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• W810203405 abstract "IntroductionSukuk is the name of a financial certificate and can be seen together with Islamic debt securities (Central Bank of Sri Lanka, 2012). However, fixed income, debt securities, the interest element or benefits is not allowed in Islam as an element of riba. Sukuk are securities that comply with shariah and Islamic investment principles that are independent from riba, gharar and gambling (Hussein,. 2011). Sukuk has grown to be one method of financing investments based on shariah principles in this era of modernization. Request on the sukuk has been growing rapidly in recent years as it promotes opportunity because it became such investment opportunity that offers low risk, fixed income and Shariah principles (Mauro, 2013).Rapidly growing global sukuk market industry experienced tremendous growth over the past five years and has now become the focus in the development of the Islamic financial system is rapid (BNM, 2007). The most instruments of sukuk issued in Malaysia are sukuk Ijarah, sukuk Mudharabah, sukuk Istisna, sukuk Musharakah and etc. Most sukuk have been long in the market except for sukuk Murabahah. Sukuk Murabahah newly issued by Bank Negara Malaysia in April 2013 (BNM, 2014). Introduction of sukuk Murabahah will enable Islamic banks to obtain funds from the central bank by pledging high investment-grade sukuk as collateral, and will increase liquidity in the market.Among the sukuk, sukuk Ijarah is the most demanding sukuk in the Islamic capital market compared with other sukuk. The percentage is growing until this day. If we look at the number of issuances, sukuk Ijarah contributed 43.6 % of total issues, followed by sukuk Musyarakah 27.5% and then sukuk Mudharabah 1.4 % (Hanefah, Noguchi, & Muda 2013). The demand for sukuk Murabahah is too minimal percent in the Islamic capital market, either in Malaysia or in the Islamic world (Islamic Financial Services Board, 2011).Although Malaysia is lead the development and growth of sukuk in the global Islamic capital market, namely 63 % or USD100 billion of the total global sukuk in 2014, but the percentage of sukuk Murabahah in Malaysia remains small.However, some publications in Malaysia try to raise the question whether the issuer and investors understand the true concept of Islamic bonds and sukuk Murabahah and Islamic investment opportunities that can be taken. Does the publication process strictly comply with shariah? Why it's less applicable? Therefore the objective of this paper is to find out the reasons of not using sukuk Murabahah in Malaysia especially in CIMB Alor Setar in Kedah state. The secondary data also gathered from past study for the fundamental concepts and practices of sukuk Murabahah in the Islamic capital market.Literature ReviewSukuk market is one of market product which is growing rapidly in the Islamic capital market. Sukuk is equivalent to bonds which is the features is shariah compliance (CBS, 2012). However, in contrast to conventional bonds, sukuk give investors a low-risk investment and commensurate assets (Noor & Shahimi 2013).Sukuk, which was initially considered to be a capital market instrument that niche of corporate issuers, state-owned enterprises and financial institutions in Islamic economics for the purpose of acquisition of the capital, has now attracted the attention of the big banks and corporate issuers internationally. International financial centers also play a more active role in developing the market for this asset class, including the formulation of the necessary legal provisions that have contributed in boosting the development of the global sukuk market (BNM, 2007).In addition, the structure of sukuk is shariah -based financing such as Mudarabah, Ijarah and Istisna is a common thing, Malaysia has pioneered many innovative sukuk structures in the world. Between, the structure sukuk issued in Malaysia is sukuk Ijarah, sukuk Musharaka, sukuk Mudarabah, sukuk Istisna and sukuk Murabahah. …" @default.
• W810203405 created "2016-06-24" @default.
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• W810203405 date "2015-03-01" @default.
• W810203405 modified "2023-09-27" @default.
• W810203405 title "Towards Effectiveness of Sukuk Murabahah at CIMB Bank in Malaysia" @default.
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