APPLICATION OF THE CONCEPT OF BENEFICIAL OWNERSHIP IN THE SUKUK STRUCTURES: A SHARI`AH LEGAL ANALYSIS

Asset is an important feature in sukuk structures to the extent that sukuk are often described as “asset-based”. This is especially true for sukuk al-ijarah, which was the most preferred sukuk structure in the early days. However, later sukuk structures in the like of sukuk al-musharakah, sukuk al-mudarabah and sukuk al-wakalah may be considered to be more “asset-light” because at the beginning, there may not be a requirement for an asset to issue the sukuk, though the asset will be built or acquired later in order to generate return or cash flow to the sukukholders