An Arabic term (صكوك الاستثمار) for investment sukuk. These are certificates (sukuk) of equal value which are issued and sold to investors (as owners or bearers) who, by virtue thereof, have proportional claims over the financial rights underlying these certificates. Likewise, investment sukuk holders will also be proportionately liable for obligations arising from these certificates. In this sense, investment sukuk represent common shares in the pool of assets made available for investment, of whatever type (physical assets, non-tangible assets, usufructs, services, receivables, or any combination of these types).

However, these sukuk are not bonds or fixed-income securities, as they don’t represent debts owed to the issuer by sukuk holders. Holders share sukuk returns and proceeds according to percentages stated in the prospectus, and bear losses in proportion to the number of certificates (sukuk) held by them.

Sukuk al-istithmar have many types, depending on the underlying contract, including sukuk al-mudarabah, sukuk al-musharakah, sukuk al-istisna’a, sukuk al-ijarah, and so on.