Sukuk that are not recorded on the financial position statement (balance sheet) of the issuer. The issuer has no control (in terms of risk, reward, and recovery, i.e., the three Rs) over the underlying assets of this type of sukuk. Examples include wakalah sukuk, ijarah sukuk, and murabahah sukuk (in case of syndicated murabahah). By nature, these sukuk are broadly asset-backed (asset-backed sukuk).

These sukuk appear in the footnotes of the issuer’s income statement.