Execution of Options in Sukuk Al-Ijara Bonds

Document Type : Original Article

Authors

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

10.22034/ijrj.2021.680387

Abstract

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.

Keywords


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