Sukuk’s Background

Financial concept base on Shariah Islam (Islamic Finance) lately has growing up rapidly, accepted universally and adopted not only by Moslem countries in Middle East but also by another countries in Asia, Europe and United States.
Several principle in finance transaction base on shareeah islam is depend on the fair agreement, profit sharing and restriction on riba (interest), gharar (uncertainty), and maysir (gambling).
One of the shape of shareeah financial instrument has been issued is sukuk. In several countries, sukuk has been government financial instrument. Recently, some countries becomes sukuk regular issuer, such as Malaysia, Bahrain, Brunei Darussalam, Uni Emirate Arab, Qatar, Pakistan, and State of Saxony Anhalt – Germany.
Emition total of international sukuk growing up fast from USD 1 billion dollar in 2002 become USD 17 billion on April, 2007. There is 14 kind of sukuk stated by The Accounting and Auditing Organisation of Islamic Financial Institutions (AAOIFI). Sukuk investor not only Moslem investor but also the biggest is conventional investor.