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1 Sept Arab World Studies No.5 Sukuk Sukuk p. 13,

2 p. 9, p. 1, _ html,

3 AAOIFI IFSB SC 2011 AAOIFI IFSB Kamil, W. A., Introduction to Sukuk. In R. Ratings, Malaysian Sukuk Market Handbook - Your Guide to the Malaysian Islamic Capital Market, Kuala Lumpur: RAM Rating, 2008, pp International Shari ah Research Academy for Islamic Finance (ISRA), Islamic Financial Ssystem: Principles & Operations. Malaysia: ISRA, 2011, p AAOIFI See: Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI, SHARI A STANDARDS FOR SILAMIC FINANCIAL INSTITUTIONS, 2010, Bahrain: AAOIFI. Ibid., p Islamic Financial Services Board IFSB, REVISED CAPITAL ADEQUACY STANDARD FOR INSTITUTIONS OFFERING ISLAMIC FINANCIAL SERVICES, Malaysia: IFSB, 2012, p. 99. Securities Commission Malaysia (SC), Guideline on the Offering of Islamic Securities, 2004, p. A-4. Ibid., Islamic Securities Guideline (Sukuk Guideline), 2011, p. 5 and Guidelines on Sukuk, 2012, p

4 SC IFSB AAOIFI Asset-Based Instruments Asset-Backed MurabahahMusharakah MudharabahIjarahBay Bithaman Ajil - BBA SalamIstisna Wakalah Kahf, Monzer. Asasiyyat al-tamwil al-islami. Malaysia: ISRA, 2011, pp SC. Malaysian Debt Securities and Sukuk Market: A Guide for Issuers & Investors, 2009, pp ; Kahf, pp Kahf, Monzer. (2011). Asasiyyat al-tamwil al-islami. Malaysia: ISRA. pp

5 Istithmar bi al-wakalah Embedded Option Option Hybrid Call Option Special Purpose Vehicle - SPV 42

6 Bay al- Inah Hibah Put Option Bacha, O., Financial Derivatives: Markets and Applications in Malaysia, Malaysia: McGraw, 2012, p

7 Dhahiri SC OIC OICFATawarruq Commodity Murabahah Arrangement Murabahah OICFA 10 ALIm 50 Bay al- Inah Bay al-dayn OIC Fiqh Academy Tawarruq Munazzam Bay al- Inah 44

8 AAOIFI EBS AAOIFI AAOIFI AAOIFI / AAOIFI AAOIFI AAOIFI Usmani, Muhammad Taqi, Sukuk and Their contemporary Application. Retrieved December 20th, pp. 9-12, AAOIFI Sukuk Pronouncement, December 2008, from AAOIFI: AAOIFI, Shrai a Standard, pp

9 al-ghunm bilal-ghurm ak-kharaj bial-daman AAOIFI AAOIFI % 36% AAOIFI AAOIFI AAOIFI The Mejelle, Majallah El-Ahkam-i-Adliya and A Complete Code on Islamic Civil Law, Trans. by C. R. Tyser, B.A.L., D. G Demetriades and Ismail H. E., KL: The Other Press, 2007, Article 87, p. 14. Ibid, Article 85, p. 14. ISRA., p Damak, M., Volland, E., Maheshwari, R., Sukuk Market Declined Sharply in 2008 But Long-Term Prospects Remain Strong: Standard & Poor s, See: Al-Masr, R. Y., The Binding Unilateral Promise (wa d) in Islamic Banking Operations: Is it Permissible for a Unilateral Promise (wa d) to be Binding as an Alternative to a Proscribed Contract? Journal of King Abdul Aziz University, no. 15 (2002), pp

10 + ECSM 30 Yusuf Talal DeLorenzo Shabnam Mokhtar, A Synthesis of Shari ah Issues and Market Challenges in the Application of Wa d in Equity-Based Sukuk, Kuala Lumpur: ISRA, 2009, pp INCEIF, Shari ah Issues in Islamic Finance, Kuala Lumpur: INCEIF, 2011, Unit 2, pp

11 Abdul Ghani, Badlisyah. & Hussain, Shamsun A., The Key Driver of Islamic Finance - Supply and Demand, Islamic Finance Review, ed. Lisa Paul, England: Euromoney Institutional Investors, 2009, p

12 + S 5 e2 27.2% + 3 e1 D1 D2 14.9% / % 14.9% Abdul Ghani, Badlisyah. & Hussain, Shamsun A., The Key Driver of Islamic Finance - Supply and Demand, Islamic Finance Review, ed. Lisa Paul, England: Euromoney Institutional Investors, 2009, p

13 Commodity Murabahah Tawarruq Mohamad Mokhtar, S., The Relationship Between Leakage in Commodity Murabaha and Sukuk Pricing, Kuala Lumpur: ISRA Bulletin, 2008, pp Bond Pricing Agency Malaysia,

14 % Ernst & Young, World Islamic Banking Competitiveness Report , Nov 2013, pp

15 2013 2, % 14% 8% 7% 5.14% 2% 1% html, p. 2,

16 AAOIFI 53

17 Sukuk s Mode of Operation and Its Opportunities and Challenges in the Process of Development WANG Yongbao (Wang Yongbao, Associate Professor, School of Oriental Languages and Cultures, Xi an International Studies University) Abstract This article focuses on analyzing the Sukuk which is the fastest growing part of Islamic Capital Market in the Arab and the whole Muslim world. The article is first defines Sukuk as a terminology has special meaning. Second, the article discusses the characteristics of Sukuk. The third part primarily analyzes the main issues emerged in the process of operating Sukuk. Finally, the last part analyzes the role played by the Sukuk in economic transformation in the Muslim as well as Arab world and in China s strategy of Silk Road Economic Belt and Maritime Silk Road, i.e. One Belt One Road. Keywords Sukuk; Shariah; One Belt and One Road Strategy 54

GDP % 0 GDP BP % % % % 8% % 5% 0

GDP % 0 GDP BP % % % % 8% % 5% 0 05 5 May 05 Arab World Studies No. * FTA FTA 00 ~ 0 5 FTA + + FTA 800 67-56 05 0-0059 - 4 D8 A * 4BJY04 050B0 04 4ZDA076 59 05 6 4 788 0 6 GDP. 64. 6. 08 6 5 54 6 45. 4% 0 GDP 9. 55 4. 8 4. 68 BP 00 4