ROLE OFSUKUK AL-MUDARABAHFOR FINANCING A PROJECT AND STIMULATING ISLAMIC CAPITAL MARKET

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Dr. Chaibou Issoufou, Prof. Dr. Abdul Razak Abdul Hadi

Abstract

This paper explores role andimportance of Sukuk al-Mudarabah in Islamic capital movement and itssuitability for financing projects which individuals are not ready to provide capital for them.Sukuk al-Mudarabah is the most popular Sukuk in Sukuk market which has been structured to provide funds for the big projects which need huge amount of capital.Thispaper aims to analyzethe nature, salient featuresand the process of Sukuk al-Mudarabah.The paper uses qualitativemethodologywhich isbased on the four prominent schools of fiqhand views of some contemporary scholars.The paper examines to what extent the suitability ofSukuk al-Mudarabahto finance a project due to the crucial role that its plays in providing funds for the projects.It was found in this paper thatSukuk al-Mudarabah plays a significant role in Islamic capital market particularly Sukuk market.

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