AYZ Investment company has a collection of assets that are being used in its business. It needs more liquidity and wishes to raise additional funds of up to US$ 100 million. The company approaches you for advice on how to raise the funds through the primary market. The appropriate type of financing through sukuk, is it musharakah or murabaha? And the role of each party

Structuring Islamic Bonds 1. Musharakah contract Issuer/Partner (Sharik) Investors/Sukuk holders Partners/Sharik) Issues partnership certificates CAPITAL Musharakah activity project 2. Issuer or third party manages business Third party manageri issuer Ir PROFIT LOSS 3. Profit/oss shared (Pre-agreed ratio)