Issuance of Islamic Sukuk

Question
What is the ruling on Islamic sukuk issued by Islamic institutions?
Answer
I say, and with God's success: Since usurious interest is prohibited in legitimate institutions, they have resorted to lending to others, especially governments, through sukuk. For example, the legitimate institution purchases one of the state’s buildings for a certain amount temporarily, with the condition that the state will buy it back from the institution at a specified amount within a certain period. During this period, the state rents this building from the institution for a known rent. Once the agreed rental period ends, the institution has received the price from the state, and the ownership of the building returns to the state, achieving the desired profit for the institution in this process. This rental from the seller to the buyer from the purchasing institution is called "exploitation sale." Our Sheikh Al-Othmani stated in the jurisprudence of sales (1: 509): "There is no doubt that the ruling on the validity of the lease is valid according to the opinion issued for the Hanafis if the sale is not conditioned on it in the essence of the contract. Likewise, the ruling on the validity of the lease requires that the leased item be under the responsibility of the lessor throughout the lease period. If it perishes without any fault from the lessee, it perishes from the lessor's property."
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