Overview on Sukuk
Sukuk ─ also known as Islamic securities, Islamic bonds or Islamic investment certificates ─ represent one of the most demanded ICMs products. In essence, ṣukūk represent common undivided shares in the ownership of underlying assets with the effect that the ṣukūk holders share the return as agreed at the time of issuance and bear the loss, if any, in proportion to their share in investment.

New forms of securities in the form of sukuk assist the development of capital markets, attract conservative buyers, draw international capital and facilitate the efficient sharing of risks. Accordingly, ṣukūk have been extensively used for raising government funds via sovereign ṣukūk issuances as well as obtaining funds for companies through corporate ṣukūk offerings. Ṣukūk were initially introduced as an alternative instrument which serves the same purpose of providing long-term financing as conventional bonds, however, without compromising the requirements of Sharīʿah.
Overview on Shariah-compliant Securities
Investment in stocks represents a key aspect of the equity market. Within the arena of Islamic finance, investment in the stock market is however guided by what is permissible or non-permissible by Sharīʿah principles. Indeed, Sharīʿah permissibility of investing in the stock market is a result of relaxation of rules under the principle of necessity to remove hardship in business transactions. A large number of securities listed on the stock markets, even in Muslim countries, are directly or indirectly involved in a number of Sharīʿah non-compliant activities. The Sharīʿah allows investors to invest in companies with mixed businesses as long as the primary line of business is not Sharīʿah non-compliant. At the same time, income generated from Sharīʿah non-compliant activities would need to be purified by disposing to charity.
Overview on Islamic Funds
Islamic fund management has grown to become a popular sector of the ICM and a Sharīʿah-compliant alternative to conventional fund management. It has developed in parallel to its conventional counterpart and has been attracting the attention of global institutional and retail investors. In particular, this niche investment industry has provided an opportunity for Muslim investors to earn returns that are in compliance with Sharīʿah.
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