The Shariah Advisory Council of the Securities Commission Malaysia (the SAC) had, at its 174th meeting held on 30 July 2015, deliberated on a proposed issuance of a sukuk Ijarah.
The issue in deliberation was on the permissibility of using mixed asset (asset which consists of both Shariah-compliant and Shariah non-compliant businesses/activities) (Mixed Asset) as an underlying asset for sukuk Ijarah.
The SAC had resolved that it is permissible to use Mixed Asset as an underlying asset for sukuk Ijarah provided that:
|(i)||The rentals received from the Shariah non-compliant businesses/activities in the Mixed Asset must be below 20% of the total rentals received, if such rentals could be determined; or|
|(ii)||The lettable area used for Shariah non-compliant businesses/activities in the Mixed Asset must be below 20% of the total lettable area, if the rentals could not be determined.|