الصكوك الاسلامية و دورها في التنمية الاقتصادية "نحو تطبيق مقترح تمويلي لتطوير دور البنوك الاسلامية"

Abstract

This study aims at proposing ways to rectify the utilization of Islamic Sukuk through Islamic Banks so that its goals can be focused on direct investment in various production sectors to achieve economical growth and development. Through this context, the concepts of Islamic Sukuk, its economical importance, Shari' ah restraints as well as the types of these restraints, the risks involved, and the remedies for risk treatments, have all been studied and analyzed. The other part of the study is concerned with the application of Islamic Sukuk in various production sectors that can contribute towards the achievement of economical growth. In this study, a review was carried out on the most important contemporary experiences resulting from the adoption of Islamic Sukuk in the Islamic countries with emphasis on the Malaysian experience as case study. The study revealed the following conclusions: The market for Islamic Sukuk is promising since Islamic Financial Institutions are increasingly looking for investments that comply with Islamic Shari'ah regulations. Investments through Islamic Sukuk are considered as a new trend. Therefore, there is a need to revise and modify the structure of these $ukiik in order to make it Shari' ah compliant. There are varieties of ways for implementing Islamic Sukuk to acquire the required financial resources. These include: Sukuk for ljarah, Murdarabah, Musharakah, Salam, and Istithna '. Most of Islamic Sukuk is currently being implemented in the housing sector, followed by financial services sector, then by the energy and services sectors. This raises the need for rectifying the application of Islamic Sukuk so that it can be steered towards direct investment in production sectors and thus achieving the desired economical growth. Islamic Banks are still indecisive on whether or not to be the main issuers of the Sukuk. This will negatively impact their role as contributors for the achievement of economical development.