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SEO Shariah Board Approved “Leasing Agency Sukuk”

The SEO Shariah Board has approved issuing of “Leasing Agency Sukuk”.

The SEO Shariah Board has approved issuing of “Leasing Agency Sukuk”.

The SEO shariah Board came to conclusion that the Leasing Agency Sukuk is one of types of “Vekalat Sukuk”, in favor of Islamic jurisprudence. In this Sukuk, the leasing company is the originator that may issue the certificates (Sukuk) through the intermediary. Based on the power of attorney, the originator (leasing company) will provide services to its clients through the financing of these Sukuk purchasers.

The commission may be either fixed or floating, or a combination of both which is called the “step method”.