حفظ المال في الشريعة الإسلامية من خلال إصدارات وتداول صكوك المرابحة وصكوك الإجارة في سوق الأوراق المالية الإسلامية في ماليزيا : دراسة تحليلية مقاصدية

Abstract

This study examines one of the most important issues in the field of Islamic economics, which is: the protection of wealth in Islamic law through issuances and trading of Murabahah and Ijarah in the Islamic stock market in Malaysia: "An analytical and maqasidic study." This research is focused on the necessity of protecting wealth at the Kuala Lumpur stock market, by examining the Islamic regulations and controls used in the Stock Market, in order to assess the compatibility of financial transactions in this market with the objectives of Islamic law, and take advantage of them. This research has adopted an inductive approach for collecting and tracking views of old and contemporary Muslim and non-Muslim economic specialists regarding market issues. Also, the researcher has employed an analytical method to examine the operations, transactions and functions based on Usulist and jurisprudential approach to suit contemporary reality and objectives of Islamic law. The descriptive approach is used for describing the Islamic stock market in Malaysia, and what is happening in the operations and transactions carried out through the issuance and trading of Sukuk Murabahah and Sukuk Ijarah. Among the most important findings of the study are: the legality of Sukuk MurābaÍah (bay‘al-‘inah) maintained by the Malaysian Shari‘ah committee did not make the Malaysian Islamic stocks acceptable to foreign investors, especially Arab investors, because SharÊ‘ah standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Bahrain decided not to permit the sale of MurābaÍah (bay‘al-‘inah); therefore, it was better to resort to Sukuk Ijarah and reduce Sukuk MurābaÍah, since Sukuk Ijarah was based on the secured value of the leased premises, and income from the lease, not income alone, as is the case of Murabahah (bay‘al-‘inah); the government can combine Sukuk Ijarah and Sukuk Murabahah, provided that the leased shares exceed the shares of Sukuk Murabahah as in the case of the subscription Sukuk of the Islamic Development Bank in Jeddah, Saudi Arabia