Certificates of equal value (sukuk) which are issued on the basis of mugharasa contract (aqd al-mugharasa) for the purpose of using the funds in planting trees and providing the labor and expenses required for growing these trees. The sukuk holders become entitled to respective shares in the trees and the land itself. These sukuk are usually issued by the land owner (the land should be suitable for planting trees) and subscribed by the planters who provide work and expertise. The raised funds are used to cover the costs related to plantation and maintaining the planted trees.

These sukuk may also be issued by the planter and subscribed by the land owner(s). The sukuk holders become entitled to respective shares in both the trees and the land. It is permissible by shari’a to trade in these sukuk, whether sukuk holders are the party who owns the land or provides the work, provided that subscription is closed, sukuk are allotted, and activity is commenced.

Mugharasa sukuk (صكوك المغارسة) are also known as sukuk al mugharasa.