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These are sukuk that
represent ownership of equal shares in a rented real estate or the usufruct
of the real estate. These sukuk give their owners the right to own the real
estate, receive the rent and dispose of their sukuk in a manner that does
not affect the right of the lessee, i.e. they are tradable. The holders of
such sukuk bear all cost of maintenance of and damage to the real estate. (AAOIFI)
Ijarah sukuk are the
securities representing ownership of well defined existing and known assets
tied up to a lease contract, rental of which is the return payable to sukuk
holders. Payment of ijarah rentals can be unrelated to the period of taking
usufruct by the lessee. It can be made before beginning of the lease period,
during the period or after the period as the parties may mutually decide.
This flexibility can be used to evolve different forms of contract and sukuk
that may serve different purposes of issuers and the holders.
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