A Critical Appraisal of Sharīʻah Issues Related to Ṣukūk Al-Ijā Rah

Said Muhammad Bouheraoua, Beebee Salma Sairally
  • ISRA International Journal of Islamic Finance, June 2012, Emerald
  • DOI: 10.12816/0002741

Critical appraisal of Shariah issues related to ijarah sukuk

What is it about?

This research is a critical appraisal of two types of sukuk al-ijarah that the International Islamic Fiqh Academy (IIFA) planned to discuss in its twentieth session. The first issue relates to sukuk for the ownership of assets leased out in leases that end with the restoration of ownership of the assets to those from whom they were purchased (sukuk al-ijarah al-muntahiyah bi al-tamlik). What is the Shariah ruling on issuing and trading such sukuk? The second issue relates to sukuk al-ijarah based on forward leases (sukuk al-ijarah mawsufa fi al-dhimmah). What is the rule for issuing and trading them?

Why is it important?

Sukuk al-ijarah enjoys the distinction of representing real assets that contribute to real economic production in the country and that add value to financing projects. However, these sukuk have been the subject of some criticisms when it comes to implementation, and they have encountered certain difficulties during the process of their development. This study seeks to examine the Shariah issues on sukuk al-ijarah.


Dr Salma Beebee Sairally
International Shariah Research Academy for Islamic Finance (ISRA)

Hope this paper provides clarification on the Shariah issues arising in two types of sukuk al-ijarah, namely sukuk al-ijarah al-muntahiyah bi al-tamlik and sukuk al-ijarah mawsufa fi al-dhimmah.

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The following have contributed to this page: Dr Salma Beebee Sairally