Abstract Today, Islamic finance has been very important at the international level. Islamic financial system is a network of financial instruments, financial markets and Islamic financial institutions undertaking the task of optimal allocating of resources in the framework of Islamic principles and fundamentals. One of the most important roles of financial system is the development of financial tools and institutions. In recent years a new instrument having been called sukuk has attracted the attention of Islamic countries like Saudi Arabia, Pakistan, Kuwait, Malaysia, Bahrain, Qatar and even some European countries. Iran Stock Exchange has also approved the application of ijarah sukuk and now it is on the stage to publish it. This paper tries to study and understand this new financial instrument and also present some material on the benefits and history of sukuk application in different countries.

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