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Sukuk Using Al-Istisna' Structure

  1. SPV issues Sukuk certificates to raise funds for the project.
  2. Issue proceeds are used to pay the contractor/builder under the istisna’ contract to build and deliver the future project.
  3. Title to assets is transferred to the SPV
  4. (a) &( b) Completed property/project is leased or sold to the end buyer. The end buyer pays monthly installments to SPV.
  5. The returns are distributed among the Sukuk holders.