Glossario
Qard Al-Hassan Sukuk
They are documents with equal shares for a certain amount to be collected, or a development project that is financed by a non-profit way.
Characteristics of Qard Al-Hassan Sukuk:
1. Issuance of Qard Al-Hassan Sukuk is for a non-profit purpose to provide charity to the needy and achieving development.
2. Unlike conventional bonds, these securities do not promise coupons or interest payments as Islam prohibits Riba. But it pays a return according to the estimates of the borrower under the concept of the gift.
3. Qard Al-Hassan Sukuk are tradable in the secondary market
Types of Qard Al-Hassan Sukuk:
Qard Al-Hassan Sukuk are of two types:
1. Iqrad (Lending) Sukuk: It is intended to collect a sum of money with the aim of making it loans to finance small or medium projects, or to lend to the needy after providing them with sufficient guarantees.
2. Sukuk for financing a development project: These are intended to finance a charitable development project in the form of Qard Al-Hassan Sukuk, such as establishing a hospital, a university, or a research center in the form of Qard Al-Hassan loans, this type of Sukuk can be used to finance large or medium-sized projects.
Examples of bonds:
Tunisia, Bonds FRN 17nov2026, TND NHA36, TNE5I87AYZT5
Tunisia, Bonds FRN 18mar2027, TND (A) NHA27, TNCDR74CL701
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