اليات تفعيل الصكوك الإسلامية في أفغانستان في ضوء التجربة الماليزية

Abstract

This study aims to examine the nature of Islamic sukuk, along with the mechanisms of their activation, and implementation within the Afghan context, through and analysis of the role of the government—particularly the Ministry of Finance and Da Afghanistan Bank (the central bank)—as well as the role of Islamic banks, corporations, and finan-cial institutions, with the objective of channeling investments toward productive sectors and infrastructure projects. The significance of this research lies in the fact that Islamic sukuk represent a promising financial instrument for mitigating the economic crisis, alleviating poverty and unemployment, and reducing dependence on foreign aid, while simultaneously supporting financial development and achieving sustainable economic growth. The study specifically addresses the mechanisms of sukuk issuance in Afghan-istan, their activation, and implementation, drawing upon the pioneering Malaysian ex-perience, which stands today as one of the most mature, widespread, and successful models globally. Formulating a proposed model for the issuance of sukuk that aligns with Afghanistan’s legislative, legal, cultural, and banking environment, while taking into account the country’s economic challenges and existing financing gap. The avail-able literature reveals a scarcity of studies addressing sukuk within the Afghan context, highlighting the need for an in-depth scholarly investigation into their potential role in supporting financial and economic development. The researcher adopted a qualitative analytical approach, employing personal interviews and data analysis through coding and thematic categorization. The research findings indicate that the activation of Islamic sukuk constitutes an effective instrument for promoting financial and economic growth, expanding financing tools, and developing financial markets in Afghanistan. Moreover, data from the Standard & Poor’s Report (2024) reveal that the total value of sukuk is-suances reached USD 193.4 billion. These sukuk have contributed to financing educa-tion, health, and infrastructure projects, accounting for approximately 8% of total gov-ernment investments in several Islamic countries over recent years. The study recom-mends that the Government of Afghanistan, the Afghan Islamic Bank, and all relevant banking and private-sector institutions adopt and implement mechanisms for the issu-ance and circulation of Islamic sukuk in the domestic market, in view of their significant impact on fostering economic development and strengthening the financial and banking sectors within the country.