Investment gif Profile of Sukuk Structures: Types of Investment Sukuk Description of Investment Sukuk Shariah rulings and requirements
Certificates of ownership in leased assets
These certificates carry equal value and are issued either by the owner of a leased asset or an asset to be leased by promise, or by his financial agent. The aim of which is to sell the asset and recover its value from sub- scription, in which case the holders of the certificates become owners of the assets.
Certificates of ownership of usufructs of existing assets
These are documents of equal value that are issued either by the owner of usufruct of an existing asset or a financial intermediary act- ing on the owner’s behalf. The aim of leasing or subleasing this asset is to receive rental from the revenue of subscription. In this case, the holders of the certificates become owners of the usufruct of the asset.
Certificates of ownership of usufructs to be made available in the future as per description
These are documents of equal value issued for the sake of leasing assets that the leaser is liable to provide in the future whereby the rental is recovered from the subscription income, in which case the holders of the certificates become owners of the usufruct of these future assets.
Certificates of ownership of services of a specified supplier
These are documents of equal value issued for the sake of providing or selling serv- ices through a specified supplier (such as educational programmes in a nominated university) and obtaining the value in the form of subscription income, in which case the holders of the certificates become owners of the services.
Salam certificates
These are documents of equal value issued for the sake of mobilising Salam capital and the items to be delivered on Salam basis are owned by the certificate holders.
Istisnaa certificates
These are documents that carry equal value and are issued with the aim of mobilising the funds required for producing a certain item and the items to be produced on Istisnaa basis are owned by the certificate holders.
Murabahah certificates
These are documents of equal value issued for the purpose of financing the Murabahah commodity and the certificate holders become the owners of the Murabahah com- modity.
Participation certificates man- aged on the basis of Musharakah contract
These are documents representing projects or activities that are managed on the basis of Musharakah by appointing either one of the parties or any other party to manage the operation.
Issuer: sells a leased asset or an asset to be leased on prom- ise. Subscribers are: The subscribers are buyers of the asset. Mobilised Funds: are the purchase price of the asset Certificate Holders: become the owners of the assets jointly with its benefits and risks.
Issuer: sells usufruct of an existing asset. Subscribers are: buyers of the usufructs Mobilised Funds: are the purchase price of the usufructs Certificate Holders: become the owners of the usufructs jointly with its benefits and risks.
Issuer: sells usufruct of an asset to be made available in the future as per specification Subscribers are: buyers of the usufructs. Mobilised Funds: Are the purchase price of the usuf- ructs. Certificate Holders: become the owners of the usufructs jointly with its benefits and risks
Issuer: sells services. Subscribers are: buyers of the services. Mobilised Funds: are the purchase price of the services. Certificate Holders: are entitled to sell all types of usufructs in addition to the funds of reselling such usufructs.
Issuer: sells Salam commodity Subscribers are: buyers of that commodity. Mobilised Funds: are the purchase price of the com- modity, which the Salam capital. Certificate Holders: are entitled to the Salam commodity, the selling price or the price of selling the on parallel Salam basis, if any.
Issuer: is the manufacturer (supplier). Subscribers are: the buyers of the item to be produced Mobilised Funds: are the cost of the item Certificate Holders: are entitled to the item or the sell- ing price of the manufactured item
Issuer sells: Murabahah commodity Subscribers are: the buyers of that commodity Mobilised Funds: are the purchasing cost of the commodity Certificate Holders: owns the Murabahah com- modity or the price of selling it.
Issuer: is the inviter to a partnership in a specific project or activity Subscribers are: the partners in the Musharakah con- tract Mobilised Funds: are the share contribution of the subscrib- ers in the Musharakah capital Certificate Holders: own the assets of partnership and are entitled to profit, if any.
2010 October Global Islamic Finance 21
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