Bismillahir Rahmanir Rahim.
Firstly thanks for the delightful insight on the potential application of Sukuk Micro-Bond towards financing the co-operatives operation. It had been my personal opinion, that with regard to the Islamic Microfinance, co-operatives can provide vital framework compare to bank, towards the success of Shariah compliant financing for the benefit of it's members and surrounding communities.
Firstly thanks for the delightful insight on the potential application of Sukuk Micro-Bond towards financing the co-operatives operation. It had been my personal opinion, that with regard to the Islamic Microfinance, co-operatives can provide vital framework compare to bank, towards the success of Shariah compliant financing for the benefit of it's members and surrounding communities.
The inception of ANY co-operatives
were based on mutual trust and consent among the majority members towards
generating profitable ventures for the benefit of the shareholder. Only
recently, especially in Malaysia, the word TRUST had been dropped from the
co-operative name. But, in terms of spirit and objectivities, such term remains
the binding force that ensure the co-operatives survival. Hence, with TRUST
also being the cornerstone of success among any Sukuk Structures, the
co-operatives Micro-Bond Sukuk implementation would be the next financial
landscape to be observe.
Nevertheless, hereby in Malaysia and
throughout the world, it's a sad note to observe that Sukuk financing were only
restricted and limited to Corporate and Goverment entities. The ruling on the
needs of Rating and Listing had constrict the beauty of Sukuk financing from
the majority Islamic population. Thus, as in case of Malaysia, most of the
co-operatives members were Muslim, such official ruling were tantamount in
denying the right of Muslim masses to enjoy the benefit of Anti-Riba total
financing solution.
As a prolific writer, speaker and
distinguish scholar, you might have limited time to embark on new journey.
Nevertheless, as an uneducated person in Islamic financing, I seek your
precious advices and guidance, so that the first Sukuk implementation by a
co-operative can be realized as the reference point for more successful case
studies.
InSha'Allah. Wassalam.
Sallehuddin Sa'ad
Kota Bharu, Kelantan, Malaysia.Reference Link :
http://cooperativemicrobank.blogspot.com/2012/09/cooperative-micro-bond-debt-free-3rd.html
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