The Legal Relationship between Special Purpose Vehicle and Investors in Lease (Ij􀆗ra), Interest Sale (Murabaha) and Profit Sharing (Mudarabah) Securities

Abstract

Sukuk are of the new financial instruments which havebeen welcomed in Islamic countries. In the process of sukukpublication various institutions and individuals are involved whichcause different legal relationships. Understanding the legal nature ofthese relationships is important to determine the legal rights andobligations of each party. One of the relationships that exists in allsukuk is the Special Purpose Vehicle (SPV) and the Investorsrelationship. SPV takes certain legal actions on behalf of investors andby using their money. The legal nature of this relationship isanalyzable by varies contracts such a shire of persons, commissioningand attorney. The nature and the type of this article is analytical anddescriptive and it has been conducted in library style and usingelectronic resources. In this article, after examining the probability ofthese contracts’ governance over the mentioned agreement, weconcluded that in present circumstances, the best option for governingthis relationship is article 10 of the civil code.

Keywords

• investors
• murabaha (interest sale) and mudarabah (profit sharing) securities
• special purpose vehicle (spv)
• sukuk
• the freedom of contract principle