Investment Sukuk - Appendix B (The Shariah Basis for the Standard)

Transcription

1. Shari ’ah Standard No. (17): Investment Sukuk Appendix (B) The Shari’ah Basis for the Standard ■ The basis for the permissibility of issuing investment certificates is that such certificates are usually issued on the basis of Shari’ah-nominated contracts. Hence issuance of Sukuk on the basis of any of these contracts becomes acceptable as well. ■ The basis for considering the issue prospectus as an offer and the fact of subscription as an acceptance is that valid contracts take place on the basis of anything that indicates consent without specifying a particular form of expression. It is thus not objectionable that an offer comes from one person and acceptance from a large number of persons. ■ The basis for the right of certificate holders to management is that they own the property that their certificates represent, and management is part of ownership. ■ The basis for permissibility of trading in investment Sukuk when such Sukuk represent shares in tangible assets or usufruct is that the trading is, in fact, on the assets and usufructs. Since these assets may be traded so too the certificates that represent them. ■ The basis for impermissibility of trading in Salam certificates is that the certificate represents a share in the Salam debt in which case the certificates is subject to rules of debt trading. ■ The basis for permissibility of trading in Istisna’a certificates after conversion of the realized funds into assets is that such assets represent properties that can be disposed of. The basis for the impermissibility of trading in Istisna’a certificates in case of using the realized funds as a price in a parallel Istisna’a and in case of delivering the manufactured asset to the ultimate purchaser is that the certificate represents the price in the liability of the purchaser. The price then is a monetary debt for which trading of the Sukuk at this stage is subject to the rules of debt trading. 485
2. Shari ’ah Standard No. (17): Investment Sukuk ■ The basis for the impermissibility of trading in Murabahah certificates after the commodity is sold and delivered to the buyer is that the certificates represent a monetary debt against the buyer, in which case trading is not permissible except in accordance with the limitations of debt trading. However, if purchase of the commodity has taken place and is yet to be sold, trading in these certificates is permissible because the certificates represent assets that can be traded. 486