An originator (of sukuk or similar instruments) is an Islamic financial institution (IFI) or other institution that issues sukuk under relevant shari’ah principles and rules, either by its own or through a special purpose vehicle (SPV) or a similar mechanism or entity.

A sukuk originator (also, a sukuk principal issuer) is a market player that creates the underlying asset base or pool of a sukuk issue, in preparation for issuing the ownership certificate (shares in underlying assets) to potential investors (sukuk holders). An origination is the process of initiating or starting an instrument or arrangement but without being the ultimate issuer (the party issuing it to potential holders/ bearers, etc.) This may be conducted directly or through the use of a special purpose vehicle (SPV) or a similar mechanism.

An originator may also be an entity creating a debt (dain) for debt-type sukuk and selling it to another party against origination fees. In short, an originator is the legal entity that raises funds to support and undertake a certain activity/ project (such an entity may be sovereign, quasi-sovereign, or corporate institution, etc.)