FLOW OF MUDHARABAH SUKUK Investors (rab al-mal) will enter into a mudharabah arrangement with the issuer (mudharib) to invest in a business venture which is Shariah-compliant. The investors (as the sole primary subscribers) and the issuer shall participate in the mudharabah venture. Rab al-mal will provide the mudharabah capital (sukuk proceeds) pursuant to the subscription of the mudharabah sukuk (Investment Certificate) issued by the Issuer.