The Bahraini government sold a plot of land to XYZ company. The land was then leased to the government by XYZ company for a 5-year period, which corresponded to the duration of the trust certificates. The XYZ company declared that it would hold these assets in trust for the trust certificate holders. The lease rental payment from the government to XYZ company will exactly match the trust certificates' periodic distribution payments.

1. Determine the Islamic financial systems for this Sukuk [3 Marks]

b. Determine the different parameters needed to be observed in Sukuk Ijara and Sukuk al Mudaraba [7 Marks]

c. Use analytical tools to assess the role of the SPV in Sukuk. [7 Marks]