Document Type : Research Article

Authors

• Muhammad Rasul Fakhreh
• Mohammad Mahdi fereydooni

Student of Imam Sadiq University(Islamic studies and finance)

Abstract

The development of financial instruments for project financing is a serious need of the capital market. Ijarah sukuk, due to their flexible structure, are among the most widely used types of Islamic financial instruments worldwide. In Iran, only one type of Ijarah sukuk has been utilized so far. However, in other Islamic countries, various types of Ijarah sukuk are employed. Forward Ijarrah sukuk, a type of Ijarah instrument suitable for project finance, has not yet been operationalized in Iran. Mawsufaha fi al-Dhimma sukuk are instruments where the underlying asset is not delivered at the time of issuance, but its characteristics are specified in detail in the contract. Due to their issuance structure, these sukuk can be a suitable option for project financing. This article examines the jurisprudential (fiqh) aspects of issuing such sukuk from various perspectives. The present research has a qualitative approach, is applied in terms of its objective, and employs a descriptive-analytical method for data collection. The results indicate that a general forward lease (ijarah mawsufaha fi al-dhimma) is jurisprudentially valid. The rental payment can be agreed upon and made by the parties before the delivery of the asset, and the sukuk can be traded in the secondary market. These sukuk also face several operational risks, including: damage to the leased asset, failure to deliver the leased asset as per the contract, and non-conformity of the delivered asset with the specifications outlined at the time of issuance. Finally, the duties and authorities of the lessor (mu'jir) and the lessee (musta'jir) in the event of each of these occurrences are examined

Keywords

• Ijarah Mawsufah fi al-zimmah
• capital market
• financing
• Islamic securities

Main Subjects

• Islamic Financing Tools