دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 1 2025 10 23 Designing Future Ijarah (Mawsufah fi al-Dhimmah) based on Imami Jurisprudence طراحی اوراق اجاره آتی (موصوفه فی الذمه) مبتنی بر فقه امامیه 181 210 77995 10.30497/ifr.2025.248793.1983 FA محمدرسول فخره دانشجوی دکتری فقه و مبانی حقوق، دانشکده الهیات، معارف اسلامی و ارشاد، دانشگاه امام صادق علیه‌السلام، تهران، ایران 0009-0000-7627-767X محمدمهدی فریدونی دانشجوی دکتری مدیریت مالی، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق علیه‌السلام، تهران، ایران 0000-0001-5388-3239 Journal Article 2025 08 30 1. Introduction and Objective The expansion of financial instruments for project financing constitutes one of the most critical needs of contemporary capital markets, particularly in Islamic financial systems that seek to avoid interest-based mechanisms. Conventional participatory contracts, such as mushārakah and muḍārabah, although theoretically aligned with Islamic principles, often encounter serious practical and Sharīʿah-related challenges due to their variable income streams, uncertainty in returns, and complex monitoring requirements. These challenges have motivated policymakers and market participants to explore alternative Islamic instruments that provide greater certainty while maintaining Sharīʿah compliance. Among Islamic financial instruments, Ijarah Sukuk have emerged as one of the most widely used and operationally successful tools for financing large-scale projects. Their asset-backed nature, predictable cash flows, and relative simplicity have contributed to their extensive adoption across various jurisdictions. Despite this global development, the Iranian capital market has thus far relied on a limited form of Ijarah Sukuk, primarily restricted to leases involving existing and identifiable assets. In contrast, many Islamic countries have developed and implemented more diversified forms of Ijarah Sukuk, including instruments designed to finance assets that are not yet constructed or delivered at the time of issuance. One such instrument is Forward Ijarah Sukuk, also referred to in Islamic jurisprudence as Ijarah Mawsūfah fī al-Dhimmah. In this structure, the leased asset does not exist in a tangible form at the time of contract execution; instead, its essential characteristics are precisely defined in the contract, and the lessor undertakes to deliver an asset conforming to those specifications at a future date. This structure offers a potentially effective solution for financing infrastructure, real estate, and service-based projects that are under construction or planned for future delivery. Despite its practical relevance, the application of Forward Ijarah Sukuk within the framework of Imāmī (Twelver Shīʿī) jurisprudence has not been sufficiently explored in the Iranian academic literature. Accordingly, the primary objective of this study is to examine the jurisprudential validity of Forward Ijarah Sukuk from the perspective of Imāmī fiqh. The research seeks to address key questions concerning the permissibility of leasing non-existent assets, the legitimacy of advance rental payments, the tradability of such sukuk in secondary markets, and the allocation of rights and obligations between contracting parties in the presence of operational risks. 2. Methods and Materials This research adopts a qualitative and applied approach, employing a descriptive–analytical methodology. The study relies primarily on library-based research, drawing upon classical and contemporary Imāmī jurisprudential sources, including foundational works on ijārah, bayʿ, and gharar, as well as modern fiqh discussions related to Islamic financial instruments. In addition, relevant legal materials—such as the Iranian Civil Code and regulatory guidelines governing the issuance of Ijarah Sukuk—are examined to ensure consistency between jurisprudential analysis and existing legal frameworks. The analytical process proceeds in several stages. First, the conceptual foundations of Ijarah Sukuk and Forward Ijarah contracts are clarified, with particular attention to the distinction between leasing an existing asset (ʿayn muʿayyanah) and leasing an asset described in liability (kullī fī al-dhimmah). Second, the study analyzes the jurisprudential conditions for the validity of Ijarah Mawsūfah fī al-Dhimmah, focusing on issues such as the requirement of certainty (ʿilm), the avoidance of excessive uncertainty (gharar), and the permissibility of deferred delivery. Third, the research evaluates the permissibility of advance rental payments prior to the delivery of the leased asset, based on Imāmī jurisprudential principles governing ownership of benefits (manfaʿah) and contractual stipulations. Fourth, the tradability of Forward Ijarah Sukuk in secondary markets is examined, with special consideration given to the jurisprudential debate surrounding the sale of benefits and claims versus the sale of tangible assets. Finally, the study identifies and analyzes key operational risks associated with Forward Ijarah Sukuk—such as asset destruction, non-delivery, and non-conformity—and assesses the legal and jurisprudential remedies available to lessors and lessees in each scenario. 3. Research Findings The findings of this study demonstrate that Ijarah Mawsūfah fī al-Dhimmah is, in principle, valid under Imāmī jurisprudence, provided that the leased asset is described with sufficient precision to eliminate material uncertainty. Classical and contemporary Imāmī jurists generally agree that the existence of the leased asset at the time of contract is not a necessary condition for the validity of an Ijarah contract, so long as the characteristics affecting value and utility are clearly specified. Consequently, leasing future assets does not inherently violate Sharīʿah principles. The analysis further reveals that the primary objection raised against Forward Ijarah—namely, the allegation of gharar—can be effectively addressed through detailed contractual descriptions that remove ambiguity regarding the nature, quality, and specifications of the asset. Jurisprudential discussions indicate that uncertainty concerning the future realization of an asset does not automatically constitute prohibited gharar, particularly where such uncertainty is commonly tolerated in rational commercial practice. Regarding rental payments, the study finds that advance payment of rent prior to the delivery of the leased asset is permissible under Imāmī fiqh if it is explicitly stipulated in the contract and mutually agreed upon by the parties. Such stipulations do not contradict the essence of the Ijarah contract, as ownership of benefits may be established contractually even if their actual enjoyment is deferred. In relation to secondary market trading, the findings suggest that Forward Ijarah Sukuk may be traded under certain conditions. When the sukuk represent ownership of a defined benefit linked to a described asset obligation, and not merely a debt claim, their tradability can be justified within the framework of Imāmī jurisprudence. Nevertheless, careful structuring—potentially through the use of ancillary contracts such as ṣulḥ—may be required to avoid contentious interpretations. Finally, the study identifies several operational risks inherent in Forward Ijarah Sukuk, including the destruction of the asset prior to delivery, failure to deliver the asset on time, and discrepancies between the delivered asset and contractual specifications. Jurisprudential analysis shows that, due to the kullī fī al-dhimmah nature of the obligation, the lessor remains responsible for providing a substitute asset that meets the agreed specifications. Where delivery becomes impossible or non-conformity persists, the lessee is entitled to contractual remedies, including rescission and compensation. 4. Discussion and Conclusion The findings of this research contribute to the growing body of Islamic finance literature by demonstrating that Forward Ijarah Sukuk can be reconciled with the principles of Imāmī jurisprudence. Contrary to prevailing assumptions that restrict Ijarah to existing assets, the study shows that Imāmī fiqh provides sufficient doctrinal flexibility to accommodate leases of future assets, provided that contractual clarity and risk allocation are appropriately addressed. From a policy and market perspective, the adoption of Forward Ijarah Sukuk could significantly enhance the capacity of the Iranian capital market to finance infrastructure and development projects that cannot be supported through conventional Ijarah structures. By enabling rental payments prior to asset delivery and facilitating predictable cash flows, these instruments offer a practical alternative to participatory contracts while remaining faithful to Sharīʿah principles. Nevertheless, the study underscores the importance of robust contractual design and regulatory oversight to manage operational risks and safeguard the rights of investors. Explicit stipulations concerning asset specifications, delivery timelines, remedies for non-performance, and mechanisms for dispute resolution are essential for ensuring both jurisprudential validity and market confidence. In conclusion, the research recommends that Forward Ijarah Sukuk be considered for implementation within the Iranian capital market, subject to appropriate jurisprudential approval and regulatory adaptation. Such an initiative could diversify Islamic financial instruments, strengthen project financing capabilities, and contribute to the sustainable development of Sharīʿah-compliant capital markets. 1. مقدمه و هدف گسترش ابزارهای مالی اسلامی برای تأمین مالی طرح‌ها، به‌ویژه در بازار سرمایه، از نیازهای اساسی نظام مالی محسوب می‌شود. در این میان، اوراق اجاره به دلیل انعطاف‌پذیری ساختاری و اتکای آن‌ها به دارایی‌های واقعی، جایگاه ویژه‌ای در تأمین مالی طرح‌ها یافته‌اند. با وجود تنوع ابزارهای اجاره‌ای در سایر کشورهای اسلامی، در بازار سرمایه ایران تاکنون تنها از اشکال محدود اوراق اجاره استفاده شده است. یکی از ابزارهای نوین در این حوزه، اوراق اجاره آتی (موصوفه فی الذمه) است که تاکنون در ایران عملیاتی نشده است. هدف این پژوهش، بررسی فقهی اوراق اجاره آتی و ارزیابی میزان انطباق آن با مبانی فقه امامیه، به‌منظور امکان‌سنجی استفاده از این ابزار در تأمین مالی طرح‌ها است. 2. مواد و روش‌ها پژوهش حاضر از نظر رویکرد، کیفی و از حیث هدف، کاربردی است و با روش توصیفی–تحلیلی انجام شده است. در این مطالعه، با بهره‌گیری از منابع معتبر فقه امامیه، شامل کتب فقهی، آرای فقها و مستندات حقوقی، ماهیت اجاره آتی (موصوفه فی الذمه) مورد تحلیل قرار گرفته است. همچنین، مسائل فقهی مرتبط با صحت عقد، امکان پرداخت اجاره‌بها پیش از تحویل عین، قابلیت معامله در بازار ثانویه و چالش غرر در این نوع اوراق بررسی شده و در نهایت، ریسک‌های عملیاتی مترتب بر انتشار این اوراق تحلیل گردیده است. 3. یافته‌های تحقیق یافته‌ها نشان می‌دهد که انعقاد قرارداد اجاره آتی (موصوفه فی الذمه) از منظر فقه امامیه صحیح بوده و اجاره منافع آتی با وصف رافع غرر، با عمومات صحت معاملات سازگار است. همچنین، در صورت توافق طرفین، پرداخت اجاره‌بها پیش از تحویل عین موضوع اجاره، فاقد اشکال فقهی بوده و امکان‌پذیر است. نتایج تحقیق همچنین حاکی از آن است که اوراق اجاره آتی، در صورت رعایت شرایط فقهی، قابلیت معامله در بازار ثانویه را دارا می‌باشند. با این حال، این اوراق با ریسک‌های عملیاتی متعددی مواجه‌اند که مهم‌ترین آن‌ها شامل خراب شدن دارایی موضوع اجاره، عدم تحویل دارایی مطابق قرارداد و عدم انطباق دارایی تحویلی با اوصاف مندرج در زمان انتشار اوراق است. 4. بحث و نتیجه‌گیری بر اساس نتایج پژوهش، اوراق اجاره آتی (موصوفه فی الذمه) از منظر فقه امامیه واجد مشروعیت بوده و می‌تواند به‌عنوان ابزاری کارآمد در تأمین مالی طرح‌ها مورد استفاده قرار گیرد. با این وجود، مدیریت ریسک‌های عملیاتی از طریق پیش‌بینی شروط مناسب ضمن عقد و تبیین دقیق حقوق و تعهدات موجر و مستأجر، ضرورتی اجتناب‌ناپذیر در طراحی این اوراق است. در صورت تحقق این الزامات، عملیاتی‌سازی اوراق اجاره آتی در بازار سرمایه ایران می‌تواند ضمن توسعه ابزارهای مالی اسلامی، به تأمین مالی طرح‌های زیرساختی و تولیدی کمک شایانی نماید.

https://ifr.isu.ac.ir/article_77995_ede95056cc3cd100064511280f1450c5.pdf