The Role of Sukuk in Islamic Capital Markets
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Figure 3.3 describes the wakalah sukuk structure adopted in the Government of Malaysia’s
(GoM) global sukuk issuance. From the GoM’s first global ijarah sukuk structure in 2002, the
Shariah contracts have evolved to adopt a hybrid structure combining ijarah and wakalah . On
the other hand, Figure 3.4 illustrates the ijarah sukuk structure used in Indonesia’s global
sukuk issuance.
Figure 3.3: Malaysia Sukuk Global Berhad –Wakalah Sukuk Structure
Source: Malaysia Sukuk Global Berhad Offering Memorandum (20 April 2016)
Figure 3.4: Perusahaan Penerbit SBSN Indonesia III –Ijarah Sukuk Structure
Source: Ministry of Finance, Republic of Indonesia