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Understanding the Evolution and Innovation of Sukuk in the Civilizations of Abrahamic Religion: A Historical Analysis
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Author(s): Khairunnisa Musari (Kiai Haji Achmad Siddiq State Islamic University, Indonesia), Ridan Muhtadi (Kiai Haji Achmad Siddiq State Islamic University, Indonesia & IAI Miftahul Ulum Pamekasan, Indonesia), Halili Halili (Kiai Haji Achmad Siddiq State Islamic University, Indonesia & STIS Nurul Qarnain, Indonesia)and Zaenol Hasan (Kiai Haji Achmad Siddiq State Islamic University, Indonesia & STIS Nurul Qarnain, Indonesia)
Copyright: 2026
Pages: 36
Source title:
Social Impact, Ethics, and Practice in Abrahamic Finance
Source Author(s)/Editor(s): Camille Silla Paldi (Colgate University, USA), Phillip Lieberman (United States Naval Academy, USA & Vanderbilt University, USA), Mohammad Kabir Hassan (University of New Orleans, USA)and Isaac Lifshitz (Shalem College, Israel)
DOI: 10.4018/979-8-3373-6706-4.ch001
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Abstract
As key instruments for public borrowing and investment in Islamic finance, sukuk have undergone significant evolution and innovation over time. This study explores the historical development of sukuk within Abrahamic civilizations, tracing the origins to early financial instruments, namely suftaja/h, sakk, and esham, as the precursors of modern sukuk. Through historical analysis, the research examines the social, ethical, and economic dimensions of these three instruments in Jewish, Christian, and Islamic finance, emphasizing their roles in trade, public finance, and crisis management. This study offers valuable insights for academics, policymakers, and financial institutions by bridging the literature gap regarding the historical foundations of sukuk. Sukuk have evolved through centuries of interfaith financial collaboration, demonstrating that financial innovation transcends religious boundaries and providing an ethical financial model rooted in Abrahamic traditions for a more equitable global economy and finance.
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