A legal entity (or possibly another form of entity such as a corporate entity, trust or limited partnership) that established to fulfill narrow, specific or temporary financial objectives. A conventional special purpose vehicle (SPV) is a means by which an entity seeks to isolate itself from certain financial risk or to securitize specific assets. An Islamic SPV, specifically in the context of sukuk, differs in the sense that it constitutes, by its own, an entity meeting the definition of a business. Unlike a conventional SPV, it is not a pass-through. A sukuk issuer is usually the special purpose vehicle (SPV)- sukuk SPV– that issues the sukuk to the investors (the subscribers). It is a market player/ participant that ultimately issues sukuk to the market, usually on behalf of an originator.

A special purpose vehicle also referred to as special purpose entity (SPE).