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Sukuk Al IJarah

Introduction. The uniqueness of Sukuk al Ijarah is that it is normally facilitated by a Special Purpose Vehicle.The SPV:Acts for and on behalf of the investors by as per the Trust DeedHolds the ijarah asset in trust for the InvestorsHowever it is to be noted that not all structures having an SPV

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Sukuk Al IJarah

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    1. Sukuk Al IJarah Whether Asset Backed or Asset Based Wan Abdul Rahim Kamil Consultant, Islamic Capital Market Securities Commission Malaysia

    2. Introduction The uniqueness of Sukuk al Ijarah is that it is normally facilitated by a Special Purpose Vehicle. The SPV: Acts for and on behalf of the investors by as per the Trust Deed Holds the ijarah asset in trust for the Investors However it is to be noted that not all structures having an SPV is an Asset Backed Securitisation

    4. 4 Asset-backed securitisation thus is an asset-based transaction in which the funding for the acquisition of the asset is derived from investments evidenced by the sukuk issued by the SPV. The asset is purchased from the originator under a true sale arrangement The true sale isolates the asset completely from the originator and at the same time all rights and obligations in the said asset are thus transferred to the SPV However, all obligations on the sukuk i.e. the income stream attached to it shall rest upon the originator who now plays the role as servicer i.e. the entity that is undertaking to administer the assets or perform such other services on behalf of the SPV as may be required in the said securitisation transaction.

    6. wark06@gmail.com rahim@seccom.com.my

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