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Intermediate
10 min de lecture

Sukuk: Shariah-Compliant Bonds Explained

Sukuk are the non-interest alternative to conventional bonds. Learn how they work and Ghana's potential for Sovereign Sukuk issuance.

Sukuk are certificates of ownership in an underlying asset, usufruct, services, or investment activity — not instruments of debt.

Sukuk vs. Conventional Bonds

FeatureSukukConventional Bond

|---------|-------|-----------------|

NatureOwnership certificateDebt instrument
ReturnShare of profits/rentFixed interest
Asset backingRequiredNot required
RiskSharedBorne by issuer

Common Types of Sukuk

Ijara Sukuk: The most common type. Certificates represent ownership in a leased asset. Holders receive lease payments as their return.

Musharaka Sukuk: Certificates representing ownership in a partnership. Returns are based on actual business profits.

Murabaha Sukuk: Certificates backed by a Murabaha trade receivable portfolio.

Ghana's Sukuk Opportunity

Ghana has significant potential for Sovereign Sukuk issuance to:

  • Finance infrastructure (roads, hospitals, energy projects)
  • Attract Middle Eastern and Southeast Asian institutional investors
  • Diversify the government's funding sources
  • Reduce reliance on high-interest Eurobonds

    • Several West African countries (Senegal, Togo, Ivory Coast) have successfully issued Sovereign Sukuk. Ghana's government and Bank of Ghana have been exploring this avenue.

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