A type of sukuk in which the underlying is in the form of debt (receivables, loans, etc.). An example of debt-type sukuk is murabahah sukuk. These sukuk could be on balance sheet (on-balance sheet sukuk) if the underlying contract is murabahah (ordinary murabahah) or off balance sheet (off-balance sheet sukuk) if the underlying contract is syndicated murabahah.
According to shari’ah, the classification of sukuk as debt instruments (i.e., as financial liability like conventional bonds) raises issues of shari’ah contravention.
