The use of Sukuk is now in vogue. The term itself is a plural for sakk, which in Arabic refers to a note, and is believed to be the origin of the English word cheque. The financial instrument is used in contemporary capital market practices as an investment certificate, note or simply a bond-like instrument, which replicates the economic characteristics of an interest-bearing bond.
A number of governments in the block of countries represented in the Organisation of Islamic Conference are using innovative Sukuk structures to raise money for a variety of purposes, including financing budget deficits………………………………………..Full Article: Source