In the Name of Allāh,

the Entirely Merciful, the Especially Merciful

Praise is due to Allāh, Lord of the worlds, may the blessings and peace be upon our master Muḥammad, the last of prophets, on his family, and all his companions.

Resolution No. 228 (12/23)

Regarding the Suggestions of the Committee established by the Secretariat of the Academy to research some Ṣukūk issues

The Council of the International Islamic Fiqh Academy of the Organization of Islamic Cooperation, holding its 23rd session in al-Madinah al-Munawwarah, Kingdom of Saudi Arabia, on 19–23 Ṣafar 1440h (28 October – 1 November 2018),

Having reviewed the meeting statements of the Academy’s scientific com- mittee on 9 Rabīʿ al-Awwal 1438 (8 December 2016), established to research the observations received on some Ṣukūk resolutions of the Academy,

Resolves

Holding a scientific symposium in which several specialists should be called to submit their research and studies on the two following questions. The sympo- sium is expected to come up with scientific recommendations to be presented to the Council of the Academy in its upcoming Session. The two questions are as follows:

First Question: Is leasing the asset to its seller considered one of the forbid- den forms of Bay’ al-Inah (purchase with instant resale) in Shariah, as stated in the Academy resolution no. 178 (4/19)?

Second Question: The extent of the commitment to amortize Ṣukūk of lease ending-with-ownership at their face value; and why it would not be at their face value since the Ṣukūk issuer and recipient willfully agreed on that at the time of Ṣukūk issuance, as stated the Academy resolution no. 188(3/20)?

Indeed, Allāh is All-Knowing.