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Istisna Sukuk

Category — Islamic Finance
Istisna Sukuk is based on Istisna contracts, they are instruments issued by the manufacturer of a commodity in order to obtain the value of the instruments and then produce the agreed commodity and deliver it to the Sukuk holders at the agreed time.

Characteristics of Istisna Sukuk:

1. Sharia-compliant financial instrument.
2. Istisna Sukuk is not tradable. The issuance of Istisna Sukuk is possible only in the case of the primary market, while trading them in the secondary market is considered contrary to Sharia.
3. Istisna Sukuk provides medium-term financing to meet financing needs for manufacturing specific commodities.
4. It can be used to finance working capital for viable investment projects.
5. It allows the financing of infrastructure projects such as roads and sewers.


1. Istisna Sukuk is highly suitable for major infrastructure projects.
2. Its risk is limited compared to bonds.


1. Since Istisna is a debt-creating contract, the Istisna Sukuk is not tradable (because debt cannot be traded from the perspective of the Islamic Sharia). However, there is considerable controversy in this regard.
2. Documentation requirements for Istisna Sukuk are relatively complex.
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