The Legal Relationship between Special Purpose Vehicle and Investors in Lease (Ij􀆗ra), Interest Sale (Murabaha) and Profit Sharing (Mudarabah) Securities

Document Type : Research Paper


1 M.Sc. in Private Law, University of Shahid Bahonar, Kerman, Iran

2 Assistant Prof. in Private Law, University of Emam Sadeq, Tehran, Iran


Sukuk are of the new financial instruments which have
been welcomed in Islamic countries. In the process of sukuk
publication various institutions and individuals are involved which
cause different legal relationships. Understanding the legal nature of
these relationships is important to determine the legal rights and
obligations of each party. One of the relationships that exists in all
sukuk is the Special Purpose Vehicle (SPV) and the Investors
relationship. SPV takes certain legal actions on behalf of investors and
by using their money. The legal nature of this relationship is
analyzable by varies contracts such a shire of persons, commissioning
and attorney. The nature and the type of this article is analytical and
descriptive and it has been conducted in library style and using
electronic resources. In this article, after examining the probability of
these contracts’ governance over the mentioned agreement, we
concluded that in present circumstances, the best option for governing
this relationship is article 10 of the civil code.


Main Subjects