Diversification of Islamic Financial Instruments
96
Figure 14. Central Bank Ijarah Certificate - SHEHAB
Source: IIFM (2016)
The expected return is then determined by the fixed rental income from the Ijarah. In the case
of Sudan, the sale of primary issue is made through auction, and the maturity of the CIC may
vary from three to ten years. Short term Sukuk al-Ijarah is also issued by Brunei and Bahrain
(Sarker 2015). SHEHAB is used by the central banks; for open market operations; to list on the
exchange. Its supply is limited to the availability of assets for sales and lease-back.
Table (Positions of Sudanese Government Sukuk) presents the key numbers of government
Sukuk/certificate in Sudan at the end of 2015 including those related to Khartoum Refinery
Ijarah Certificates (SHAMA), and Sudan’s Company for Electricity Transmission Ijara
Certificates (Noor).
Table 42. Positions of Sudanese Government Sukuk 2015
Type of Sukuk/Certificate Value of certificates at the
end of 2015 (million USD)
Reasons for the usage of
these instruments
Government Partnership
Certificates (SHEHAMA) 3074
To finance the government
deficit as a non-inflationary
instrument (fiscal tool)
Government Investment
certificates (SARH) 150.7
To fund the government’s
trade, procurement, and
development projects
Khartoum Refinery Ijarah
Certificates (SHAMA)
315.3
Providing investment tools
that offer profits for investors
Central Bank of Sudan
Ijarah Certificates
(SHEHAB)
0
Used by central bank for open
market operations to manage
liquidity (monetary tool)
Sudan’s Company for
Electricity Transmission
Ijara Certificates (NOOR)
0.758
Providing investment tools
that offer profits for investors
Source: Sudan Financial Services Company