منتجات صكوك الإجارة

Abstract EN

This research undertakes to clarify the Shariah ruling on two types of ÎukËk ijÉrah: 1) a sale with a lease-back clause, and 2) forward ijÉrah; with special focus on those features that raise fiqh issues.

The researcher explains the two modes of a sale with a lease-back clause.

He explains the parameters required to avoid conducting prohibited ÑÊnah sales as well as other legal ruses that could lead to issuing ÎukËk that do not differ in essence from usurious bonds.

The second half of the paper deals with forward ijÉrah.

The author clarifies the aspect of the transaction that raises a Shariah issue, which is the sale of a debt for a debt, which jurists unanimously agree is prohibited.

He explains the three types of ijÉrah, the contractual format of forward ijÉrah, and the Shariah ruling on the latter.

The author concludes by calling attention to the large number of transactions in Islamic banks that need to undergo review and correction and advises that research be focused upon providing alternatives and solutions derived from the principles and objectives of the Shariah.