صكوك الإجارة وتطبيقاتها المصرفية المعاصرة‏ ‏: دراسة مقارنة بين ماليزيا والسودان

Abstract

The thesis studied the Ijarah (leasing) Sukuk from both jurisprudence and legal perspectives. Through an introductory discussion of securities concept and types of stocks and bonds, Sukuk was defined and considered as one of these instruments. The jurisprudence ground of Ijarah sukuk has been extensively investigated and compared with the ‘Sudanese law of Financing Sukuk’ enacted in 1995. A full chapter of the study was dedicated for this law as it may be considered the first ever specialized law of Sukuk in the world. In addition to talk about the Securities Commission of Malaysia. However, two contemporary models of Ijarah Sukuk from Sudan (Sukuk Ijarah of Khartoum bank) and Malaysia (Al-‘Aqar Company Sukuk) were thoroughly examined and compared with each other. The study used the descriptive and inductive approach which included tracking the opinions of scholars, researchers, and other evidences pertaining to the Ijarah Sukuk. These views and evidences were analyzed in order to obtain the objective of the study. The research aimed to identify the reality of these instruments through the study of their current practices, jurisprudence and law as basis to evaluate the usefulness of Sukuk to societies. It was evidenced that these instruments of Islamic financing (Ijarah Sukuk) are Shariah based products but their arising problems can be attributed to their actual practices.