نحو صكوك إسلامية حقيقية[Toward genuine Islamic Sukuk]

Sukuk is an Islamic financial product that is meant to carry the same privileges of Bonds yet in a Shariah compliant manner. Sukuk enable their issuers to raise the desired financing and their holders to invest their money, with ease in liquidating their investments at any time by selling the Sukuk in the secondary market. However, most of the Sukuk issued so far have not been free from controversies. Providing their holders with practically face value plus return guarantee, and not being genuinely representative of ownership in real assets are some of the Shariah concerns that harboured many issuances of Sukuk. These controversies, in addition to others, have negatively affected the development of Sukuk and led to a decline in the number of their issuances. The paper shed light on the most important Shariah aspects of Sukuk in an attempt to outline the prospectus of what constitute genuine and controversy-free Sukuk.