> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/shariah-compliant-structuring/instrument-types-sukuk-murabaha-ijara.md).

# Instrument Types — Sukuk, Murabaha, Ijara

T-Blocks can structure the following Shariah-compliant instruments:

**Sukuk al-Ijara (Lease-based certificates).** The SubFund acquires an asset and leases it to the obligor. Sukuk holders receive rental income. At maturity, the asset is sold or transferred. The structure avoids conventional interest (riba) by using rental income as the return mechanism.

**Sukuk al-Murabaha (Cost-plus sale certificates).** The SubFund purchases an asset and sells it to the obligor at a markup. The markup represents the SubFund's profit. Sukuk holders receive the profit share. The structure avoids conventional interest by using trade-based profit.

**Sukuk al-Musharakah (Partnership certificates).** The SubFund enters into a partnership (musharakah) with the obligor. Profits and losses are shared according to pre-agreed ratios. Sukuk holders participate in the partnership's returns. The structure avoids conventional interest by using equity-based partnership.

**Sukuk al-Wakala (Agency certificates).** The SubFund appoints the obligor as agent (wakeel) to manage the underlying assets. Returns are generated through the agent's management of the assets. The structure avoids conventional interest by using an agency relationship.

Each sukuk structure is reviewed by the Shariah Supervisory Board for compliance with AAOIFI standards and Islamic principles. The specific structure selected depends on the underlying asset, the obligor's requirements, and the target investor base.

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