چکیده:
Financing is one of the most important issues in the resistive economy. There are a variety of financing options available in Iran, including the capital market, but given the risk aversion of investors to enter this market, Islamic financial instruments such as securities emerged and were highly sought after. Islamic financial instruments known as Sukuk bonds have been widely accepted. Sukuk Al Ijara are the most applicable Sukuk in our country. One of the unprecedented topics in this field is the study of executable options as a means of terminating the securities. In this study, at first the basic legal and jurisprudential foundations of options such as rule of prohibition of detriment, interpretative law, the rule of will power, intention and consent of contract's parties, expediency, protective theory were described. Then, Enforceable options in Sukuk Al Ijara bonds as predictive and offsetting measures of contracts by mentioning examples of each option was examined. The results of this study indicates that it is possible to execute following options such as defect, deceit, lesion, conditions, unfulfilled conditions, inspection, sales unfulfilled in part, impossibility of delivery and insolvency in relations of the contract's parties.
خلاصه ماشینی:
The results of this study indicate that it is possible to implement options such as defect (Ayb), deception (Tadlis), lesion (Ghabn), condition (Shart), stipulation (Ishtirat), seeing (Ru'yat), fragmentation of the contract (Tabayyu' al-Safqah), impossibility of delivery (Ta'adhur al-Taslim), and insolvency (Taflis) in the relationships between some of the pillars of various types of Ijarah Sukuk.
Keywords: Islamic financial security, Ijarah Sukuk, options, asset leasing, liquidity security, certificates 1- Date of receipt: 1398/11/12 Date of acceptance: 1399/05/27 *PhD in Jurisprudence and Foundations of Islamic Law, University of Islamic Denominations, Tehran, Iran (Corresponding Author) alirezahamisi@yahoo.
Research conducted so far in the field of Sukuk certificates has mostly been in the areas of the financial security process and policymaking through the issuance of Ijarah certificates (Karimi, 1388, 26; Golestani, 1389, 11), the importance, necessity, function, and nature of Sukuk (Mousavian and Farahani Fard, 1385, 19; Soroush, 1386, 22), the impact of these instruments on economic development (Hassanzadeh and Ahmadian, 1391, 36; Hasani et al.
In the field of Ijarah Sukuk certificates, Khiyar Tab'ud al-Safqah finds its application in relation to investors, the issuer, and the intermediary, where the following possible cases are explained below: 1- In connection with various types of Ijarah Sukuk, the right of investors to exercise the option of contract rescission if one or more stages of a scheme are not implemented; 2- In connection with asset-backed Ijarah certificates, if a portion of the assets purchased by the intermediary belongs to a third party and the intermediary refuses to deliver it at the time of asset transfer; 3- In connection with liquidity-backed Ijarah certificates, if a portion of the assets pledged as collateral by the issuer belongs to a third party who claims their share after the liquidity has been secured; 4- In connection with mortgage-backed Ijarah certificates, if the facilities obtained by third parties are in the form of a partnership, and during the process of transferring the facilities to the intermediary institution, the participating person refuses to do so.
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