What is a sukuk


Sukuk (Template: Ar, plural of صك Ṣakk) are Islamic bonds that do not pay interest on the capital invested. Sukuk is an instrument of Islamic banking.

Circumvention of the interest ban

According to widespread interpretation, Islamic law, the Sharia, prohibits the collection and payment of interest. According to the Koran (sura two, verse 275), Muslims are neither allowed to demand nor to pay interest (riba). Accordingly, a Muslim cannot take out interest-bearing loans or mortgages. Islamic banks can therefore not issue interest-bearing loans.

However, the Sharia allows the distribution of profits. For example, Islamic banks buy goods for the issuer and later pass them on to him at a profit. In this way, the issuer does not receive a fixed interest rate, but becomes a shareholder of the bank through its credit balance. The bank itself acts as a middleman and thus adheres to Islamic law.


  • In 2004, Saxony-Anhalt was the first European issuer to issue a sukuk for EUR 100 million, due in 2009. In this bond structure, the rights of use to the real estate assets of Saxony-Anhalt were transferred to a Dutch foundation under the law of obligations. Saxony-Anhalt received a one-off payment for this. The Dutch foundation leases the property back to Saxony-Anhalt for annual rent, which corresponds to the interest payments on a normal bond. All claims of the Dutch foundation against Saxony-Anhalt are unsecured and unconditional liabilities of the federal state. At the end of the term, Saxony-Anhalt will buy back the rights of use through a one-off repayment of the sum from 2004. This is forwarded to the Islamic investor. In a roundabout way, you had a fixed-rate bond.

Types of Sukuk

Sukukal-murabaha / Sukuk al-murabaha

Murabahah is a purchase and repurchase agreement in which a customer wishes to purchase an item in kind from the Islamic bank. At the beginning of the purchase, a repurchase price is set between the bank and the customer. The increase in value and risk surcharge are included in this price.[1]

Sukukal-ijarah / Sukuk al-ijarah

Ijara is a loan agreement or loan purchase agreement. The bank is the owner of an asset and thus bears all risks associated with ownership. The bank lends the property to the customer for use and for use at a certain lease rate and for a certain period of time. In the case of a loan purchase agreement, the difference is that the customer can offset the ongoing lease payments as a down payment for the asset according to a previously determined value and a defined period of use.[2]

Sukukal-musharaka / Sukuk al-musharaka

Musharaka is a profit and loss contract. After the capital contributions have been made, the Islamic bank and the customer jointly acquire ownership. A project is therefore financed jointly.[3]

Sukukal-mudaraba / Sukuk al-mudaraba

Mudaraba is a way of distributing profits. One party raises the capital for the property, the other takes on the work and management. The bank is once again the provider of capital.[4]

Market opportunity in Europe

The interest ban also affects Muslims in Europe. Muslims in Western countries are also not allowed to accept bank products with interest. This would violate their religion. The alternative would be to store your money in interest-free accounts or to send it to your own country. Germany and other European countries have recognized the problem. They are still undersupplied with Sharia-compliant products, but the supply at Sukuk is steadily increasing. On the one hand, the demand of Muslims in Western countries would be met and, on the other hand, the banks' market opportunities would increase.[5]


Web links


  • Cihan, Ibrahim: Capital market products under Islamic law. 2009. Grin Verlag. ISBN: 978-3-638-84572-4
  • Iqbal, Mirakhor. 2006. ISBN: 978-0-470-82188-6
  • Mahlknecht, M .: Islamic Finance: Introduction to Theory and Practice. 2009. ISBN: 978-3-527-50389-6

Individual evidence

en: Sukukeo: Sukukfr: Soukoukid: Sukukit: Sukuk