نقل ملكية أصول الصكوك السيادية: رؤية شرعية قانونية تحليلية
Ownership Transfer of Sovereign Sukuk's Assets: A Shariah and Legal Analysis
DOI:
https://doi.org/10.7187/GJAT122020-11Keywords:
Sovereign sukuk, Transfer of ownership, Beneficial interest, Legal ownershipAbstract
The research addresses the possibility of transferring the assets of sovereign sukuk in view of the fact that such assets belongs to both the state and the public. Since the current sovereign issuances have been debated on their Shariah compliance, this research aims to revisit and re-establish the Shariah and legal principles on the basis of which sovereign sukuk could be issued. The research emphasizes beneficial interest as a Shariah and legal basis for a government to issue sukuk. Equally important is the principle related to the validity of restricting ownership of a sold asset with prior conditions. Another principle is public interest dictated mainly by economic factors justifying the issuance of sovereign sukuk. In its attempt to establish sound Shariah and legal principles of sovereign sukuk and by reevaluating existing established principles, this research adopts a qualitative method of literary survey by analyzing and establishing Shariah and legal principles for sovereign sukuk from current debates and discussions. Outcome of research confirms five major Shariah and legal principles forming the grounds for sovereign sukuk. The research proposes two general structures of sukuk to avoid uncertainty (gharar) in view of objections raised by some renowned Shariah authorities.
References
'Umrani, *Abdullah bin Muhammad. Al-Taqbiqat al-Masrafiyyah wa al-Iqtisadiyyah al-Mu qasirah, in Buhuth Nadwat al-Barakah al-Sabi ah wa al-Thalathun li al-Iqtisad al islami, June 2016.
Abu Zahrah, Mohammad. (1996). Al-Milkiyyah wa Nazariyyat al-'Aqd. Dar al-Fikr al-'Arabi, Madinat Nasr, Egypt.
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). (2015). Shariah Standards, AAOIFI, Manama, Bahrain.
Al-'Ubaidi, Ibrahim Abd al-Latif. (nd). al-Milkiyyat al-Thalath. Idarat, al-Buhuth, Da'irat al-Shu'un al-Islamiyyah wa al-'Amal al-Khayri, Dubai, United Arab Emirates. Al-'Uthmani, Taqiyy. (2011).
Qadaya Fiqhiyyah Mu'asirah. Dar al-Qalam, Damascus, Syria.
Al-Kaylani, Usaid. Al-Ta'sil al-Fiqhi li Haqq al-Intifa' al-'Aqari bi 'Iwadd wa al-Isti'adah bih 'Ann Bay's al-A'yan al-'Aqariyyah fi al-Sukuk al-Siyadiyyah, a paper presented in the International Shariah Scholars Forum, ISRA, Kuala Lumpur, November, 2016.
Al-Khafif, Ali. (1996). Al-Milkiyyah fi al-Shariah al-Islamiyah. Dar al-Fikr al-'Arabi, Madinat Nasr, Egypt.
Al-Misri, Rafiq Yunus. (1999), Usul al-Iqtisad al-Islami. Damascus: Dar al-Qalam.
Al-Murshdi, Fahd bin Badi. (2014). Al-Sukuk: Ahkamuha wa Dawabituha wa Ishkalatuha. Dar Kunuz Ishbilyah li al-Nashr wa al-Tawzi', Saudi Arabia.
Al-Nawawi, Muhyiddin Yahya bin Sharaf. (1392 A.H). Kitab Sharh al-Nawawi 'Ala Muslim. Dar Ihya' al-Turath al-'Arabi, Beirut, Lebanon.
Al-Qari, Mohammad Ali. Al-Sukuk al-Islamiyyah (al-Tawriq) wa Tatbiqatuha al-Mu'asirah wa Tadawuluha, a paper presented at the Fiqh Academy Session No.19, al-Shariqah, United Arab Emirates, 2009.
Al-Qurahdaghi, Muhyiddin. Al-Sukuk al-Siyadiyyah bayna bay' al-'Ayn wa bay' Haqq al-Intifa, a paper presented at the International Shariah Scholars Forum (ISSF), November 2016, ISRA.
Al-Sanhuri, Abd al-Razzak. (1968). Al-Wasit Fi Sharh al-Qanun al-Madani. Dar al-Nahdah al-'Arabiyyah, Cairo, Egypt.
Al-Shammari, Faysal bin Salih. (2016). Masa'il Fiqhiyyah fi al-Sukuk: 'Ard wa Taqwim. Kursi Sabik, Riyad, Saudi Arabia. Al-Shubayli, Yusuf. Haqq al-Intifa' al-'Aqari, a paper presented at the 5th Shura Fiqh Conference, December 2013, Kuwait.
Al-Suyuti, Jalal al-Din. (2004). Al-Hawi li al-Fatawa. Dar al-Fikr li al-Tiba'ah wa al-Nashr, Beirut, Lebanon.
Burhan al-Din, Abu Ishaq.(2000). Al-Mubdi Fi Sharh al-Muqni. Dar al-Kutub al-Islami, n.p.
Hammad, Nazih. (2012). Qadaya Fiqhiyyah fi al-Mal wa al-Iqtisad. Dar al Qalam, Damascus, Syria.
Ibn Taymiyyah, Ahmad bin 'Abd al-Salam (1983). Al-Siyasah al-Shar'iyyah Fi Islah al-Ra'i wa al-Ra'iyyah. Dar al-Afaq al-Jadidah, Beirut, Lebanon.
Ibn Taymiyyah, Ahmad bin 'Abd al-Salam. (2005). Majmu' Fatawa ibn Taymiyyah. Dar al-Wafa li al- Tiba'ah wa al-Nashr, al-Mansurah, Egypt.
Islamic Magazine. Banking http://islamicbankingmagazine.org/index.php? option=com_k2&view=item&id=29270:%D8%A7%D9
ISRA& Securities Commission. (2015). Islamic Capital Markets, Kuala Lumpur, Malaysia.
ISRA. (2017). Sukuk Principles and Practices, Kuala Lumpur, Malaysia.
Mhidat, Mahmud Fahd, Al-Sukuk al-Siyadiyyah al-Islamiyyah, in Majallat Jami'ah al-Quds al-Maftuhah lil Abhath wa al-Dirasat al-Idariyyah wa al-Iqtisadiyyah, Vo.2, Issue 7, June 2017.
Mirah, Hamid bin Hasan. (2008). Sukuk al-Ijarah. Bank al-Bilad and Dar al-Mayman gi al-Nashr wa al-Tawzi', Riyad, Saudi Arabia.
Rahail, Ali. (2009). Legal Certainty for Sukuk, in Sukuk. Sweet &Maxewell, Selangor, Malaysia.
Securities Commission. (2014). Guidelines on Sukuk. https://www.sc.com.my/wp-content/uploads/eng/html/resources/guidelines/bondmkt/sukukGuidelines_08012014.pdf, retrieved on June 2018.
Zarqa, Anas. Muwazanah Fiqhiyyah li al-Taqninat al-Arabiyyah Fi Haqq al-Intifa' al-Qanuni, a paper presented at the 5th Shura Fiqh Conference, December 2013, Kuwait.
Sukuk Laws:
Al-Jaridah al-Rasmiyyah (No 10). (2013). Qanun al-Sukuk No. 10. Egypt.
Al-Jaridah al-Rasmiyyah (No.10),. (2018). Qanun Suq Ra's al-Mal (amended). Egypt.
Al-Jaridah al-Rasmiyyha (No.30). (2012). Qanun Sukuk al-Tamwil al-Islami. Jordan
Al-Jaridah al-Rasmiyyha (No.30). (2013). Qanun al-Sukuk. Tunisia.
Civil Code. Egypt, http://site.eastlaws.com/GeneralSearch/Home/Articles TDetails?MasterID=384, retrieved on June 2018.
Civil Code. Syria, http://www.wipo.int/wipolex/ar/text.jsp?file_id=243234, retreived on June 2018.
Reports:
The Role of Sukuk in Islamic Capital Market, Commette for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), 2018.
Islamic Financial Services Industry Stability Report, (IFSB), 2018.
International Islamic Financial Market (IIFM) Annual Sukuk Report, April 2018.
GJAT provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
