Abstract

Abstract:
This paper aims to identify the financing, investment and developmental importance of the most important Islamic financing instruments, especially Islamic Sukuk. It will focus on the lease instruments as the most important types of Islamic instruments, through the definition of financing capacity and the investment and developmental importance of type of sukuk.

This research has been divided into three main chapters. The first one as the introduction chapter to the definition of both the lease contract and their derivative instruments, the second chapter studies the characteristics and types of this instruments, finally the last chapter dealt with the financing and developmental importance and the reality of trading in the financial markets.
To answer the problem of research to reach the set goals we relied on the analytical descriptive approach, through the collection of data from defferent references that dealt with the main variable of the study which is "Ijara( lease) Sukuk" . In addition to the collection of data and statistics from various sources , especially reports that provide a picture about the reality of the use of Islamic instruments particularly, the Ijara sukuk on the global level.
The research concluded the following results:
1. Ijara (lease) sukuk securities is financial instrument can be trated in financial markets. even though they share some characteristics with both stocks and bonds as well as the other Islamic types of instruments, however, they have specific advantages, and most important of these features is reduction of degree of risk relatively compared with other types of Sukuk;
2-Ijara sukuk vary to leased(sukuk) of owned assets and utilities ownership instruments (sukuk) and sukuk of services. under each of these types there are other sub -division, vary according to its utility included in the original contract of Ijara ( lease) . this very between Concreate benefit or , service benefit .also between actual benifits or that are described in the discharge . this What makes it a financial investment tool valid for all productive and service sectors;
3- Ijara sukuk comes second after Murabaha in terms from side of trading on the financial markets, both domestically and internationally for more than ten years ( the period from 2001 to the first half of 2014). This evidence make investors’ perceived their importance;
4. Financing development efficiency and effectiveness of Sukuk Ijara (leasing ) depends on legitimate safety degree in terms of their commitment to regulation of Ijara Contract , in addition to the volume dealing and the need to take advantage of all the benefits offered by different forms and kinds, not focusing on just one type.
After the practical study and concluded results and for the sake of taking the advantage of the importance of Ijara sukuk it is needed to be activated in financial markets through awareness and encourage investors to use this type of sukuk. with the need to commitment by their legitimacy rules in the structure which is a prerequisite condition to any Islamic financial innovation;
Although the Islamic financial instruments such as Islamic Sukuk including Ijara (leasing ) has become a concrete reality, but there are many challenges still faced especial on legal side.
Key words: Islamic Sukuk, ijarah (lease) sukuk, Economic importance of Ijara sukuk.

Information

Item Type:	Conference
Divisions:	» Laboratory of Research and Economic Studies » Faculty of Economic, Commercial and Management Sciences
ePrint ID:	452
Date Deposited:	2015-12-15
Further Information:	Google Scholar
URI:	https://www.univ-soukahras.dz/en/publication/article/452

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