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In this case the issuer of
the certificate is the seller of the Murabaha commodity, the subscribers are
the buyers of that commodity, and the realised funds are the purchasing cost
of the commodity. The certificate holders own the Murabaha commodity and are
entitled to its final sale price upon the re-sale of the Commodity. The
possibility of having legally acceptable Murabaha-based sukuk is only
feasible in the primary market.
The negotiability of these
Sukuk or their trading at the secondary market is not permitted by shariah,
as the certificates represent a debt owing from the subsequent buyer of the
Commodity to the certificate-holders and such trading amounts to trading in
debt on a deferred basis, which will result in riba.
Despite being debt instruments, the Murabaha Sukuk could be negotiable if
they are the smaller part of a package or a portfolio, the larger part of
which is constituted of negotiable instruments such as Mudaraba, Musharaka,
or Ijara Sukuk. Murabaha sukuk are popular in Malaysian market due to a more
liberal interpretation of fiqh by Malaysian jurists permitting sale of debt
(bai-al-dayn) at a negotiated price.
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