سندات القراض و ضمان الفريق الثالث و تطبيقاتهما في تمويل التنمية في البلدان الإسلامية

Abstract EN

The author distinguishes qirad (profit sharing) contract from shirkah (partnership) as the former is characterized by complete separation of ownership from control.

He discusses qirad certificates which represent the financier's share in the enterprise and entitle him to a share in profit (or loss) with the right to withdraw the nominal value of the certificate (i.e.

the qirad capital) when it is due.

Qirad certificates, as financial instruments in an interest free economy, would be more flexible than common stock.

The author justifies third party guarantee (e.g.

by the state or a collective fund established for this purpose) of the nominal value (i.e.

principal) of the qirad certificates.

Jordan's experience with qirad certificates is reported with the conclusion that similar instruments would help in financing economic development in Muslim countries.