A type of sukuk in which sukuk holders get paid in full before other stakeholders (claim holders). As opposed to subordinated sukuk, and being a high-ranking claim over the underlying assets in the event of default or redemption, these sukuk are considered senior.

Seniority entails that the sukuk holder’s claims rank superior vis-à-vis other claim holders against the sukuk issuer, and the sukuk holders belonging to the same rank (tranche) enjoy equal rights and rank pari passu as to each other.

Like certain types of sukuk, senior sukuk are issued through a trustee, a special purpose vehicle (SPV), usually incorporated in lightly regulated jurisdiction, and is established solely to issue sukuk certificates on behalf of an obligor.