صكوك الاستثمار كبديل شرعي لسندات الفائدة و تطبيقاتها المعاصرة

الملخص EN

This paper aims to clarify the jurisprudential judgments and Shari’a regulations of investment Sukuk as a legitimate alternative to interest bonds and their contemporary applications.

This paper’s importance springs out inancing in accordance with the regulations of Islamiof the pioneering role played by investment sukuk as a legitimate alternative to interest bonds to stimulate the economic and social development process by contributing in the individuals’ projects financing to participate according to the legal conditions.

In fact, in the field of Islamic financial industry this modern formula has its concrete contribution in supporting the financial capabilities of banks by their contribution to projects fc law.

I followed in this research paper the descriptive analytical method by presenting the views of the jurisprudential doctrines and the decisions of the jurisprudential councils mentioning the texts of the relevant legal standards.

The paper concludes several results, the most important of which is the bad need for alternative tools of interest bonds, that are, investment sukuk.

They mean documents of equal value representing common shares in the ownership of objects, benefits, services or assets in a particular project or investment activity after collecting the values of sukuk, after closing subscription and using them for the purpose they were issued.

It has an important role in managing the investment risks in the Islamic financial institutions for its characterization of flexibility and effectiveness.

The paper also found that there are risks associated with the application of investment sukuk in banks.

It has reached several recommendations.

The most important one is issuance of regulations and legislations of Sukuk and investment Sukuk in particular.

The Islamic financial institutions and universities have to provide training courses and workshops for specialists in the field of banking.

The paper also recommended that there is a necessity to set restrictions for the application of investment sukuk in Islamic banking to reduce the risks facing the application and to ensure a successful investment in accordance with the pure Shari'a law.