sukuk al-mudaraba

sukuk al-mudaraba
International, USA
A form of sukuk derived from the mudaraba partnership structure. In a sukuk al-mudaraba:
• The party seeking financing (the mudareb) enters into an agreement with a special purpose vehicle (SPV) to manage certain assets owned by the SPV.
• The SPV acquires the assets to be managed using the proceeds of a sukuk issuance.
• The mudareb receives a fee for managing the assets but is not responsible for any investment losses which are borne solely by the SPV.
• In some cases, the mudareb may also receive a portion of the profits.
• The SPV uses the profits from the investments to make payments to the sukuk holders.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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