A subclass of sukuk al-musharakah. Sukuk al-mudarabah (صكوك المضاربة) are by definition certificates that represent ownership in projects or activities managed on the basis of mudarabah. In a mudaraba contract, one of the partners or an outsider is appointed to act as the mudarib who takes on the management of mudarabah operations.

Sukuk al-mudarabah are issued by the mudarib, while the subscriber are the owners of mudarabah capital which is built up by the funds realized from subscription. The sukuk holders become the owners of the mudaraba assets and therefore are entitled to an agreed-upon share of the profits in their capacity as rab al-mal (provider of capital).