Legal and Executive Review of the Use of the Land and Building Fund in the Reconstruction of Syria

Document Type : Science - Research (Islamic Investment Funds and Companies)

Authors
Mohammad Abdel Almajeed Ghabra 1
Mohammad Mohagheghnia 2
Alaalden Zatari 3
Vajhollah Ghorbanizadeh 4
1 Ph.D. Student in Financial Management, Allameh Tabatabai University, Tehran, Iran
2 Assistant Professor, Department of Islamic Accounting and Banking, Faculty of Management and Accounting, Allameh Tabatabai University, Tehran, Iran
3 Professor, Department of Islamic Finance, Damascus University, Damascus, Syria.
4 Associate Professor, Department of Public Administration, Faculty of Management and Accounting, Allameh Tabatabai University, Tehran, Iran
10.30497/ifr.2019.2403
Abstract
The Land and Building Fund is one of the financial instruments designed to attract microfinance funds to the economic projects in the housing sector. Muslim scholars since long ago have been thinking about filling the gap from the removal of bonds by designing Islamic financial instruments, such as the Land and Building Investment Fund, to finance and implement construction projects and respond to different needs of the country's economy, which have been mutually agreed upon with special terms and conditions. Due to the actions of the armed groups in Syria, Syrian banks have been unable to carry out the reconstruction processes alone. One of the most appropriate ways to finance Syria's reconstruction and carry out huge projects and community participation in these projects is through land and building funds in the Syrian capital market which is based on the experience of the Iranian capital market. Unfortunately, some believe that there is some juristic difference regarding the financial transactions between Islamic sects. This research is a step in the study of jurisprudence of Land and Building Fund as approved by Shari’a . Here, we both consider the decrees of the jurisprudence committee of Iran Stock Exchange, the majority of which is based on Imamiah fiqh, and those of the jurists and members of the Advisory Board of Patent Syria, the majority of which is approved by Sunni fiqh. We will try to smooth out all these sects by identifying the commonalities and differences among them, especially the views of the two committees on the design of financial instruments.
Keywords
Investment Fund for Land and Construction
Jurisprudence Committee of Iran's Stock Exchange
Sharia Board of the Central Bank of Syria
Reconstruction of Syria. JEL Classification: G12
G22
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  • Receive Date 14 December 2018
  • Revise Date 15 December 2018
  • Accept Date 20 May 2019