A market player/ participant that ultimately issues sukuk to the market, usually on behalf of an originator. An Islamic financial institution (IFI) may be both an originator and an issuer. However, an originator may not be able to issue sukuk in its own capacity for practical and risk considerations.

A sukuk issuer is usually the special purpose vehicle (SPV)- sukuk SPV– that issues the sukuk to the investors (the subscribers).