صكوك المضاربة والمشاركة والإجارة وتطبيقاتها في ماليزيا وبعض دول الخليج العربي

Abstract

The objective of this research is to study the Islamic legal theory (fiqh) of sukuk al-Mudharabah wa al-Musharakah wa al-ljarah and its applications in Malaysia, Kuwait, United Arab Emirate, the Kingdom of Bahrain and the Kingdom of Saudi Arabia as alternative Islamic instruments to the bond and Islamic Debt Securities which are unacceptable among Islamic Scholar. This research writing commences with the general introduction on the Conventional and the Islamic Capital Market, as well as on the Investment sukuk. Following this, the meaning, nature and application of contracts of al-Mudharabah, al-Sharikah and al-ljarah being the types of contracts on which sukuk normally founded upon. Explanation of Sukuk al-Mudharabah wa alMusharakah wa-ljarah will then be made in respect of its definition, its Islamic legal theory (fiqh) particularly on its issuance, trading, redemption and guarantee vis-a-vis the current practices, as evidenced by certain examples practised by the industrial players and the extent to which the current practices of Sukuk al-Mudharabah wa alMusharakah wa al-ljarah have complied with the requirements of the Islamic legal theory (fiqh). All these research exercises will involve descriptive, analytical and practical/field work research methodologies including conducting interviews with the industrial players in sukuk especially in Shariah issues. The final finding of this research will result in the understanding that Sukuk al-Mudharabah wa al-Musharakah wa al-Ijarah would most be the appropriate alternative choice for and replacing the non-islamic interest based conventional bonds. It follows that this sukuk would be suitable to be put into practice in the current capital market, as it has been endorsed being a shariah complaint product. Nonetheless, it is opined that these products and practices concerning Sukuk al-Mudharabah wa al-Musharakah wa Ijarah should still be subject to certain rigorous reviews to ensure their principles and practices are truly and always be in accordance with the requirements of the shari'ah all time. This research may pave ways for development and improvement towards better and improved alternative products and practices of sukuk which might be different from the products and practices of the contemporary capitalistic non-islamic sheer interest based conventional bonds.