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  • CA-8.1 CA-8.1 Introduction

    • CA-8.1.1

      This Section deals with minimum capital adequacy requirements in relation to (i) Islamic bank licensees holdings of Sukuk; and (ii) the exposures of an Islamic bank licensee where it is, or acts in a capacity such that it is considered to be, (a) the originator of a Sukuk issue, (b) an issuer of Sukuk, (c) a servicer of a Sukuk issuance, or (d) a provider of credit enhancement to a Sukuk issuance.

      January 2015

    • CA-8.1.2

      Sukuk (plural of Sakk) are certificates, with each Sakk representing a proportional undivided ownership right in tangible and intangible assets, monetary assets, usufructs, services, debts or a pool of these assets, or a business venture (such as a Mudarabah or Musharakah). These assets, which must be clearly identifiable, may be in a specific project or investment activity in accordance with Shari'a rules and principles. The ownership right on Sukuk assets may be either a right of legal ownership (commonly referred to in the market as "asset-backed Sukuk") or a right of beneficial ownership through a trust which holds the assets for the benefit of the Sukuk holders (commonly referred to in the market as "asset-based Sukuk").

      January 2015