CmaBylaw
Executive Bylaws
11-44 Of Module Eleven: Dealing in Securities
Section: Chapter Eleven: Sukuk Regulations
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Tuesday, 14 February 2017
The structure of Sukuk issued in accordance with the provisions of this Module may depend on the transactions forming its basis, which may comprise any of the following contracts: 1. Ijarah contracts, which constitute the sale or transfer of a tangible asset to be leased later on for a period of time agreed upon in return for a consideration agreed upon and paid by the lessee. 2. Intifa’a contracts which include the right to utilize, own or develop any asset, or other legal rights of utilizing or holding such asset. 3. Salam contracts, whereby the seller undertakes to supply certain goods to the purchaser at a future date in exchange of an advanced price to be paid in full. 4. Contracts of Istisna’, which constitute an agreement of sale, construct or manufacture whereby the consideration is paid based on production upon delivering certain products at a future date in accordance with the specifications agreed upon. 5. Musharakah contracts which constitute the agreement of two or more Persons upon contributing to a project that aims at making profit through representing cash or in kind Shares with the purpose of sharing the resulting profits and losses. 6. Mudarabah contracts wherein two or more Persons agree to partner in a profitable project, where one of them represents a cash share or a share in kind and the other manages the project. 7 Murabaha contracts which constitute sale upon credit, where the seller transfers assets or goods immediately to the purchaser and adds a profit margin upon calculating the due payments deferred. 8. Contracts which create jus in rem, where the exercise of in rem right on a third parties’ properties pursuant to a valid contract between both parties only is allowed. 9. Khadamat Contracts where a prior sale of services to be used in the future takes place based on expected benefit thereof. 10. Other contracts or transactions approved by the Authority and an External Sharia Auditing Office in accordance with this Module.
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