Emaar Properties issued a $503 million sukuk in 2012 based on an ijarah structure to finance the development of undeveloped land plots. The sukuk's underlying assets are the land plots. Emaar Properties sold the land to a special purpose vehicle called Emaar Sukuk, which then leased the land back to Emaar Properties to generate rental income for sukuk holders. The sukuk has a maturity of 7 years and pays a annual distribution rate of 6.4%. To determine shariah compliance, the ijarah contract, sale and purchase contract, and trustee contract would need to be reviewed.