@article{Auwal Adam Sa’ad_2019, title={Structural Development of Ijarah Sukuk: An Appraisal}, volume={8}, url={https://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/350}, DOI={10.31436/jif.v8i0.350}, abstractNote={<p><em>Sukuk</em> structures rely on the performance of an underlying asset or on a contractual arrangement pertaining to that specific asset. This makes <em>sukuk</em> an important facility in Islamic finance since it can be used to provide regular payments throughout the life of the financing plan. This study highlights some important <em>sukuk</em> structures, such as <em>ijarah</em> for asset acquisition and <em>sukuk </em>with a sale and lease-backed structure. Additionally, this study suggests some important proposals to help overcome the <em>Shari’ah </em>issues in <em>sukuk </em>structures. This study suggests that<em> sukuk</em> structures involving the combination of sale and lease-backed contracts should involve a third party who enters into the <em>Ijarah </em>transaction with the investors rather than the originator himself. A benefit of this change will help avoid <em>Inah Ijariyyah </em>(Inah trick for) in the structure. The <em>sukuk</em> structure for asset securitization on the other hand, should not be traded in the secondary market because it involves a sale of debt for debt which is prohibited according to the<em> Shari’ah</em> principles. As for the forward lease <em>sukuk</em>, <em>sukuk</em> holders should wait for the commencement of the project before trading their <em>sukuk </em>in the secondary markets. This is to ensure that the <em>Ijarah</em> property exists before the sale process began.</p>}, journal={Journal of Islamic Finance}, author={Auwal Adam Sa’ad}, year={2019}, month={Jun.}, pages={107–116} }