عملية التوريق وتطبيقاتها المعاصرة خاصة في البنك الإسلامي للتنمية

Abstract

This thesis studies the practices of securitization as implemented by the Islamic financial institutions, particularly the Islamic Development Bank (IDB), in order to examine its conformity with the Islamic Law. This is achieved by studying two issues of the Islamic Development Bank through which the study brings the Islamic concept of securitization (Investment Sukuk), and explains the view of the IDB Shari'ah board and their decisions in regard to the structure and methodology adopted by the bank. The study also shades light on the concept of securitization from the conventional point of view, describes its’ primary components, gives a glimpse on its’ historical emerge and spread, explains its position in the Islamic Law, as well as the similarities and differences between the Islamic and conventional concepts of securitization. The study followed the inductive, deductive, and descriptive methods in collecting data. It found that the structure and method followed by IDB in the two issues conformed to the Shari'ah. Therefore, securitization in its Shari'ah compliant form, i.e. using legally accepted contracts such as Ijarah, Murabahah, Musharakah, Mudharabah, Muzara'ah, Musaqah, Salam, and Istisna', is very important Shari'ah compliant tool of capital raising and growth of the Islamic capital Market. However, securitization using some forms of disputable contracts such as sale of debt and inah has to be in accordance with Shariah conditions. The study concluded by suggesting the use of other forms of securitization such as Muzara'ah sukuk Mudharabah sukuk and Service sukuk, for improvement in future IDB issues.