Investor Presentaiton
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Sukuk Structure Building Blocks
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Ijara (lease)
Mudaraba (investment manager/profit-sharing arrangement)
widely used pre-GFC, now only for perpetual issues
Wakala (agency arrangement)- favoured by IFIs but finding more
commercial applications
Murabaha (deferred payment sale)
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only feasible in the primary market
trading in the secondary market is not generally permitted by
Shariah as the certificate represents a debt owed by the obligor
to pay the deferred sale price
popular in Malaysian market where the sale of debt (bay al
dayn) at a negotiated price is permitted
Istisna'a (construction contract - common in project financings)
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Musharaka (joint venture)
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Hybrid/pooled sukuk - used to create "asset-lite" structures
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