After Usmani`s criticisms, the global sukuk market rose from $50 billion in 2007 to about US$14.9 billion in 2008, although the extent to which its criticisms or the global financial crisis have been controversial.  Thomson Routers, MİFC estimates. From www.mifc.com/index.php?rp=sukuk_report_270317.pdf The most widely used sukuk structures replicate the cash flows of conventional bonds. These structures are listed on stock exchanges, usually on the Luxembourg Stock Exchange and the London Stock Exchange in Europe, and are made tradable through traditional organisations such as Euroclear or Clearstream. A key technique for obtaining capital protection without being a loan is a binding promise to buy back certain assets; (z.B. in the case of Sukuk Al Ijara, by the issuer. In the meantime, one pays a rent often measured at an interest rate (LIBOR is the most common, although its use is criticized by some Sharia scholars).  The same type of contract applies to Sukuk. In a Mudaraba Sukuk, Sukuk holders are the silent partners who are not involved in the management of the underlying asset, activity or project. The working partner is mandatory sukuk. Sukuk, which are structured as fiduciary certificates, are only applicable if the SPV can be established in an offshore jurisdiction that allows such trusts.
Sometimes that is not possible. If no SPV or certificate of trust can be established, a sukuk can be structured as an alternative civil structure. In this scenario, an asset leasing company is created in the home country, which will actually buy the asset and re-lease it to the organization that needs financing. They often combine more than one contract “that may conform to Sharia law individually,” but if combined, “the purpose of Sharia can be destroyed.” In addition, the return on the Sukuk is often “linked” to the libor rate (London interbank offered rate) or Euribor (Euro Interbank Offered Rate) and not to the underlying activity that the Sukuk finances. . . .