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Sukuk Bonds

Basics of Sukuk
Sukuk is popularly known as an Islamic or Sharia
compliant Bond whilst in actual fact, it is an asset-
backed trust certificate.
In its simplest form Sukuk is a certificate evidencing
ownership of an asset.
The Sukuk structures relay on the creation of a Special
Purpose Vehicle (SPV).
SPV would issue Sukuk certificates which represents the
ownership of an asset, entitlement (right/claim) to a debt or
to rental incomes or even accumulation (collect) of returns
from a Sukuk.
The return provided to Sukuk holders therefore come in the
form of profit from a sale, rental or a combination of both.
Sukuk could be based on Mudaraba, Musharaka, Murabaha,
Salam, Istishna, Ijara or hybrid of all these.
Difference between conventional
bond and Sukuk
In its simplest form, a bond is a contractual debt
obligation whereby the issuer is contractually
obliged to pay to bondholders, on certain specified
dates, interest and principal.
In comparison, under Sukuk structure the Sukuk
holders each hold an undivided beneficial
ownership in the underlying assets. Consequently,
Sukuk holders are entitled to share in the revenues
generated by the Sukuk assets as well as being
entitled to share in the proceeds of the realization of
the Sukuk assets.
Sukuk in detail
An undivided proportionate ownership interest in an
asset
The corresponding right to the Islamically
acceptable income streams generated by the asset.
These current income streams are established and
translated into tradable securities.
Issuer creates a trust (arrangement whereby a person
or group manages property on others behalf) over
the leased or assets.
Trustee issues Sukuk to the Primary Subscribers (the
beneficiaries under the trust) in the Primary Market
Sukuk in detail
Sukuk Holders have pro-rata (proportionally)
undivided beneficial ownership of the leased assets
held in trust -As beneficial owners the Sukuk-
holders are entitled to the income streams from the
leased assets.
The Primary Subscribers can resell the Sukuk in the
Secondary Market
The Secondary Buyer will be the new pro-rata
beneficial owner of the leased assets held in the trust
Sukuk in detail
Sukuks are usually issued through special purpose vehicle
(SPV; is a legal entity created to fulfil narrow, specific or
temporary objectives).
In Pakistan a Limited Liability Company has acted as the
issuer and is registered with and regulated by SECP
Short and long term 5 10 Years Tenure
There were record number of Sukuk Issues in year 2007
Worldwide with a Total volume of US$32.65 Billion
Typical International Sukuk Mechanism
A company within a corporate group is said to be bankruptcy remote ,when the insolvency
of that company does not affect any other company in the group
Lessee person holding a property by lease
Sukuk Structures
Sukuk Structuring may based on following modes
Mudarabah (Trust Financing/Trust Investment)
Murabahah (Sale and Purchase)
Musharaka (Partnership, Project Finance
Participation)
Istishna (Purchase by Order or to Manufacture)
Salam (Upfront Payment Sale)
Ijarah (Operating Lease Concept)

Sukuk Structure
Sukuk Structuring may based on following modes
Mudarabah (Trust Financing/Trust Investment)
Mudarabah is a special kind of partnership where one
partner providers the capital (rabb-ul-maal) to the other
(mudarib) for investment in a commercial enterprise.
Murabahah (Sale and Purchase)
An Islamic financing structure, where an intermediary
buys a property with free and clear title to it. The
intermediary and prospective buyer then agree upon a
sale price (including an agreed upon profit for the
intermediary) that can be made through a series of
instalments, or as a lump sum payment.
Sukuk Structure
Musharaka (Partnership, Project Finance Participation)
A joint enterprise or partnership structure with profit/loss sharing
implications that is used in Islamic finance instead of interest-
bearing loans. Musharakah allows each party involved in a
business to share in the profits and risks. Instead of charging
interest as a creditor, the financier will achieve a return in the form
of a portion of the actual profits earned, according to a
predetermined ratio. However, unlike a traditional creditor, the
financier will also share in any losses.
Istishna (Purchase by Order or to Manufacture)
Istishna is a Sharia mode of financing widely used by Islamic
banks and financial institutions to finance the construction of
buildings, residential towers, villas and related products, and
manufacturing of aircrafts, ships, machines and equipment, etc.
Sukuk Structure
Salam (Upfront Payment Sale)
It is an advance payment commodity sales contract where
the delivery of the commodity is deferred. When a bank
signs to purchase a commodity on salam and pays out the
price, its receivable is the commodity due at a specified
future date that is stipulated in the contract.
Ijarah (Operating Lease Concept)
In an ijarah contract the bank first owns an asset which it
leases to its customer. Or the bank gets a tangible asset
on lease from a third party and subleases it to the
customer