چکیده:
The Unity of Ownership is one of the critical issues in the field of Islamic banking and finance that may have some considerable implications for the money and capital markets. Thus, this study, while explaining the unity of ownership concept and offering a jurisprudential analysis of it, tries to answer its basic question: “What are the effects of the Unity of Ownership between the partners of contracts on the money and capital markets?” Using an analytical-descriptive approach, this paper aims to prove the hypothesis that “the Unity of Ownership will prevent the enforcement of some conventional rules of the Islamic contracts”. The results show that Unity of Ownership carries some specific implications for the financial market relations. As an example, we can refer to the financial transactions by the government, Central Bank and state banks being exempted from the forbidden riba; the secondary market would not be applicable to treasury bills for the government’s debts to the Central Bank and state banks; and in the capital market, if the issuer and seller of debt sukuks are the same, the issued sukuks for financing the purchase of commodities by the intermediary company will face transactional challenges and lose their jurisprudential legitimacy.
خلاصه ماشینی:
For example, financial transactions of the government, the central bank, and state banks (with most state resources) are outside the scope of the prohibition of Riba, and the receipt and payment of resources between them along with an increase over time has no Sharia problem; a secondary market for treasury bills issued on government debts to the central bank and state banks (with most state resources) is not conceivable; in the capital market, if the founder and the seller of the goods in debt Sukuk (such as Murabaha Sukuk) are the same or are considered the same entity, then the Sukuk issued by an intermediary company for financing the purchase of goods will face the challenge of Bay al-Aynah and will not have jurisprudential legitimacy.
com 145 Introduction "Unity of ownership" between natural and legal persons is one of the key topics in the field of Islamic money and banking, which can have important impacts on the extraction of contract rulings, instruments, and monetary and banking relations in financial markets.
For this reason, the acceptance or non-acceptance of the issue of unity of ownership will, in practice, have many effects on the design of Islamic instruments, the relations of the central bank with the government and banks, existing mechanisms between stakeholders in money and capital markets, etc.
3. The Jurisprudential View Regarding Unity of Ownership Between Natural and Legal Personalities Reference to jurisprudential sources shows that jurists state several conditions for the parties to a transaction (contractors), which include maturity, sanity, absence of interdiction (prohibition from disposing of property), discretion, intention, and the permissibility of disposal (Najafi, 1417 AH, Vol. 2, p.
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