One argument says that if the debt arose from selling a commodity, the receivable still represents that commodity. The response is that once the sale occurred, ownership of the commodity passed to the buyer.
The seller now owns only the money receivable. Therefore, trading that receivable is debt trading, not commodity trading.
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Murabahah Funds, Sale of Debt (بيع الدين) and Mixed Funds
One argument says that if the debt arose from selling a commodity, the receivable still represents that commodity. The response is that once the sale occurred, ownership of the commodity passed to the buyer.
The seller now owns only the money receivable. Therefore, trading that receivable is debt trading, not commodity trading.