Sukuk (plural of Sakk) are certificates, with each Sakk representing a proportional undivided ownership right in tangible and intangible assets, monetary assets, usufructs, services, debts or a pool of these assets, or a business venture (such as a Mudarabah or Musharakah). These assets, which must be clearly identifiable, may be in a specific project or investment activity in accordance with Shari'a rules and principles. The ownership right on Sukuk assets may be either a right of legal ownership (commonly referred to in the market as "asset-backed Sukuk") or a right of beneficial ownership through a trust which holds the assets for the benefit of the Sukuk holders (commonly referred to in the market as "asset-based Sukuk").