Continuation
1.4.3 SUKUK
The
Accounting and Auditing Organisation for Islamic Financial Institutions
(AAOIFI) defines “sukuk” as follows:
Sukuk are certificates
of equal value representing undivided shares related:
-
to the ownership (and not debt) of:
o
tangible assets
o
usufruct
o
and services
-
or to the ownership of the assets of particular projects or a
special investment activity
-
extending even to contractual rights, which are held in trust
for sukuk-holders.
To be Shari’ah-complaint,
sukuk must be capable of being owned and sold legally, in accordance with the
rules of the Shari’ah.
From the research paper of
European Central Bank
(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho,
B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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