IBANK 10.3.10 Istisna Sukuk

(1) Istisna sukuk represent fractional shares in the financing of a project to construct an asset at a price to be paid in future instalments. The total of those instalments equals the face value of the sukuk plus markup.
(2) The sukuk can be in the form of serial notes or certificates with different maturity dates that match the progress schedule of instalments as agreed between the sukuk issuer (as manager on behalf of the sukuk investors) and the construction firm.
Derived from QFCRA RM/2015-2 (as from 1st January 2016).