Legal Aspects of Islamic Financial Instruments

In his book Osman Sacercelik lays attention on “Sukuk”, a securitised capital markets instrument in the field of Islamic Finance which is also gaining attention in Europe. One of the major reasons behind the emergence of Sukuk as an alternative to interest based debt instruments is the prohibition of interest and speculation in Islamic law as well as the principle of profit and loss sharing. Sukuk can be used for corporate, project or real estate finance purposes. The product variety ranges from simple bond-like structures to complex structured instruments.

Based on the most common Sukuk types, the legal and regulatory framework for Sukuk issuances under German law is analysed in the thesis. Sukuk has been developed by international legal and market practice involving various legal subject matters. Therefore, capital markets, contractual and insolvency law issues are scrutinized taking a comparative law approach.

Literature: Sacarcelik, Osman: Rechtsfragen islamischer Zertifikate (Sukuk) (Schriften zum Gesellschafts-, Bank- und Kapitalmarktrecht, vol. 43), Baden-Baden: Nomos 2013.