이슬람 금융을 활용한 선박 금융 구조화 방안 연구

A Study on Structuring Islamic Shipping Finance

This study tries to introduce the structure of Islamic shipping finance and analyses its adaptability to Korea's shipping/ship-building industry. First, this paper finds that traditional Islamic financial instruments, like Murabaha, Istisna, Ijara (especially Ijara mausufah fi al-dhimmah), and Musharaka etc., are now being actively structured comprehensively for ship-building industry. Second, this paper analyses three actual Islamic ship-building cases to show how the Islamic financial instruments can be combined in the ship-building industry: the first case (Al-Safeena Ijara Sukuk case) is carried out by issuing sukuk; the second case (Al-Rubban NFC Shipping Fund IV) is done by making a sharia compliant fund; the third case (Brunei Gas Carrier construction case) is done by Islamic structured finance. As a practical policy implication, to use Islamic finance for Korea's shipping and ship-building industry, this paper proposes to establish the Sharia Compliant Korea Shipping Fund.