IBANK 10.1.3 Guidance
1 As a general principle, sukuk with underlying financial assets solely in the form of receivables (debts) are not tradeable.
2 Sukuk that are made up of financial assets may be traded by a firm if:
(a) the financial assets are combined with tangible assets and the value of tangible assets in the pool is not less than the percentage determined by the firm's Shari'a supervisory board (this kind of sukuk is sometimes called sukuk al-istithmar); or
(b) the firm is selling all of its assets (or a pool of assets with a standing financial obligation) and the financial assets are incidental to the tangible assets or usufructs being sold and are unavoidably included in the sale.
|Inserted by QFCRA RM/2017-1 (as from 1st April 2017).|