tài sản chung trên cơ sở của Murabaha để cung cấp cho sự trở lại gần như cố định để các chủ sở hữu Murabaha Sukuk. Arcapita Ngân hàng BSC (Bahrain) ban hành năm năm đa tiền ủng hộ Murabaha Sukuk trong năm 2005 với kỳ hạn năm năm viên đạn. Số tiền thu được của Sukuk được sử dụng để bán | 406 Understanding Islamic Finance general assets on the basis of Murabaha to give a quasi-fixed return to the Murabaha Sukuk holders. Arcapita Bank Bahrain issued five-year multicurrency Murabaha-backed Sukuk in 2005 with a five-year bullet maturity. The proceeds of the Sukuk are used for sale and purchase of assets via a series of commodity Murabaha transactions. As Murabaha may yield a fixed return the Sukuk holders have been offered a return equivalent to three-month LIBOR 175 bps. The SPV will have full recourse to Arcapita and therefore the Sukuk are a freely transferable instrument on the basis of a mechanism approved by Arcapita s Sharl ah supervisory board. It is presumed that the SPV will be maintaining a sufficient amount of inventory or fixed assets making its Sukuk negotiable. Mixed Portfolio Securities Sukuk Banks may securitize a pool of Musharakah Ijarah and some Murabaha Salam Istisna a and Ju alah a contract for performing a given task against a prescribed fee in a given period contracts. The return risk on such securities depends on the chosen mix of the contracts. A prominent example of such mixed portfolio Sukuk are IDB s Solidarity Trust Sukuk for US 400 million issued in 2003. Salient features of IDB Solidarity Trust Sukuk are given below. Solidarity Trust Services STS served as trustee to issue the fixed-rate trust certificates that were issued to purchase a portfolio of Sukuk assets comprising Ijarah Murabaha and Istisna a contracts originated by the IDB. Each certificate represented an undivided beneficial ownership in trust assets and ranked pari passu with other trust certificates. Most of the assets over 50 would at all times during the period comprise Ijarah assets. If at any time the proportion of assets evidenced by Ijarah contracts fell below 25 a dissolution event would occur and IDB by virtue of its separate undertaking would be obliged to purchase all of the assets owned by the trustee pursuant to the terms of the purchase .
