The jurisprudential challenges of waiting sukuk; A look at jurisprudential historical texts

Subject Areas : Journal of History (Tarikh)

Manoochehr Ghafoori ¹ , Mohammad Sadeghi ² , Aliireza Rajabzade ³

1 - Department of Private Law, Qeshm Branch, Islamic Azad University, Qeshm, Iran
2 - Department of Law, Hormozgan University, Hormozgan, Iran
3 - Department of Law, Qeshm Branch, Islamic Azad University, Qeshm, Iran

Received: 2022-06-24 Accepted : 2022-07-24 Published : 2023-07-23

Keywords: Islamic jurisprudence, Inefficiency, Expected sukuk, legal nature, nature of sukuk,

Abstract :

The present study aims at the jurisprudential challenges of waiting sukuk; Siri has been done in historical jurisprudential texts. In this research, the research method is descriptive-analytical and the method of data collection is library. The results showed that since bonds are based on interest-bearing loans, they are considered usury from the Islamic point of view and are forbidden; Therefore, in Islamic countries, these bonds can not be used for financing. To solve this problem, participation papers were first issued; But because these bonds are issued on the basis of a physical plan, and when companies have difficulty purchasing assets and providing liquidity, the bonds have no practical partnership, financial specialists designed new financial instruments. The same sukuk was created.The present study aims at the jurisprudential challenges of waiting sukuk; Siri has been done in historical jurisprudential texts. In this research, the research method is descriptive-analytical and the method of data collection is library. The results showed that since bonds are based on interest-bearing loans, they are considered usury from the Islamic point of view and are forbidden; Therefore, in Islamic countries, these bonds can not be used for financing. To solve this problem, participation papers were first issued; But because these bonds are issued on the basis of a physical plan, and when companies have difficulty purchasing assets and providing liquidity, the bonds have no practical partnership, financial specialists designed new financial instruments. The same sukuk was created.