In all societies, there is some group of owner’s funds and cash savings who don’t have any desire or ability to invest directly in profitable economic activities. On the other hand, many entrepreneurs with knowledge, experience and potential do not have the financial resources required for investment. Money and capital markets with using a variety of financial instruments, play a significant intermediary role between these two groups.
The main goals of Central Asset Management company are establishment and management SPVs, in order to facilitate the implementation of intermediary actions".
Another type of securities that have been proposed in the Islamic financial markets to fill in the gap resulting from elimination of bonds is the Manfa'ah Sukuk as they could be designed based on Shariah-compliant contracts and contribute to the quality and quantity development of the financial market.
Definition of Manfa'ah Sukuk: they are valuable financial deeds that are indicative of the ownership of the holder on certain services or future profits of a durable asset. This ownership is given to the holder in exchange of a certain amount of money. Examples are certificate of accommodation at a hotel for a certain day, the right of using educational services of a university for a particular semester or year, right of using one hour of air travel to a particular destination, right of using the Hajj or Omrah services for a particular year.