IBANK 10.3.15 Ijarah and IMB Sukuk

(1) Ijarah and IMB sukuk represent the holder's proportionate ownership in leased assets where the sukuk holders collectively assume the rights and obligations of the lessor. The sukuk holders are entitled to a share of the lease rentals in proportion to their ownership shares in the leased assets.
(2) As a proportionate owner, an ijarah or IMB sukuk holder assumes a proportionate share of:
(a) any loss, if the leased asset is destroyed; or
(b) the cost of meeting the obligation to provide an alternative asset.

Note If the ijarah or IMB sukuk holders fail to provide an alternative asset if the original leased asset is destroyed, the lessee can terminate the lease without paying future rentals.
Derived from QFCRA RM/2015-2 (as from 1st January 2016).