Sukuk — Structuring, Issuance and Governance

Introduction

Outstanding sukuk issuance now exceeds USD 800 billion, and the market has moved well beyond the early dominance of sovereign issuers from the Gulf and Malaysia. Corporates, supranationals, and even European treasuries are now active. AAOIFI recognises fourteen structures, though in practice ijara, murabaha, mudaraba, wakala, and hybrids of these account for most of what is issued.

This training course walks through the structures, the documentation, and the practical mechanics of issuance. We address the asset-backed versus asset-based debate honestly, examine real cases where structures have been tested, and look at where the market is going next, including green and sustainability-linked sukuk and the first generation of tokenised issuance under regulatory pilots.

Key focus areas include:

• Principal sukuk structures and their commercial use
• Shariah compliance and the role of the Shariah adviser
• Legal documentation, SPV design, and true sale considerations
• Disclosure, investor protection, and credit assessment
• Green, sustainability-linked, and tokenised sukuk