Tariq Hameed analyses the most popular type of Islamic mortgage, the ‘Diminishing Musharaka’, and explains how it differs from conventional mortgages and its treatment from a tax and regulatory perspective

Linklaters acted for the managers on the first Islamic exchangeable Sukuk issue, the $750m exchangeable trust certificates issued by the Malaysian Government’s investment arm, Khazanah Nasional Berhad. This is the first Sharia’a compliant Sukuk issue which incorporates the full convertibility features usually seen in conventional equity-linked transactions. The issue is also the largest equity-linked instrument in Asia (excluding Japan) this year.