a. Articulate the differences between an asset-based Sukuk and an asset-backed Sukuk. In your opinion, which type of Sukuk better embodies the spirit of the Shari 'ah? (8 +3 marks 11 marks) b. In 2008, Sheikh Taqi Usmani made a public statement that ..85% of Sukuk were not Shari'ah compliant". This statement sent shockwaves across the Islamic finance industry In about the two years that followed the statement, there was a marked drop in issuance of Sukuk. Briefly describe three (3) specific practices in Sukuk structuring that led to the aforementioned statement. Why did such practices attract negative sentiments among some Shari'ah scholars? (6 + 2 marks 8 marks) c. One controversial issue in Sukuk issuances is the permissibility of bay' al-dayn (sale of den. Briefly discis one argument for and one argument against the practice of boy'a dayn. (6 marks)