In relation to MGII which is based on the commodity murabahah/tawarruq, the SAC BNM, in its 67th meeting dated 3 May 2007, has resolved that there is no objection in Shariah for the issuance of sukuk commodity murabahah based on tawarruq as long as the sale transactions involve three or more contracting parties.
 

For the basis of the rulings, kindly refer to the attached Shariah Resolutions in Islamic Finance, Second Edition, Bank Negara Malaysia, on Application of Tawarruq in Sukuk Commodity Murabahah (page 98).