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Certificates of equal values
issued for the purpose of using the funds mobilized through subscription for
the irrigation of fruit bearing trees, spending on them and caring for them
on the basis of a Al Musaqa contract so that the certificate holders become
entitled to a share in the crop as per agreement.
Remark: Sukuk has developed
as one of the most significant mechanisms for raising finance in the
international capital markets through Islamically acceptable structures.
Multinational corporations, sovereign bodies, state corporations and
financial institutions use international sukuk issuance as an alternative to
syndicated financing.
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