Stage 1: Contract of Cash Sale (Bay’ Mutlakah)
− SPV purchases property (e.g. hospitals) from obligator (government) (1)
− The assets purchased by the SPV is funded by the issuance of sukuk (trust certificates) which represents beneficial
ownership in the assets and the lease (3)
− Government received cash proceeds (7)
Stage 2: Contract of Leasing (Ijarah)
− SPV rents property to the government for specified period (2)
− SPV collects rentals (6)
Stage 3: During the tenure
− SPV passed the rentals to investors (9) – periodic distribution/coupon
Stage 4: At maturity
− SPV sells the property to the government at an agreed price
− Government pays cash to SPV
− SPV simultaneously pay investors cash for sukuk redemption
http://islamic-wealth-management.net
− SPV purchases property (e.g. hospitals) from obligator (government) (1)
− The assets purchased by the SPV is funded by the issuance of sukuk (trust certificates) which represents beneficial
ownership in the assets and the lease (3)
− Government received cash proceeds (7)
Stage 2: Contract of Leasing (Ijarah)
− SPV rents property to the government for specified period (2)
− SPV collects rentals (6)
Stage 3: During the tenure
− SPV passed the rentals to investors (9) – periodic distribution/coupon
Stage 4: At maturity
− SPV sells the property to the government at an agreed price
− Government pays cash to SPV
− SPV simultaneously pay investors cash for sukuk redemption
http://islamic-wealth-management.net
No comments:
Post a Comment