Sak (singular), sukuk (plural): as stipulated in the project law endorsed by the Freedom and Justice Party (FJP) and Al-Nour Party, a financial instrument representing a common share in the property of assets, facilities or services pertaining to a certain project, specified in the offering bulletin and in compliance with Islamic Shari’a.
What is the different between sukuk and bonds? Bonds offer an interest rate while sukuk don’t. Fixed interest rates are prohibited under Islamic Shari’a. Sukuk are offered under various Shari’a-compliant contracts that differ according to the nature of the project……………………………………Full Article: Source