Alhuda CIBE - Guarantee of Capital in Sukuk Inssunce by Dr. Eltegani A. Ahmed

1. 1
The International Islamic Financial Markets Conference
Guarantee of Capital in Sukuk Issuance
Dr. Eltegani A. Ahmed
Advisor, Minister of Finance (Sudan)
President of Higher Consultative Committee for Government Sukuk
Ministry of Finance and National Economy
Manama - Bahrain
May 2005

2. 2
‫اﻟﺼﻜﻮك‬ ‫اﺻﺪارات‬ ‫ﻓﻲ‬ ‫اﻟﻤﺎل‬ ‫رأس‬ ‫ﺿﻤﺎن‬
‫اﻟﻤﻌﻨﻰ‬‫ﺿﻤﺎن‬ ‫ﻟﻜﻠﻤﺔ‬ ‫اﻟﻠﻐﻮي‬:
ََ‫ﻦ‬ِ‫ﻤ‬‫ﺿ‬َ‫ﺊ‬‫اﻟﺸ‬:ُ‫ﻪ‬‫َﻠ‬‫ﻔ‬َ‫آ‬.
ُ‫ﻪ‬ُ‫ﺘ‬‫ﱠﻨ‬‫ﻤ‬َ‫ﺿ‬‫و‬‫اﻟﺸﺊ‬‫َﻨﻲ‬‫ﻋ‬ ُ‫ﻪ‬‫ﱠﻨ‬‫ﻤ‬َ‫ﻀ‬َ‫ﺘ‬‫ﻓ‬ ،‫ْﻤﻴﻨﺎ‬‫ﻀ‬‫ﺗ‬:ُ‫ﻪ‬ُ‫ﺘ‬‫ﱠﻣ‬‫ﺮ‬‫ﻏ‬ُ‫ﻪ‬َ‫ﻣ‬‫ﻓﺎﻟﺘﺰ‬.
‫ﻣﺜﻞ‬ ‫اﻟﻀﻤﺎن‬ ‫ﻣﻌﻨﻰ‬ ‫ﻟﻬﺎ‬ ‫آﻠﻤﺎت‬ ‫اﻟﻘﺮﺁن‬ ‫ﻓﻲ‬ ‫ورد‬:
‫زﻋﻴﻢ‬:72:12)‫ﻳﻮﺳﻒ‬ ‫ﺳﻮرة‬.(
ُ‫ﻞ‬ُ‫ﻔ‬‫ﻳﻜ‬)‫ﱠﻠﻬﺎ‬‫ﻔ‬‫آ‬: (37،44:3)‫ﻋﻤﺮان‬ ‫ﺁل‬ ‫ﺳﻮرة‬.(
‫ﻳﻜﻔﻠﻪ‬:40:20)‫ﻃﻪ‬ ‫ﺳﻮرة‬.(
‫ﻳﻜﻔﻠﻮﻧﻪ‬:12:28)‫اﻟﻘﺼﺺ‬ ‫ﺳﻮرة‬.(

3. 3
‫واﻟﺒﺤﺚ‬ ‫ﻳﺘﻮاﻓﻖ‬ ‫ﺑﻤﻌﻨﻰ‬ ‫اﻟﺴﻨﺔ‬ ‫ﻓﻲ‬ ‫اﻟﻀﻤﺎن‬ ‫آﻠﻤﺔ‬ ‫ورود‬:
‫ﻧﻬﻲ‬....‫ﻳﻀﻤﻦ‬ ‫ﻟﻢ‬ ‫ﻣﺎ‬ ‫رﺑﺢ‬ ‫وﻋﻦ‬)،‫اﻟﻨﺴﺎﺋﻲ‬ ،‫أﺣﻤﺪ‬ ‫اﻻﻣﺎم‬
‫داوود‬ ‫أﺑﻮ‬ ،‫اﻟﺘﺮﻣﺬي‬.(
‫ﺗﻀﻤﻦ‬ ‫ﻟﻢ‬ ‫ﻣﺎ‬ ‫رﺑﺢ‬ ‫وﻻ‬)‫داوود‬ ‫أﺑﻮ‬.(
‫ﺑﺎﻟﻀﻤﺎن‬ ‫اﻟﺨﺮاج‬)‫اﺑﻦ‬ ،‫اﻟﻨﺴﺎﺋﻲ‬ ،‫اﻟﺘﺮﻣﺬي‬ ،‫داوود‬ ‫أﺑﻮ‬
‫ﻣﺎﺟﺔ‬.(
‫ﺑﺎﻟﻀﻤﺎن‬ ‫اﻟﻐﻠﺔ‬)‫أﺣﻤﺪ‬.(

4. 4
‫ﻟﻠﻀﻤـــﺎن‬ ‫اﻟﻔﻘﻬــــﺎء‬ ‫اﺳﺘﺨﺪام‬:
‫اﻟﺒﺎﺋﻊ؟‬ ‫أم‬ ‫اﻟﻤﺸﺘﺮي‬ ‫ﻋﻠﻰ‬ ‫هﻲ‬ ‫هﻞ‬ ‫اﻟﻤﺒﻴﻌﺎت‬ ‫ﺿﻤﺎن‬
‫اﻟﻤﻀﺎرﺑﺔ‬ ‫ﻓﻲ‬ ‫اﻟﻀﻤﺎن‬)‫اﻟﻘﺮاض‬.(
‫اﻟﻀﻤﺎن‬ ‫ﻳﻮﺟﺐ‬ ‫ﺑﻤﺎ‬ ‫اﻟﻤﻀﺎرب‬ ‫ﺗﺼﺮف‬.
‫اﻟﻤﻀﺎرب‬ ‫ﺿﻤﺎن‬ ‫اﺷﺘﺮاط‬.
‫اﻟﻤﺸﺎرآﺔ‬ ‫ﻓﻲ‬ ‫اﻟﻀﻤﺎن‬.
‫اﻟﻮآﺎﻟﺔ‬ ،‫اﻟﻌﺎرﻳﺔ‬ ،‫اﻟﺮهﻦ‬ ،‫اﻟﻮدﻳﻌﺔ‬ ،‫اﻹﺟﺎرة‬ ‫ﻋﻘﺪ‬ ‫ﻓﻲ‬ ‫اﻟﻀﻤﺎن‬.
‫اﻷﻣﻮال‬ ‫هﻼك‬ ‫ﺿﻤﺎن‬.

5. 5
‫اﻟﺴﻠﻄﺎن‬ ‫ﺿﻤﺎن‬.
‫اﻟﺤﻮادث‬ ‫ﺿﻤﺎن‬)‫اﻟﻤﺸﺎة‬ ،‫اﻟﺴﻔﻦ‬ ،‫اﻟﺘﺼﺎدم‬.(
‫اﻟﻄﺒﻴﺐ‬ ‫ﺿﻤﺎن‬)‫اﻷﺟﻴﺮ‬.(‫اﻟﺼﻨﺎع‬ ‫ﺗﻀﻤﻴﻦ‬.
‫اﻟﺘﺼﺮﻓﺎت‬ ‫ﺿﻤﺎن‬)‫اﻟﺘﻌﺪي‬.(
‫اﻟﻤﺘﻠﻔﺎت‬ ‫ﺿﻤﺎن‬)‫اﻟﻤﻘﺘﻨﺎة‬ ‫اﻟﺴﺒﺎع‬ ،‫اﻟﺤﻴﻮان‬.(
‫اﻟﻀﺮر‬ ‫ﺿﻤﺎن‬.

6. 6
‫اﻟﻀﺮر‬ ‫ﺿﻤﺎن‬:
ً‫ﻻ‬‫ﻣﺎ‬ ‫اﻟﻤﻀﻤﻮن‬ ‫ﻳﻜﻮن‬ ‫أن‬ ‫اﻟﻀﻤﺎن‬ ‫ﻓﻲ‬ ‫ﻳﺸﺘﺮط‬ً‫ﺎ‬‫ﻣﺘﻘﻮﻣ‬‫ذاﺗﻪ‬ ‫ﻗﻲ‬.
‫ﻳﻜﻮن‬ ‫وأن‬‫اﻟﻤﺎﻻن‬‫ﻣﺘﻤﺎﺛﻠﻴﻦ‬)‫اﻟﻤﺎل‬ ‫وﺑﻴﻦ‬ ‫ﺑﻴﻨﻪ‬ ‫اﻟﻤﻤﺎﺛﻠﺔ‬ ‫ﺗﻮﺟﺪ‬ ‫ﺑﺄن‬
‫ﻋﻨﻪ‬ ً‫ﻻ‬‫ﺑﺪ‬ ‫ﻳﻌﻄﻰ‬ ‫اﻟﺬي‬.(
‫ﻣﺤﺪدة‬ ‫اﺳﺘﺜﻨﺎءات‬ ‫ﻓﻲ‬ ‫إﻻ‬ ‫اﻟﻌﻤﻞ‬ ‫ﻋﻦ‬ ‫وﻻ‬ ‫اﻟﻤﻨﺎﻓﻊ‬ ‫ﻋﻦ‬ ‫ﺗﻌﻮﻳﺾ‬ ‫ﻻ‬.
‫ﺑﺎﻟﻀﻤﺎن‬ ‫اﻟﺨﺮاج‬:
‫اﻟﻀﻤﺎن‬ ‫ﺑﺴﺒﺐ‬ ‫ﻣﺴﺘﺤﻖ‬ ‫اﻟﺨﺮاج‬ ‫أن‬ ‫أي‬.ً‫ﺎ‬‫ﻣﻀﻤﻮﻧ‬ ‫اﻟﻤﺎل‬ ‫ﺻﺎر‬ ‫ﻓﺈذا‬
‫اﻷﺳﺒـﺎب‬ ‫ﻣﻦ‬ ‫ﺑﺴﺒﺐ‬ ‫أو‬ ‫اﻣﺘﻼآﻪ‬ ‫أو‬ ‫ﺷﺮاﺋﻪ‬ ‫ﺑﺴﺒﺐ‬ ‫ﺷﺨﺺ‬ ‫أي‬ ‫ﻋﻠﻰ‬
‫اﻟﺤﺎﻟــﺔ‬ ‫هﺬﻩ‬ ‫ﻓﻲ‬ ‫اﻟﺮﺑﺢ‬ ‫ﻓﺈن‬ ‫ﺿﻤﺎﻧـﻪ‬ ‫ﺗﻮﺟﺐ‬ ‫اﻟﺘـﻲ‬‫ذﻟﻚ‬ ‫إﻟﻰ‬ ‫ﻳﺼﻴـﺮ‬
‫اﻳﺎﻩ‬ ‫ﻟﻀﻤﺎﻧﻪ‬ ‫اﻟﺸﺨﺺ‬.

7. 7
‫ﻣﻘﺎﺑﻠـﺔ‬ ‫ﻓﻲ‬ ‫ﺑﻪ‬ ‫ﻳﻨﺘﻔﻊ‬ ،‫ﺗﻠﻒ‬ ‫ﻟﻮ‬ ً‫ﺎ‬‫ﺷﻴﺌ‬ ‫ﻳﻀﻤﻦ‬ ‫ﻣﻦ‬ ‫أن‬ ‫ﻳﻌﻨﻲ‬
‫اﻟﻀﻤﺎن‬.‫ﺗﻠﺰﻣﻪ‬ ‫ﻻ‬ ‫ردﻩ‬ ‫إذا‬ ،‫اﻟﻌﻴﺐ‬ ‫ﺑﺨﻴﺎر‬ ً‫ﻼ‬‫أﺻ‬ ‫اﺷﺘﺮى‬ ‫ﻣﻦ‬
‫ﻣﺎﻟﻪ‬ ‫ﻣﻦ‬ ‫ﻟﻜﺎن‬ ‫اﻟﺮد‬ ‫ﻗﺒﻞ‬ ‫ﻳﺪﻩ‬ ‫ﻓﻲ‬ ‫ﺗﻠﻒ‬ ‫ﻟﻮ‬ ‫ﻷﻧﻪ‬ ،‫أﺟﺮﺗﻪ‬.
‫ﻳﺠﺘﻤﻌﺎن‬ ‫ﻻ‬ ‫واﻟﻀﻤﺎن‬ ‫اﻷﺟﺮ‬.
‫ﻗﺒﻀﻪ‬ ‫وﻗﺖ‬ ‫ﻣﻦ‬ ‫ﺑﺎﻟﻀﻤﺎن‬ ‫اﻟﻤﻀﻤﻮن‬ ‫اﻟﻤﺎل‬ ‫ﻳﻤﻠﻚ‬ ‫اﻟﻀﺎﻣﻦ‬.
‫اﻟﺮﺑﺢ‬ ‫اﺳﺘﺤﻘﺎق‬:
‫واﻟﻀﻤﺎن‬ ‫واﻟﻌﻤﻞ‬ ‫ﺑﺎﻟﻤﺎل‬ ‫اﻟﺮﺑﺢ‬ ‫ﻳﺴﺘﺤﻖ‬.

8. 8
‫ﻟﻠﻄﺮف‬ ‫اﻟﻌﻘـﺪ‬ ‫ﻃﺮﻓﻲ‬ ‫اﺣﺪ‬ ‫ﻳﻘﺪﻣـﻪ‬ ‫ﺗﻌﻬﺪ‬ ‫ﻳﻌﻨﻲ‬ ‫اﻟﻤﺎل‬ ‫رأس‬ ‫ﺿﻤــﺎن‬
‫واﻟﻐﺮم‬ ‫اﻟﻐﻨﻢ‬ ‫ﻋﻠﻰ‬ ‫ﺗﻘﻮم‬ ‫ﺗﻌﺎﻗﺪﻳﺔ‬ ‫ﻋﻼﻗﺔ‬ ‫ﻓﻲ‬ ‫اﻵﺧﺮ‬‫ﺑﺈﻟﺘﺰاﻣﻪ‬‫ﺑﺘﺴﺪﻳﺪ‬
‫ﻏﻴﺮ‬ ‫ﻣﻦ‬ ‫إﻟﻴﻪ‬ ‫ﻣﺎﻟﻪ‬‫ﻧﻘﺼﺎن‬‫اﻟﻔﻌﻠﻴﺔ‬ ‫اﻟﻤﺎﻟﻴﺔ‬ ‫اﻟﻨﺘﺎﺋﺞ‬ ‫ﻋﻦ‬ ‫اﻟﻨﻈﺮ‬ ‫ﺑﻐﺾ‬ ،
‫ﻟﻠﻌﻘﺪ‬.
‫اﻟﺼﻜﻮك‬ ‫اﺻﺪار‬ ‫ﺁﻟﻴﺔ‬:
‫هﻢ‬ ‫أﻃﺮاف‬ ‫ﻋﻠﻰ‬ ‫اﻟﺼﻜﻮك‬ ‫إﺻﺪار‬ ‫ﻳﻌﺘﻤﺪ‬:
.1‫اﻟﻤﺴﺘﺜﻤﺮون‬.
.2‫ﻣﺪﻳﺮ‬)‫وآﻴﻞ‬ ‫أو‬ ‫ﻣﻀﺎرب‬SPV.(
.3‫اﻟﺘﻤﻮﻳﻞ‬ ‫ﻃﺎﻟﺐ‬)‫ﺧﺎص‬ ‫ﻗﻄﺎع‬ ‫أو‬ ‫دوﻟﺔ‬.(
‫اﻟﺼﻜﻮك‬ ‫وﺗﺒﺎدل‬ ‫ﻟﺘﺪاول‬ ‫ﺳﻮق‬ ‫وﺟﻮد‬ ‫ﻣﻊ‬.

9. 9
‫أﻣﻮال‬:‫ﻗﻴﻤﺔ‬
‫اﻟﺼﻜﻮك‬
‫ﺻﻜﻮك‬
‫أﻣﻮال‬‫ﻋﻘﻮد‬
‫أﻣﻮال‬
‫ﺻﻜﻮك‬
‫أﻣﻮال‬
‫ﺻﻜﻮك‬
‫ﻋﻘﻮد‬
‫ﻣﺴﺘﺜﻤﺮون‬‫ﻣﺴﺘﺜﻤﺮون‬
‫ﻣﺪﻳﺮ‬)‫وآﻴﻞ‬ ‫أو‬ ‫ﻣﻀﺎرب‬
(SPV
‫ﻣﺪﻳﺮ‬)‫وآﻴﻞ‬ ‫أو‬ ‫ﻣﻀﺎرب‬
(SPV
‫اﻟﺘﻤﻮﻳﻞ‬ ‫ﻃﺎﻟﺐ‬‫اﻟﺘﻤﻮﻳﻞ‬ ‫ﻃﺎﻟﺐ‬
‫ﺳـﻮق‬‫ﺳـﻮق‬
‫ﻋﻘﻮد‬

10. 10
‫اﻷﻃﺮاف‬ ‫ﺑﻴﻦ‬ ‫اﻟﺘﻌﺎﻗﺪﻳﺔ‬ ‫اﻟﻌﻼﻗﺔ‬:
ُ‫ﻻ‬‫أو‬:‫واﻟﻤﺪﻳﺮ‬ ‫اﻟﻤﺴﺘﺜﻤﺮﻳﻦ‬ ‫ﺑﻴﻦ‬ ‫اﻟﻌﻼﻗﺔ‬(SPV)‫اﻟﻤﻀﺎرﺑـﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺗﻘﻮم‬
‫اﻟﻌﻼﻗﺔ‬ ‫هﺬﻩ‬ ‫وﺗﺤﺘﻤﻞ‬ ‫اﻟﻮآﺎﻟﺔ‬ ‫أو‬-‫اﻟﻤﻤﺎرﺳﺔ‬ ‫ﻓﻲ‬-‫ﻳﻘﺪم‬ ‫أن‬ ‫ﻣﻈﻨﺔ‬
‫ﻟﻠﻤﺴﺘﺜﻤﺮ‬ ً‫ﺎ‬‫ﺿﻤﺎﻧ‬ ‫ﻓﻴﻬﺎ‬ ‫اﻟﻮآﻴﻞ‬ ‫أو‬ ‫اﻟﻤﻀﺎرب‬.
ً‫ﺎ‬‫ﺛﺎﻧﻴ‬:‫اﻟﻤﺪﻳﺮ‬ ‫ﺑﻴﻦ‬ ‫اﻟﻌﻼﻗﺔ‬(SPV)‫ﻋﻘﻮد‬ ‫ﻋﻠﻰ‬ ‫ﺗﻘﻮم‬ ‫اﻟﺘﻤﻮﻳﻞ‬ ‫وﻃﺎﻟﺐ‬
‫هﻲ‬ ‫ﻣﺘﻌﺪدة‬:
،‫اﻟﻤﺮاﺑﺤﺔ‬ ،‫اﻟﻤﺸﺎرآﺔ‬‫اﻻﺳﺘﺼﻨﺎع‬‫اﻟﺴﻠﻢ‬ ،‫اﻹﺟﺎرة‬ ،
‫واﻟﻤﻀﺎرﺑﺔ‬)‫اﻟﺘﻤﻮﻳﻠﻴﺔ‬.(
‫اﻟﻌﻘﻮد‬ ‫هﺬﻩ‬ ‫ﺑﺤﺴﺐ‬ ‫ﻳﺘﻢ‬ ‫اﻟﻀﻤﺎن‬ ‫ﻓﻲ‬ ‫واﻟﻨﻈﺮ‬.

11. 11
‫اﻟﺘﻄﺒﻴﻘﻲ‬ ‫اﻟﻮاﻗﻊ‬ ‫ﺑﺤﺴﺐ‬ ‫اﻟﻤﺎل‬ ‫رأس‬ ‫ﺿﻤﺎن‬ ‫ﺣﻜﻢ‬:
‫اﻟﺼﻜﻮك‬ ‫إﺻﺪارات‬ ‫ﻓﻲ‬ ‫اﻟﻤﺎل‬ ‫رأس‬ ‫ﺿﻤﺎن‬ ‫ﻳﺘﺤﻘﻖ‬:
ً‫ﻻ‬‫أو‬:‫اﻟﻤﺎل‬ ‫ﻟﺮأس‬ ‫اﻟﻤﺪﻳﺮ‬ ‫ﺿﻤﺎن‬.
‫ﻻ‬ ‫اﻟﺤﺎﻟﺔ‬ ‫هﺬﻩ‬ ‫ﻓﻲ‬ ‫اﻟﻀﻤﺎن‬ ‫ﺗﻘﺪﻳﻢ‬ ‫ﻓﺈن‬ ‫اﻟﺴﺎﺋﺪ‬ ‫اﻟﻔﻘﻬﻲ‬ ‫اﻟﻨﻈﺮ‬ ‫وﺑﺤﺴﺐ‬
‫ﻳﺠﻮز‬.‫ﺣﺎﻟﺔ‬ ‫ﻓﻲ‬ ‫إﻻ‬ ‫ﻳﻀﻤﻨﺎن‬ ‫ﻻ‬ ‫واﻟﻮآﻴﻞ‬ ‫اﻟﻤﻀﺎرب‬ ‫أن‬ ‫ﺑﺎﻋﺘﺒﺎر‬
‫واﻟﺘﻘﺼﻴﺮ‬ ‫اﻟﺘﻌﺪي‬.
ً‫ﺎ‬‫ﺛﺎﻧﻴ‬:‫اﻟﺘﻤﻮﻳﻞ‬ ‫ﻃﺎﻟﺐ‬ ‫ﺿﻤﺎن‬)ً‫ﻼ‬‫ﻣﺜ‬ ‫اﻟﺤﻜﻮﻣﺔ‬.(
‫ﺣﺪة‬ ‫ﻋﻠﻰ‬ ‫ﻋﻘﺪ‬ ‫آﻞ‬ ‫ﻓﻲ‬ ‫اﻟﻨﻈﺮ‬ ‫ﻳﻘﺘﻀﻲ‬ ‫واﻟﺤﻜﻢ‬.

12. 12
1.‫اﻟﻤﺸﺎرآﺔ‬:
‫وﻳﻔﺴﺪهﺎ‬ ‫اﻟﻤﺸﺎرآﺔ‬ ‫ﻳﻘﻄﻊ‬ ‫اﻟﺜﺎﻧﻲ‬ ‫اﻟﻄﺮف‬ ‫ﻟﺮأﺳﻤﺎل‬ ‫اﻷﻃﺮاف‬ ‫اﺣﺪ‬ ‫ﺿﻤﺎن‬
‫ﻳﺠﻮز‬ ‫ﻻ‬ ‫ﺑﺬﻟﻚ‬ ‫ﻓﻬﻮ‬.
2.‫اﻟﻤﺮاﺑﺤﺔ‬‫واﻻﺳﺘﺼﻨﺎع‬:
‫اﻟﻤﺮاﺑﺤﺔ‬ ‫ودﻳﻦ‬ ‫ﻣﺒﻠﻎ‬ ‫ﺑﺘﺴﺪﻳﺪ‬ ‫اﻟﻤﺸﺘﺮي‬ ‫ﻳﻠﺘﺰم‬‫واﻻﺳﺘﺼﻨﺎع‬.
‫إﻟﻰ‬ ‫اﻟﺒﻴﻊ‬ ‫ﻗﺒﻞ‬ ‫ﻣﺎ‬ ‫ﻣﺮﺣﻠﺔ‬ ‫ﻓﻲ‬ ‫ﺑﺎﻟﻌﻘﺪ‬ ‫ﺗﺘﻌﻠﻖ‬ ‫اﻟﺘﺠﺎرﻳﺔ‬ ‫اﻟﻤﺨﺎﻃﺮ‬ ‫أن‬ ‫إﻻ‬
‫ﺑﺎﻟﺸﺮاء‬ ‫اﻵﻣﺮ‬‫واﻟﻤﺴﺘﺼﻨﻊ‬.
‫ﻳﺠﻮز‬ ‫ﻻ‬ ‫اﻟﻀﻤﺎن‬ ‫ﺗﻘﺪﻳﻢ‬.

13. 13
3.‫اﻟﺴﻠـﻢ‬:
‫اﻟﻤﺤﺪد‬ ‫اﻟﺘﺎرﻳﺦ‬ ‫ﻓﻲ‬ ‫ﻓﻴﻪ‬ ‫اﻟﻤﺴﻠﻢ‬ ‫ﺑﺘﺴﻠﻴﻢ‬ ‫ﻣﻠﺘﺰم‬ ‫إﻟﻴﻪ‬ ‫اﻟﻤﺴﻠﻢ‬.
‫اﻟﺴﻮق‬ ‫ﺑﺴﻌﺮ‬ ‫ﻗﺒﻀﻪ‬ ‫ﺑﻌﺪ‬ ‫ﻓﻴﻪ‬ ‫اﻟﻤﺴﻠﻢ‬ ‫ﻳﺒﺎع‬.
‫ﻳﺠﻮز‬ ‫ﻻ‬ ‫اﻟﻀﻤﺎن‬ ‫ﺗﻘﺪﻳﻢ‬.
4.‫اﻟﺘﻤﻮﻳﻠﻴـــﺔ‬ ‫اﻟﻤﻀﺎرﺑــــﺔ‬:
‫واﻟﺘﻘﺼﻴﺮ‬ ‫اﻟﺘﻌﺪي‬ ‫ﺣﺎﻟﺔ‬ ‫ﻓﻲ‬ ‫إﻻ‬ ‫ﻳﻀﻤﻦ‬ ‫ﻻ‬ ‫اﻟﻤﻀﺎرب‬.
5.‫ﺻﻴﻐﺔ‬ ‫ﻣﻦ‬ ‫أآﺜﺮ‬ ‫اﺳﺘﺨﺪام‬ ‫ﻃﺮﻳﻖ‬ ‫ﻋﻦ‬ ‫اﻟﺘﻤﻮﻳﻞ‬:
‫ﻟﻸﻋﻴﺎن‬ ‫اﻟﻐﻠﺒﺔ‬ ‫ﺗﻜﻮن‬.
‫اﻟﺼﻜﻮك‬ ‫ﺗﺪاول‬ ‫ﺑﻬﺪف‬.
‫ﻳﺠﻮز‬ ‫ﻻ‬ ‫اﻟﻀﻤﺎن‬ ‫ﺗﻘﺪﻳﻢ‬.

14. 14
6.‫ﺛﻢ‬ ‫ﺑﺎﻋﻬﺎ‬ ‫ﻟﻤﻦ‬ ‫اﻟﻌﻴــﻦ‬ ‫إﺟﺎرة‬‫ﺷﺮاؤﻩ‬‫ﻟﻬﺎ‬‫اﻻﺳﻤﻴﺔ‬ ‫ﺑﺎﻟﻘﻴﻤﺔ‬:
‫اﻟﻤﺪﻳﺮ‬ ‫ﻳﺸﺘﺮي‬)‫اﻟﺼﻨﺪوق‬(‫اﻟﺘﻤﻮﻳﻞ‬ ‫ﻃﺎﻟﺐ‬ ‫ﻣﻦ‬ ً‫ﻼ‬‫أﺻ‬.
ً‫ا‬‫ﻧﻘﺪ‬ ‫اﻟﺜﻤﻦ‬ ‫ﻳﺪﻓﻊ‬.
‫ﻣﻌﻠﻮﻣﺔ‬ ‫ﺑﺄﻗﺴﺎط‬ ‫ﻟﻠﺒﺎﺋﻊ‬ ‫اﻷﺻﻞ‬ ‫اﻟﺼﻨﺪوق‬ ‫ﻳﺆﺟﺮ‬.
‫ﻋﻨﺪ‬ ‫اﻻﺳﻤﻴﺔ‬ ‫ﺑﻘﻴﻤﺘﻪ‬ ‫اﻷﺻﻞ‬ ‫ﺑﺸﺮاء‬ ‫اﻟﺘﻤﻮﻳﻞ‬ ‫ﻃﺎﻟﺐ‬ ‫ﻳﺘﻌﻬﺪ‬‫إﻧﺘﻬﺎء‬
‫اﻹﺟﺎرة‬ ‫ﻣﺪة‬.
‫ﺑﺎﻟﺘﻌﻬﺪ‬ ‫اﻟﻀﻤﺎن‬ ‫ﻳﺘﺤﻘﻖ‬)‫اﻟﻮﻋﺪ‬.(
‫اﻟﻤﻌﺎﻣﻠﺔ‬ ‫هﺬﻩ‬ ‫ﺟﻮاز‬ ‫ﺑﻌﺪم‬ ‫اﻟﺴﺎﺋﺪ‬ ‫اﻟﺮأي‬.
‫ﻟﻐﻮ‬ ‫إﻟﻴﻬﺎ‬ ‫وﻋﺎد‬ ‫اﻟﻴﺪ‬ ‫ﻣﻦ‬ ‫ﺧﺮج‬ ‫ﻣﺎ‬.

15. 15
‫اﻟﺒــﺪاﺋــــﻞ‬:
ً‫ﺎ‬‫أﻣﺎﻧ‬ ‫أآﺜﺮ‬ ‫اﺳﺘﺜﻤﺎر‬ ‫ﺗﻮﻓﻴﺮ‬ ‫إﻟﻰ‬ ‫ﺗﻬﺪف‬ ‫اﻟﻤﻘﺘﺮﺣﺔ‬ ‫اﻟﺒﺪاﺋﻞ‬.
‫اﻟﻬﺪف‬:
‫اﻟﻤﺪﺧﺮات‬ ‫ﺟﺬب‬.
‫واﻟﻤﻘﺎرﻧﺔ‬ ‫اﻟﻮاﻗﻊ‬.
‫اﻟﺸﺮﻋﻴﺔ‬ ‫اﻷﺣﻜﺎم‬ ‫ﻣﻊ‬ ‫ﻣﺘﻮاﻓﻘﺔ‬.
ً‫ﻻ‬‫أو‬:‫ﺛﺎﻟﺚ‬ ‫ﻃﺮف‬ ‫ﺿﻤﺎن‬
‫اﻟﻤﺴﺘﺜﻤﺮ‬ ‫ﻣﻊ‬ ‫اﻟﻤﺪﻳﺮ‬ ‫ﻋﻼﻗﺔ‬ ‫ﻓﻲ‬.
‫اﻟﺘﻤﻮﻳﻞ‬ ‫ﻃﺎﻟﺐ‬ ‫ﻣﻊ‬ ‫اﻟﻤﺪﻳﺮ‬ ‫ﻋﻼﻗﺔ‬ ‫ﻓﻲ‬.
‫ﺛﺎﻟﺚ‬ ‫ﻃﺮف‬ ‫ﻣﻦ‬ ‫اﻟﻀﻤﺎن‬ ‫ﻳﻘﺪم‬)‫اﻹﺳﻼﻣﻲ‬ ‫اﻟﻔﻘﻪ‬ ‫ﻣﺠﻤﻊ‬.(
‫اﻟﻀﻤﺎن‬ ‫ﻋﻠﻰ‬ ‫اﻷﺟﺮ‬.

16. 16
ً‫ﺎ‬‫ﺛﺎﻧﻴــ‬:‫اﻟﺘﺄﻣﻴﻦ‬
‫ﻣﺴﺘﺜﻤﺮﻳﻦ‬ ‫ﺑﻴﻦ‬ ‫ﺗﻌﺎوﻧﻲ‬ ‫ﺗﺄﻣﻴﻦ‬.
‫ﺗﺄﻣﻴﻨﻴﺔ‬ ‫أﻗﺴﺎط‬ ‫دﻓﻊ‬.
‫اﻟﺘﻌﻮﻳﺾ‬)‫اﻟﻤﺎل‬ ‫رأس‬.(
‫اﻟﻤﺴﺘﺜﻤﺮﻳﻦ‬ ‫أرﺑﺎح‬ ‫ﻣﻦ‬ ‫ﻳﻘﻠﻞ‬.
ً‫ﺎ‬‫ﺛﺎﻟﺜ‬:‫اﻟﻤﺮاﺑﺤﺔ‬ ‫ﺻﻨﺎدﻳﻖ‬‫واﻻﺳﺘﺼﻨﺎع‬‫ﺑﺎﻟﺘﻤﻠﻴﻚ‬ ‫اﻟﻤﻨﺘﻬﻴﺔ‬ ‫واﻹﺟﺎرة‬
‫ﻣﺘﺪﻧﻴﺔ‬ ‫ﻣﺨﺎﻃﺮ‬ ‫ذات‬ ‫ﺻﻴﻎ‬.
‫وﻣﺮﻧﺔ‬ ‫واﻓﻴﺔ‬ ‫ﺿﻤﺎﻧﺎت‬ ‫أﺧﺬ‬ ‫ﻳﺠﻮز‬.

17. 17
‫اﻟﻮﻋﺪ‬)‫ﺑﺎﻟﺸﺮاء‬ ‫وﻟﻴﺲ‬ ‫ﺑﺎﻟﺘﻌﻮﻳﺾ‬ ‫ﻓﻴﻪ‬ ‫اﻹﻟﺰام‬ ‫أن‬ ‫ﺑﺎﻋﺘﺒﺎر‬.(
‫اﻻﺳﺘﺜﻤﺎر‬ ‫ﻣﺨﺎﻃﺮ‬ ‫ﻣﻦ‬ ‫ﻳﻘﻠﻞ‬ ‫اﻟﻤﺆﺟﺮة‬ ‫اﻷﺻﻮل‬ ‫ﺗﺄﻣﻴﻦ‬.
ً‫ﺎ‬‫راﺑﻌـ‬:‫ﺑﺎﻟﺘﻤﻠﻴﻚ‬ ‫ﻣﻨﺘﻬﻴﺔ‬ ‫إﺟﺎرة‬ ‫ﺑﺎﻋﻬﺎ‬ ‫ﻟﻤﻦ‬ ‫اﻟﻌﻴﻦ‬ ‫إﺟﺎرة‬
‫ﻋﻘﺪﻳﻦ‬ ‫ﻣﻦ‬ ‫ﺗﺘﺄﻟﻒ‬ ‫اﻟﻤﻌﺎﻣﻠﺔ‬)‫ﺑﻴﻊ‬/‫إﺟﺎرة‬.(
‫ﺟﺎﺋﺰة‬ ‫ﺑﺎﻋﻬﺎ‬ ‫ﻟﻤﻦ‬ ‫اﻟﻌﻴﻦ‬ ‫إﺟﺎرة‬.
‫ﺟﺎﺋﺰة‬ ‫ﺑﺎﻟﺘﻤﻠﻴﻚ‬ ‫اﻟﻤﻨﺘﻬﻴﺔ‬ ‫اﻹﺟﺎرة‬)ً‫ﺎ‬‫ﺑﻴﻌ‬ ‫ﻟﻴﺴﺖ‬(‫اﻟﻤﺠﻤﻊ‬ ‫ﻓﺘﻮى‬.
‫ﺗﻘﻊ‬ ‫ﻻ‬ ‫اﻟﻌﻴﻨﺔ‬.
‫اﻟﻌﻴﻦ‬ ‫اﻧﺘﻘﺎل‬‫إﺣﺘﻤﺎﻟﻲ‬.

18. 18
ً‫ﺎ‬‫ﺧﺎﻣﺴ‬:‫اﻟﻌﺮﺑﻮن‬ ‫وﺑﻴﻊ‬ ‫اﻟﻤﺮاﺑﺤﺔ‬
‫اﻟﻤﺎل‬ ‫ﺟﻤﻊ‬)‫اﻟﺼﻨﺪوق‬.(
‫ﻣﺮاﺑﺤﺔ‬90.%
10%‫اﻟﻤﺘﺒﻘﻴﺔ‬)‫ﻋﺮﺑﻮن‬ ‫ﺑﻴﻊ‬.(
‫اﻷﺳﻌﺎر‬ ‫ارﺗﻔﺎع‬ ‫ﺣﺎﻟﺔ‬.
‫اﻷﺳﻌﺎر‬ ‫اﻧﺨﻔﺎض‬ ‫ﺣﺎﻟﺔ‬.
‫اﻟﻤﺎل‬ ‫رأس‬ ‫ﺳﻼﻣﺔ‬.

19. 19
ً‫ﺎ‬‫ﺳﺎدﺳ‬:‫ﺑﺎﻟﻀﻤﺎن‬ ‫اﻟﻤﻀﺎرب‬ ‫ﺗﺒﺮع‬
‫ﻳﺠﻮز‬ ‫ﻻ‬ ‫اﻟﻤﺎل‬ ‫رب‬ ‫ﻣﻦ‬ ‫اﻟﻀﻤﺎن‬ ‫اﺷﺘﺮاط‬.
‫ﻳﺨﺘﻠﻒ‬ ‫ﺑﺎﻟﻀﻤﺎن‬ ‫اﻟﻤﻀﺎرب‬ ‫ﺗﺒﺮع‬.
‫ﻣﺎﻟﻚ‬ ‫ﻋﻨﺪ‬ ‫ﻳﺠﻮز‬ ،‫ﻟﻪ‬ ‫آﻠﻪ‬ ‫اﻟﺮﺑﺢ‬ ‫اﻟﻌﺎﻣﻞ‬ ‫ﺷﺮط‬ ‫إذا‬.
‫ﻗﺪ‬ ‫ﻷﻧﻪ‬ ،‫ﱢﻦ‬‫ﻤ‬ُ‫ﺿ‬ ‫َﻤﻦ‬‫ﺿ‬ ‫ﻣﻦ‬ ‫أن‬ ‫ﻳﺮى‬ ‫ﻣﻦ‬ ‫اﻟﻔﻘﻬﻴﺔ‬ ‫اﻵراء‬ ‫ﻣﻦ‬
‫أﻣﻮال‬ ‫ﺗﺤﻠﻴﻞ‬ ‫ﻓﻲ‬ ‫اﻟﻤﻨﺎط‬ ‫هﻮ‬ ‫واﻟﺘﺮاﺿﻲ‬ ،‫ﻟﻨﻔﺴﻪ‬ ‫ذﻟﻚ‬ ‫اﺧﺘﺎر‬
‫اﻟﻌﺒﺎد‬.
‫اﻟﺒﺪاﺋﻞ‬:
‫وﻋﺪﻣﻪ‬ ‫اﻟﺠﻮاز‬ ‫ﻧﺎﺣﻴﺔ‬ ‫ﻣﻦ‬ ‫إﻟﻴﻬﺎ‬ ‫اﻟﻨﻈﺮ‬ ‫ﻳﺘﻔﺎوت‬.

20. 20
‫وﻣﻤﻴﺰات‬ ‫ﺧﺼﺎﺋﺺ‬ ‫ﻋﻠﻰ‬ ‫ﺗﻌﺘﻤﺪ‬ ‫اﻟﺘﻲ‬ ‫اﻟﺒﺪاﺋﻞ‬ ‫ﻋﻠﻰ‬ ‫اﻟﺘﺮآﻴﺰ‬ ‫ﻳﻨﺒﻐﻲ‬
‫اﻟﺘﻤﻮﻳﻠﻴﺔ‬ ‫واﻟﻬﻨﺪﺳﺔ‬ ‫اﻹﺳﻼﻣﻴﺔ‬ ‫اﻟﺼﻴﻎ‬/‫اﻻﺳﺘﺜﻤﺎرﻳﺔ‬.
‫ﻓﻲ‬ ‫ﺗﺒﻨﻴﻬﺎ‬ ‫ﻳﻤﻜﻦ‬ ‫ﻓﻴﻬﺎ‬ ‫ﻣﺨﺘﻠﻒ‬ ‫ﻓﻘﻬﻴﺔ‬ ‫ﺁراء‬ ‫ﻋﻠﻰ‬ ‫ﺗﻘﻮم‬ ‫اﻟﺘﻲ‬ ‫اﻟﺼﻴﻎ‬
‫ﺣ‬‫ﺎﻻت‬‫واﻟﻀﺮورة‬ ‫اﻟﺤﺎﺟﺔ‬.

21. 21
‫اﻟﻨﺘﺎﺋﺞ‬‫واﻟﺘﻮﺻﻴﺎت‬:
‫اﺻﺪارات‬ ‫ﻓﻲ‬ ‫اﻟﻀﻤﺎن‬ ‫اﺷﺘﺮاط‬ ‫ﻳﺮى‬ ‫ﻻ‬ ‫اﻟﺴﺎﺋﺪ‬ ‫اﻟﻔﻘﻬﻲ‬ ‫اﻟﻨﻈﺮ‬
‫اﻟﺼﻜﻮك‬.
‫ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ‬ ‫أآﺜﺮ‬ ً‫ﺎ‬‫أﻣﺎﻧ‬ ‫ﺗﺤﻘﻖ‬ ‫ﺑﺪاﺋﻞ‬ ‫هﻨﺎﻟﻚ‬.
‫اﺷﺘﺮاﻃﻪ‬ ‫ﻳﺘﻢ‬ ‫ﻟﻢ‬ ‫وإن‬ ً‫ﺎ‬‫ﻋﻤﻠﻴ‬ ‫اﻟﻀﻤﺎن‬ ‫ﺗﺤﻘﻴﻖ‬ ‫ﻳﻤﻜﻦ‬.
‫اﻹﺳﻼﻣﻴﺔ‬ ‫اﻟﺼﻴﻎ‬ ‫وﻣﻤﻴﺰات‬ ‫ﺧﺼﺎﺋﺺ‬ ‫ﻋﻠﻰ‬ ‫اﻟﺒﺪاﺋﻞ‬ ‫ﺗﻘﻮم‬)‫اﻟﻬﻨﺪﺳﺔ‬
‫اﻟﺘﻤﻮﻟﻴﺔ‬/‫اﻻﺳﺘﺜﻤﺎرﻳﺔ‬.(

22. 22
–‫واﻟﻐﻠﺒﺔ‬ ‫اﻻﺟﻤﺎع‬ ‫ﻳﻠﻘﻰ‬ ‫ﻻ‬ ‫ﻗﺪ‬ ‫ﻓﻘﻬﻲ‬ ‫ﻧﻈﺮ‬ ‫ﻋﻠﻰ‬ ‫ﻳﻌﺘﻤﺪ‬ ‫اﻟﺒﺪاﺋﻞ‬ ‫ﺑﻌﺾ‬.
–‫اﻟﺘﻤﻮﻳﻠﻴﺔ‬ ‫اﻟﻬﻨﺪﺳﺔ‬ ‫ﺑﺪاﺋﻞ‬ ‫ﻋﻠﻰ‬ ‫اﻟﺘﺮآﻴﺰ‬/‫اﻟﺘﻄﺒﻴﻖ‬ ‫ﻓﻲ‬ ‫اﻻﺳﺘﺜﻤﺎرﻳﺔ‬
‫اﻟﻌﻤﻠﻲ‬.
–‫ﻓﻲ‬ ‫وﺗﺒﻨﻴﻬﺎ‬ ‫ﻓﻴﻪ‬ ‫ﻣﺨﺘﻠﻒ‬ ‫ﻓﻘﻬﻲ‬ ‫ﻧﻈﺮ‬ ‫ﻋﻠﻰ‬ ‫اﻟﻘﺎﺋﻤﺔ‬ ‫ﻟﻠﺒﺪاﺋﻞ‬ ‫ﻳﻠﺠﺄ‬
‫ﻣﻌﻠﻮﻣﺔ‬ ‫وﻣﺤﺪدات‬ ‫ﻣﻌﺎﻳﻴﺮ‬ ‫ﺿﻤﻦ‬ ‫واﻟﻀﺮورة‬ ‫اﻟﺤﺎﺟﺔ‬ ‫ﺣﺎﻻت‬.
–‫ﻓﻲ‬ ‫اﻷﻣﺎن‬ ‫ﺗﺤﻘﻖ‬ ‫ﺻﻴﻎ‬ ‫ﺗﻄﻮﻳﺮ‬ ‫ﻋﻠﻰ‬ ‫اﻟﻌﻤﻞ‬ ‫وﺿﺮورة‬ ‫أهﻤﻴﺔ‬
‫اﻟﺘﻤﻮﻳﻠﻴﺔ‬ ‫اﻟﻬﻨﺪﺳﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺗﻌﺘﻤﺪ‬ ‫اﻻﺳﺘﺜﻤﺎر‬/‫اﻻﺳﺘﺜﻤﺎرﻳﺔ‬.
،، ،،‫اﻟﺘﻮﻓﻴﻖ‬ ‫وﻟﻲ‬ ‫وهﻮ‬ ‫أﻋﻠﻢ‬ ‫واﷲ‬

23. 23
Gurantee of Capital in Sukuk
Issuance
Structure of Sukuk
Investors
Mudarib/Agent
(SPV)
User ( Govt)
Financee
Money
Contracts Money

24. 24
Pledge introduced by one party to another in a contractual relationship
based on profit / loss to pay back his principal to him.
Guarantee of capital is not allowed from shariah point of view.
Alternatives:
1) Introducing a guarantee by a third party.
2) Insurance.
3) Sukuk based on Murabaha, Istisnaa and leasing ending with ownership.
4) Buying an asset and lease it back to the seller (leasing ending with
ownership).
5) Mixing Murabaha and deposit contract (“Arboon).
6) Guarantee provided by Mudhareb.

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Recommendations:
• Concentrate on products based on financial engineering.
• Importance of developing financial engineering products.

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• Thank You