Execution of Options in Sukuk Al-Ijara Bonds

Document Type : Original Article


1 Ph.D. Candidate, Department of Jurispruence and Islamic Law, University of Islamic Religions. Tehran, Iran

2 Assistant Professor, Department of Jurispruence and Islamic Law, University of Islamic Religions. Tehran, Iran

3 Assistant Professor, Department of Jurispruence and Islamic Law, Central Tehran Branch, Islamic Azad University, Tehran, Iran



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.


The Holy Quran.
Abdul Rahman, A. (2003). Accounting regulatory issues on investments in Islamic bonds. International Journal of Islamic Financial Services, 4(4), 20-35.
Agha Kazem Shirazi, S. (2012). Principles of investment. Tehran: Rezvan Publishing.
Ahmadi Hajiabadi, R. (2007). Jurisprudential-theoretical study of Islamic securities (sukuk). Yas Strategy Magazine, 12, 95-114.
Alam, N., Hassan, M. and Hague, M. (2013). Are Islamic bonds different from conventional bonds? International evidence from capital market tests .Borsa Istanbul Review, 13(3), 22-29.
Ansari, M. (1999). Almaksab. Qom: Publication of the Islamic Thought Association.
Asghari Aghamshahdi, F. Mohammadi, S. & Mustafavi, Z. (2014). Conditions for the realization of the option of cheating. Quarterly Journal of Islamic Jurisprudence and Law, 10 (37), 11-36.
Ebne Najim, Z. (1985). Alashbah & Alnazaer. Beirut: Dar al-Kitab al-Alamiya.
Elsan, M. (2014). Examining the conditions and principles of applying Tbilisi cucumber. Quarterly Journal of Islamic Jurisprudence and Law, 10(38), 29-50.
Fathurahman. H., & Rachma, F. (2013). Comparative analysis of return on sukuk .American Journal of Economics, 3(3), 159-163.
 Gharaee, M.(2010). The knowledge in the Islamic economy and Islamic financial transactions. Qatar: Ministry of Endowments.
Golestani, M. (2010). Rental (sukuk) is a new tool for financing leasing companies. Economic Journal- Monthly Review of Economic Issues and Policies, 10, 37-55.
Haidari, A. (2004). Principles of inference. Qom: Islamic Law Publishing.
Hassanzadeh, A. & Ahmadian, A. (2012). The impact of Islamic financial instruments on economic development. Two Quarterly Journal of Islamic Economic Studies, 5, 29-58.
Helli, F. (2008). Explaining the benefits in explaining the problems of the rules. Qom: Ismaielian Institute.
Hosseini, S. A., Hekmat, H. & Kashif, M. (2013). The role of rent sukuk and participation bonds in corporate financing. Journal of Accounting Research, 8, 1-26.
Izadi Fard, A.A. Fallah, M. (2015). Jurisprudential-legal analysis of the possibility of extending the civil arch to other options. Quarterly Journal of Islamic Jurisprudence and Law, 11(39), 25-36.
Jabaie al-Ameli, Z. (1993). Masalek Alafham. Qom: Islamic Enlightenment Institute.
Karimi, M. (2009). Investigating the financing and policy-making process through the issuance of lease bonds (lease sukuk focusing on the money and capital markets). Tehran: Higher Institute of Banking.
Kashif al-Ghatta, M.H. (1980). Journal writing. Iraq: Najaf Ashraf Library.
Katozian, N. (2008). Civil rights, property and ownership. Tehran: Mizan Publishing.
Khorasani, M. (2011). Sufficiency of principles. Qom: Dar al-Fekr Publishing.
Makki Ameli, M. (1993). Legal lessons in Imamieh jurisprudence. Qom: Islamic Publishing Institute.
Maraghi, S. M.(1996).  The titles of jurisprudence. Qom: Office of Islamic Publications.
Mobaleghi, A. (2004). Lease papers. Journal of Jurisprudence and Law. Research Institute of Islamic Culture and Thought, 1(2),  150-155.
Mohaghegh Damad, M. (2002). Rules of jurisprudence (civil section). Tehran: Samat Publications.
Mohammadi, A. (2005). Fundamentals of inference of Islamic law. Tehran: University of Tehran Press.
Momeni, A. Momeni, S.M. (2014). Examining the lease in the face of a general excuse. Quarterly Journal of Islamic Jurisprudence and Law, 10(35), 141-156.
Mousavi Khomeini, R. (1989). Albeie. Qom: Ismailiean Publications.
Mousavian, S. &  Rahimi, S.A. (2012). Legal Nature and conditions of the pillars of rental securities. Journal of Islamic Law, 9(32), 91-121.
Mousavian, S. (2013). Islamic financial instruments (sukuk). Tehran: Publishing Organization of the Institute of Islamic Culture and Thought.
Mousavian, S.(2010). Conversion of bank assets into securities in interest-free banking. Money and Economics Quarterly, 4,  79-112.
Naeini, M. (1994). Hashieh Almakaseb. Tehran: Al-Muktabah Library.
Najafi, M. (1981). Javaher Alkalam. Beirut: Dar Al-Ahya Al-Tarath Al-Arabi.
Qanawati, J. & Davari Langroudi, M. (2010). Analysis of the legal nature of lease bonds. Journal of Islamic Studies: Jurisprudence and principles, 45, (89), 133-151.
Qasemzadeh, S.M. (2016). Civil law contract of sale and terms and options. Tehran: Mizan Publishing.
Sabzevari, M. (2002). Sufficiency of rulings. Qom: Islamic Publications Office.
Safaei, S.H. & Zakeri Nia, H. (2015). Comparative study of non-contractual civil liability compensation methods. Quarterly Journal of Private Law Studies, 45(2), 265-283.
Salehabadi, A. (2005). A study of Islamic bonds in Malaysia from the perspective of Imami Jurisprudence. Research Quarterly of Imam Sadegh, 25, 95-113.
Soroush, A. & Sadeghi, M. (2007). Rental securities risk management (rental sukuk). Islamic Economics Quarterly, 7(25), 1-31.
Taheri, H. (1997). Civil rights. Qom: Islamic Publications Office.
Tusi, M. (1996). Contrast. Qom: Islamic Publishing Institute.
Wilson, R.(2006). Innovation in the structuring of Islamic Sukuk securities; Banking and Finance International Conference, Islamic Banking and Finance. Beirut: Lebanese American University.
Zarei, M.. & Janali Nejad, S.M. (2018). Jurisprudential and legal study of the option of seeing in electronic transactions. Quarterly Journal of Islamic Jurisprudence and Law, 14 (53), 37-54.