Pre -Test Sukuk Shariah Aspects

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1. Which of the following is the responsibility of a Shariah Adviser?
*

1 point

Advise and on appropriate Islamic capital market transaction structure

Advise on legal matters pertaining to the Islamic capital market transaction structure

Advise on Shariah principles applications and any issues pertaining to Sukuk Programme

Co-ordinate and advise on the issuance process of Shariah-based products and services

2. Which of the following is/are not the similarities between Sukuk & Bonds?

i) Can be issued with short, medium & long tenure
ii) The profit rate can be predetermined
iii) Can be issued at discount, at par or at premium
iv) Backed by tangible assets, rather than debt

1 point

i and ii

ii only

i and iii

iv only

3. Under the parameter of Sukuk proceeds utilisation, the followings Shariah non-compliant activities fall under 5% benchmarks except; *

1 point

Stockbroking business

Non-halal food and beverages business

Tobacco and tobacco-related business

Shariah non-compliant entertainment activities

4. Which of the following statements are CORRECT about the advantages of issuing Sukuk;

i) Sukuk issuers having ownership of real assets and earning a return sourced from those assets

ii) Less documentation for Sukuk issuance process

iii) Valuation of sukuk increases in relationship to the assets backing the sukuk certificate

1 point

ii and iii

None of the above

i and iii

i, ii, and iii

5. Which of the following aspects are the characteristics of Asset-Based Sukuk?

i) Beneficial ownership to the sukuk holders

ii) Actual performance of an asset will determine the returns

iii) Transactions will involve true sale of assets

1 point

i, ii and iii

i only

ii and iii

None of the above

6. Which of the following statements is correct with regards to administration of Sukuk?
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1 point

Only companies with Shariah-compliant business activities can issue Sukuk

Sukuk proceeds cannot be utilised for refinancing of outstanding conventional borrowings

Sukuk can only be issued using Murabahah via Tawarruq Shariah contract arrangement

The SAC of SC resolution on utilisation of Sukuk proceeds are applicable to the Issuer and the Issuer’s group of companies

7. Which of the following circumstances could be the potential reasons of Sukuk default?

i) Non performance/ under performance of an underlying asset
ii) Poor economic and financial conditions
iii) Sukuk issuer failed to remit payment at due date

1 point

None of the above

i and ii

i and iii

All of the above

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