期刊名称：International Review of Management and Business Research
印刷版ISSN：2307-5953
电子版ISSN：2306-9007
出版年度：2018
卷号：7
期号：2Part 1
页码：1-13
出版社：Academy of IRMBR
摘要：This paper critically evaluates the practice of partnership-based or equity-based sukuk (Islamic bonds)
structure in light of the problem concerning default. The study focuses on the debt characteristics built into
the equity structure before and after the Accounting and Auditing Organization for Islamic Financial
Institutions (AAOIFI) announcement in 2008. A closer examination the structure of two musharakah (joint
venture) sukuk that practice in the market has demonstrated „why‟ sukuk are experiencing default
situations. While ideally the element of risk avoidance and profit-sharing should present in the structure,
due to market presssure, these structural features practically turned the equity-based profit-and-losssharing
arrangements into fixed-income instruments. Ultimately, the structure that should practice „no
concept of fixed obligation‟ has in fact defaulted on its obligations.
