الفرق بين صكوك التمويل و السندات

Abstract EN

Investing in securities in general and instruments in particular is one of the activities whose importance increases day after day, given the prevalence of dealing in them among investors and the magnitude of funds invested in it.

Hence, this became a basic economic activity having clear-cut impact on the domestic and global economies that rely on it for financing and promoting its economic growth.

In this research brief, we discussed the notion of instruments including the definition, importance, origin, features and types.

We also underscored the idea of bonds in terms of their definition, characteristics, and types, then similarities between bonds and financing instruments.

We concluded that the confusion between instruments and bonds is due to the similarity between them whereas both are issued with a nominal value.

In addition, the instruments have an expected return associated with that nominal value and the issue structure includes arrangements that reduce the risk of fluctuations taking place in the instrument price and result in the stabilization of the sum that may be regained at the end of its term by the instrument holder.

The most important results reached between bonds and instruments : Ø Instruments regarding their nominal value are not guaranteed by the issuer, and therefore they are not debt owed by the issuer Ø What is paid on the instruments is a profit from the activity in which the instrument holders ’funds or the revenue generated from the assets owned are used according to the instruments.

These funds are not an interest based on the nominal value, while bonds are usurious debts and loans are proprietary documents of an asset that generates a return or a profitable investment Ø When a project is liquidated, holder of the bond will have priority to obtain the value of the bond and its agreed benefits, while the owner of the instrument has no priority and the rate left from assets of the project is paid to the owner after paying the debts Ø Regarding the nature and legal form, the instruments represent a common share in accordance with the principle of sharing in profit and loss.

Instruments are also considered a medium and long-term investment while the bonds are a usurious loan with fixed interest rates and a long-term investment.