Forward Lease/Ijarah Sukuk: Issues, Challenges and Shariah Compliance

  • Ahcene LahsasnaEmail author
  • M. Kabir Hassan
  • Rubi Ahmad


This chapter examines the forward lease/ijarah Sukuk, in particular its issues, challenges, and Shariah compliance, with the objective of formulating an opinion from the relevant experts on different matters pertaining to forward lease Sukuk. This chapter covers Shariah issues in forward lease Sukuk including the principles, terms, and conditions (PTC) in Sukuk issuance, the legal documentations and transaction documents in Sukuk issuance, the structure of Sukuk issuance, trading issues in Sukuk, legal issues in forward Ijarah sukuk, industry challenges of forward Sukuk ijarah, industry acceptance of forward Ijarah sukuk, and the future direction of Sukuk issuance based on forward lease Sukuk.


PTC Transaction documents Agency agreement Servicing agency agreement Substitution undertaking 

Copyright information

© The Author(s) 2018

Authors and Affiliations

  1. 1.Salihin Shariah AdvisoryKuala LumpurMalaysia
  2. 2.Department of Economics and FinanceUniversity of New OrleansNew OrleansUSA
  3. 3.Department of Finance and Banking, Faculty of Business and AccountancyUniversity of MalayaKuala LumpurMalaysia

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