Legal Infrastructure of Sukuk Structures - Part 2

Abstract

This article is the second part of a two-part analysis of sukuk. This second part now discusses the three most important sukuk structures (sukuk al-musharaka, sukuk al-ijarah, and sukuk almurabaha) clarifying the legal infrastructure of each structure. This article shows that there are many sukuk structures, each having its own characteristic features and that the underlying Islamic finance contract determines the structure of each sukuk.

Keywords: Islamic Finance, Islamic Banking, Islamic Law, Sukuk, Al-musharaka, Al-ijarah, Almurabaha