A type of musharaka sukuk, which are by definition certificates that represent ownership in projects or activities managed on the basis of an investment agency (wakala to invest). The investment agency involves appointing an agent to manage the operations on behalf of the sukuk holders. These sukuk (also known as sukuk al-wakala) are issued by the owner of a project. The sukuk subscribers become partners in the underlying project by virtue of their contribution to the capital. The sukuk holders own respective shares in the assets of the project, being entitled whereby to corresponding share in its profits.

Under shari’a, it is permissible to trade in these sukuk after subscription is closed, certificates are allotted, and operations are commenced.