이슬람 채권의 구조

Abstract

This paper investigates the structure of Sukuk (Islamic Bonds). There are various types of Sukuk, such as Sukuk al Murabaha, Sukuk al Ijara, Sukuk al Salam, Sukuk al Mudaraba Sukuk al Musharaka, that are based on the differences in the underlying modes of the Islamic financial contract. In this paper, the structure of these various types of Sukuk are explained in detail. In principle, Sukuk are asset based bonds that securitize the future cash flow generated from the underlying asset. Therefore, despite the prohibition of Riba and Gharar, Sukuk can replicate the cash flow of either fixed rate coupon bearing bonds or floating rate notes by employing appropriate financial structuring. This paper also emphasizes the importance of Sukuk as global financial instruments for both conventional and islamic investors. Because Sukuk are asset-based in nature, they can be appropriate financial instruments for infrastructure development. Sukuk can therefore help mitigate the global imbalance by recycling the savings from capital surplus countries to finance infrastructure projects in capital importing countries.