The Legal Relationship between Special Purpose Vehicle and Investors in Lease (Ijra), Interest Sale (Murabaha) and Profit Sharing (Mudarabah) Securities

Sukuk are of the new financial instruments which have been welcomed in Islamic countries. In the process of sukuk publication various institutions and individuals are involved which cause different legal relationships. Understanding the legal nature ofthese relationships is important to determine the legal rights and obligations of each party. One of the relationships that exists in all sukuk is the Special Purpose Vehicle (SPV) and the Investors relationship. SPV takes certain legal actions on behalf of investors andby using their money. The legal nature of this relationship is analyzable by varies contracts such a shire of persons، commissioning and attorney. The nature and the type of this article is analytical and descriptive and it has been conducted in library style and usingelectronic resources. In this article، after examining the probability of these contracts’ governance over the mentioned agreement، we concluded that in present circumstances، the best option for governing this relationship is article 10 of the civil code.