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Analysis of the Islamic Jurisprudence and Law of the Independent Financial Value of Securities مقالة

عنوان اصلی: تحلیل فقهی و حقوقی مالیت استقلالی اوراق بهادار

التصنيف: العلمية - البحثية/ISC (‎28 صفحة - من 509 إلی 536 )

الکلمات المفتاحية: obligations securities Sukuk Stocks properties Independent Financial Value Law Iranian Qom Therefore Tehran

خلاصة:

Without any doubt the value of the securities in the economic analyses isdepending on the origin of assets and they don’t have value themselves. In respect of the rule of paper document in the nature of securities، some of Iranian lawyer argues that the right to which the paper document relates materializes in the document and can therefore be transferred according to the rules governing tangibles. If the paper document is transferred، the buyer not only acquires title to the paper، but also becomes entitled to the right to which the paper relates. This view refers to the fact that the document relating to the security embodies a valuable right، but this view،based on the principles of Islamic law، in this system and therefor in the Iran legal system seems not correct.

ملخص الجهاز:

Effects of Accepting the Independent Financiality of Securities Based on this view and on the basis that real rights are another translation of property rights, securities are subject to the regulations of property rights and their transfer is not considered outside the scope of contract law, and therefore the cost of transfer is also reduced and its efficiency is increased, because if we are to justify securities based on contract law and their transfer based on the contract of assignment, the buyer must examine the cost related to obtaining information about the status of the obligor (issuer) and also his actual debt to the assignor and take it into account in his negotiation with the owner of the security. One of the reasons for the necessity of analyzing securities based on property rights and real rights is rooted in the history of obligations law in the Romano-Germanic and Common law systems; but today, considering that the positive aspect of obligations, like real rights, can be transferred, the artificial analysis of reflecting shareholder rights in a paper document and merging the personal rights of the holder into it and converting personal rights into real rights in these two systems is not so necessary; let alone the Islamic legal system, which has also used the theory of ownership in establishing debt in the past, and debt also has the characteristics of ownership.


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