An item of sukuk documentation which constitutes an agreement between the seller and a special purpose vehicle (SPV) or the issuer to appoint the seller as the service agent who will be responsible for maintaining the underlying asset/s of sukuk (ijarah sukuk). The seller, in its capacity as service agent, will provide major maintenance services and maintaining insurances for the underlying asset/s. In other words, under the service agency agreement, the obligor acts as the lessor’s agent to discharge responsibilities of the lessor, (e.g., major maintenance of the leased property).
Islamic Finance
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