Arab Law Quarterly ( IF 0.5 ) Pub Date : 2020-10-22 , DOI: 10.1163/15730255-bja10068 Rafisah Mat Radzi 1
This study discusses the issues of ṣukūk (Islamic bonds) default surrounding its transaction structures and potential for restructuring the default. By explaining the basic concept of ṣukūk structure, this study further provides a classification of ṣukūk from the perspectives of the standard-setting bodies and credit-rating agencies. Since the structures that underpin ṣukūk vary and technically ṣukūk is neither debt nor equity, this study provides the potential restructuring of ṣukūk in cases of default. The contingent approaches such as extending maturity, haircut and debt-equity swap are based on the classification of ṣukūk structures and require a case-by-case approach.
中文翻译:
不同的结构,既没有债务也没有股权:重组Ṣukūk(伊斯兰债券)违约的方法应该是什么?
这项研究讨论了伊斯兰债券违约问题,涉及其交易结构以及重组违约的可能性。通过解释ṣukūk结构的基本概念,本研究从标准制定机构和信用评级机构的角度进一步提供了ūukūk的分类。由于支持ukukk的结构各不相同,并且技术上说ukukk既不是债务也不是股权,因此本研究提供了在违约的情况下ukukk的潜在重组。延长期限,削减头发和债务-股权互换等偶然性方法都基于“ ṣukūk”的分类 结构,并需要个案解决方案。