Diversification of Islamic Financial Insturments
157
As for the Sukuk products are highlighted below:
Table 64: Sukuk Products And Their Shariah Structures
Products Underlying Shariah contract
Murabahah Sukuk
Tawarruq Sukuk
Murabahah
Tawarruq 112
Sukuk Ijarah Sale and lease – back
Sukuk Mudarabah Mudarabah
Sukuk Musharakah Musharakah
Sukuk Wakala Wakala
Source: Created by Author
There are other types of Sukuk based on other different Shariah contract and innovative
structure that have been offered in the Malaysian market, such hybrid Sukuk, convertible
Sukuk, perpetual Sukuk, etc.
Size of the Islamic Capital Market 113
The Malaysian Islamic Capital Market is sizeable market that combined different products and
instruments, below table provide an indication on the size of the market.
Table 65: Size of the Islamic Capital Market in Malaysia
2016
(MR Billion)
2015 114
(MR Billion)
Market capitalization of Shariah-compliant
securities
1,030.56 1,086.18
Size of Sukuk outstanding 661.08 607.93
Total size of ICM 1,691.64 1,694.11
% ICM to total capital market 59.56% 60.08%
Source: Created by Author
The above table shows the size of the market capitalization of the Shariah compliant securities,
along with the size of the Sukuk outstanding, which will be highlighted again as one of the
major financial instruments in ICM. The size has grown from 59.56% to 60.08%, despite the
slight increase but still indicate positive indication to the direction of the Islamic Capital
Market.
Shariah-Compliant Securities
The Shariah-Compliant Securities on Bursa Malaysia shows an increase of the number of listed
securities, but decrease in the total market capitalization from 64.09% to 61.81%, however the
drop is not significant. Below table is an illustration of the status of the market.
112 Tawarruq uses a Murabahah principle, but it is a tri-party arrangement.113 The figures are in in billion, in Malaysian
Ringgit currency unless mention otherwise
113 The figures are in in billion, in Malaysian Ringgit currency unless mention otherwise
114 Securities Commissions Malaysia, 2017.