He also noted that a sukuk unit had been established in the ministry and staffed with experts in transforming projects into a financial tool in accordance to a specific legal contract which specified the rights of the transacting parties, the manner in which profits and sakk
holdersC[bar] returns were distributed as well as the process through which the sakk
was liquidated at the end of its term.
According to Islamic Financial Services Board (IFSB) "Sukuk (plural of sakk
), frequently referred to as "Islamic bonds," are certificates with each sakk
representing a proportional undivided ownership right in tangible assets, or a pool of predominantly tangible assets, or a business venture.