Özet:

Sukuk emissions is rapidly growing in worldwide capital and financial markets in the last decade. Sukuk or "Islamic bonds" can be defined as certificates of equal value representing undivided shares in ownership of tangible assets, usufruct and services or (in the ownership of) the assets of particular projects or special investment activity. SUKUK certificates evidence undivided ownership or investment in the assets which have compliance with the Shariah and Shariah principles. The Accounting and Auditing Organization for Islamic Financial Institutions -AAOIFI has specified 14 categories of permissible tax type. The choice of the structure type will depend on various factors, including the character of the underlying assets (income producing contract type), taxation and regulatory considerations, the targeted investor base.  Musharaka sukuk is based on musharaka (partnership) arrangements. In its simplest form, a Musharaka arrangement is a partnership arrangement between at least two parties. Each of the partners have to make a capital (cash or cash like) contribution to the musharaka/partnership.  Essentially, a musharaka is akin to an unincorporated joint venture. But, unlike joint-ventures it can take the form of a legal entity. The musharaka partners share the profits of the musharaka in pre-agreed proportions and share the losses of the musharaka in proportion to their initial capital investment. The purpose and scope of this paper is to explain general aspects of Musharaka sukuk and its structure as an Islamic structured financial product.

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