Ask: does this certificate represent a real share of an asset that is actually owned and leased, with ownership risk attached? Or does it merely promise periodic cash payments?
If the answer is real ownership, the structure has the core logic of Ijarah Sukuk. If it is only a payment claim, the Shari‘ah analysis changes completely.
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Ijarah Fund and Sukuk: Real Ownership Behind the Certificate
Ask: does this certificate represent a real share of an asset that is actually owned and leased, with ownership risk attached? Or does it merely promise periodic cash payments?
If the answer is real ownership, the structure has the core logic of Ijarah Sukuk. If it is only a payment claim, the Shari‘ah analysis changes completely.