Document Type : Science - Research (Islamic Finance Jurisprudence)

Authors

• sayyed Mohammad Aminzadeh ¹
• Mohammad Mehdi Fereydooni ²

¹ Faculty of the Tolou-e-Mehr University

² Expert in department of research, development and Islamic studies of the Securities and Exchange Organization

Abstract

"Bay al-Aina" is one of the basic issues related to Islamic financial instruments in the capital market, which causes a number of capital market instruments to face a Sharia challenge. In this article, in an analytical-descriptive way, the jurisprudential ruling of Bay' al-Aina has been re-examined, and after expressing the views of the jurists, the specific evidences surrounding it have been examined. According to the prevailing jurisprudential opinion, it is certain that the sanctity and nullity of the sale of al-Aina are reserved for the place where there are two conditions: a) we are faced with the combination of two sales contracts, one of which is cash and the other is a loan, and b) the second sale is in the first sale. be a condition The findings of the article show that the prevailing jurisprudential opinion is a point of controversy, and from the narrations in this regard, even with the mentioned conditions, the ruling of sanctity and invalidity cannot be deduced. In the end, the capital market tools that are facing the suspicion of bias have been examined; The results of the research indicate that the conventional repo, the combination of sale and lease with the condition of acquisition and sale with the addition of the option to buy and the option to sell, according to the investigation, none of them are condemned or invalidated due to the suspicion of sale of al-Ainah.

Keywords

• Biy al-Aina
• financial instruments
• capital market
• financing

Main Subjects

• Science - Research (Islamic Finance Jurisprudence)