The International Council of Fiqh Academy, which is an offshoot of the Organisation of Islamic Conferences (OIC), in its 17th session in the city of Umman ( the Hashmite kingdom of Jordan), which was held from 28 Jamadilawwal to the month of Jamadilakhir, in the year 1427 A.H., corresponding to the 24th to the 28th June 2006, after its review of the researches that were presented to it regarding the completion of sukuk al-musharakah: its assets components, after listening to the discussion that revolved around it, after looking at resolution no. 30 (4/5) of the Majma’, which concerns sanadat al-muqaradah, which consists of the general principles that govern all types of sukuk, taking into consideration the differences between the sukuks, the resolution no. 137 (15/3) of Majma’ regarding sukuk al-ijarah and the resolution no. 60 (6/11) of the majma’ on the prohibition of sanadat al-dayn (bonds), after acquiring the various fatwas of many symposiums and meetings, some of which was during the 20th symposium of nadwatu al-barakah and the first seminar of Al-Rajhi Investment Company and the workshop organized by AAOIFI and the Shari’ah standards on commercial papers and Shari’ah standards on investment sukuk, both of which came from the Shari’ah Council of the organization.
As the Council did not pass the policy that was referred to in its resolution, regarding sanadat muqaradah, if the sukuks represent mixed assets, consisting of tangible assets, usufructs, currency and debt, while in most of the Islamic banks, the assets consist of tangible assets and usufructs that are normally less than money and debt receivables, the council has resolved the following: The issuance of a resolution is deferred to allow for further study. It recommended that a symposium be organized, specifically for the preparation of the policy, which it had promised to pass in its resolution no.30 (4/5).
Allah knows best.