A 0IFIShariah
Committee
Statement
onSulark
i Auounling md,Attditing Orgiailndionfor
Islnnicfihanrialhsdatfians(AAoWl)
Bahntin'
Astawlutfonaws:
rJ
I
I
I
I Second: It is not permissiblefor tradable Sukuk to represent either revenue
streamsor debt exceptin the caseof a tradmgor linaneial entity that is sellingall of its
assets,or a portfolio whlch includesa standing finaniial obligationsuchthat debt was
If, however, the assets of a Sukuk alMusharaka,orMudarabah,orWakalah,areof
lesservaluethan assetsleasedby meansof a
(Ijarah Muntahiya
leaseendingin possession
Bi't-tamlik),thenit will bepermissiblefor the
Sukukmanagerto agreeto purchasethose
nviewoftheexpandLrgapplicationofassetor a usot*.t in accordatrce
with the for the remainingleasepayrnentson the
guidelines mentionedin ShariahStandard assets,by consideringtheseprymentsto be
Sukuk(/sJanadc
usebbacknd,cerfficafes)worldwide,the publieinterest (21) onthesubjectofFinancialPaper.
thenetvalueofthoseassets
in them, and the obsennations
and
)Ihitd,: Itisnotpermissibtefortheman
Iquesttons raisedabonttiem, the agerofSukulgregardessofwhethertheman'
SnnnruAOVlmnVGfC|I
ShariahCommittee
of the Accounting
and ageractsasaMuduib(inveshrent
manager), ) Fifih: It is permissible
for thelesseein
AuditingOrganization
for IslamicFinancial m a Sharik(partner),or a Waltil(anirwest- a $ulcrkal-[iarahto agreeio purchasethe
Institutions(MOIFI) studiedthesnbjectof mentagent),to undertaketo offerloansto leasedassetswhenthe Sukukare extinSdcukissuanee
in threesesdons:
lrstly, at Su}ukholderc
wheaactualeandrgsfatlshort guished
fortheirnominal
vatugaslongasthe
Madinahin SandArahiaon 12JumaddrAl- ofexpectcrl
earnings.
lesee is not also an investmentpartner,
Akld.Bh,14ffiAE (2?Jme,200ft seeond$,
It{udarib.
orasenL
at MI*ah in saldi Arabiaon l'o sun*,
GUnnnnfeE OF PRNGIPAL
afi&th, sili"r,supewisoryboardsmusr
AH(8
2(X}?);
andthir@ tn
It is permissiblgnowerrer,
to eSablbha not considortheir responsibild,y
to be over
l42S
_Wenfter,
Manasta
in Ba.ffit m ? and8Safar,1429
AII r,eserve
forthepurpose
ofcoverirgsuchdro& whentheyissuea fatwaon thestruetureof
(18mil 14February,
2008)respectively. fellstotheextentpossfule,
oncorditiontlut SulokBather,thry mustreviewall eonhacts
Followingttemeetirgdtheworkinggrorry
thesarnebementionedinthepmspeehrs"
and dscumenbtion
relatedto the actual
it appoir*erton 6 Muharrml 1429Afl (15
firereisnoinpedimenttothedishibdienoftransaction,
andthenosersee
theuaysthat
January,20O?)
in Sahrainwhiehuasathnd- expected
€arrrings
onmeotmt,barcordanbq thixoaeiutplementedinorderto
becsrtain
edbyasignifieantnumberofrcprcseiltrtlrcs
withSheiahSlandad(13)onthesubjectof that the operationcompliesat everystage
fromvaiousldamicbanlsardlinancialirwti- Mudalab4
pmject withShariah
guidelines
Article(8/$,or0oobtaining
andrcquirements
as
t$o*;thesaidte
*g"trypresenhilits' frultc!€ontheaceountofttresU*nfrofi.rs.' spscilieain d;Shariatr Str"iit*"*i
nt"t
re,porttotfbshaibhsornmittee;....1'.]1;:'...;...Fourh'.tti*.notperrnissiHe.fo:thq..ure.[rcesk6t.of.Sproe
(partner),or Wa,I,a'l
UWl{ERStllP OF ASSETS
(irwestnentagenQto in aecordanse
with one(or anoiher)of the
followingits considcration
of whattook agreetnprnchase
assetsfmm
Sulokhoklery approved
Shariahrnethods
of investment
as
plareatthesemeetirgs,anrto'ithepCBen,and:
" orfrolnwhqwerrepresuigqtrhem,for?no&''lstatedinSngiatrSAnAard:{l?},orthesub
studies presentedthere, tfte Shfriah inal valueof thoseassetsat the time the ject ofInvestment
fululg Adi cle(5til8l6).
Conmittee,white€mphasiziltg
all that has SukukareeSinguiShed,at
the endof their
In addition do all dds. the Shariah
beenstatedconcerning
Sukukin theShaxiah respective
tenors
Conmitteead-vises
lSamicFinmeialInsti.
Standards,
advises
IslamiefinancialisstituIt is permissfulo,
however,
to agreeto prn- tuJions.todeerme their onposrne
to debt' to chasetfteassetsfurtheirnetvalue,ormarket
tions and Shariah
Shariahsrryervisory
srryervisory
boards'to
boards
tfteassets
chase
furtheirnelvalue,or market rdatedoperations
anrlto increase
theiroperheretovlUffoilounwheniSUittg$qlille
adheretowhatfonoqnwhenissuingsuhrlc
",value,.ort***,value;oi.'fOr.apri&,:'..siiens'5ased-:'tis:Unepartneptrlpsana.{he
value,or fair marketTalne,or for a price aiionsbasedion
tne partnersldps
andthe
) First: lbaitableSultukmustreprcsent agreedto at tlrc time of their purchase,
in shringof
sharingof
riskanitrewardand{hertbyuehiw
rewardnntHh3rebyarhieve
dsli?nil
r,-$tandard
usufnrctsor,services;tAatnafbepossessed
(Don the subieet
of Guarantees,sionofrtuorlarrrlsttt*rtni"*.,t*t *ttt"
Islamic Banker March'tAprit2008Sqfar- RabiAl-Auanal,/RobiAI-Aunat . RahiAL.ThnniI 4%
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