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Sakarya University The Institute of Social Sciences, Departments of Islamic Economics and Finance
Research Center for Islamic Economics and Finance
International Congress on Islamic Economics and Finance (ICISEF)
21-23 October, 2015, Sakarya / Turkey
ICISEF 2015
PROCEEDINGS
Volume III
ISLAMIC FINANCE (SUKUK AND TAKAFUL)
Editors Assoc. Prof. Ömer KARAOĞLU
Assoc. Prof. Süleyman KAYA Assoc. Prof. Fatih YARDIMCIOĞLU
Res. Assist. Hakan ASLAN
ICISEF 2015, 21-23 October, Sakarya/Turkey International Congress on Islamic Economics and Finance (ICISEF)
Editors Assoc. Prof. Ömer KARAOĞLU Assoc. Prof. Süleyman KAYA Assoc. Prof. Fatih YARDIMCIOĞLU Res. Assist. Hakan ASLAN
Typesetting Res. Assist. Mervan SELÇUK
Res. Assist. İsmail BEKTAŞ
Cover Design
Res. Assist. Salih ÜLEV
Beşiz Publications Adnan Menderes Cd. 22/A Adapazarı / SAKARYA / TURKEY Phone: +90 264 273 52 5312 4829910
Printed at Sakarya Gelişim: Sakarya Gelişim Ofset Tanıtım Mat. Yay. Rek. Tic. ve San. Ltd. Şti.
Adnan Menderes Cd. 22/A Adapazarı / SAKARYA Adres
Phone : +90 264 273 52 5312 4829910
e-mail : [email protected]@kitapmat.com
Web : www.sakaryagelisim.com
Permission to make digital or hard copies of part or all of the Proceedings Books of ICISEF 2015 for personal or classroom use is granted without fee provided that copies are not distiributed for profit or directional commercial advantage. No part of this publication may be reproduced or distributed in any form or by any means, or stored in data base or retrival system, without the prior written permission of the publisher. Permission may be requested from the ICISEF.
Copyright © 2016 by ICISEF
No responsibility for the views expressed by authors and reviews in the Proceedings Books of ICISEF 2015 is assumed by the editors.
ISBN:978-605-9974-27-1
Web Page : www.icisef.orgYoutube : icisefsauFacebook : icisefsau
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“Islamic Finance: Sukuk and Takaful”
International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya/TURKEY 187
األهمية االقتصادية لصكوك اإلجارة
األستاذة رحموني فضيلة قسم التعليم األساسي،
كلية العلوم االقتصادية والتجارية وعلوم التسيير، جامعة محمد الشريف مساعدية، سوق أهراس، الجزائر
حمرز نور الدين قسم علوم التسيير،
كلية العلوم االقتصادية والتجارية وعلوم التسيير، جامعة محمد الشريف مساعدية، سوق أهراس، الجزائر
“Islamic Finance: Sukuk and Takaful”
188 International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya/TURKEY
منفعة اإلجارة
منفعة عمل منفعة عين
أعيان ثابتة
أجير خاص أعيان منقولة
أجير مشترك
منفعة موصوفة في الذمة منفعة حاضرة
“Islamic Finance: Sukuk and Takaful”
International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya/TURKEY 189
“Islamic Finance: Sukuk and Takaful”
190 International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya/TURKEY
“Islamic Finance: Sukuk and Takaful”
International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya/TURKEY 191
“Islamic Finance: Sukuk and Takaful”
192 International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya/TURKEY
“Islamic Finance: Sukuk and Takaful”
International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya/TURKEY 193
“Islamic Finance: Sukuk and Takaful”
194 International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya/TURKEY
“Islamic Finance: Sukuk and Takaful”
International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya/TURKEY 195
مثرون ت سامل
SPV رشكة
الكهرابء
السعودية
ادلولية
للصكوك
) مصدر،
مشرتي/ وكيل
عن املستمثرين،
مؤجر(
الرشكة
السعودية
للكهرابء
)ابئع،
مس تأ جر،
وكيل
خدمات(
شراء بيع أصول)اتفاقية
شراء(
قيمة الشراء
عقد إجارة األصول
دفعات اإليجار
تعهد)شراء/ بيع(
شراء األصول المؤجرة بسعر
السوق
شهادات
االكتتابحصيلة
عائد اإليجار الدوري
توزيع مبلغ البيع
تدفق األموال عقود
“Islamic Finance: Sukuk and Takaful”
196 International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya/TURKEY
التقاريرInternational Islamic finance market (2014), report sukuk ( a comprehensive study of global sukuk market, 4th edition, Bahreïn. International islamic finance market(2013), report sukuk ( a comprehennsive stady of global sukuke market, 3rd edition, Bahreïn. Rasameel Structured Finance(july 2014) , Quarterly global sukuk report, Kuwait City, Koweït. Rasameel Structured Finance(april 2014), Quarterly global sukuk report, Kuwait City, Koweït. Bloomberg & Isra(2013), Quarterly sukuk review, Q4, 2013 edition, Malaysia
ي، المملكة العربية السعودية.، التقرير السنو (2013)السعودية للكهرباءالشركة األنترنات
أحمد محمد محمود نصار، عقد اإلجارة فقها وتطبيقا في عشرين سؤاال وجوابا ) من تراثنا إلى االحتياجات المالية المعاصرة(، في الموقع iefpedia.com/arab/wp-content/uploads/2009/.../vb.pdfااللكتروني:
“Islamic Finance: Sukuk and Takaful”
International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya/TURKEY 197
www.qaradaghi.comعلي محي الدين القرة داغي، أنواع صكوك اإلجارة وضوابطها، في الموقع االلكتروني: www.eifa.coسؤال وجواب، مجلة التمويل اإلسالمي، في الموقع االلكتروني: 03الجمعية المصرية للتمويل اإلسالمي، الصكوك في
، في الموقع االلكتروني: 11/09/2014مليون دوالر، 750حكومة الشارقة ُتصدر صكوك إجارة بـ (، 2014جريدة اإلمارات اليوم)http://www.emaratalyoum.com/business/local/2014-09-11-1.708676
Extended English Abstract
Abstract This paper aims to identify the financing, investment and developmental importance of the most important Islamic financing instruments, especially Islamic Sukuk. It will focus on the lease instruments as the most important types of Islamic instruments, through the definition of financing capacityand the investment and developmental importance of type of sukuk. This reaserch has been divided into three main chapters. The first one as the introduction chapter to the definition of both the lease contract and their derivative instruments, the second chapter studies the characteristics and types of this instuments, finally the last chapter dealt with the financing and developmental importance and the reality of trading in the financial markets. To answer the problem of research to reach the set goals we relied on the analytical descriptive approach, through the collection of data from deferent references that dealt with the main variable of the study which is "Ijara( lease) Sukuk" . In addition to the collection of data and statistics from various sources , espcially reports that provide a picture about the reality of the use of Islamic instruments particularly, the Ijara sukuk on the global level.The reaserch concluded the following reasults:1. Ijara (lease) sukuk securities is financial instrument can be trated in financial markets. even though they share some characteristics with both stocks and bonds as well as the other Islamic types of instruments, however, they have specific advantages, and most important of these features is reduction of degree of risk relatively compared with other types of Sukuk;2-Ijara sukuk vary to leased(sukuk) of owned assets and utilities ownership instruments (sukuk) and sukuk of services. under each of these types there are other sub -division, vary according to its utility included in the original contract of Ijara ( lease) . this very between Concreate benefit or , service benefit .also between actual benifits or that are described in the discharge . this What makes it a financial investment tool valid for all productive and service sectors; 3- Ijara sukuk comes second after Murabaha in terms from side of trading on the financial markets, both domestically and internationally for more than ten years ( the period from 2001 to the first half of 2014). This evidence make investors’ perceived their importance;4. Financing development efficiency and effectiveness of Sukuk Ijara (leasing ) depends on legitimate safety degree in terms of their commitment to regulation of Ijara Contract , in addition to the volume dealing and the need to take advantage of all the benefits offered by different forms and kinds, not focusing on just one type. After the practical study and concluded results and for the sake of taking the advantage of the importance of Ijara sukuk it is needed to be activated in financial markets through awareness and encourage investors to use this type of sukuk. with the need to comitement by thier legitimacy rules in the structure which is a prerequisite condition to any Islamic financial innovation. Although the Islamic financial instruments such as Islamic Sukuk including Ijara (leasing ) has become a concreate reality, but there are many challenges still faced especial on legal side. Key words: Islamic Sukuk, ijarah (lease) sukuk, Economic importance of Ijara sukuk