• This Practice Note provides an overview of the key considerations that an Obligor should take into account in selecting an appropriate structure for the issuance of Sukuk, the main documentation relating to the key structures and the key terms that would be incorporated into such documentation.

• This Practice Note also sets out the drivers behind the dominance of the Sukuk market in recent years and the legislative developments that have contributed to such growth in the market. For further information on Sukuk transactions and the background to the transaction structures set out below, see Sukuk Structures.

All Sukuk transactions incorporate certain key terms including, but not limited to, the following:

• Establishment of the Issuer SPV : The Issuer SPV is incorporated solely for the purpose of participating in the transactions contemplated by the transaction documents to which it is a party. On each Issue Date, the Issuer SPV issues the certificates to the Certificate-holders and acts as trustee in respect of the Trust Assets for the benefit of the Certificate-holders.