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This collection of essays brings together leading scholars and practitioners to discuss contemporary issues in the rapidly-expanding sukuk market, and debates the challenges facing it since the 2008 financial crisis and a number of high profile sukuk defaults. It looks in particular at issues of Shari‘ah compliance, the issue of replication in Islamic finance, the need to have a true sale in the asset securitisation process, and the issue of sukuk defaults. It is highly recommended for practitioners, scholars and students of Islamic finance.

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The history of Islamic thought is marked by a continuous tradition of internal revitalization and reform embedded in the principles of islah and tajdid. The ultimate purpose has been to bring existing realities and social change in line with the transcendent and universal standard of the Quran and Sunnah through a process of restoration and reform. The tradition of islah and tajdid has thus consistently challenged the Muslim status quo and prompted fresh interpretation of the Quran and Sunnah, understood and implemented through the methodologies of interpretation and ijtihad, as well as the rejection of unwarranted accretions to the original messages of Islam. The basic theme of the paper is that civilizational renewal is an integral part of Islamic thought. The paper looks into the meaning, definition, and origins of tajdid and islah and their relationship with ijtihad, and how these have been manifested in the writings and contributions of the thought leaders of Islam throughout its history. It also develops tajdid-related formulas and guidelines that should lead the efforts of contemporary Muslims in forging the objectives of intercivilizational harmony and their cooperation for the common good.

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