Resolution No. 228(12/23) on Suggestions of the Committee established by the Secretariat of the Academy to research some Sukuk issues
In the Name of Allah, the Entirely Merciful, the Especially Merciful
All praise is due to Allah, Lord of the worlds, may the blessings and peace of Allah be upon our master Muhammad, the seal of prophets, on his family, and all his companions.
Resolution No. 228(12/23)
Suggestions of the Committee established by the Secretariat of the Academy to research some Sukuk issues
The Council of the International Islamic Fiqh Academy of the Organization of Islamic Cooperation, held its twenty-third Session in al-Madinah al-Munawarah on 19-23 Safar 1440, corresponding to 28 October-01 November 2018.
Having presented the statements of the Academy’s scientific committee meeting on 9 Rabi al-Awal 1438, corresponding to 8 December 2016, established to research the observations received on some Sukuk resolutions of the Academy,
Resolves the following
Holding a scientific symposium in which a number of specialists are called to submit their research and studies on the two following questions, regarding that the symposium would conclude 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 by its seller considered one of the forbidden forms of bayul’ain in Shariah, as stated in the Academy resolution no. 178 (4/19)?
Second Question: Regarding the possible extent of the commitment to cancel Sukuk of the ownership-ending lease with its nominal value; and why wouldn’t these hold their nominal value based on the agreement between the Sukuk issuer and the recipient before Sukuk issuance, as stated the Academy resolution no. 188 (3/20)?
Allah Knows Best