A Jurisprudential Analysis of Issuing Perpetual Sukuk in Islamic Capital Market

One of the new innovations in Islamic capital market is the introduction and issuance of perpetual sukuk. As one of the combined Islamic financial instruments, these securities have the nature of debt-equity with no pre-determined maturity date. Islamic banks tend to issue such securities with the aim of managing their own risk, complying with Tier 1 of Basel III capital adequacy requirements, as well as complying with the requirements of highly liquid assets. Also the government and the special sector tend to finance their projects through perpetual sukuk. The purpose of this study is to examine the possibility of designing and issuing perpetual Sukuk from a shariah perspective. The items studied in jurisprudential analysis are non-determination of maturity date, delay in payment of periodic profit, prioritization and the redemption option in perpetual sukuk. This study is an applied research in terms of purpose and descriptive-analytical in terms of nature and method. In this research, after introducing perpetual sukuk, expressing its features and considerations, we analyze this type of sukuk from a jurisprudential point of view. The results indicate that it is possible to design perpetual sukuk in the form of Musharakah, Mudarabah and Wakalah contracts