Jaala bonds represent the joint ownership of its holders in all rights resulting from the jaala contract for the intermediary institution (on behalf of the bondholders).

The structure of Juala Bonds

. The manufacturing company and the operating company can be the same.
. The contract between the intermediary institution and the manufacturing company can be in the form of contracts of Ijarah, or Istisna, but the contract between the intermediary institution and the operating company can be in the form of contracts of Ijarah or Wekala.

The Asset Base of the bond

Issuing bonds to complete unfinished projects is permissible.

Juala Amount

. Juala can be in the form of a certain amount or the right to use the plan for a certain period of time or a combination of both of them. In any case, the amount of Juala bonds must include the principal capital of the bonds, the profit of the bonds and the user's fee.
. If the Juala is defined in the form of exploitation right and the profits from exploitation in a certain period are less than the amount of the principal and profit of the bonds and the exploitation fee, the government can compromise the payment of the difference through adding a condition in the contract while it is concluded. If the Juala is the right to exploit the project for a certain period, the government or a third party can voluntarily obligate the principal and profit of the bonds or a part of it to the bond holders in the form of a conveyance agreement in order to apply incentive policies.

. Juala payment can be on account.

Secondary Market

Juala bonds can be offered with a deduction or a profit, with the compromise between the bondholders with the originator; if the bonds are sold with a deduction, the originator is obliged to compensate from his own resources, and if it is sold with profit, the originator can own the excess amount.