Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis

Engku Ali, Engku Rabiah Adawiah and Klopic, Nermin and Ellias, Muhammad Ramadhan Fitri and Haron, Muhamad Nasir (2015) Application of the concept of beneficial ownership in sukūk structures: 105 an Islamic legal analysis. ISRA International Journal of Islamic Finance, 7 (2). pp. 105-133. ISSN 0128-1976

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Abstract

Asset ownership is an important aspect of ṣukūk structuring and issuance. However, a recurring and contentious issue regarding the underlying ṣukūk asset is the actual nature of its ownership and the corresponding legal implications for ṣukūk holders and other parties in the ṣukūk transaction. Many ṣukūk are based solely on beneficial ownership of the assets whilst legal title is retained by the originator or trustee. This paper attempts to ascertain the status of beneficial ownership vis-à-vis registered legal title from the Islamic legal perspective. The paper begins with an examination of the meaning, origin and status of beneficial ownership under English law. This is followed by a brief discussion on ownership (milkiyyah) from the Sharīʿah (Islamic law) perspective and a deliberation on the status of beneficial ownership under the Sharīʿah. Finally, the paper analyses the use of beneficial ownership in ṣukūk structures and its implication on ṣukūk holders and other parties in the ṣukūk transaction.

Item Type:	Article (Journal)
Additional Information:	949/46885
Uncontrolled Keywords:	Beneficial Ownership, Legal Title, Ṣukūk, Islamic Legal Analysis.
Subjects:	H Social Sciences > HG Finance K Law > K Law (General) K Law > KBP Islamic Law K Law > KD England and Wales K Law > KPG Malaysia
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr Engku rabiah adawiah Engku ali
Date Deposited:	01 Jan 2016 07:13
Last Modified:	29 Jun 2016 09:37
URI:	http://irep.iium.edu.my/id/eprint/46885

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