Sukuk Musyarakah programme shall be established to facilitate the issuance of the Sukuk Musyarakah from time to time.
1. The Musyarakah Venture (partnership arrangement) shall be entered into between the Investors (Musyarakah Partners) to finance the Musyarakah venture or construction of the project whereby all Musyarakah Partners shall contribute capital contribution for such purpose and any profits from the Musyarakah venture shall be distributed among the Musyarakah Partners based on the profit sharing ratio as pre-agreed amongst them. Any losses will be apportioned based on the capital contributed.
2. The Musyarakah Venture shall be carried out through the Issuer in its capacity as an agent to construct and/or oversee the overall development project and to receive the capital contribution in the Musyarakah Venture.
3. In return for the Musyarakah Partners’ capital contribution under the Musyarakah Venture, the Issuer shall issue the Sukuk Musyarakah to the Musyarakah Partners.
4. The Trustee shall declare a trust over the Trust Asset and all rights under the Musyarakah Venture for the benefits of the Musyarakah Partners.
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