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Sukuk (obligation islamique)
Sharia-compliant financial certificates representing proportional undivided ownership in an underlying tangible asset, usufruct, or investment. Unlike conventional bonds (which are interest-bearing debt instruments prohibited under Islamic law), sukuk are structured so that returns derive from the performance of the underlying asset — typically through ijara (lease), wakala (agency), murabaha (cost-plus sale), or musharaka (partnership) structures. Sukuk are issued by sovereigns, corporates, and financial institutions and are a cornerstone of Islamic capital markets. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) sets standards for sukuk structuring.
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