An Introduction to Sukuk

Sukuk, is one of the most important Islamic capital market instruments. According to the Shariah Standards published by the Accounting and Auditing Organization for Islamic Financial Institutions, “Investment Sukuk are certificates of equal value representing undivided shares in ownership of tangible assets, usufruct and services or (in the ownership of) the assets of particular projects or special investment activity, however, this is true after the receipt of the value of the Sukuk, the closing of subscription and the employment of the funds received for the purpose of which the Sukuk were issued.”