"Supply chain financing" includes the application of methods to reduce risk and optimal management of working capital during transactions in the supply chain. After the approval of GAM SUKUK Guidelines, it was concluded that other instruments can be created by using existing legal institutions to finance plans and projects with money circulation and without providing inflationary facilities and loans. One of the most important of these instruments was the productive credit certificate (GAM). The main question of this research is about the nature and relationships of the main elements of GAM SUKUK. GAM is a new financing instrument and its purpose is to finance the production sector. The structural nature of GAM is considered as one of the types of Islamic securities or SUKUK, which is legally a part of commercial documents, and the legal relationships of its elements are very close to Bill of Exchange, and the principles governing commercial documents are governed on it in the two stages of the money market and capital market. The legal nature of GAM is based on the civil law guarantee contract, and it follows the effects and rulings of this contract in relation to the elements of GAM instrument. This article tries to investigate the legal instrument based on descriptive-analytical research, determine its legal nature and analyze the relationships between its elements.