HISTORICAL ORIGINS OF SUKUK

Abstract

As ṣukūk is an Arabic word, examination of ṣukūk origins should start by looking at the contexts in which this word has been used in the Arabic language. It is evidenced that Arab people used this word during the classical period in two denotations. The first is to strike, to hit, or to touch. In this respect, it is used when two things meet or touch each other, sometimes strongly and with intensity, in various situations, for example, putting the knees closer, closing the door, giving a slap, and shooting an arrow. The Quran (51:29) uses this word as a verb, which is translated thus: ‘Then his wife came forward with a loud voice: she smote her face. Also, the verb form of the word ṣak can be found in Hadith in Ṣaḥıḥ Muslim (one of the six canonical collections of Hadith) (19:4450) where the ṣaḥabi (companion) said: ‘...shoot at him an arrow...’. The second meaning of the word sukuk is a book or written document that records and acknowledges debt, property, commercial transactions, or financial rights. In this respect, it has the connotation of dhikru al-ḥaq (right mentioning). One should note that the term sukuk in the current Islamic finance press is originated from the second meaning of the sukuk in Arabic language.