SUKUK: A HISTORICAL VIEW OF THE NEW LEGAL INSTITUTION

Abstract

This article explores the origins of sukuk as a foundation of the Islamic capital market. It investigates the historical meanings of the term, the various forms of its use in financial relations across different stages of societal development, as well as the evolution of the legal institutions associated with it. The research topic is approached from two complementary perspectives. First, it examines the early phase of sukuk development: the necessity of its application is substantiated, its forms of use during the relevant historical period are described, and the lexical and terminological meanings of the term “sukuk” are clarified. Second, the focus shifts to the circulation of sukuk during the Ottoman Empire, where the instrument, initially serving as a means of payment, gradually began to be used for investment purposes. The author concludes that modern infrastructure bonds, as enshrined in current legislation, essentially trace their origins back to the historical form of sukuk practiced in the Ottoman legal tradition. The concluding section presents findings aimed not only at enriching the theoretical, legal, and historical foundations of Islamic financial instruments and securities but also at offering a deeper understanding of the evolutionary trajectory of sukuk as a legal phenomenon.