Which of the following is (are) TRUE about an asset-based sukuk?

I. It is when sukuk holders own a share of a specific tangible asset of the business.

II. It is when sukuk holders will not have recourse to the originator in case of default in dividends and/or principal.

III. It is structured to replicate conventional bonds.

IV. It focuses on the risks of the assets.

V. It is when sukuk holders will have full recourse to the originator.

a. I and II

b. II and III

c. III and V

d. III and IV