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What are Murabaha bonds and what are their types?

What are Murabaha bonds and what are their types?
  • What are Murabaha bonds for financing, liquidity, mortgage, and capital?
  • What is the meaning of originator, issuer or intermediary, investor and trustee in Murabahah bonds?
  • How is the process of underwriting government bonds?


What are murabaha bonds or murabaha sukuk?

First, we will explain the meaning of the word sukuk. Sukuk is the plural of the Arabic word saq and means documents that represent financial debt. Sukuk bonds, in Islamic countries, are a substitute for bonds and do not conflict with the trading rules in Islam. Due to the difference in the types of Murabahah bonds, it is not possible to find a specific definition for it. However, it can be said that Murabahah bonds or Murabahah sukuk are Banami securities that the owners of these bonds will jointly own the property or debt obtained according to the Murabahah contract.

Murabahah bonds have a fixed yield and can be traded in the secondary market. The trading process of these bonds is such that the asset is purchased from the seller by the intermediary entity, then it is transferred to the buyer based on the terms of the Murabahah contract (in installments). The assets traded in these bonds include land, buildings, equipment, machinery, or inventory of materials and goods.

In Murabaha transactions, the seller calculates and informs the buyer about the total cost of the goods along with all the costs of storage and transportation. In addition, it considers an amount as interest and requests it from the buyer. The payment of the amount by the buyer may be made in cash or in installments, which of course, in case of installments, the amount of profit received by the seller will be higher. If the seller’s information is not correct, the buyer can cancel the transaction based on the cancellation option principle.

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Types of Murabahah papers

As we mentioned, Murabaha sukuk bonds are issued in Islamic countries, instead of bonds, based on the rules of trading in Islam. According to Islamic banking laws, these bonds are divided into four types, and we will explain the application of each of them below.



Financing Murabaha bonds

One of the main uses of Murabaha bonds is financing companies, government or any organization and institution that have problems to buy their necessities due to lack of liquidity. In fact, these institutions provide the financial resources they need by issuing and selling these bonds. To do this process, it is necessary to go through the following steps:

  • As we mentioned earlier, the implementation of these contracts requires an intermediary institution. Therefore, the organization should select or establish an institution as an intermediate institution.
  • The intermediary institution must issue and sell bonds as much as the financial resources required by the organization.
  • After selling the bonds, he should buy the organization’s necessities from the financial resources obtained from the sale and sell them to the organization in installments by adding an amount as profit.
  • The organization also undertakes to pay the installments to the owners of the bonds in specific due dates and through the intermediary institution.

Murabahah bonds provide liquidity

This method was used for the first time in 1992 in the private sector of Malaysia. In this method, bonds are issued to finance government organizations. With the difference that the intermediary institution, by issuing bonds and selling them, pays cash financial resources to the government organization and in return, it will become the owner of a part of that organization. In fact, the government organization sells part of its assets and receives the amount in cash. Then, it buys these assets again on credit and paying interest.

To understand this better, suppose a factory needs 5 billion tomans of cash. The owners of this factory choose or establish an institution as an intermediary institution and entrust it with the responsibility of issuing and selling bonds. After selling the bonds and securing cash resources, the intermediary organization pays it to the factory and in exchange, it buys one of the factory’s industrial machines for 5 billion tomans. Then, he sells the same machinery to the factory for 6 billion Tomans in installments.

Murabaha bonds to provide capital for commercial companies

In this method, a company starts working as an intermediary and provider of financial resources. After issuing and selling Murabahah bonds, this company buys the necessities of other companies and organizations and sells them in installments. Of course, he also receives an amount as interest from them. The mentioned organization is also obliged to pay the installments along with the interest at specific time intervals. After deducting its fee from the profit, the intermediary company must pay the rest of the profit to the owners of the bonds and continue its business with the principal capital it has. The owners of these bonds share in the cash and non-cash assets of the company. For this reason, murabaha bonds have the same nature as shares.

Mortgage bonds

Imagine a financial institution that pays facilities in installments to companies or government institutions and receives interest in installments. Now he wants to have the amount he paid as a facility in cash. Therefore, he chooses or establishes a company as an intermediary and through this company, he sells murabaha bonds equal to the amount of the facility.

Then, in exchange for receiving cash resources, he sells his debt to the Wasit company with a lower interest and undertakes to receive the installments from the debtors on the due dates and pay the bond owners through the Wasit company. In fact, the financial institution has been able to receive the payment facility in cash by renouncing a part of its profit.

Real and legal elements in Murabahah papers

Many natural and legal persons are involved in the supply of Murabaha bonds, which we will introduce:

Founder:  a legal person such as the government or private and public institutions whose purpose of issuing bonds is to finance these persons.

Issuer (intermediary):  is a legal entity that is selected or established by the founder and is responsible for issuing bonds.

Investors:  are natural and legal persons who purchase the bonds and in this way provide the financial resources needed by the founder.

Amin:  A legal person is said to be approved by the stock exchange organization and is responsible for supervising the process of issuing bonds. All financial transfers must be approved by the trustee.

Funding company: This company acts as an intermediary between the issuer and the investors.

Murabahah bonds in Iran Stock Exchange 

If companies active in the stock market, for any reason, need financial resources and liquidity to implement projects or meet their needs, issuing murabaha bonds is one of the best methods for financing. In fact, by issuing murabaha bonds and determining a certain profit for investors, buyers buy murabaha bonds to benefit from this profit, and companies also provide their financial resources. In fact, it can be said that this deal is a win-win deal.

Is it possible to sell Murabahah bonds before their maturity date?

All types of Murabahah bonds have a certain interest and can be sold in the secondary market before the maturity date.

Secondary market of Murabahah bonds

All types of Murabaha bonds have certain interest and will be attractive for those who are looking for risk-free investment. These bonds can be bought and sold in the secondary market; This means that the buyer can sell these bonds to someone else before the maturity date with an amount lower than the nominal value of the bonds. The closer the bond sale time is to the maturity date, the closer the sale price will be to the nominal bond price and the lower the discount rate will be. In all types of Murabaha bonds, the owners of the bonds own a debt that they can sell to another person, but in the third type, considering that the owner of the bonds is a partner in the capital of the company, if it is sold to another person, the new owner Bonds will be a partner in the company’s capital and profit from issuing bonds by the company.

Underwriting government bonds

As stated, the government is one of the legal entities that issues murabaha bonds to secure its financial resources. The first subscription of government bonds for financing 110 thousand billion Rials with maturity dates of 42 and 48 months was carried out on March 25, 2018. This underwriting was done by the new OTC financial instruments market. The purpose of issuing these bonds was to provide the necessary liquidity for the purchase of goods and services for the executive bodies of the country.

Important points before buying Murabahah bonds

  • To buy murabaha bonds, pay attention to its type and try to prioritize murabaha bonds for financing commercial companies, because in this type of bonds, the owner of the bonds will be a partner in the capital and assets of the issuing company.
  • Before buying the bonds, be sure to get the necessary information about the maturity date, annual interest and other conditions included in the contract.
  • Before buying bonds, find out about the status of the acquisition company. If the company’s condition is not good, you should be satisfied only with the annual profit.
  • Before buying Murabahah bonds, you must get a stock exchange code.
  • The primary market of these bonds, in which the purchase and sale of assets is done in cash and installments, has no problem in terms of Islamic jurisprudence; But the sale in the secondary market, where the permission to buy and sell the debt is transferred, is doubtful from the eyes of the jurists.
  • In addition to ordinary people, government bonds are also bought and sold by commercial banks and the central bank.


Murabaha bonds are types of fixed interest securities that are issued by legal entities, such as the government and private and public institutions, to provide the required financial resources. Unlike bonds, these bonds do not conflict with Islamic laws and are widely used in Islamic countries. In this article, we defined the types of Murabahah bonds and their characteristics, all of which can be sold in the secondary market before the maturity date. You can purchase any type of Murabaha bonds according to your taste and strategy.

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