Examples of Icara Sukuk Used in Interest-Free Banking Liquidity Management, Problems and Solutions

Abstract

In some Muslim countries around the world, state institutions issue sukuk in order to contribute to the liquidity management of interest-free banks. Most of these sukuk issued by state institutions are in the form of icara sukuk. One of the most important reasons for this is that this sukuk structure is suitable for trading in the secondary market. The aim of the study is to examine these sukuk structures, to identify the problems experienced in the fiqh sense and to produce solutions to these problems. In this way, it will be ensured that the discussions in the issuance of sukuk are minimized. In the article, icara sukuk structures issued by the Treasury or central banks in Malaysia, Bahrain, Pakistan, Sudan and Turkey were examined and the problems in icara sukuk issuances in Turkey were listed in six items. Solution suggestions are presented in the conclusion part. The importance of the study is because it scrutinizes the problems in the issuance of icara sukuk and offers solutions to these problems. In this way, the study will contribute to the elimination of the fiqh problems experienced in the issuance of icâre sukuk.