Proposed Model
Manfa’ah (usufruct) sukuk is a registered sukuk indicating the collective ownership of the holder on a certain amount of future profits of a particular durable asset(s). These securities would be traded in the exchanges or OTCs. The owners of manfa’ah sukuk are the owners of benefits from a certain asset(s) which is the basis for issuance of securities. The profit or loss of the investors shall be calculated upon the future profits of the underlying asset. The instances of manfa’ah sukuk would be classified by the type of the underlying assets as follows:
- Type one: the profits of the underlying assets, such as highways, may not be so as the sukukholders will be waiting for that until the end of the period;
- Type two: the profits of the underlying assets, such as hotels, may not be so as the sukukholders will be waiting for that until the end of the period;
- Type three: the right to use the services or other transferable rights shall be placed as the underlying asset for issuing of sukuk, the right to use the seconds of advertisement for a specified period of time.
Conforming to the above definition of manfa’ah sukuk, the following questions may be raised upon the jurisprudential aspects of this subject:
1- Is it permissible to have a guarantor for manfa’ah sukuk?
2- Is it possible for the company which is the principal shareholder of the originator to undertake the originator’s commitments?
3- Is it possible for the originator to stipulate the undertaking of a minimum expected profit for manfa’ah sukuk?
4- Is it possible to stipulate the issuance of put options with a minimum expected profit for sukukholders?
Shariah Board Resolution
1- The jurisprudential point of view of the existence of a third party as the guarantor for the issuance of manfa’ah sukuk with specified commitments shall be permissible.
2- Undertaking the originator’s commitments by its own principal shareholder on the exercising date shall be correct and permissible.
3- Stipulation of the originator’s commitment to pay a minimum expected profit in the first model of manfa’ah sukuk (e.g., highways), in case the expected profit is not realized, shall be correct.
4- In case the originator is the government, it may voluntarily pay the difference between the sukukholders realized profit and the introduced minimum expected profit.
5- Providing the minimum expected profit in the second model of manfa’ah sukuk (e.g., hotels) and the third model (e.g., advertisements) via stipulating and presenting put options shall be correct and permissible.
Sessions
Session Number Session Date Description
128 Jul 20 2016
129 Aug 03 2016

CONTACT US

 No. 13 Mollasadra Ave., Vanak Sq.,

       Tehran 1991915814,

       Islamic Republic of Iran

  intl@seo.ir

©2018 All rights reserved. Powered by IT Department of SEO.