إفصاح البائع للمشتري عن ملكية أصول الصكوك : دراسة تحليلية فقهية

Abstract EN

This study aims at establishing the Shariah provisions on a vendee’s right to dis- closure of sukuk assets’ ownership in Islamic Finance.

Three main areas were the focus of the paper, to wit: the meaning and types of disclosure; classical cases of disclosure under Islamic jurisprudence, and the position of Shariah on the disclo- sure of ownership of sukuk assets to the vendee.

The methodology adopted for the work is both descriptive and analytical, with emphasis on citation of relevant authorities.

A key finding of the study is that disclosure, if properly enforced, could serve as an alternative regulatory mechanism, particularly in jurisdictions where there are no central regulatory authorities for Islamic banks or Islamic capital markets.

The study further argued that the potential realms of disclosure vis a vis the Islamic sukuk assets’ ownership are three.

When the two parties are si- lent, when the disclosure made is fraudulent, and when the disclosure itself amounts to ‘half-truth’ in law.

The study recommends that disclosure with re- spect to ownership of sukuk assets should be made a benchmark determining whether or not a sukuk issuance is Shariah compliant.

Similarly, the regulato- ry authorities should mandate sukuk issuing houses to make full disclosure of the status and extent of the vendee’s ownership of sukuk underlying assets.

Keywords: Sukuk; underlying assets; ownership; disclosure; vendor; vendee