Legal Relation between Issuer and Special Purpose Vehicle (SPV) in Lease (Ijāra), Interest Sale (Murabaha) and Profit Sharing (Mudarabah) Securities

Ijarah (lease), Murabaha and Mudarabah (profit sharing) sukuk are of the new financial instruments which have been welcomed in Islamic countries. This is because, on the one hand, the tool is based on Islamic contracts and on the other hand, the absence of usury in these securities. In the process of the above sukuk publication varies foundation and individuals are involved which cause different legal relationships. Understanding the nature of these relationships to determine the legal rights and obligations of each party is important. These new financial instruments, are very important to lay down the relevant laws. One of the relations which involves in all of the sukuks is the Issuer and Special Purpose Vehicle (SPV) relationship. Issuer should refer to the SPV for publishing the securities. The legal nature of this connection to varies contracts like individual contracts, commissioning and attorney is analyzable. In this article, after survaying of the probability of governing of these contracts over the mentioned contract, we concluded that in present circumstances, the best option for the governing of this connection is article 10 of the civil code and the freedom contractual principle. Since the related contents of contracts are analized based on the relationship among them, This paper is of descriptive - analytical type. The contents of this article would have many privileges to register and correct the laws and being more applicable. Data collection is based on library and electronical sources.