الصكوك الاستثمارية الإسلامية: دراسة مقارنة

الباحث

أحمد ياسين يونس أمين

المشرف

مصطفى ناطق صالح

الجامعة

جامعة الموصل

الكلية / القسم

كلية الحقوق / القانون الخاص

الشهادة

دكتوراه

السنة

2024

لغة الرسالة

عربي

الكلمات المفتاحية

الصكوك الاستثمارية; التمويل الإسلامي; القانون التجاري; الأوراق المالية

Islamic investment sukuk has become one of the most significant Islamic financial products and a viable substitute for usurious bonds due to the drawbacks of traditional securities, which carry usurious interest, and the public investors' desire and motivation in Islamic countries to invest their money in areas compliant with Islamic Sharia. Sharia-compliant, equal-value nominal securities known as "sukuk" are issued for a set period of time based on Islamic financing formulas. They represent a common ownership share of assets that are already created or will be created with the proceeds of subscription, subject to compliance with Sharia regulations and participation in sheep and fines. The division of the types of Sukuk according to the forms of Sharia contracts on which they are issued is the most famous division adopted by the legislation that adopted these securities in their laws, which was adopted by both Jordanian and Egyptian legislators in determining the types of Islamic sukuk, which it is hoped that the Iraqi legislator will follow When issuing the Islamic Investment Sukuk Law, it is possible to distinguish between several forms of Sukuk that differ according to the different Shariah contracts on which they are issued, such as Mudaraba Sukuk, Murabaha Sukuk, Musharaka Sukuk and other types. Islamic Sukuk are issued on the basis of a Sharia contract, with Sharia controls that regulate their issuance, circulation and then amortization, so that Sukuk holders can obtain the value of their Sukuk at the end of the issuance period or before it by redeeming its value with certain Sharia and legal controls. B Islamic investment sukuk are considered negotiable securities and are traded in two types of financial markets, the first is the primary market and is called the issuance or subscription market, which means the market in which new issues of securities are sold, and the second is the secondary market called the trading market, which means the market in which securities are traded after issuance and listing in the market. Due to the lack of secure investment to the extent that it can be said to be risk-free, Islamic investment sukuk is exposed to the general risks to which other securities are exposed, and for the privacy of Islamic investment, there are special risks to which Islamic sukuk are exposed, and sukuk guarantees are considered one of the effective Islamic financial engineering tools in treating the risks of sukuk, and Sharia supervision is one of the most important of these guarantees that can protect the rights of sukuk holders, in addition to being an effective tool to ensure the continuity of investment sukuk work. Islamic since its issuance until it is extinguished in accordance with the principles of Islamic law, and to prevent its deviation from the legitimate goals and objectives for which it was issued. It was also shown through the study the great role played by the special purpose company in all operations related to sukuk from issuance to trading and then amortization, and comparative legislation, especially Jordanian and Egyptian, has given special importance to this type of companies by regulating them with texts in which they specified their legal form, role and obligations in the field of issuing Islamic sukuk, and despite that, the Iraqi legislator did not regulate this type of company. Through this study, we found that the Iraqi legislator, through the Iraqi Islamic Banks Law No. (43) of (2015), authorized the issuance of Islamic investment sukuk in Iraq, but it did not indicate or specify the method and mechanisms of this issuance and how to manage it, nor did the Iraqi legislator develop a comprehensive legal framework for Islamic sukuk, which is commensurate with their importance and the role they can play in the field of investment, and this situation resulted in Iraq still far from dealing with these sukuk. No kind of them have been issued in practice, while Arab and Islamic countries, including comparative legislation, have made great strides in this field in terms of legislative regulation and dealing with them in practice and issuing them at the level of international dealings, as the United Arab Emirates is one of the leading countries in the field of issuing Islamic sukuk. The study concluded that it is necessary for the Iraqi legislator to issue a special law for Islamic investment sukuks, which addresses all issues related to them, as well as organizing the special purpose company, which has a major role in issuing Islamic sukuks, while emphasizing the importance of guarantees in protecting Islamic sukuks from the risks to which they are exposed.

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الاسم

رقم الهاتف

البريد الإلكتروني

الغرض من الطلب (اختياري)

إرسال الطلب