Arabic (صكوك الانتفاع) for sukuk whose underlying is intifa’a, i.e., utilization of an asset, without the right to dispose of the right of utilization (the usufruct or manfa’ah). Sukuk al-intifa’a represent limited rights to the real estate being utilized. The limited rights on the real estate are associated with a limited period of time (tenure).

Essentially, sukuk al-intifa’a are a derivative of sukuk al-ijarah. The issuer divides its right of use (intifa’a) of an identifiable asset (‘ain mawsufah) over a predetermined period of time into specific units and transfer these rights to buyers/investors (sukuk holders). As such, sukuk holders will have the right to benefit from these sukuk in various ways such as utilization, investment, or disposal. The sukuk will be backed not by the issuer of sukuk but rather by the real estate asset or the cash flows generated from the asset.