چکیده:
In recent years, the international Islamic securities market (Sukuk) has experienced significant growth, and various governments and enterprises worldwide have entered this market and engaged in financing through the issuance of these securities. One of the important dimensions of issuing Islamic securities is the legal framework and, in particular, the law governing transactions of this type of instrument. The importance of this issue becomes particularly evident when problems arise due to the failure of one of the contracting parties to fulfill their obligations, leading to legal claims. In such cases, reference is primarily made to the governing law, and arbitration is conducted based on it. The importance of the legal framework and the governing law will be even greater during the issuance of international Sukuk; if the law governing Sukuk transactions is not properly selected, the possibility of problems arising, especially in the event of litigation, will exist. In this article, using library studies and employing a descriptive-analytical method, an attempt is made to examine the legal framework and the laws governing the issuance of Sukuk, particularly in the international dimension, as one of the important aspects of these instruments in the field of Islamic economics and finance. In this regard, by examining existing experiences in the field of the law governing Sukuk transactions in other countries and reviewing various approaches, the requirements related to establishing a legal foundation in the Iranian capital market have been identified. Based on the research results, the most important current approaches regarding the selection of the governing law for the issuance of international Sukuk are: English law and exclusive English jurisdiction, English law and non-exclusive English jurisdiction, Sharia as the governing law, and the use of alternative dispute resolution processes. For the development of the international Sukuk market in Iran, various considerations regarding the governing law and its legal framework must be taken into account, including the mechanism for determining the necessary legal framework in higher-level laws, resolving conflicting laws, cooperation between regulatory bodies, and increased interaction with international institutions to strengthen the level of legal standards and infrastructure.
خلاصه ماشینی:
In this article, using library studies and employing a descriptive-analytical method, an attempt is made to investigate the legal framework and the laws governing the issuance of Sukuk, especially in the international dimension, as one of the important dimensions of these instruments in the field of Islamic economics and finance.
1. Importance and Necessity of the Research With the approval of the Securities Law in 1384 SH (2005 AD), the Securities and Exchange Organization was formed as the supervisory body of the capital market and, by creating a jurisprudence committee, provided the ground for designing and developing new financial instruments and institutions in accordance with Sharia (Islamic Consultative Assembly, 1384).
Therefore, investigating the role and importance of the legal framework and the governing law in the issuance of Sukuk to utilize the capacity of international financial markets through Islamic financial instruments is necessary, and addressing the existing challenges in this field can play an important role in expanding foreign investment and increasing international financial transactions.
395–396 When issuing Sukuk at the international level, the importance of the legal framework is doubled; because in addition to the mentioned issues, other matters such as the relationship between issuers and investors in international markets, the globalization of markets, the conflict of laws governing the financial systems of countries, the necessity of complying with international standards, dispute resolution, court jurisdiction for resolving disputes, and similar issues also arise (Kusuma and Silva, 2014, p.
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