إدراج الصكوك في البيئة القانونية الجزائرية : دراسة نقدية للتشريعات و التنظيمات الحالية

Abstract EN

Many Arab and foreign countries have tended to enter the Sukuk market with sovereign and other corporate issuances, especially after preparing the legal and regulatory framework for Sukuk.

currently, Algeria tends to encourage Sukuk issuance.

however, the current legal environment may impede the Sukuk industry in Algeria.

this research aims to suggest a legal and regulatory framework for Sukuk based on identifying deficiencies in the current legislation and regulations prevailing in Algeria.

one of the most important results of this critical study is that the commercial law represents the most important law that opposes the issuance of Sukuk in Algeria due to the absence of an explicit definition of Sukuk, the classification of the special purpose company, the inadequacy of bankruptcy law and the need of protection of investors.

civil law stipulates that the right to usufruct, the right to use and the right to dispose of constitute a single ownership and does not allow the split of ownership to beneficial ownership and legal ownership.

also, islamic finance contracts have no legal basis in the civil law.

as for the currency and loan law, securitization law, tax law, and stock market regulations, clear amendments are needed to include Sukuk within the market regulations in a way that allows and facilitates Sukuk issuance.

a legal and regulatory framework for Sukuk was proposed for the Algerian legislator to implement.