A type of sukuk structure in which sukuk certificates extend no option to the sukuk holders to convert the sukuk into the underlying real assets. Such an option, constituting the right, without the obligation, to convert the sukuk, is embedded in convertible sukuk.
Non-existence of the convertibility feature (conversion) implies that the sukuk can only be liquidated at the defined maturity date, or at an early liquidation date for one reason or another leading to default on payment of profit.
