ICISEF 2015isamveri.org/pdfdrg/D250091/2016/2016_NUREDDINM_FAZILER.pdf · global sukuk market, 4th...

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

Twitter : icisefsau

“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

[email protected]

حمرز نور الدين قسم علوم التسيير،

كلية العلوم االقتصادية والتجارية وعلوم التسيير، جامعة محمد الشريف مساعدية، سوق أهراس، الجزائر

[email protected]

mailto:[email protected]

mailto:[email protected]


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



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



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:



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

http://www.eifa.co/

http://www.emaratalyoum.com/business/local/2014-09-11-1.708676

ICISEF 2015isamveri.org/pdfdrg/D250091/2016/2016_NUREDDINM_FAZILER.pdf · global sukuk market, 4th...

Documents

Transcript of ICISEF 2015isamveri.org/pdfdrg/D250091/2016/2016_NUREDDINM_FAZILER.pdf · global sukuk market, 4th...