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Jersey Special Purpose Vehicles (SPVs) and Sukuk Structures
The Jersey finance industry has an established reputation for corporate structuring, and especially Special Purpose Vehicles (SPV) used for a variety of purposes. Historically GCC Obligors would use a subsidiary company as an SPV. However, Shariah scholars have deemed this unacceptable and require that SPVs should be independent enabling Jersey products to be used successfully within Sukuk structures.
Jersey-based SPVs have been used in connection with a wide variety of Shariah compliant Islamic capital markets transactions. These have included structures established for the purpose of making investments off-balance sheet and securitising assets. A variety of legal vehicles are available including:
· a Jersey incorporated company which issues sukuk
· a limited partnership issuing partnership interests
· a trust issuing units or trust interests or certificates.
Corporate SPVs
Jersey companies are governed by, the provisions of the Companies (Jersey) Law, 1991 as amended (the "Companies Law"). A Jersey company in a Shariah compliant transaction can usually be incorporated very quickly. An urgent incorporation service allows a company to be incorporated in less than twenty-four hours, if all required information is supplied.
Regulatory Provisions
Regulation of Sukuk issues and other Islamic products is provided by the Jersey Financial Services Commission (JFSC). The JFSC is familiar with Islamic products and they are processed in the same manner as other securities, as Jersey laws are broad enough to permit the issue of all types of Islamic instruments.
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