Beschreibung:
Guarantees offered for ṣukūk in Islamic finance have become a problematicissue of discussion. From the authors’ perspective, the issue should be approachedfrom two aspects: one considering the required conditions for the validity of contractsand the other considering the Sharīʿah objectives. This research aims to emphasize thenecessity of considering the objectives of contracts from a Sharīʿah perspective beforejudging their validity; particularly with regard to guaranteed ṣukūk. To achieve thisgoal, the research employs two methods: one descriptive and the other analytical aswell as critical. The research has concluded that it is not permissible to stipulateholding the ṣukūk issuer liable neither for the ṣukūk nominal values nor for apredetermined amount of profit; that the idea of holding the ṣukūk issuer responsiblebased on considering him a joint muḍārib is not founded on solid evidence; that it isnot permissible for the muḍārib, partner, or wakīl to be committed to give loan to ṣukūkholders when the actual return for ṣukūk is less than expected; that, in some of theirapplications, ṣukūk based on lease ending with ownership involve the impermissibleʿīnah transaction; that guarantees in ṣukūk contradict Sharīʿah rules when the issuerundertakes to purchase the ṣukūk assets at their nominal values at the end of themuḍārabah, mushārakah, or wakālah; and that the criteria to assess Islamic ṣukūk onthe basis of Sharīʿah objectives can be divided into: criteria related to the motive,criteria related to the contract structure, and criteria for the outcomes of implementingthe product.