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Erschienen in:

2024 | OriginalPaper | Buchkapitel

6. Social Sukuk

verfasst von : Sherin Kunhibava, Aishath Muneeza, Maryam Binti Khalid, Zakariya Mustapha, Thong Ming Sen

Erschienen in: Islamic Social Finance

Verlag: Springer Nature Singapore

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Abstract

This chapter delves into the intricate realm of Social Sukuk, providing readers with a profound understanding of these financial instruments. The chapter begins by elucidating the concepts of social bonds, social Sukuk, and SRI Sukuk, unraveling their unique characteristics. A comparative analysis with other Islamic financial tools such as Sadaqah, Zakat, Waqf, Microfinance adds depth to the discussion. The legal framework for Social Sukuk in Malaysia is explored, shedding light on the regulatory dimensions. Real-world case studies offer practical insights, showcasing the application and impact of Social Sukuk. The chapter concludes by addressing the prevalent issues and challenges in the realm of Social Sukuk, contributing to a holistic perspective on these instruments within the landscape of Islamic Social Finance.

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Securities Commission. (2019). Guidelines on Seasoned Corporate Bonds and Sukuk. Retrieved from https://www.sc.com.my/api/documentms/download.ashx?id=9f708d2e-0db0-4c19-850d-272cae0f1922.

International Islamic Financial Market. (2012). Sukuk report: A comprehensive study of the global sukuk market, http://iifm.net/media/pdf/iifm_suku_report_2.pdf.

Kunhibava, S., Mustapha, Z., Muneeza, A., Sa'ad, A.A. & Karim, M.E. (2021). Ṣukūk on blockchain: A legal, regulatory and Sharī’ah review. ISRA International Journal of Islamic Finance, 13(1), 118–135. https://doi.org/10.1108/IJIF-06-2020-0120.

Securities Commission Malaysia (2009). Sukuk, Abdul Kader Thomas (Ed.). Kuala Lumpur: Sweet and Maxwell.

Ibid.

Arena, M., Bengo, I., Calderini, M., & Chiodo, V. (2016). Social impact bonds: Blockbuster or flash in a pan? International Journal of Public Administration. https://doi.org/10.1080/01900692.2015.1057852, p. 2.

Rand Corp. (2016). Evaluating the World’s First Social Impact Bond. Retrieved from https://www.rand.org/randeurope/research/projects/social-impact-bonds.html.

Disley, E., Giacomantonio, C., Kruithof, K., & Sim, M. (2015). The payment by results Social Impact Bond pilot at HMP Peterborough: Final process evaluation report. Santa Monica, CA: RAND Corporation. https://www.rand.org/pubs/research_reports/RR1212.html.

The Economist. (2017). Britain is a pioneer when it comes to social-impact bonds. Retrieved from https://www.economist.com/britain/2017/08/03/britain-is-a-pioneer-when-it-comes-to-social-impact-bonds?utm_medium=cpc.adword.pd&utm_source=google&ppccampaignID=18156330227&ppcadID=&utm_campaign=a.22brand_pmax&utm_content=conversion.direct-response.anonymous&gclid=Cj0KCQjwiIOmBhDjARIsAP6YhSVGG2-o7iCKv2aEpqqrLrJ0xN7RzAzY-acuxR9_fmRZTO5OD5YWrT8aAq82EALw_wcB&gclsrc=aw.ds.

Rand Corporation. (2015). Evaluating the World’s First Social Impact Bond. Retrieved from https://www.rand.org/randeurope/research/projects/social-impact-bonds.html.

BNPparibas. (2023, June). Social bonds: Financing positive change in society. Retrieved from https://cib.bnpparibas/social-bonds-financing-positive-change-in-society/.

Syed Azman, S.M.M., Ismail, S., Haneef, M.A., & Engku Ali, E.R.A. (2022). An empirical comparison of sustainable and responsible investment ṣukūk, social impact bonds and conventional bond. ISRA International Journal of Islamic Finance 14, 3, https://doi.org/10.1108/IJIF-04-2021-0074.

Khazanah Nasional. (2015). Khazanah to issue first Ringgit-denominated sustainable and responsible investment sukuk. Retrieved from https://www.khazanah.com.my/media/uploads/2020/03/Khazanah-to-issue-first-Ringgit-denominated-sustainable-and-responsible-investment-sukuk.pdf.

Kareem, M. (2022). Khazanah issues world’s first ringgit-denominated SRI Sukuk: A shift toward retail. Islamic Sustainable Investment and Finance. Retrieved from https://islamicsustainable.com/khazanah-issues-worlds-first-ringgit-denominated-sri-sukuk-a-shift-toward-retail/.

Ibid.

Khazanah. Khazanah Nasional. (2015). Khazanah to issue first Ringgit-denominated sustainable and responsible investment sukuk. Retrieved from https://www.khazanah.com.my/media/uploads/2020/03/Khazanah-to-issue-first-Ringgit-denominated-sustainable-and-responsible-investment-sukuk.pdf.

Syed Azman, S.M.M., Ismail, S., Haneef, M.A. & Engku Ali, E.R.A. (2022). An empirical comparison of sustainable and responsible investment ṣukūk, social impact bonds and conventional bond. ISRA International Journal of Islamic Finance, 14, 3. https://doi.org/10.1108/IJIF-04-2021-0074; RAM Ratings. (2015). Credit FAQs: Rating Khazanah’s Sukuk Ihsan. In S.S. Ming & T. H. Nee (Eds.). RAM Holdings.

Securities Comission. (2019). Sustainable and Responsible Investment Sukuk Framework An Overview. Retrieved from https://www.sc.com.my/api/documentms/download.ashx?id=84491531-2b7e-4362-bafb-83bb33b07416.

CIMB. (2015). Principal Terms and Conditions of the Sukuk Programme. Retrieved from https://fast.bnm.gov.my/fastweb/public/PublicInfoServlet.do?fileId=2017071700017&fileName=Ihsan%20Sukuk%20Programme%20PTC%20%28Revised%29.pdf&mode=DOWNLOAD&dlTbl=m&module=News.

Bursa Suq al-sila is a commodity trading platform specifically dedicated to facilitate Islamic liquidity management and financing by Islamic financial institutions- Bursa. (2023). Bursa Suq al-sila. Retrieved from https://www.bursamalaysia.com/trade/our_products_services/islamic_market/bursa_suq_al_sila.

World Bank. (n.d.). Case Studies on Islamic Finance for Asset Recycling. Retrieved from https://ppp.worldbank.org/public-private-partnership/case-studies-islamic-finance-asset-recycling.

Kareem, M. (2023). Malaysia announces National Energy Transition Roadmap; Islamic instruments to fund SEA’s largest hybrid solar PV power plant. Islamic Sustainable Investment and Finance. Retrieved from https://islamicsustainable.com/malaysia-announces-national-energy-transition-roadmap-islamic-instruments-to-fund-seas-largest-hybrid-solar-pv-power-plant/.

Business Today. (2023). National Energy Transition Roadmap Secures RM25 Billion Investment Creating 23,000 Jobs. Retrieved from https://www.businesstoday.com.my/2023/07/27/national-energy-transition-roadmap-secures-rm25-billion-investment-creating-23000-jobs/.

BIX Malaysia. (2020). SRI Sukuk: The Journey Towards Sustainable and Responsible Investment. Retrieved from https://www.bixmalaysia.com/learning-center/articles-tutorials/sri-sukuk-the-journey-towards-sustainable-and-responsible-investment.

‘(c) Cagamas Bhd; (d) Danajamin Nasional Bhd; (e) Khazanah Nasional Bhd; or (f) A public company whose shares are not listed and quoted on a stock exchange, provided that—(i) the corporate bonds or sukuk are irrevocably and unconditionally guaranteed in full by any of the entities referred to in the above subparagraphs (a), (b), (c), (d), (e) or the Credit Guarantee and Investment Facility; or (ii) the sukuk are issued by a public company established by any of the entities referred to in the above sub-paragraphs (a), (b), (c), (d) or (e), with full recourse to the establishing entity in its capacity as obligor.’ Para 4.01 Guidelines on Issuance of Corporate Bonds and Sukuk to Retail Investors.

Para 4.02—‘except in the case of convertible or exchangeable corporate bonds or sukuk where:

(i) The option is to convert or exchange the corporate bonds or sukuk into shares;

(ii) The option to convert or exchange the corporate bonds or sukuk into shares is at the discretion of the investor; and

(iii) The underlying shares are listed and quoted on a stock exchange.’

Ibid.

Cheong, A. P. Y. (2020). Government Launches Malaysia’s First Digital Sukuk, Sukuk Prihatin With 2% p.a. Profit Rate. RinggitPlus. Retrieved from https://ringgitplus.com/en/blog/investment/government-launches-malaysias-first-digital-sukuk-sukuk-prihatin-with-2-p-a-profit-rate.html.

Ministry of Finance Malaysia. (2020). PENJANA: Building the Economy together—Short-term Economic Recovery Plan June–December 2020. Retrieved from https://penjana.treasury.gov.my/pdf/PENJANA-Booklet-En.pdf, accessed 22 October 2020.

Ibid.

Tawarruq is a tripartite Islamic financing technique that involves buying of a Shariah-compliant commodity on deferred payment basis with a mark-up price from a seller and, on spot payment basis, the same commodity is sold by the buyer to a third party.

Razak, S.S., Saiti, B., Dinç, Y. (2019). The contracts, structures and pricing mechanisms of sukuk: A critical assessment. Borsa Istanbul Review, 19(1). S21–S33. Retrieved from https://www.sciencedirect.com/science/article/pii/S2214845018301765.

Ministry of Finance Malaysia. (2020). Sukuk Prihatin: From RM500 million to more than RM666 million; Proof of Malaysians’ Solidarity in Supporting Economic Recovery Efforts. Media Release, September 20. Retrieved from https://www.treasury.gov.my/index.php/en/gallery-activities/press-release/item/6984-media-release-sukuk-prihatin-from-rm500-million-to-more-than-rm666-million-proof-of-malaysians%E2%80%99-solidarity-in-supporting-economic-recovery-efforts.html. See also The Star. (2020, September 20). Subscription to Sukuk Prihatin hits RM666m. Retrieved from https://www.thestar.com.my/business/business-news/2020/09/20/subscription-to-sukuk-prihatin-hits-rm666m.

Ministry of Finance Malaysia. (2020). PENJANA: Sukuk Prihatin Knowledge Pack. Retrieved from https://av.sc.com/my/content/docs/my-gom-sukuk-prihatin-knowledge-pack.pdf.

JomPay is a bill payment scheme that enables customers to pay any registered biller through mobile or internet banking by drawing money from savings, current and credit card accounts. By signing up with one bank, JomPay enables billers to be assigned a biller code and receive payments through 42 banks. DuitNow, for its part, enables instant payment to any bank account in Malaysia using a DuitNow ID which include mobile number, passport number, National Registration Identity Card (NRIC) number and other nationally approved means of identification—PayNet. (n.d.). Who we are. Retrieved from https://paynet.my/about-paynet.html.

Ministry of Finance Malaysia. (2020). PENJANA: Sukuk Prihatin Knowledge Pack. Retrieved from https://av.sc.com/my/content/docs/my-gom-sukuk-prihatin-knowledge-pack.pdf.

Bin-Nashwan, S.A., Muneeza, A., & Kunhibava, S. (2022). What motivates retail investors to invest in government-issued digital sukuk during COVID-19? Journal of Islamic Accounting and Business Research, 13(3) 393–424. Retrieved from https://doi.org/10.1108/JIABR-12-2020-0387.

Saada, M.A., & Mohamed Fisol, W.N. (2020). Rebuilding The National Economy By Issuance Of The First Malaysia Digital Sukuk (Sukuk Prihatin) And Its Distribution Through Fintech Services: A View From The Perspective Of Maqasid Alshari'ah. Presented at International Conference on Contemporary Issues in Islamic Finance (e-ICCIIF 2020). Retrieved from https://www.researchgate.net/publication/344944232_REBUILDING_THE_NATIONAL_ECONOMY_BY_ISSUANCE_OF_THE_FIRST_MALAYSIA_DIGITAL_SUKUK_SUKUK_PRIHATIN_AND_ITS_DISTRIBUTION_THROUGH_FINTECH_SERVICES_A_VIEW_FROM_THE_PERSPECTIVE_OF_MAQASID_AL-_SHARI%27AH.

Ministry of Finance. (24 September, 2022). Full Redemption of Award-Winning Sukuk Prihatin, Malaysia’s First Digital Sukuk. Press Release. Retrieved from https://www.mof.gov.my/portal/en/news/press-release/full-redemption-sukuk-prihatin-digital-sukuk

Ibid.

See Bank Indonesia, (2021). Cash Waqf Linked Sukuk Annual Report 2021. Retrieved from https://www.bi.go.id/id/edukasi/Documents/Laporan-Tahunan-Cash-Waqf-Linked-Sukuk-2021.pdf. Two issues were made one private and one retail.

Fad, M. F. (2021). Waqf Linked Sukuk Dalam Perspektif Maqashid Syari’ah, Journal of Islamic Studies and Humanities, 6(1), 44–62. Retrieved from https://journal.walisongo.ac.id/index.php/JISH/article/view/8150/pdf. Hafandi, A., & Handayati, P. (2021). Is Cash Waqf Linked Sukuk (CWLS) Less Than Ideal According to Islamic Laws? Studies of Applied Economics, 39(12), 1–16.

“CWLS was developed with government support and commitment along with other relevant authorities in relation to the Islamic social finance sector in Indonesia. The joint commitment was contained in a Memorandum of Understanding (MoU) between the Ministry of Finance, Ministry of Religious Affairs, Bank Indonesia and BWI concerning cash waqf asset management through development of waqf-linked sukuk on 1st November 2018, which facilitated collaborative management and development of cash waqf through Government Islamic Securities (SBSN).” See Bank Indonesia, (2021). Cash Waqf Linked Sukuk Annual Report 2021. Retrieved from https://www.bi.go.id/id/edukasi/Documents/Laporan-Tahunan-Cash-Waqf-Linked-Sukuk-2021.pdf.

See Bank Indonesia. (2021). Cash Waqf Linked Sukuk Annual Report 2021. Retrieved from https://www.bi.go.id/id/edukasi/Documents/Laporan-Tahunan-Cash-Waqf-Linked-Sukuk-2021.pdf, p. 30

Bank Indonesia. (2021). Cash Waqf Linked Sukuk Annual Report 2021. Retrieved December 14, 2022, from https://www.bi.go.id/id/edukasi/Documents/Laporan-Tahunan-Cash-Waqf-Linked-Sukuk-2021.pdf.

Badan Wakaf Indonesia. (2021). Risk Management in Cash Waqf Linked Sukuk Based on the Waqf Core Principle: A Preliminary Study—BWPS No. 07 2021. Retrieved December 14, 2022, from https://www.bwi.go.id/7342/2021/09/30/risk-management-in-cash-waqf-linked-sukuk-based-on-the-waqf-core-principle-a-preliminary-study-bwps-no-07-2021/.

Bank Indonesia. (2021). Cash Waqf Linked Sukuk Annual Report 2021. Retrieved December 14, 2022, from https://www.bi.go.id/id/edukasi/Documents/Laporan-Tahunan-Cash-Waqf-Linked-Sukuk-2021.pdf.

Ibid.

See also Badan Wakaf Indonesia. (2021). Risk Management in Cash Waqf Linked Sukuk Based on the Waqf Core Principle: A Preliminary Study—BWPS No. 07 2021. Hosen, M.N., Maulana, A., Farhand, & Rahman, M. H. (2022). Evaluating The Fundraising Process of The World’s First Cash Waqf-Linked Sukuk In Indonesia. Qudus International Journal of Islamic Studies (QIJIS), 10(1), 175–214. See also Dompet Dhufa. (2022). The Government Intensively Invites Sukuk Waqf, What is Sukuk Waqf? Retrieved from https://www.dompetdhuafa.org/en/the-government-intensively-invites-sukuk-waqf-what-is-sukuk-waqf/.

Islamic Sustainable Finance and Investment. (2023). Indonesian Government’s Cash Waqf-linked Sukuk Initiative Wins 2023 IsDB Prize for Impactful Achievement in Islamic Economics. Retrieved from https://islamicsustainable.com/indonesian-governments-cash-waqf-linked-sukuk-initiative-wins-2023-isdb-prize-for-impactful-achievement-in-islamic-economics/.

Mustapha, Z., Kunhibava, S., Muneeza, A., Khalid, M., & Thong, M.S. (2023). Social Sukuk for Sustainable Development—Review of Sukuk Prihatin, Ihsan Sukuk (Malaysia) and Cash waqf linked Sukuk (Indonesia). Presented at The 10th International Islamic Economic System Conference (I-iECONS2023) 14–15 August 2023, Mecca-Medina, Saudi Arabia.

Ibid.

Morea, D., & Poggi, L.A. (2017). An innovative model for the sustainability of investments in the wind energy sector: The use of green sukuk in an Italian case study. International Journal of Energy Economics and Policy, 7(2), 53–60.

Titel: Social Sukuk
verfasst von: Sherin Kunhibava
Aishath Muneeza
Maryam Binti Khalid
Zakariya Mustapha
Thong Ming Sen
Verlag: Springer Nature Singapore
Buch: Islamic Social Finance
Print ISBN: 978-981-9714-09-4

Electronic ISBN: 978-981-9714-10-0

Copyright-Jahr: 2024
DOI: https://doi.org/10.1007/978-981-97-1410-0_6

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