Chapter CFM44190
Published date | 16 April 2016 |
Record Number | CFM44190 |
Court | HM Revenue & Customs |
Issuer | HM Revenue & Customs |
The Islamic concept of sukuk is an extremely flexible one. Sukuk that are issued to raise finance in capital markets will, in most cases, be economically equivalent to conventional debt securities, giving the holder a predictable return akin to interest. But this is not necessarily so: there is nothing to stop a company issuing sukuk which have the economic effect of profit-sharing or partnership arrangements, or which resemble equity rather than debt.
ExampleX Ltd is a company carrying on a trade of cattle breeding. It wishes to improve its herd. It therefore issues a 3-year sukuk to investors and uses the subscription proceeds to buy a pedigree bull. The sale proceeds from calves or bullocks sired by the bull, and artificial insemination fees generated from the bull, are distributed to investors in proportion to their certificate holdings. After 3 years, the bull is sold at a profit, and the proceeds shared between the investors.
Here, the investors participate directly in the success (or failure) of the underlying husbandry business. The sukuk...
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