Another type of securities that have been proposed in the Islamic financial markets to fill in the gap resulting from elimination of bonds is the Manfa'ah Sukuk as they could be designed based on Shariah-compliant contracts and contribute to the quality and quantity development of the financial market.
Definition of Manfa'ah Sukuk: they are valuable financial deeds that are indicative of the ownership of the holder on certain services or future profits of a durable asset. This ownership is given to the holder in exchange of a certain amount of money. Examples are certificate of accommodation at a hotel for a certain day, the right of using educational services of a university for a particular semester or year, right of using one hour of air travel to a particular destination, right of using the Hajj or Omrah services for a particular year.