During October 2011, two participation banks applied to the CMB for the registration of their lease (sukuk) certificates. The lease certificates, similar to ijara sukuk, were introduced to the CMB legislation in April 2010 but the required regulations on tax and other matters have very recently been completed. Accordingly, the total value of lease certificates registered by the CMB amounts to $550 million. However, due to global market instability, the certificates have not been sold yet.