Issuing Sukuk at a discount: A Shariah concern or not?
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It is normal when conventional debt capital bankers interact with Sukuk issuers, but we might end up, unintentionally, introducing new practices that may pose a POTENTIAL Shariah risk. We all know what we call a practice of borrowing at US$95 and repaying at US$100 (after one year). What if an issuer decides to issue Sukuk at a discount (say the price at issue is US$98.77)? Note this is not a Tap.

The question is, what would the principal amount be at maturity? There will be no Shariah issue if the principal amount is US$98.77 (at maturity), right? But what if it is not? Say US$100 instead. How would the Shariah scholars categorize such a practice?

This is keeping in mind that we are not talking about the profit amount for the aforementioned example, but...