for creative assignments and businesses besides offering monetary assistance to member nations in additional types of financial and social growth. The Bank is too needed to create and run separate finances for particular reasons together with an account of help to Muslim groups in non-member nations, as well as scheduling trust funds. The Bank is sanctioned to receive deposits and to rally monetary resources across Shari'ah well-matched styles. It is too charged with the task of helping in the rise of overseas commerce particularly in capital merchandises, amongst member nations; offering practical support to member nations, and prolonging training amenities for workers connected in expansion actions in Muslim countries to agree to the Shari'ah.
Describe the exact nature of the IDB Sukuk.
Muhammad (Ayub, n.d., p. 1) utters development of Islamic investment and money has increased impetus throughout the preceding decade chiefly in the parts of sukuk and Securitization. Having taken warning of the growth, the innovators, financial specialists and the reviewers are intensely watching the growth route and tendencies determine the course and the critical of development. The parts of their mission are: what is the character & activity in Islamic economics. Is there any alteration in fundamental foundations leading eventually to something very unusual or relatively the identical arrangements being followed under business necessities although safeguarding certain moral standards. Retaining the above quests in mind, this document searches the ability of Islamic investment for sustainable development and confers how it can be understood.
The opposition of this segment is to provide an impression of tendencies and prestige of the Islamic finance drive to function as a foundation for more conversation on the growth ability. An important expansion since the late 1980s has been that usual business depository began presenting Islamic banking amenities abreast with their standard processes. Today, a comparatively superior portion of the Islamic investment and takaful commerce is assumed by established organizations, conservative or throughout their companies, which present Islamic financing amenities to their customers as a substitute for riba-based transactions. Furthermore, the central portion of Islamic finance money as of today relates to organizations functioning in a commercial setting in which IFIs are working alongside with mutual interest founded depositories/commercial organizations. Just Sudan and Iran are practicing general usury-free banking methods with special features and limits of their own. This document mostly converses the advances in such measures of the globe anywhere together the techniques are functioning in spirited setting pushed by market influences.
What Islamic modes of finance underpin the IDB Sukuk?
(Moody's Investors Service, 2014, p. 1) affirms The Islamic Development Bank’s (IsDB), Ordinary Capital Resources' long-standing grading of Aaa, mirror the Bank’s (1) robust shareholder backing, as well as from numerous highly-graded sovereigns; 2) the institution's favoured creditor status, which safeguards that obligation it is owed is rejected from the burden of capital account influences, in addition to any rearrangement of sovereign debts; (3) a robust capital source and judicious monetary and risk management rules; and (4) stable liquidity stages. Like other MDBs, the IsDB is governed exclusively by global regulation and is not expose to any specific sovereign authority. The bulk of the IsDB’s working resources, equal to growth advances for other MDBs, advantage from sovereign assurances and the outstanding benefit from activities of government-owned entities or highly- graded depository and business promises. The Bank’s capital competence is durable. At the conclusion of the Islamic year 1434H (3 November 2013), total working resources and equity speculations were just 28% greater than practical equity (paid-in capital and total assets), in spite of a ramp-up in sukuk issuance. in the meantime, the Bank's risk asset coverage percentages persist to contrast positively with other MDBs. The 56 member nations of the IsDB are powerfully loyal to the establishment as one of the foremost Islamic monetary organizations. However, the weighted mean of its shareholders’ sovereign grading is under other Aaa-graded MDBs (the IsDB has no Aaa-graded associates). This backing was exemplified by a choice in May 2013 throughout the Bank's 38th Annual Meetings in Dushanbe, as soon as the board of governors chose to boost the approved investment from 30 billion Islamic Dinars to 100 billion Islamic Dinars. The board too enlarged the Bank's subscribed investment, from 18 billion Islamic Dinars to 50 billion Islamic Dinars. Furthermore, the board of governors summoned upon member countries to offer $5.4 billion in paid-up capital throughout the next 20 years.
The IsDB has intensified the usage of sukuk to supplement its lending volume and cultivate the worldwide Islamic financial marketplaces. The Bank has 12 sukuk remaining under the newly upsized $10 billion international MTN agenda, with an extra three delivered in the Malaysian national sukuk market. The IsDB has a significant capital base and the percentage of liquid resources to borrowings stays greater and the gearing percentage smaller than numerous Aaa-graded MDBs. As said by the bank, the debt-to-equity percentage will increase from 57% to 100% in the pending years, a stage yet lower than that of other Aaa- graded MDBs, for example, the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC).
Describe how these modes of finance work and the exact relationship they have with
the IDB Sukuk.
Andreas A. (Jobst, 2007, p. 3) asserts financial globalization eases the bigger change of speculation and allows danger to be moved throughout nationwide financial schemes. Among a compacted spread setting produced through the lack of investment resources and plentiful worldwide cash, small risk premier has confident financiers to pursue greater profits from other assets. Securitization performs a particular part in this setting, as more uniform money is bestowed to developing marketplaces with immature local fixed-income markets. Though, just very few organized credit deals have been performed in nations where the compatibility of capital markets with Islamic rule has needed the growth of shariah-conforming arrangements. Islamic economics is governed by the shariah, which forbids interest and conjecture, and specifies that revenue has to be originated as incomes from ordinary business danger instead of guaranteed profit.
Despite these spiritual restraints, Islamic economics can fuse nearby counterparts to equity, loans, and offshoots recognized in standard investment. To this close, it trusts upon organizational preparations of asset transmission among debtors and creditors to rival customary interest-bearing monetary agreements. Given that lending deals under Islamic rule are founded upon the idea of asset assistance and detailed credit contribution in recognized business danger, it too seems moderately candid to arrange a shariah-compatible asset-backed securitization (ABS) that brings a risk-return summary related to established arrangements. Though, standard securitization was cultivated in non-Islamic markets and always includes interest-bearing obligation.
What Sharia Board requirements were put in place?
(Financial Times Lexicon, n.d.) asserts a Sharia Supervisory Board or Sharia group is establish through a commercial organization (typically an Islamic depository or an Islamic insurance business) to counsel and confirm clear fiscal merchandises. First, the Sharia board was not required in Islamic economics however it turn out to be so over time as of the complexity of economic goods. The advantages are twofold:
There is currently official validation on whether or not these merchandises are completely Islamic.
Having a Sharia Board inserts trustworthiness to Islamic financial organizations.
Lastly, several Islamic nations have created it required for an Islamic monetary organization to have a Sharia board. Sharia academics have made a marketplace of their own since the financial organizations are open to select the Sharia researchers who will be part of the board.
Since there are not many academics qualified in together Sharia rule and economics, there is a rare awareness of statuses in very few hands. The three highly preferred researchers are part of 241 Islamic financial organizations and 27 adaptable bodies. This develops queries of privacy of conflict of interest and of whether professors are part of rival institutes or if they have to control the establishment of which they are a part.
Are issues of corporate governance relevant to this issue?
Numerous institutional financiers understand corporate governance as an instrument for obtaining worth for stockholders from under-performing, underrated businesses. This method has been extremely positive for Lens Inc., California Public Employees' Retirement System (CalPERS), Hermes and Active Value Advisors, to name however a few. Targeting businesses that are underachieving as stated by one of the key market manifestations, and analysing those companies’ corporate governance habits, can guide to developments that release a company's unseen worth. These enhancements comprise substituting badly performing managements and safeguarding that the businesses obey with apparent unsurpassed custom in corporate governance.
What was innovative about this issue?
The innovation of this deal is the presence of murabaha agreements and istisna agreements, which usually have not been transferable in keeping with Shari’a values, as they are agreements which signify an attention in a flood of payments, unlike ijara agreements which characterize a notice in the underlying assets.
How was the issue rated and by whom?
The trust documents have been provided a rating of AA by Fitch Ratings Ltd, and an AAA by Standard and Poor’s Rating Services. These grades emphasize the likelihood that certificate owners will get all the pertinent payments they have pledged for.
What risks for investors are associated with investing in sukuk?
Risks adverse provoke the keenness of an asset’s valuing. The innovation of Sukuks integrally involves a greater spotlight to a particular marketplace and monetary risks. Sukuk is displayed to unusual kinds of risks. The utmost significant are the marketplace risk, procedures risk and Shari’ah compliance risk. Moreover, the test for Sukuk issuing units becomes to plan an effective risk management approach corresponding to Shari’ah values.
Was the issue a success?
Issuance of Sukuk, frequently mentioned to as Islamic bonds, has burst as bond marketplaces in areas like the Gulf Cooperation Council launch. Overall Sukuk issuance was $5 billion in 2003, increasing to $134 billion in 2012 speaks Ashar Nazim, associate and leader of the worldwide Islamic banking center at consultancy management EY, founded in Bahrain. Inside the first eight months of 2013, new issuance has achieved $85 billion.
What lessons can be learnt for the issue of future sukuk? How do the critical factors for IDB Sukuk compare with those for the other Sukuk issued?
Wan Hanif Wan (Muhammad, 2015) utters, though, the Sukuk issuance is not short of issues, and these issues signify parts the Bank might better further someday Sukuk issuances. The moral studied from the prior sukuk issuance is extremely helpful in light of the Bank’s tactical strategy to consistently deliver more sukuk at some point offered that the Bank struggle to attain the ensuing medium long-term purposes:
Acquire a liquid yield curve as part of IDB’s broader planned goals.
Improve its outline in the global capital marketplaces and extend to new financiers.
IDB might arrange its upcoming sukuk issuances using mudarabah, musharakah and wakalah arrangements.
Obtain and circulate an asset-backed sukuk plan, which is arranged along the rule of business or profit-sharing, loss-bearing rule. For instance, sukuk musharaka and sukuk mudaraba.
IDB ought to attempt to boost investors’ knowledge at the same time as upholding a traditional method to leverage. Furthermore, the Bank ought to watch for alternatives ways to increase investment through Private Placements and co-financing for improved valuing.
Qatar Sukuk
Describe the exact nature of the Qatar Sukuk.
Brian (Kettell, n.d., p. 1) avers an Islamic bond (sukuk) has financial features related to those of a conventional bond, nonetheless arranged as to be conforming with Shari’a rule and can be marketed to Islamic financiers who are forbidden by Shari’a law from capitalizing in established debt guarantees. This circumstance explains Qatar Global Sukuk (QGS) delivering valued trust documents (Sukuk), the profits of which will eventually be utilized for overall funding reasons through the Government of the State of Qatar. The basis for this deal is to let the Government of the State of Qatar bring in shariah compatible moneys. QGS bought a guaranteed land portion from the Government of the State of Qatar. The land portion was rented through QGS to the Government of the State of Qatar for a 7-year period relating to the period of the trust documents. QGS stated that it would keep these moneys in trust for the owners of the trust documents. The lease rental expense from the Government of the State of Qatar to QGS will precisely coordinate the cyclic distribution costs billed on the trust documents. The lease rental expense is computed founded upon 6-month US dollar LIBOR and a margin.
Qatar Global Sukuk QSC was joined as a combined stock business in Doha throughout October 2003 and founded a joint undertaking special purpose vehicle through the government of Qatar, Qatar International Islamic Bank (QIIB) and HSBC. On 8th October 2003 the government of Qatar delivered $700 million worth of Trust Certificates (sukuk) due 2010. The profits from this issuance were used to bankroll the building and growth of the Hamad Medical City situated in Doha, Qatar.
All certificate owners have a complete recipient entitlement to a land portion (which is the medicinal development) between October 2003 and 2010. In the plan, the SPV purchases the shares from the government of Qatar and re-sells them to the purchasers of the distributions. It does so by buying the beneficiary claims and holding them as a trust and issuing trust documents (sukuk) to the guarantors. The distribution periods are the ninth day of each April and October. The SPV, on behalf of the financier, rents the land portion back to the Government of Qatar in compliance with the Master Ijarah Agreement. In the terms of the agreement among the issuer (lessor) and government (occupant) the rental expenses are to be computed semi-annually (in April and October) with mention to LIBOR and the margin, and will total the cyclic distribution quantities allocated upon the corresponding dates. These rental expenses are corresponding to the semi-annual distribution finances. The revenues are assured through the government of Qatar, and, therefore, duplicate floating charge Qatari sovereign debt implements. The documents were graded A+ through Standard & Poor’s (S&P), and appliances were created to record the issuances on together the Luxembourg Stock Exchange and the Labuan International Financial Exchange (Malaysia).
What Islamic modes of finance underpin the Qatar Sukuk?
Alfred (Kammer, et al., 2015, p. 8) maintains Islamic economics has developed fast throughout the previous decade, and its banking section has turned out to be systemically significant in a dozen nations in an extensive variety of areas. Islamic banking is forecasted to persist in increasing in reply to financial development in nations with big and comparatively unbanked Muslim populaces. It is too fuelled through the massive investments accrued by several oil-exporting countries that are pursuing to capitalize in Shari’ah-conforming commercial goods.
The rising spread of Islamic economics assures an amount of possible advantages. For instance, it is frequently contended that Islamic economics is integrally less prone to disaster since its risk-sharing characteristic decreases influence and inspires improved risk management on the role of together monetary organizations and their clienteles. It is too contended that Islamic economics is beyond sound than conventional finance, because: (i) Islamic economics includes bans against s conjecture; (ii) bankrolling is asset- founded and therefore completely collateralized, and (iii) it is originated on convincing moral principles. Furthermore, Islamic financial organizations are thought to be a good stage for rising access to fiscal presence, comprising access to money for SMEs, thus maintaining growing and economic development.
Describe how these modes of finance work and the exact relationship they have with the Qatar Sukuk.
(Anon., 2009 , p. 5) testifies Islamic finance can be easily described as a banking process that stands by sharia (Islamic rule), under which a principal tenet is the ban of interest or riba. usually, Islamic finance is comprehended to denote interest-free funding.
Advances are a vital component of established investment, with depositories borrowing from investors and loaning to individuals in need of money. Standard depositories, therefore, make cash from the change between the lesser interest rate they pay on credits and the better interest rate they charge their clienteles. Islamic depositories, instead, are forbidden from giving or obtaining interest. Sharia- conforming banks do not provide advances; as an alternative, they utilize other methods – sale-, lease- and partnership-grounded tools – to yield income.
Moreover being forbidden from getting riba, Islamic depositories cannot occupy in haram actions banned under sharia, for example, those consist of pork, alcohol, porn and betting. They cannot purchase stocks of wine and market them to a customer. Nor can they rent a gambling slot device to a gaming business, for instance. Furthermore, these depositories need to minimalize gharar (vagueness) in their agreements. To attain this, Islamic depositories have to declare unmistakably four rudiments in a sale and lease deal: price, amount, excellence and time of distribution.
What investment considerations would you need to take account of when considering investing in these Sukuk.
(Anon., n.d., p. 6) avows the contribution of all industry investors performs a vital part in growing an environment needed to develop sureness in together possible Sukuk issuers and backers. This report discovered that the U. K. is commanding in the application of plans to inspire the development of Islamic Finance and the issuance of Sukuk in the nation.
The social structure of various cultures is slowly re-sewn by globalization and the relocation of individuals looking for good job hopes in industrialized countries. Though Muslims comprise a regional group in France, Germany, and the United Kingdom, there is rising request for Sharia’- conforming merchandises and monetary amenities.
Is Qatar a good place to invest?
(Qatar Development Bank, 2016) declares Qatar is capitalizing its substantial incomes from oil and gas in additional financial subdivisions in order to enlarge its financial basis and grow a robust private segment. As a complete and dynamic associate of the World Trade Organization, Qatar has unlocked other areas of the market to overseas contribution and has appropriate business guidelines in Qatar.
What Sharia Board requirements were put in place?
Faleel (Jamaldeen, 2016) expresses the sharia board, or sharia supervisory board (SSB), lies close to the top of an Islamic monetary company’s ruling arrangement. If you peek at the group of such a company, you frequently find the sharia board stating to the directorate, executive organization, or managerial board.Sharia boards have two comprehensive parts of duty inside an Islamic monetary organization:
• Safeguarding that a firm’s processes are sharia-conforming
• Verifying that product expansion is sharia-compatible.
In fact, most Islamic financial organizations have three to six sharia board associates. (And absolutely, those associates might be females! Most sharia academics operating in the Islamic finance commerce are males. However, females can and do contribute to sharia boards.) Though certain Islamic monetary companies can perhaps depend on the leadership of a sole Islamic academic operating as a permanent consultant on together product expansion and processes, most financial organizations occupy multiple sharia board counsellors on a casual or permanent foundation in order to instill sureness in the power, authority, and correctness of the board’s decisions and supervision.
Are issues of corporate governance relevant to this issue?
Dr. Joseph E. (Ruin, n.d.) says the popular addition of supervision and checking of risk management is connected to the board associates - with board affiliates having decisive responsibility for anything that is occurring in the bank. What is more, the release of good corporate governance is underlined by the circumstance that risk management is all about safeguarding that a group or a bank’s corporate governance is, or have to be, seen to be continuously in place and there is no settlement or leniency.
Having sovereign managers as board associates might be a method of trying for improved governance. Also, a robust risk management group can maintain a supportive risk management group. A responsible risk management group is a pledge for any bank to manage its resources, guarantee fulfilment with rules and guidelines, deliver greater and quality banking goods and amenities, and confirm that the board and organization know the prospects of the shareholders (with of course financiers and bank customers).
The spirit of corporate governance – in the conservative and Islamic banking view – is consequently honesty and decency; directness and clarity; and responsibility and accountability. These are what summarize corporate governance.
What was innovative about this issue?
Alanoud (Fetais, n.d.) utters Sukuk signifies the most innovative merchandise of Islamic economics and one of the quickest developing sectors in Islamic investment. Sukuk can be arranged founded on the values of contract of exchange for example (Ijarah, Murabahah, Istisna’) and contract of contribution for instance (Musharaka and Mudarabah). Sukuk arranging takes into explanation the elimination of non shari’ah compliant qualities, for example, Gharar, Riba, and Gambling. In Islamic nations, there is rising request for shari’ah compliant tools as the rest of the nations as a replacement for conservative tools. Sukuk market confronts glitches of its initial phase of growth; various Muslim academics have probed its point of fulfilment with the Shar’iah rubrics and the key censure was from Sheikh Muhammad Taqi Usmani, particularly Sukuk Al Musharaka, Sukuk Al Mudaraba and Sukuk Al Istithmar. So, the Shariah Board of (AAOIFI) delivered its resolves in February 2008 to exemplify numerous parts in sukuk.
How was the issue rated and by whom?
(Anon., n.d., p. 6) asserts the assessments on the Certificates might be altered whenever and can unfavourably influence the fair market cost of the Certificates. It is a circumstance to the issuance of the Certificates that the Certificates be graded “A+” through S&P upon issuance. The evaluation tackles the probability of full and opportune payment to the Certificate owners of all reimbursements of Periodic Distribution Amounts upon the Certificates on every Periodic Distribution Date. The assessments of the Certificates will be founded chiefly on the credit evaluation of Qatar. If S&P drop their assessments of Qatar, the evaluation of the Certificates could be cut by S&P. An assessment is not advice to buy, hold or market the Certificates. There is no assurance that an evaluation will stay in operation for any provided period or that an assessment will not be dropped or removed entirely through an assigning rating organization. If the assessments initially allocated to the Certificates are then cut or extracted from any intention, no individual or entity will be forced to deliver any added credit improvement concerning the Certificates. Any discount or removal of assessment might have a contrary effect on the cash and market cost of the Certificates. Any decrease or extraction of an evaluation will not establish an occasion of non-payment concerning the Certificates or a happening needing the Issuer to cash any Certificates.
Was the issue a success?
Rodney (Wilson, n.d., p. 13) affirms as the Qatar Global Sukuk assessed at US$700 million and proposed on 8 October 2003 was the biggest such issue up till now; it is fascinating to explore it as a case study. The documents delivered are exchangeable in 2010; henceforth, the time for the issue is seven years. Deliveries to Sukuk owners are made twice yearly on 9 April and October, or the instant business day afterwards beginning April 2004. The documents were delivered in minimum values of US$10,000 and whole multiples of US$1,000 in excess thereof. The joint lead executives for the issue were HSBC Bank and the Qatar International Islamic Bank, with the co-managers being the Abu Dhabi Islamic Bank, Gulf International Bank, Kuwait Finance House, Commerce International Merchant Bankers of Malaysia, the Islamic Development Bank and the Qatar Islamic Bank.
What lessons can be learnt for the issue of future sukuk? How do the critical factors for Qatar Sukuk compare with those for the other Sukuk issued?
Andreas (Jobst, 2007) utters that said, certain serious restraints rising from sustained lawful doubt and controlling deviations that still must be overpowered. As issuers consider the prices and advantages of sukuk issuance in a comprehensive policy setting, constant exertions will be needed to overpower a sequence of financial, permissible, and governing matters. By the way, the lessons learned of both experienced and newer issuers deliver helpful direction moving forward. The optimistic market reply to present standard situation pointed at curtailing affairs about contract enforceability produced by varied clarifications of shari ‘ah values is inspiring, however, future development of global sukuk issuance will hinge on how simply these new arrangements are accepted and recognized.
Conclusion
(Anon., 2010) affirms the marketplace for sukuk is currently developing rising, and there is an increasing impetus in the wake of importance from issuers and financiers. Sukuk has corroborated their feasibility as an alternate way to rally medium to long-term investments and savings from an enormous investor base.
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