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Considering the fact that
Sukuk issuance and trading are important means of investment and taking into
account the various demands of investors, a more diversified Sukuk - hybrid
or mixed asset Sukuk - emerged in the market. In a hybrid Sukuk, the
underlying pool of assets can comprise of Istisna, Murabaha receivables as
well as Ijara.
Having a portfolio of assets
comprising of different classes allows for a greater mobilization of funds.
However, as Murabaha and Istisna contracts cannot be traded on secondary
markets as securitized instruments at least 51 percent of the pool in a
hybrid Sukuk must comprise of Sukuk tradable in the market such as an Ijara
Sukuk. Due to the fact the Murabaha and Istisna receivables are part of the
pool, the return on these certificates can only be a pre-determined fixed
rate of return.
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