DRAFT AAOIFI SS 62 ArEn

‫( ﺑﺸﺎن اﻟﺼﻜﻮك‬٦٢) ‫ﻣﺴﻮدة اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
Exposure DRAFT of Shari’ah Standard No. (62): Sukuk
Exposure DRAFT (٦٢) :‫ﻣﺴﻮدة اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
ُّ
of Shari’ah Standard No. (62)
Sukuk ‫اﻟﺼﻜـﻮك‬
Preamble ‫اﻟﺘﻘﺪﻳﻢ‬
Text of the Standard ‫ﻧﺺ اﻟﻤﻌﻴﺎر‬
Scope of the Standard (1) (١) ‫ﻧﻄﺎق اﻟﻤﻌﻴﺎر‬
Definition of Certificates of Sukuk (2) (٢) ‫ﺗﻌﺮﻳﻒ اﻟﺼﻜﻮك‬
Characteristics of Sukuk (3) (٣) ‫ﺧﺼﺎﺋﺺ اﻟﺼﻜﻮك‬
Parties to the Issuance of Sukuk (4) (٤) ‫أﻃﺮاف إﺻﺪار اﻟﺼﻜﻮك‬
The Underlying Assets of Sukuk (5) (٥) ‫ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬
Components of the Underlying Assets of Sukuk (١-٥) ‫ﻣﻜﻮﻧﺎت ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬
(5-1)
Requirements of Ownership of the Underlying (٢-٥) ‫ﻣﺘﻄﻠﺒﺎت ﻣﻠﻜﻴﺔ ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬
Assets of Sukuk (5-2)
Risks of Sukuk, Its Securities and Undertaking to (٦) ‫ واﻟﺘﻌﻬﺪ ﺑﺸﺮاء ﻣﻮﺟﻮداﲥﺎ‬,‫ واﻟﻀﻤﺎﻧﺎت ﻓﻴﻬﺎ‬,‫ﻣﺨﺎﻃﺮ اﻟﺼﻜﻮك‬
Purchase its Underlying Assets (6)
Risks of Sukuk (6-1) (١-٦) ‫ﻣﺨﺎﻃﺮ اﻟﺼﻜﻮك‬
Types of Risks of Sukuk (6-1-1) (١-١-٦) ‫أﻧﻮاع ﻣﺨﺎﻃﺮ اﻟﺼﻜﻮك‬
Ownership (Title) Risk (6-1-1-1) (١-١-١-٦) ‫ﻣﺨﺎﻃﺮ اﻟﻤﻠﻜﻴﺔ‬
Credit Risk (6-1-1-1-2) (٢-١-١-٦) ‫ﻣﺨﺎﻃﺮ اﻻﺋﺘﻤﺎن‬
Market Risk (6-1-1-3) (٣-١-١-٦) ‫ﻣﺨﺎﻃﺮ اﻟﺴﻮق‬
Exchange Rate Risk (6-1-1-4) (٤-١-١-٦) ‫ﻣﺨﺎﻃﺮ اﻟﺼﺮف‬
Risk of Periodic Distribution (6-1-1-5) (٥-١-١-٦) ‫ﻣﺨﺎﻃﺮ اﻟﺘﻮزﻳﻌﺎت اﻟﺪورﻳﺔ‬
Hedging of Sukuk Risk (6-1-2) (٢-١-٦) ‫اﻟﺘﺤﻮط ﻣﻦ ﻣﺨﺎﻃﺮ اﻟﺼﻜﻮك‬
Hedging via securities and protection via -١-٦) ‫اﻟﺘﺤﻮط ﺑﺎﻟﻀﻤﺎﻧﺎت واﻟﺤﻤﺎﻳﺔ ﺑﺎﻟﻮﺳﺎﺋﻞ اﻟﻤﺸﺮوﻋﺔ‬
Shari’ah compliant means (6-1-2-1)
(١-٢
Hedging via Reserve Account (6-1-2- (٢-٢-١-٦) ‫اﻟﺘﺤﱡﻮط ﺑﺤﺴﺎب اﺣﺘﻴﺎﻃﻲ‬
2)
Definition of the Reserve Account -٢-١-٦) ‫ﺗﻌﺮﻳﻒ اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ وﺣﻜﻤﻪ‬
and its [Shari’ah] provision (6-1-2-
2-a) (‫أ‬-٢
Types of Reserve Account (6-1-2- (‫ب‬-٢-٢-١-٦) ‫أﻧﻮاع اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ‬
2-b)
Covering the shortfall in the -٢-١-٦) ‫ﺗﻐﻄﻴﺔ اﻟﻌﺠﺰ ﰲ اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ‬

reserve account (6-1-2-2-c)
(‫ج‬-٢
Management of Reserve Account -٢-١-٦) ‫إدارة اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ واﻻﻧﺘﻔﺎع ﺑﻪ‬
and Benefiting from it (6-1-2-2-d)
(‫د‬-٢
Securities in Sukuk (6-2) (٢-٦) ‫اﻟﻀﻤﺎﻧﺎت ﰲ اﻟﺼﻜﻮك‬
Securities for Obligations of the Originator (6-2-1) (١-٢-٦) ‫ﺿﻤﺎﻧﺎت اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
Securities for Obligations of the Originator (6-2-1- (١-١-٢-٦) ‫ﺿﻤﺎن اﻟﺘﺰاﻣﺎت اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
1)
Securities for the underlying assets and profits of (٢-١-٢-٦) ‫ﺿﻤﺎن ﻣﻮﺟﻮدات اﻟﺼﻜﻮك أو رﺑﺤﻬﺎ‬
Sukuk (6-2-1-2)
Undertaking of the originator to guarantee the (٣-١-٢-٦) ‫ﺗﻌﻬﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﻀﻤﺎن اﻟﻤﺪﻳﻨﻴﻦ‬
debtors (6-2-1-3)
Undertaking of the originator to guarantee the (٤-١-٢-٦) ‫ﺗﻌﻬﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﻀﻤﺎن اﻟﺘﺰاﻣﺎت ﺷﺮﻛﺔ اﻟﺘﺄﻣﻴﻦ‬
obligations of the insurance company (6-2-1-4)
Third Party Undertaking (٢-٢-٦) ‫ﺗﻌﻬﺪ اﻟﻄﺮف اﻟﺜﺎﻟﺚ‬
Undertaking to Purchase the Underlying Assets of (٣-٦) ‫اﻟﺘﻌﻬﺪ ﺑﺸﺮاء ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬
Sukuk (6-3)
Events of Performance of Undertaking to Purchase -٦) ‫ﺣﺎﻻت ﺗﻨﻔﻴﺬ اﻟﺘﻌﻬﺪ )اﻟﻮﻋﺪ اﻟﻤﻠﺰم( ﺑﺸﺮاء ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬
the Undertaking Assets of Sukuk (Binding Promise)
(6-3-1) (١-٣
Provisions of the Purchase Undertaking (6-3-2) (٢-٣-٦) ‫أﺣﻜﺎم اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء‬
Exercising the Purchase Undertaking (6-3-3) (٣-٣-٦) ‫ﺗﻨﻔﻴﺬ اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء‬
Undertaking by the originator to substitute the (٤-٣-٦) ‫ﺗﻌﻬﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺎﺳﺘﺒﺪال ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬
Underlying Assets
Sukuk Issuance (7) (٧) ‫إﺻﺪار اﻟﺼﻜﻮك‬

The concept of Sukuk issuance (7-1) (١-٧) ‫ﻣﻔﻬﻮم إﺻﺪار اﻟﺼﻜﻮك‬
General Rules for Sukuk Issuance (7-2) (٢-٧) ‫ﺿﻮاﺑﻂ ﻋﺎﻣﺔ ﻹﺻﺪار اﻟﺼﻜﻮك‬
Base Prospectus (7-3) ( ٣ - ٧ ) ‫ﻧﺸﺮة اﻹﺻﺪار‬
Underwriting the subscription (7-4) (٤-٧) ‫اﻟﺘﻌﻬﺪ ﺑﺘﻐﻄﻴﺔ اﻻﻛﺘﺘﺎب‬
Types of Sukuk (8) (٨) ‫أﻧﻮاع اﻟﺼﻜﻮك‬
Plain Vanilla Sukuk (8-1-1) (١-١-٨) ‫اﻟﺼﻜﻮك اﻟﻤﻔﺮدة‬
Commutative Contracts Sukuks (8-1-1-1) (١-١-١-٨) ‫ﺻﻜﻮك اﻟﻤﻌﺎوﺿﺎت‬
Types of Commutative Sukuks (8-1-1-1-b) (‫ب‬-١‫ـ‬١-١-٨) ‫أﻧﻮاع ﺻﻜﻮك اﻟﻤﻌﺎوﺿﺎت‬

Murabaha Sukuk (8-1-1-1-b-1) (١-‫ب‬-١‫ـ‬١-١-٨) ‫ﺻﻜﻮك اﻟﻤﺮاﺑﺤﺔ‬
Salam Sukuk (8-1-1-1-b-2) (٢-‫ب‬-١‫ـ‬١-١-٨)‫ﺻﻜﻮك اﻟﺴﻠﻢ‬
Istisna’ Sukuk (8-1-1-1-b-3) (٣-‫ب‬-١‫ـ‬١-١-٨) ‫ﺻﻜﻮك اﻻﺳﺘﺼﻨﺎع‬
Ijarah Sukuk (8-1-1-1-b-4) (٤-‫ب‬-١‫ـ‬١-١-٨) ‫ﺻﻜﻮك اﻹﺟﺎرة‬
Sukuk of acquiring and leasing a specific -١‫ـ‬١-١-٨) ‫ﺻﻜﻮك ﺗﻤﻠﻚ ﻋﻴٍﻦ ﻣﻌﻴﻨﺔ ﺛﻢ ﺗﺄﺟﻴﺮﻫﺎ‬
(identified) asset (8-1-1-1-b-4-1)
(١-٤-‫ب‬
Sukuk of acquiring and leasing a -٨) ‫ﺻﻜﻮك ﺗﻤﻠﻚ ﻋﻴﻦ ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﺬﻣﺔ وﺗﺄﺟﻴﺮﻫﺎ‬
specified-cum-unidentified asset (8-1-
1-1-b-4-2) (٢-٤-‫ب‬-١‫ـ‬١-١
Sukuk of hiring and leasing a specific -١‫ـ‬١-١-٨) ‫ﺻﻜﻮك اﺳﺘﺌﺠﺎر ﻋﻴﻦ ﻣﻌﻴﻨﺔ ﺛﻢ ﺗﺄﺟﻴﺮﻫﺎ‬
(identified) asset (8-1-1-1-b-4-3)
(٣-٤-‫ب‬
Sukuk of hiring and leasing a specified- -٨) ‫ﺻﻜﻮك اﺳﺘﺌﺠﺎر ﻋﻴﻦ ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﱢﺬﻣﺔ وﺗﺄﺟﻴﺮﻫﺎ‬
cum-unidentified asset (8-1-1-1-b-4-4)
(٤-٤-‫ب‬-١‫ـ‬١-١
Sukuk of acquiring and selling specific -١-٨) ‫ﺻﻜﻮك ﺗﻤﻠﻚ ﺧﺪﻣﺎت ﺟﻬﺔ ﻣﻌﻴﻨﺔ ﺛﻢ ﺑﻴﻌﻬﺎ‬
(identified) services [rendered by] a
party (8-1-1-1-b-4-5) (٥-٤-‫ب‬-١‫ـ‬١
Sukuk of acquiring and selling specified- ‫ﺻﻜﻮك ﺗﻤﻠﻚ ﺧﺪﻣﺎت ﺟﻬﺔ ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﺬﻣﺔ وﺑﻴﻌﻬﺎ‬
cum-unidentified service of a party (8-
1-1-1-b-4-6) (٦-٤-‫ب‬-١‫ـ‬١-١-٨)
Sukuk of acquiring and selling or leasing -٨) ‫ﺻﻜﻮك ﺗﻤﻠﻚ ﺣﻘﻮق ﻣﻌﻨﻮﻳﺔ وﺑﻴﻌﻬﺎ أو ﺗﺄﺟﻴﺮﻫﺎ‬
the moral rights (8-1-1-1-b-4-7)
(٧-٤-‫ب‬-١‫ـ‬١-١
General Provisions of the commutative contract (‫ج‬-١‫ـ‬١-١-٨) ‫أﺣﻜﺎم ﻋﺎﻣﺔ ﻟﺼﻜﻮك اﻟﻤﻌﺎوﺿﺎت‬
Sukuks (8-1-1-1-c)
Special Provisions for the types of Commutative (‫د‬-١‫ـ‬١-١-٨) ‫أﺣﻜﺎم ﺧﺎﺻﺔ ﺑﺄﻧﻮاع ﺻﻜﻮك اﻟﻤﻌﺎوﺿﺎت‬
contract Sukuk (8-1-1-1-d)
Provisions of Murabaha Sukuk (8-1-1-1-d- (١-‫د‬-١‫ـ‬١-١-٨) ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﻤﺮاﺑﺤﺔ‬
1)
Provisions of Salam Sukuk (8-1-1-1-d-2) (٢-‫د‬-١‫ـ‬١-١-٨)‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﺴﻠﻢ‬
Provisions of Istisna Sukuk (8-1-1-1-d-3) (٣-‫د‬-١‫ـ‬١-١-٨) ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻻﺳﺘﺼﻨﺎع‬
Provisions of Ijarah Sukuk (8-1-1-1-d-4) (٤-‫د‬-١‫ـ‬١-١-٨) ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻹﺟﺎرة‬
Provisions of Sukuks based on ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك ﺗﻤﱡﻠﻚ ﻋﻴٍﻦ ﻣﻌﻴﻨﺔ وﺗﺄﺟﻴِﺮﻫﺎ‬
Acquiring and leasing a specific asset
(8-1-1-1-d-5) (٥-‫د‬-١‫ـ‬١-١-٨)
Provisions of Sukuks based on ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك ﺗﻤﻠﻚ ﻋﻴﻦ ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﱢﺬﻣﺔ‬
Acquiring and leasing a specified-
cum-unidentified asset (8-1-1-1-d-6) (٦-‫د‬-١‫ـ‬١-١-٨) ‫وﺗﺄﺟﻴﺮﻫﺎ‬
Provisions of Sukuks based on hiring ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﺳﺘﺌﺠﺎر ﻋﻴﻦ ﻣﻌﻴﻨﺔ وﺗﺄﺟﻴﺮﻫﺎ‬
and leasing a specific asset (8-1-1-1-d-
7) (٧-‫د‬-١‫ـ‬١-١-٨)
Provisions of Sukuks based on hiring ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك ﺗﻤﻠﻚ اﺳﺘﺌﺠﺎر ﻋﻴﻦ ﻣﻮﺻﻮﻓﺔ‬
and leasing a specified-cum-
unidentified asset (8-1-1-1-d-8) (٨-‫د‬-١‫ـ‬١-١-٨) ‫ﰲ اﻟﱢﺬﻣﺔ وﺗﺄﺟﻴﺮﻫﺎ‬
Musharaka (Partnerships) Sukuks (8-1-1-2-b) (‫ب‬-٢-١-١-٨) ‫ﺻﻜﻮك اﻟﻤﺸﺎرﻛﺎت‬
Types of Partnerships Sukuks (8-1-1-2-b-1) (١-‫ب‬-٢‫ـ‬١-١-٨) ‫أﻧﻮاع ﺻﻜﻮك اﻟﻤﺸﺎرﻛﺎت‬
Joint Enterprise (Sharikat al-Ꜥaqd) Sukuk (8-1-1-2- (١-١-‫ب‬-٢-١-١-٨) ‫ﺻﻜﻮك ﺷﺮﻛﺔ اﻟﻌﻘﺪ‬
b-1-1)
Joint Ownership (Sharikat al-milk) Sukuk (8-1-1-2- (٢-١-‫ب‬-٢-١-١-٨)‫ﺻﻜﻮك ﺷﺮﻛﺔ اﻟِﻤﻠﻚ‬
b-1-2)
Mudaraba Sukuk (8-1-1-2-b-2) (٢-‫ب‬-٢-١-١-٨) ‫ﺻﻜﻮك اﻟﻤﻀﺎرﺑﺔ‬
General Provisions for Partnerships Sukuks (8-1-1- (‫ج‬-٢-١-١-٨) ‫أﺣﻜﺎم ﻋﺎﻣﺔ ﻟﺼﻜﻮك اﻟﻤﺸﺎرﻛﺎت‬
2-c)
Special Provisions to the types of Partnership (‫د‬-٢-١-١-٨) ‫أﺣﻜﺎم ﺧﺎﺻﺔ ﺑﺄﻧﻮاع ﺻﻜﻮك اﻟﻤﺸﺎرﻛﺎت‬
Sukuks (8-1-1-2-d)
Special Provisions related to Partnership Sukuks (١-‫د‬-٢-١-١-٨) ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﺸﺮﻛﺔ‬
(8-1-1-2-d-1)
Special Provisions related to Mudaraba Sukuks (8- (٢-‫د‬-٢-١-١-٨) ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﻤﻀﺎرﺑﺔ‬
1-1-2-d-2)
Wakala (Agency) Sukuks (8-1-1-3) (٣-١-١-٨) ‫ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ‬
Types of Wakala Sukuks (8-1-1-1-3-b) (‫ب‬-٣-١-١-٨) ‫أﻧﻮاع ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ‬
Investment Agency Sukuk (8-1-1-3-b-1) (١-‫ب‬-٣-١-١-٨)‫ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
Service Agency Sukuk (8-1-1-3-b-2) (٢-‫ب‬-٣-١-١-٨) ‫ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ ﺑﺎﻟﺨﺪﻣﺎت‬
Wakala Sukuk for providing services to income- -١-٨) ‫ﺻﻜﻮك اﻟﺘﻮﻛﻴﻞ ﺑﺘﻘﺪﻳﻢ ﺧﺪﻣﺎت ﻟﻤﻮﺟﻮدات ﻣﺪرٍة ﻟﻠﺪﺧﻞ‬
generating assets (8-1-1-3-b-2-1-1)
(١-١-٢-‫ب‬-٣-١
Agency Sukuk to sale of the underlying assets (8-1- (٢-١-٢-‫ب‬-٣-١-١-٨) ‫ﺻﻜﻮك اﻟﺘﻮﻛﻴﻞ ﺑﺒﻴﻊ ﻣﻮﺟﻮدات‬
1-3-b-2-1-2)
General provisions for Wakala Sukuk (8-1-1-3-c) (‫ج‬-٣-١-١-٨) ‫أﺣﻜﺎم ﻋﺎﻣﺔ ﻟﺼﻜﻮك اﻟﻮﻛﺎﻟﺔ‬
Special provisions for types of Wakala Sukuk (8-1- (‫د‬-٣-١-١-٨) ‫أﺣﻜﺎم ﺧﺎﺻﺔ ﺑﺄﻧﻮاع ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ‬
1-3-d)
Special Provisions related to Investment Agency (١-‫د‬-٣-١-١-٨)‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
Sukuk (8-1-1-3-d-1)
Special Provisions related to Service Agency Sukuk (٢-‫د‬-٣-١-١-٨) ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﻮﻛﺎﻟﺔ ﺑﺎﻟﺨﺪﻣﺎت‬
(8-1-1-3-d-2)
Special Provisions related to Service Agency Sukuk ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﻟﺼﻜﻮك اﻟﺘﻮﻛﻴﻞ ﺑﺘﻘﺪﻳﻢ ﺧﺪﻣﺎت ﻟﻤﻮﺟﻮدات ﻣﺪرٍة‬
for income-generating assets (8-1-1-3-d-2-2)
(٢-٢-‫د‬-٣-١-١-٨) ‫ﻟﻠﺪﺧﻞ‬
Special Provisions to Agency Sukuks for Selling the -‫د‬-٣-١-١-٨) ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﻟﺼﻜﻮك اﻟﺘﻮﻛﻴﻞ ﺑﺒﻴﻊ ﻣﻮﺟﻮدات‬
Underlying Assets (8-1-1-3-d-2-4)
(٣-٢
Agricultural Investment Sukuks (8-1-1-4) (٤-١-١-٨) ‫ﺻﻜﻮك اﻻﺳﺘﺜﻤﺎر اﻟﺰراﻋﻲ‬
Types of Agricultural Investment Sukuks (8-1-1-4- (‫ب‬-٤-١-١-٨) ‫أﻧﻮاع ﺻﻜﻮك اﻻﺳﺘﺜﻤﺎر اﻟﺰراﻋﻲ‬
b)
Musaqa (Plant Servicing) Sukuk (8-1-1-4-b-1) (١-‫ب‬-٤-١-١-٨) ‫ﺻﻜﻮك اﻟﻤﺴﺎﻗﺎة‬
Muzara (Sharecropping) Sukuk (8-1-1-4-b-2) (٢-‫ب‬-٤-١-١-٨)‫ﺻﻜﻮك اﻟﻤﺰارﻋﺔ‬
Mughara Sukuk (8-1-1-4-b-3) (٣-‫ب‬-٤-١-١-٨) ‫ﺻﻜﻮك اﻟﻤﻐﺎرﺳﺔ‬
Composite Sukuks (8-1-2) (٢-١-٨) ‫اﻟﺼﻜﻮك اﻟﻤﺮﻛﺒﺔ‬
Characteristics of Composite Sukuks (8-1-2-2) (٢-٢-١-٨) ‫ﺧﺼﺎﺋﺺ اﻟﱡﺼﻜﻮك اﻟﻤﺮﱠﻛﺒﺔ‬
The purpose of using Composite Sukuks (8-1-2-3) (٣-٢-١-٨) ‫اﻟﻐﺮض ﻣﻦ اﺳﺘﺨﺪام اﻟﱡﺼﻜﻮك اﻟﻤﺮﱠﻛﺒﺔ‬
Provisions of Composite Sukuks (8-1-2-4) (٤-٢-١-٨) ‫أﺣﻜﺎم اﻟﺼﻜﻮك اﻟﻤﺮﻛﺒﺔ‬
Types of Sukuk according to the mechanism of (٢-٨) ‫أﻧﻮاع اﻟﺼﻜﻮك ﺑﺎﻋﺘﺒﺎر آﻟﻴﺔ اﻹﻃﻔﺎء‬
cancelation (8-2)
Convertible Sukuks into shares (8-2-1) (١-٢-٨) ‫اﻟﱡﺼﻜﻮك اﻟﻘﺎﺑﻠﺔ ﻟﻠﱠﺘﺤﻮﻳﻞ إﻟﻰ أﺳﻬﻢ‬
Non-convertible Sukuk into shares (8-2-2) (٢-٢-٨) ‫اﻟﱡﺼﻜﻮك ﻏﻴﺮ اﻟﻘﺎﺑﻠﺔ ﻟﻠﱠﺘﺤﻮﻳﻞ إﻟﻰ أﺳﻬﻢ‬
Types of Sukuk to raise core equity base (8-3) (٣-٨) ‫أﻧﻮاع اﻟﺼﻜﻮك ﺑﺎﻋﺘﺒﺎر ﺗﻌﺰﻳﺰﻫﺎ اﻟﻘﺎﻋﺪة اﻟﺮأس ﻣﺎﻟﱠﻴﺔ‬
Tier 1 Capital Sukuk (8-3-1) (Tier 1 Capital Sukuk) ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
(١-٣-٨)
The regulatory characteristics of Tier 1 Capital ‫اﻟﺨﺼﺎﺋﺺ اﻟﺮﻗﺎﺑﻴﺔ )اﻟﻨﻈﺎﻣﻴﺔ( ﻟﺼﻜﻮك اﻟﱢﺸﻖ اﻷَول ﻣﻦ رأس اﻟﻤﺎل‬
Sukuk (8-3-1-1)
(١-١-٣-٨)
Provisions and rules for Tier-1 Sukuk (8-3-1-2) (٢-١-٣-٨) ‫أﺣﻜﺎم وﺿﻮاﺑﻂ ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
Tier 2 Capital Sukuk (8-3-2) (Tier 2 Capital Sukuk) ‫ﺻﻜﻮك اﻟﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬
(٢-٣-٨)
The regulatory characteristics of Tier 2 Capital ‫اﻟﺨﺼﺎﺋﺺ اﻟﺮﻗﺎﺑﻴﺔ )اﻟﻨﻈﺎﻣﻴﺔ( ﻟﺼﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬
Sukuk (8-3-2-1)
(١-٢-٣-٨)
Provisions and rules for Tier-2 Sukuk (8-3-2-2) (٢-٢-٣-٨) ‫أﺣﻜﺎم وﺿﻮاﺑﻂ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬
Dissolution of Tier-2 Sukuk upon the dissolution of ‫ﺗﺼﻔﻴﺔ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل ﻋﻨﺪ ﺗﺼﻔﻴﺔ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
the originator at the end of its term (8-3-2-4)
(٤-٢-٣-٨) ‫ﻻﻧﺘﻬﺎء ﻣﱠﺪﲥﺎ‬
Stages of calculating and distributing the profit of ‫ﻣﺮاﺣﻞ ﺣﺴﺎب وﺗﻮزﻳﻊ رﺑﺢ اﻟﻮﻋﺎء اﻟﻌﺎم ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻟﺼﻜﻮك‬
the general pool of the originator of Tier-1 Sukuk
and Tier-2 Sukuk based on Partnership, Mudaraba, ‫ وﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل اﻟﻘﺎﺋﻤﺔ ﻋﻠﻰ اﻟﺸﺮﻛﺔ‬,‫اﻟﱢﺸﻖ اﻷول‬
or Investment Agency (8-3-2-3)
(٣-٢-٣-٨) ‫أو اﻟﻤﻀﺎرﺑﺔ أو اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
Trading, Redemption and Cancelation of Sukuk (9) (٩) ‫ﺗﺪاول اﻟﺼﻜﻮك واﺳﱰدادﻫﺎ وإﻃﻔﺎؤﻫﺎ‬
General Provisions of Trading [the certificates of] (١-٩) ‫اﻷﺣﻜﺎم اﻟﻌﺎﱠﻣﺔ ﻟﻠﱠﺘﺪاول‬
Sukuk (9-1).
Special provisions for trading (as per the financing (٢-٩) (‫اﻷﺣﻜﺎم اﻟﺨﺎﱠﺻﺔ ﻟﻠﱠﺘﺪاول )ﺑﺤﺴﺐ ﺻﻴﻐﺔ اﻟﱡﺼﻜﻮك‬
mode of Sukuk) (9-2)
Listing of Sukuk in the Financial Markets (9-3) (٣-٩) ‫إدراج اﻟﺼﻜﻮك ﰲ اﻷﺳﻮاق اﻟﻤﺎﻟﻴﺔ‬
Redemption and Cancelation of Sukuk (9-4) (٤-٩) ‫اﺳﱰداد وإﻃﻔﺎء اﻟﺼﻜﻮك‬
Provisions of the Special Purpose Vehicle (SPV) in (١٠) ‫أﺣﻜﺎم اﻟﻤﻨﺸﺄة ذات اﻟﻐﺮض اﻟﺨﺎص ﰲ اﻟﺼﻜﻮك‬
Sukuk (10)
Expenses, Profits and Losses on Sukuk (11) (١١) ‫اﻟﻨﻔﻘﺎت واﻷرﺑﺎح واﻟﺨﺴﺎﺋﺮ ﰲ اﻟﺼﻜﻮك‬
Expenses (Costs and Taxes) (11-1) (١-١١) (‫اﻟﻨﻔﻘﺎت )واﻟﻤﺼﺮوﻓﺎت واﻟﻀﺮاﺋﺐ‬
Profits and Losses (11-2) (٢-١١) ‫اﻷرﺑﺎح واﻟﺨﺴﺎﺋﺮ‬
Bankruptcy of Sukuk Issuances (12) (١٢) ‫إﻓﻼس إﺻﺪارات اﻟﺼﻜﻮك‬
Shari’ah Governance of Sukuk (13) (١٣) ‫اﻟﺤﻮﻛﻤﺔ اﻟﺸﺮﻋﻴﺔ ﻟﻠﺼﻜﻮك‬
The Shari’ah Board of Sukuk (13-1) (١-١٣) ‫اﻟﻬﻴﺌﺔ اﻟﺸﺮﻋﻴﺔ ﻟﻠﺼﻜﻮك‬
Duties, powers and responsibilities of the Shari’ah -١-١٣) ‫ﻣﻬﻤﺎت اﻟﻬﻴﺌﺔ اﻟﺸﺮﻋﻴﺔ ﻟﻠﺼﻜﻮك وﺻﻼﺣﻴﺎﲥﺎ وﻣﺴﺆوﻟﻴﺎﲥﺎ‬
Board of Sukuk (13-1-1)
(١
Fatwa Document of the Shari’ah Board of Sukuk (٢-١-١٣) ‫وﺛﻴﻘﺔ ﻓﺘﻮى اﻟﻬﻴﺌﺔ اﻟﺸﺮﻋﻴﺔ ﻟﻠﺼﻜﻮك‬
(13-1-2)
Shari’ah Audit of Sukuk (13-2) (٢-١٣) ‫اﻟﺘﺪﻗﻴﻖ اﻟﺸﺮﻋﻲ ﻟﻠﺼﻜﻮك‬
The Governing Law of Sukuk (١٤) ‫اﻟﻘﺎﻧﻮن اﻟﺤﺎﻛﻢ ﻟﻠﺼﻜﻮك‬
In the name of Allah, the Merciful, the Most Merciful

All praise be to Allah, the Lord of all the worlds. ‫ واﻟﺼﻼة واﻟﺴﻼم ﻋﻠﻰ أﺷﺮف‬,‫اﻟﺤﻤﺪ ﷲ رب اﻟﻌﺎﻟﻤﻴﻦ‬
Peace and blessings upon our Prophet and our
master Muhammad, all his family and his .‫ وﻋﻠﻰ آﻟﻪ وﺻﺤﺒﻪ أﺟﻤﻌﻴﻦ‬,‫ ﺳﻴﺪﻧﺎ وﻧﺒﻴﻨﺎ ﻣﺤﻤﺪ‬,‫اﻟﻤﺮﺳﻠﻴﻦ‬
Companions.
Preamble ‫اﻟﺘﻘﺪﻳﻢ‬
This standard aims to present [the following aspects ‫ﻳ ﻬ ﺪ ف ﻫ ﺬ ا ا ﻟ ﻤ ﻌ ﻴ ﺎ ر إ ﻟ ﻰ ﺑ ﻴ ﺎ ن ﺣ ﻘ ﻴ ﻘ ﺔ اﻟ ﺼ ﻜ ﻮ ك و ﻣ ﻮ ﺟ ﻮ د ا ﲥ ﺎ‬
of] Sukuk: its core base, its underlying assets, its
risks and related securities, its issuance, its types, its , ‫ و أ ﻧﻮ اﻋ ﻬ ﺎ‬, ‫ و إ ﺻ ﺪ ار ﻫ ﺎ‬, ‫و اﻟ ﻤ ﺨ ﺎ ﻃ ﺮ و اﻟ ﻀ ﻤ ﺎ ﻧ ﺎ ت اﻟ ﻤ ﺘﻌ ﻠ ﻘ ﺔ ﲠ ﺎ‬
trading (negotiability) and the maturity, provisions
of special purpose vehicle in Sukuk, its expenses, ‫ و أ ﺣ ﻜ ﺎم اﻟ ﻤ ﻨ ﺸ ﺄ ة ذ ا ت اﻟﻐ ﺮ ض اﻟ ﺨ ﺎ ص‬, ‫و ﺗ ﺪ ا و ﻟﻬ ﺎ و اﻧ ﺘﻬ ﺎ ﺋﻬ ﺎ‬
profits, and losses, bankruptcy of the issuance of
Sukuk, its Shari’ah governance, irrespective if the , ‫ و اﻟﻨﻔ ﻘ ﺎ ت و اﻷ ر ﺑﺎ ح و اﻟﺨ ﺴ ﺎ ﺋﺮ ﰲ اﻟ ﺼ ﻜ ﻮ ك‬, ‫ﰲ اﻟ ﺼ ﻜ ﻮ ك‬
Islamic financial institutions (referred as the
2
Institution(s)) are the originator, issuer, investor, or
‫ و اﻟ ﺤ ﻮ ﻛ ﻤ ﺔ اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ‬, ‫و إ ﻓ ﻼ س إ ﺻ ﺪ ار ا ت اﻟ ﺼ ﻜ ﻮ ك‬
arranger of Sukuk.
‫ ﺳ ﻮ اء أ ﻛ ﺎ ﻧ ﺖ ا ﻟ ﻤ ﺆ ﺳ ﺴ ﺎ ت ا ﻟ ﻤ ﺎ ﻟ ﻴ ﺔ ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ‬, ‫ﻟ ﻠ ﺼ ﻜ ﻮ ك‬
1
‫ اﻟﻤﺆﺳﺴﺎت( ﺟﻬًﺔ ﻣﻨﺸﺌًﺔ ﻟﻠﺼﻜﻮك أم ﻣﺼﺪرة‬,‫)اﻟﻤﺆﺳﺴﺔ‬
.‫ﻟﻬﺎ أم ﻣﺴﺘﺜﻤﺮًة ﻓﻴﻬﺎ أم ﻣﻨﻈﻤًﺔ ﻹﺻﺪارﻫﺎ أم ﻏﻴﺮ ذﻟﻚ‬
Only Allah the Exalted and Hallowed Guides to , , , ‫و اﷲ ﺳ ﺒ ﺤ ﺎ ﻧﻪ و ﺗ ﻌ ﺎ ﻟ ﻰ ا ﻟ ﻤ ﻮ ﻓ ﻖ‬

Success
.‫ وﻣﻨﻬﺎ اﻟﻤﺼﺎرف اﻹﺳﻼﻣﻴﺔ‬,‫اﻟﻤﺆﺳﺴﺎت( اﺧﺘﺼﺎرًا ﻋﻦ اﻟﻤﺆﺳﺴﺎت اﻟﻤﺎﻟﻴﺔ اﻹﺳﻼﻣﻴﺔ‬/‫ اﺳﺘﺨﺪﻣﺖ ﻛﻠﻤﺔ )اﻟﻤﺆﺳﺴﺔ‬1
2 The term (institution(s) is used here to refer, in short, to Islamic financing institutions,
including Islamic banks.
1
DRAFT of AAOIFI Shari’ah Standard No. (62): Sukuk is issued in Arabic. In case of any difference between the Arabic text and its English translation, the Arabic text shall prevail.
DRAFT Release Date: 6th November 2023.
Text of the Standard ‫ﻧﺺ اﻟﻤﻌﻴﺎر‬
1. The Scope of the Standard ‫ ﻧ ﻄ ﺎ ق ا ﻟ ﻤ ﻌ ﻴ ﺎ ر‬.1

This Standard deals with various types of Sukuks. It ‫ وﻻ ﻳﺘﻨﺎول‬,‫ﻳﺘﻨﺎول ﻫﺬا اﻟﻤﻌﻴﺎر اﻟﱡﺼﻜﻮك ﺑﺄﻧﻮاﻋﻬﺎ اﻟﻤﺨﺘﻠﻔﺔ‬
does not deal with shares of companies, certificates
of investment deposits, units of funds and ‫ و ﺷ ﻬ ﺎ د ات اﻟﻮ د ا ﺋﻊ اﻻ ﺳ ﺘ ﺜﻤ ﺎر ﻳﺔ و و ﺣ ﺪ ات‬, ‫أ ﺳ ﻬ ﻢ اﻟ ﺸ ﺮ ﻛ ﺎ ت‬
investment portfolios.
. ‫اﻟ ﺼ ﻨﺎ د ﻳ ﻖ و اﻟ ﻤ ﺤ ﺎ ﻓ ﻆ ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﻳ ﺔ‬
2. Definition of [Certificates of] Sukuks ‫ ﺗ ﻌ ﺮ ﻳ ﻒ ا ﻟ ﺼ ﻜ ﻮ ك‬.2

2-1. [Certificates of] Sukuks are investment ‫ ﻟﺤ ﺼ ﺺ‬, ‫ﻫ ﻲ أ و ر اق ﻣ ﺎﻟﻴﺔ اﺳ ﺘﺜﻤ ﺎر ﻳﺔ ﻣ ﺘﺴ ﺎ و ﻳﺔ اﻟﻘ ﻴﻤ ﺔ‬ .1-2
securities of equal value for common share
that establish ownership of assets (tangible ‫ﺷ ﺎ ﺋﻌ ﺔ ﰲ ﻣ ﻠ ﻜ ﻴ ﺔ ﻣ ﻮ ﺟ ﻮ د ا ت ) أﻋ ﻴﺎن أ و ﻣ ﻨﺎ ﻓ ﻊ أ و ﺣ ﻘ ﻮ ق‬
assets, usufructs, rights, debts, cash, or a mix
of [all of] them or some of them) that are ‫أ و د ﻳﻮ ن أ و ﻧ ﻘ ﻮ د أ و ﺧ ﻠ ﻴ ﻂ ﻣ ﻨﻬ ﺎ أ و ﻣ ﻦ ﺑﻌ ﻀ ﻬ ﺎ( ﻗ ﺎ ﺋﻤ ﺔ‬
already in existence or that will be acquired or
created, and it will implicate rights for the ‫ ُﺗﺮﺗﺐ ﺣﻘﻮًﻗﺎ‬,‫ أو ﺳﻴﺘﻢ ﺗﻤﻠﻜﻬﺎ أو إﻧﺸﺎؤﻫﺎ‬,ً‫ﻓﻌﻼ‬
certificateholder arising from its interest in
ownership of those underlying assets and ‫ﻟﺤﺎﻣﻠﻬﺎ ﻧﺎﺷﺌﺔ ﻋﻦ ﺣﺼﺘﻪ ﰲ ﻣﻠﻜﻴﺔ ﺗﻠﻚ اﻟﻤﻮﺟﻮدات‬
obligations on [the certificateholder] to the
extent of its share in them. .‫و اﻟ ﺘ ﺰ ا ﻣ ﺎ ت ﻋ ﻠ ﻴﻪ ﺑ ﻘ ﺪ ر ﺣ ﺼ ﺘﻪ ﻓ ﻴﻬ ﺎ‬
2-2. If the issuance of Sukuk was carried against ,‫إذا ﺗﻢ إﺻﺪار اﻟﱡﺼﻜﻮك ﻋﻠﻰ ﻣﻮﺟﻮدات ﻗﺎﺋﻤﺔ ﻓﻌًﻼ‬ .2-2
underlying assets that are already in existence
and moved off the balance sheet of the ‫وُأﺧﺮَﺟﺖ ﻫﺬه اﻟﻤﻮﺟﻮدات ﻣﻦ ﻣﻴﺰاﻧﻴﺔ اﻟﺠﻬﺔ‬
originator so that this entity has no longer a
control over the underlying assets in any ‫ و ﻟﻢ ﻳﻌ ﺪ ﻟﻬ ﺬ ه اﻟ ﺠ ﻬ ﺔ ﺳ ﻴ ﻄ ﺮ ة ﻋ ﻠ ﻴﻬ ﺎ ﺑ ﺄ ي ﺻ ﻔ ﺔ‬, ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
capacity, and was under no obligation to
purchase [the underlying assets] from the ,‫ وﻟﻢ ﺗﻜﻦ ﻣﺘﻌﻬﺪًة ﺑﺸﺮاﺋﻬﺎ ﻣﻦ ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬,‫ﻛﺎﻧﺖ‬
certificateholders, even upon cancellation
(dissolution) of Sukuk, and the ‫ وإﻧﻤﺎ ﻟﻬﻢ أن‬,‫وﻟﻮ ﻋﻨﺪ إﻃﻔﺎء )ﺗﺼﻔﻴﺔ( اﻟﱡﺼﻜﻮك‬
certificateholders may cancel [the certificates
of] Sukuk by selling the underlying assets to a ‫ﻳﻄﻔﺌﻮﻫﺎ ﺑﺒﻴﻊ اﻟﻤﻮﺟﻮدات ﻟﻠﻐﻴﺮ; ﻓﺈﱠن ﻫﺬا ﻳﻌﱡﺪ ﺗﺼﻜﻴًﻜﺎ‬
third party, then [such an issuance] is deemed
to be securitization. See: s. (7-1). – ‫اﻟﺘﻮرﻳﻖ‬ ‫اﺻ ﻄ ﻼ ح‬ ‫ﻋ ﻠﻴﻪ‬ ‫ﻳﻄ ﻠﻖ‬ ‫)وﻗﺪ‬
.(١-٧) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.(Securitization
3. Characteristics of Sukuk : ‫ ﺧ ﺼ ﺎ ﺋ ﺺ ا ﻟ ﺼ ﻜ ﻮ ك‬.3

Sukuks have characteristics that distinguish them :‫ أﻫﻤﻬﺎ‬,‫ﻟﻠﺼﻜﻮك ﺧﺼﺎﺋﺺ ﺗﻤﱢﻴﺰﻫﺎ ﻋﻦ اﻟﱠﺴﻨﺪات اﻟﱠﺘﻘﻠﻴﺪﻳﺔ‬
2
from conventional bonds, the most important of

which are:
3-1. Sukuks are not based on lending against .‫أﳖ ﺎ ﻻ ﺗﻘﻮ م ﻋ ﻠ ﻰ أﺳ ﺎ س اﻹ ﻗ ﺮ اض ﺑﻔ ﺎ ﺋ ﺪ ة‬ .1-3
interest.
3-2. The principal amount and the profit amount of ‫أﱠن رأس ﻣﺎﻟﻬﺎ ورﺑﺤﻬﺎ ﻻ َﻳﺜﺒﺘﺎن اﻟﺘﺰاًﻣﺎ ﰲ ذﻣﺔ اﻟﺠﻬﺔ‬ .2-3
Sukuk will not be recognised automatically as
an obligation owed by the originator once the . ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑﻤ ﺠ ﺮ د ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﻓ ﻴﻬ ﺎ و د ﻓ ﻊ ر أ س اﻟ ﻤ ﺎ ل‬
subscription to [the certificates of] Sukuk and
the payment of the principal amount were
carried out.
3-3. Sukuks are an investment instrument wherein ‫أﳖﺎ أداة اﺳﺘﺜﻤﺎرﻳﺔ ﻳﺸﺎرك ﻣﺎﻟﻜﻬﺎ ﰲ ُﻏﻨِْﻢ وُﻏْﺮِم‬ .3-3
their owners share the reward (ghunm) [as
well as] the liability (ghurm) of the underlying ‫ اﻟﺘﻲ ﻳﻤﻠﻚ ﺣﱠﺼﺔ ﻓﻴﻬﺎ ﻋﻠﻰ ﺳﺒﻴﻞ‬,‫ﻣﻮﺟﻮداﲥﺎ‬
assets of the Sukuk that are owned jointly by
[the certificateholder] with the other owners ‫اﻻ ﺷ ﱰ اك ﺑﻴﻦ ﻣﺎﻟﻜ ﻲ ) ﺣ ﺎﻣ ﻠﻲ ( ﺻ ﻜ ﻮ ك اﻹ ﺻ ﺪ ار‬
(holders) of the [certificates of] Sukuk of the
same issuance. Also, it is usually a financial ‫ ﻛ ﻤ ﺎ أﳖ ﺎ ﺗ ﻜ ﻮ ن ﰲ اﻟﻐ ﺎﻟﺐ أ د ا ة ﺗ ﻤ ﻮ ﻳ ﻠ ﻴ ﺔ‬, ‫ا ﻵ ﺧ ﺮ ﻳ ﻦ‬
instrument for the originator.
. ‫ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
3-4. Sukuks are issued on the basis of one or more ‫ ﺑﻀﻮاﺑﻂ‬,‫أﳖﺎ َﺗﺼﺪر ﻋﻠﻰ أﺳﺎس ﻋﻘﺪ ﺷﺮﻋﻲ أو أﻛﺜﺮ‬ .4-3
Shari’ah contracts in accordance with Shari’ah
rules that regulate issuance, trading and .‫ﺷﺮﻋﻴﺔ ﺗﻨﱢﻈﻢ إﺻﺪارﻫﺎ وﺗﺪاوﻟﻬﺎ واﻧﺘﻬﺎءﻫﺎ‬
maturity of Sukuks.
3-5. Risks of Sukuk are not confined to credit risks ‫أﱠن ﻣﺨﺎﻃﺮﻫﺎ ﻻ ﺗﻨﺤﺼﺮ ﰲ اﻟﻤﺨﺎﻃﺮ اﻻﺋﺘﻤﺎﻧﻴﺔ ﻟﻠﺠﻬﺔ‬ .5-3
of the originator; And its credit rating is not
limited to the financial worthiness of this ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ; و ﻻ ﻳ ﻘ ﺘ ﺼ ﺮ ﺗ ﺼ ﻨ ﻴ ﻔ ﻬ ﺎ ا ﻻ ﺋ ﺘ ﻤ ﺎ ﲏ ﻋ ﻠ ﻰ اﻟ ﻤ ﻼ ء ة‬
entity.
. ‫اﻟ ﻤ ﺎﻟ ﻴ ﺔ ﻟﻬ ﺬ ه اﻟ ﺠ ﻬ ﺔ‬
4. Parties to the Issuance of Sukuk : ‫ أ ﻃ ﺮ ا ف إ ﺻ ﺪ ا ر ا ﻟ ﺼ ﻜ ﻮ ك‬.4

There are several parties [involved] in the issuance :‫ أﻫﻤﻬﺎ‬،‫ﻹﺻﺪار اﻟﱡﺼﻜﻮك ﻋﺪة أﻃﺮاف‬
of Sukuk, the most important of which are:
4-1. The Originator: is the entity seeking ‫ وﻫﻲ اﻟﺠﻬﺔ‬:(Originator) ‫اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬ .1-4
financing and the beneficiary from the
proceeds of Sukuk. .‫اﻟﻤﺘﻤﱢﻮﻟﺔ اﻟﻤﺴﺘﻔﻴﺪة ﻣﻦ ﺣﺼﻴﻠﺔ اﻟﺼﻜﻮك‬
4-2. The Issuer: is the entity that undertakes ‫ وﻫﻮ اﻟﺠﻬﺔ اﻟﺘﻲ ﺗﺘﻮﻟﻰ ﻋﻤﻠﻴﺔ‬:(Issuer) ‫اﻟﻤﺼِﺪر‬ .2-4
the process of offering Sukuks for
subscription, and it is often a special ‫ وﺗﻜﻮن ﻏﺎﻟًﺒﺎ ﻣﻨﺸﺄًة‬,‫ﻃﺮح اﻟﺼﻜﻮك ﻟﻼﻛﺘﺘﺎب‬
purpose vehicle, and it may be the
originator itself. See: s. (7-2-8). ‫ وﻗﺪ ﺗﻜﻮن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬,‫ذات ﻏﺮض ﺧﺎص‬
.(٨-٢-٧) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻧﻔﺴﻬﺎ ﻫﻲ اﻟﻤﺼﺪر‬
3
4-3. The Trustee: is the party representing the ,‫ ﻫﻮ اﻟﻤﻤﺜﻞ ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬:(Trustee) ‫اﻷﻣﻴﻦ‬ .3-4
certificateholders and is usually a special
purpose vehicle (SPV). .‫وﻳﻜﻮن ﰲ اﻟﻐﺎﻟﺐ اﻟﻤﻨﺸﺄَة ذات اﻟﻐﺮض اﻟﺨﺎص‬
4-4. Certificateholders of Sukuk: are investors ‫وﻫﻢ‬ :(Sukukholders) ‫اﻟ ﺼ ﻜ ﻮ ك‬ ‫ﺣ ﻤ ﻠﺔ‬ .4-4
in the Sukuk, whether they subscribe [the
certificates] upon issuance or purchase ‫ ﺳ ﻮ اء اﻛ ﺘ ﺘ ﺒﻮ ا ﻓ ﻴﻬ ﺎ ﻋ ﻨ ﺪ‬, ‫اﻟ ﻤ ﺴ ﺘ ﺜ ﻤ ﺮ و ن ﰲ اﻟ ﺼ ﻜ ﻮ ك‬
them from the secondary market.
.‫اﻹﺻﺪار أو اﺷﱰوﻫﺎ ﻣﻦ اﻟﺴﻮق اﻟﺜﺎﻧﻮﻳﺔ‬
5. The Underlying Assets of Sukuk : ‫ ﻣ ﻮ ﺟ ﻮ د ا ت ا ﻟ ﺼ ﻜ ﻮ ك‬.5

5-1. Components of the Underlying Assets of :‫ﻣﻜﻮﻧﺎت ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬ .1-5
Sukuk:
5-1-1. It is permitted that the underlying assets of ‫ﻳﺠﻮز أن ﺗﻜﻮن ﻣﻮﺟﻮدات اﻟﺼﻜﻮك أﻋﻴﺎًﻧﺎ أو ﻣﻨﺎﻓﻊ‬ .1-1-5
Sukuk are tangible assets, usufructs,
services, rights, cash, or debts, either [held] ‫ إﱠﻣﺎ ﻣﻔﺮدًة‬,‫أو ﺧﺪﻣﺎت أو ﺣﻘﻮًﻗﺎ أو ﻧﻘﻮًدا أو دﻳﻮًﻧﺎ‬
individually or in combination (through
comingling (khulṭa)). .(‫أو ﻣﺠﺘﻤﻌًﺔ )ﺧﻠﻄﺔ‬
5-1-2. It is required that the underlying assets of ,‫ﻳﺠﺐ أن ﺗﻜﻮن ﻣﻮﺟﻮدات اﻟﺼﻜﻮك ﻣﺒﺎﺣًﺔ ﺷﺮًﻋﺎ‬ .2-1-5
Sukuk are permissible by virtue of Shari’ah.
Hence, it is not permitted to issue Sukuk ‫ﻓﻼ ﻳﺠﻮز إﺻﺪار اﻟﺼﻜﻮك ﻋﻠﻰ ﻣﻮﺟﻮدات ﻛﱢﻠﻬﺎ أو‬
against assets wherein all or some of them
are prohibited as per Shari’ah. Such as, ‫ﺑﻌُﻀﻬﺎ ﻣﺤﱠﺮٌم ﺷﺮًﻋﺎ; ﻛﺄن ﻳﻜﻮن إﺻﺪار اﻟﺼﻜﻮك‬
issuance of Sukuk that is based on the
assets of commercial stores that house ‫ﻋ ﻠ ﻰ ﻣﻮ ﺟ ﻮ د ات ﻣﺤ ﻼ ت ﺗﺠ ﺎر ﻳﺔ ﰲ ﻣﺨ ﺎزﳖ ﺎ ﺧ ﻤﻮ ر‬
wines, pork, or other prohibited items, or if
the Sukuk are issued against factories that ‫ أ و أن‬, ‫أ و ﻟ ﺤ ﻢ ﺧ ﻨ ﺰ ﻳ ﺮ أ و ﻏ ﻴ ﺮ ﻫ ﺎ ﻣ ﻦ اﻟ ﻤ ﺤ ﺮ ﻣ ﺎ ت‬
produce what is forbidden, or [issued
against] assets, some of which are deposits ‫ﻳﻜﻮن إﺻﺪارﻫﺎ ﻋﻠﻰ ﻣﺼﺎﻧﻊ ُﺗﻨﺘِﺞ ﻣﺎ ﻫﻮ ﻣﺤﱠﺮم أو‬
or debts that accrue interest, and these
prohibited elements were excluded from ‫ﻋﻠﻰ ﻣﻮﺟﻮدات ﺑﻌﻀﻬﺎ وداﺋﻊ أو دﻳﻮن ﺗﺮﱠﺗﺒﺖ ﻋﻠﻴﻬﺎ‬
the total assets, and similarly if some of the
assets are leased in an activity that is ‫ وﻟﻢ ﺗﺴﺘﺜﻦ ﻫﺬه اﻟﻤﺤﱠﺮﻣﺎت ﻣﻦ ﺟﻤﻠﺔ‬,‫ﻓﻮاﺋﺪ‬
prohibited by virtue of Shari’ah and it
cannot be excluded from the total
‫ وﻣﺜﻠﻪ ﻣﺎ إذا ﻛﺎن ﺑﻌﺾ اﻟﻤﻮﺟﻮدات‬.‫اﻟﻤﻮﺟﻮدات‬
underlying assets. However, if the
‫ وﻟﻢ ﻳﺴﺘﺜﻦ ﻣﻦ ﺟﻤﻠﺔ‬,‫ﻣﺆﺟًﺮا ﰲ ﻧﺸﺎط ﻣﺤﺮم ﺷﺮًﻋﺎ‬
underlying assets of Sukuk were shares, s.
(5-1-4) shall apply on them. ‫ أ ﻣ ﺎ إ ذ ا ﻛ ﺎ ﻧ ﺖ ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك‬. ‫ا ﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬
.(٤-١-٥) ‫ ﻓﻴﻨﻄﺒﻖ ﻋﻠﻴﻬﺎ ﻣﺎ ﻳﺄﰐ ﰲ اﻟﺒﻨﺪ‬-‫أﺳﻬﻤ‬
5-1-3. If the underlying assets, against which the ‫إذا ﻛﺎﻧﺖ اﻟﻤﻮﺟﻮدات اﻟﺘﻲ ﻳﺘﻢ إﺻﺪار اﻟﱡﺼﻜﻮك‬ .3-1-5
Sukuks are issued, include debts, then what
4
is stated in Para. (8) of Shari’ah Standard ‫ ﻓ ﻴ ﻨ ﻄ ﺒ ﻖ ﻋ ﻠ ﻴ ﻬ ﺎ ﺑ ﺤ ﺴ ﺐ‬, ‫ﻋ ﻠ ﻴﻬ ﺎ ﺗ ﺸ ﺘﻤ ﻞ ﻋ ﻠ ﻰ د ﻳ ﻮ ن‬

No. (59): Sale of Debt shall apply on such
assets. The underlying assets in the form of ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٨) ‫اﻟﺤﺎل ﻣﺎ ورد ﰲ اﻟﻔﻘﺮة‬
cash shall be treated as debts in terms of
requiring or not requiring to comply with ‫ وﺗﻌﺎﻣﻞ اﻟﻤﻮﺟﻮدات‬.‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﱠﺪﻳﻦ‬٥٩) ‫رﻗﻢ‬
the provisions of currency exchange (ṣarf)
at the time of issuance and trading of Sukuk ‫ﻣ ﻦ اﻟ ﻨ ﻘ ﻮ د ﻣ ﻌ ﺎ ﻣ ﻠ ﺔ اﻟ ﺪ ﻳﻮ ن ﻣ ﻦ ﺣ ﻴ ﺚ اﺷ ﱰ اط ﻣ ﺮ اﻋ ﺎ ة‬
[certificates].
‫أﺣﻜﺎم اﻟﱠﺼﺮف أو ﻋﺪم اﺷﱰاط ذﻟﻚ ﻋﻨﺪ إﺻﺪار‬
.‫اﻟﱡﺼﻜﻮك وﰲ ﺗﺪاوﻟﻬﺎ‬
5-1-4. If the underlying assets of Sukuk, or some ‫إذا ﻛﺎﻧﺖ ﻣﻮﺟﻮدات اﻟﺼﻜﻮك أو ﺑﻌﻀﻬﺎ أﺳﻬًﻤﺎ‬ .4-1-5
of them, are shares, then [such shares are]
required to be what is permitted to be ‫ وﻓﻖ‬,‫ﻓﻴﺠﺐ أن ﺗﻜﻮن ﻣﻤﺎ ﻳﺠﻮز ﺗﻤﻠﻜﻪ ﺷﺮًﻋﺎ‬
owned by virtue of Shari’ah in accordance
with the conditions given in s. (3-4) of ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٤-٣) ‫اﻟﺸﺮوط اﻟﻮاردة ﰲ اﻟﺒﻨﺪ‬
Shari’ah Standard No. (21): Financial Papers
(Shares and Bonds), unless the portion ‫( ﺑﺸﺄن اﻷوراق اﻟﻤﺎﻟﱠﻴﺔ )اﻷﺳﻬﻢ‬٢١) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
owned by the certificateholders in the
shares is a portion that influences decisions ‫ ﻣﺎ ﻟﻢ ﺗﻜﻦ ﺣﺼﺔ ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻣﻦ‬,(‫واﻟﱠﺴﻨﺪات‬
of the company that enables its [owner] to
convert the company to carry [its business] ‫اﻷﺳﻬﻢ ﺣﺼًﺔ ﻣﺆﺛﺮًة ﰲ ﻗﺮار اﻟﺸﺮﻛﺔ ﺗﻤﱢﻜﻦ ﻣﻦ‬
in accordance with the rulings and
principles of Shari’ah. If it was so, it is ‫ﺗﺤﻮﻳﻠﻬﺎ ﻟﺘﻌﻤﻞ وﻓﻖ أﺣﻜﺎم وﻣﺒﺎدئ اﻟﺸﺮﻳﻌﺔ‬
required from the certificateholders, upon
acquiring these shares, to convert the ‫ و ﺟ ﺐ ﺣ ﻴ ﻨﺌ ﺬ ﻋ ﻠ ﻰ‬, ‫ ﻓ ﺈ ن ﻛ ﺎ ﻧ ﺖ ﻛ ﺬ ﻟ ﻚ‬, ‫ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ‬
company to function in accordance with
rulings and principles of Shari’ah. With due
‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺑﻌ ﺪ ﺗﻤ ﻠ ﻜ ﻬ ﻢ ﻟﻬ ﺬ ه اﻷ ﺳ ﻬ ﻢ ﺗﺤ ﻮ ﻳﻞ‬
compliance with s. (3-3) of Shari’ah
‫اﻟ ﺸ ﺮ ﻛ ﺔ إ ﻟ ﻰ اﻟﻌ ﻤ ﻞ و ﻓ ﻖ أ ﺣ ﻜ ﺎم و ﻣ ﺒ ﺎ د ئ اﻟ ﺸ ﺮ ﻳﻌ ﺔ‬
Standard No. (21) Financial Papers (Shares
and Bonds). ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٣-٣) ‫ وﯾﺮاﻋﻰ اﻟﺒﻨﺪ‬.‫اﻹﺳﻼﻣﻴﺔ‬
‫( ﺑﺸﺄن اﻷوراق اﻟﻤﺎﻟﻴﺔ )اﻷﺳﻬﻢ‬٢١) ‫اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
.(‫واﻟﱠﺴﻨﺪات‬
5-1-5. If the issuance of Sukuk takes place on the ‫إذا ﻛﺎن إﺻﺪار اﻟﺼﻜﻮك ﻳﺘﻢ ﻋﻠﻰ أﺳﺎس ﺷﺮاء‬ .5-1-5
basis of purchasing the underlying assets by
the certificateholders from the originator, , ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻟﻤ ﻮ ﺟ ﻮ د ا ت ﻣ ﻦ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌ ﺔ‬
then [underlying assets] should be
purchased at their market value or closer to ,‫ﻓﺎﻟﻮاﺟﺐ أن ﺗُﺸﺘَﺮى ﺑﻘﻴﻤﺘﻬﺎ اﻟﺴﻮﻗﻴﺔ أو ﻗﺮﻳًﺒﺎ ﻣﻨﻬﺎ‬
it, in order to prevent a sham purchase
[ṣūrī]. See: s. (8-1-1-1-d-5-3) and s. (8-1-1-1- -١-١-١-٨) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻣﻨًﻌﺎ ﻟﺼﻮرﻳﺔ اﻟﺸﺮاء‬
d-6-3).
.(٣-٦-‫د‬-١-١-١-٨) ‫( واﻟﺒﻨﺪ‬٣-٥-‫د‬
5
5-1-6. If the underlying assets [of Sukuk] are ‫ ﻓﻼ‬,‫إذا ﻛﺎﻧﺖ اﻟﻤﻮﺟﻮدات ﻣﺮﻫﻮﻧﺔ ﰲ ﻗﺮض رﺑﻮي‬ .6-1-5
pledged in a riba-based [interest-bearing]
loan, then it is not permitted to issue Sukuk ‫ ﻛﻤﺎ ﻻ ﻳﺠﻮز أن ُﺗﺮَﻫﻦ‬,‫ﻳﺠﻮز إﺻﺪار ﺻﻜﻮك ﻋﻠﻴﻬﺎ‬
against them. Similarly, after the issuance,
it is not permitted to pledge the underlying . ‫ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك ﺑ ﻌ ﺪ ا ﻹ ﺻ ﺪ ا ر ﰲ ﻗ ﺮ ض ر ﺑﻮ ي‬
assets of Sukuks in an interest-bearing loan.
See: s. (3-3-1) of Shari’ah Standard No. (39): ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬١-٣-٣) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
Pledge and Its Contemporary Practices.
.‫( ﺑﺸﺄن اﻟﺮﻫﻦ وﺗﻄﺒﻴﻘﺎﺗﻪ اﻟﻤﻌﺎﺻﺮة‬٣٩)
5-2. Requirements of Ownership of the :‫ﻣﺘﻄﻠﺒﺎت ﻣﻠﻜﻴﺔ ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬ .2-5

Underlying Assets of Sukuk
5-2-1. The underlying assets of Sukuk are required ‫ﻳﺠﺐ أن ﺗﻜﻮن ﻣﻮﺟﻮدات اﻟﺼﻜﻮك ﻣﻤﺎ ﻳﻘﺒﻞ‬ .1-2-5
to be such that transfer of their ownership
to the certificateholders is acceptable by ,‫اﻧﺘﻘﺎل اﻟﻤﻠﻚ ﺷﺮًﻋﺎ وﻗﺎﻧﻮًﻧﺎ إﻟﻰ ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬
virtue of Shari’ah and law. If [transfer of the
ownership] is not acceptable, then it is not ‫ﻓ ﺈن ﻛ ﺎ ﻧ ﺖ ﻻ ﺗ ﻘ ﺒﻞ ذ ﻟ ﻚ ﻓ ﻼ ﻳ ﺠ ﻮ ز ﺑ ﻴﻌ ﻬ ﺎ ﻟ ﺤ ﻤ ﻠ ﺔ‬
permitted to carry sale of [of the underlying
assets] to the certificateholders. . ‫اﻟ ﺼ ﻜ ﻮ ك‬
5-2-2. Certificateholders’ ownership of the ‫ﻳﺠﺐ أن ﻳﱰﺗﺐ ﻋﻠﻰ ﻣﻠﻜﻴﺔ ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬ .2-2-5
underlying assets of Sukuk should result in
their ability to dispose of them, bear their ‫ وﺗﺤﻤﻞ‬,‫ﻟﻤﻮﺟﻮداﲥﺎ اﻟﻘﺪرة ﻋﻠﻰ اﻟﺘﺼﺮف ﲠﺎ‬
risk and be entitled to their returns,
whatever is the legal nature of this ‫ﻳﺎ ﻛﺎﻧﺖ اﻟﻄﺒﻴﻌﺔ‬°‫ أ‬,‫ﺿﻤﺎﳖﺎ واﺳﺘﺤﻘﺎق ﻋﻮاﺋﺪﻫﺎ‬
ownership. It is not permitted to stipulate
that the certificateholders collectively be ‫ و ﻻ ﻳ ﺠ ﻮ ز اﻟ ﻨ ﺺ ﻋ ﻠ ﻰ ﻣ ﻨ ﻊ‬, ‫اﻟ ﻘ ﺎ ﻧﻮ ﻧ ﻴ ﺔ ﻟﻬ ﺬ ه اﻟ ﻤ ﻠ ﻜ ﻴ ﺔ‬
prevented on absolute basis to have [the
right] of recourse to those underlying ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺠ ﺘﻤ ﻌ ﻴﻦ ﻣ ﻦ اﻟ ﺮ ﺟ ﻮ ع ﻋ ﻠ ﻰ ﺗ ﻠ ﻚ‬
assets and selling them to a third party.
Hence, it is not permitted to restrict the ‫ ; إ ذ ﻻ ﻳ ﺠ ﻮ ز‬- ‫ ﻣ ﻄ ﻠ ﻘ‬- ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت و ﺑ ﻴﻌ ﻬ ﺎ ﻟ ﻠ ﻐ ﻴ ﺮ ﻣ ﻨﻌ‬
disposal of the underlying assets of Sukuk
expect to what is acceptable to be ‫ﺗﻘﻴﻴﺪ اﻟﺘﺼﺮف ﰲ ﻣﻮﺟﻮدات اﻟﺼﻜﻮك إﻻ ﺑﻤﺎ ُﻳﻘﺒﻞ‬
restricted as per Shari’ah. See: s. (5-2-5-1),
s. (7-3-2-8) and s. (9-4-5). ‫( واﻟﺒﻨﺪ‬١-٥-٢-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.-‫اﻟﺘﻘﻴﻴﺪ ﺑﻪ ﺷﺮﻋ‬
.(٥/٤/٩) ‫( واﻟﺒﻨﺪ‬٨/٢/٣/٧)
5-2-3. It is required that the contract of purchase ‫ﻳﺠﺐ أن ﻳﻜﻮن ﻋﻘﺪ ﺷﺮاء )أو ﺑﻴﻊ( ﻣﻮﺟﻮدات‬ .3-2-5
(or sale) of the underlying assets of Sukuk is
valid and enforceable by virtue of Shari’ah ‫ وﻣﻤﺎ ﻻ‬,‫اﻟﺼﻜﻮك ﺻﺤﻴًﺤﺎ وﻧﺎﻓًﺬا ﺷﺮًﻋﺎ وﻗﺎﻧﻮًﻧﺎ‬
and law. Among the things that are not
permitted are: : ‫ﻳﺠ ﻮ ز‬
5-2-3-1. a stipulation that the contract remains in ‫اﻟﻨﺺ ﻋﻠﻰ أﱠن اﻟﻌﻘﺪ ﯾﺒﻘﻰ ﻣﻨﺘًﺠﺎ ﻵﺛﺎره وإن‬ .1-3-2-5
effect, even if it appears that it is invalid
6
or unenforceable. .‫ﻇﻬﺮ أﻧﻪ ﻋﻘﺪ ﻏﻴﺮ ﺻﺤﻴﺢ أو ﻏﻴﺮ ﻧﺎﻓﺬ‬

5-2-3-2. a stipulation that the contract of purchase ‫اﻟﻨﺺ ﻋﻠﻰ أﱠن ﻋﻘﺪ ﺷﺮاء ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬ .2-3-2-5
of the underlying assets of Sukuk from the
originator will be suspensive (muꜤallaq) ‫ﻣﻦ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﻌﻠٌﻖ ﻋﻠﻰ ﺗﺤﻘﻖ أﻣٍﺮ ﰲ‬
on the occurrence of an event in the
future. . ‫اﻟ ﻤ ﺴ ﺘ ﻘ ﺒﻞ‬
a provision that if it appears that the ‫ﺺ ﻋﻠﻰ أﱠﻧﻪ إن ﻇﻬﺮ أن ﻋﻘﺪ ﺷﺮاء ﻣﻮﺟﻮدات‬
5-2-3-3.
‫اﻟ ﻨ ﱡ‬ .3-3-2-5
contract of purchase of the underlying
assets of Sukuk, [carried] with the ‫اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻦ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻏ ﻴ ﺮ ﺻ ﺤ ﻴ ﺢ أ و ﻏ ﻴ ﺮ‬
originator is invalid or unenforceable then
restitution takes place by obliging the ‫( ﻳﻘﻊ ﺑﺈﻟﺰام اﻟﺠﻬﺔ‬Restitution) ‫ﻧﺎﻓٍﺬ ﻓﺈن اﻟﱰاد‬
originator to pay an amount that exceeds
the purchase price. See: s. (7-2-3). .‫اﻟﻤﻨﺸﺌﺔ ﺑﺪﻓﻊ ﻣﺒﻠﻎ ﻳﺰﻳﺪ ﻋﻠﻰ ﺛﻤﻦ اﻟﺸﺮاء‬
.(٣/٢/٧) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
5-2-4. It is required that the Sukuk deed should (Certificates) ‫اﻟﻮاﺟﺐ أن ﺗﻜﻮن وﺛﻴﻘﺔ اﻟﺼﻜﻮك‬ .4-2-5
represent a common share in the
underlying assets of Sukuk and the rights ‫ﻣ ﻤ ﺜ ﻠ ﺔ ﻟ ﺤ ﺼ ﺔ ﺷ ﺎ ﺋﻌ ﺔ ﰲ ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك و ﻣ ﺎ‬
and obligations arising out of them. Hence,
it is not permitted to present the Sukuk ‫ ﻓ ﻼ ﻳ ﺠ ﻮ ز إ ﻇ ﻬ ﺎ ر‬, ‫ﻳ ﻨ ﺸ ﺄ ﻋ ﻨ ﻬ ﺎ ﻣ ﻦ ﺣ ﻘ ﻮ ق و اﻟ ﺘ ﺰ ا ﻣ ﺎ ت‬
deed as that the underlying asset owned by
the certificateholders, so that their right is ‫اﻟﻮ ﺛ ﻴ ﻘ ﺔ ﻋ ﻠ ﻰ أ ﳖ ﺎ ﻫ ﻲ ا ﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ا ﻟ ﻤ ﻤ ﻠ ﻮ ﻛ ﺔ ﻟ ﺤ ﻤ ﻠ ﺔ‬
confined to what they paid for subscription
in Sukuk with specified [amount of] profit. ‫ ﺑﺤ ﻴ ﺚ ﻳ ﻨ ﺤ ﺼ ﺮ ﺣ ﻘ ﻬ ﻢ ﺑﻤ ﻮ ﺟ ﺒﻬ ﺎ ﻓ ﻴ ﻤ ﺎ‬, ‫اﻟ ﺼ ﻜ ﻮ ك‬
.‫دﻓﻌﻮه ﻟﻼﻛﺘﺘﺎب ﰲ اﻟﺼﻜﻮك ﻣﻊ اﻟﺮﺑﺢ اﻟﻤﺤﺪد‬
5-2-5. Among the requirements for documenting ‫ﻣ ﻦ ﻟﻮ از م ﺗﻮ ﺛ ﻴ ﻖ ا ﻧ ﺘ ﻘ ﺎ ل ﻣ ﻠ ﻜ ﻴ ﺔ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت إ ﻟ ﻰ‬ .5-2-5
the transfer of the title of the underlying
assets to certificateholders is to move ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك إ ﺧ ﺮ ا ج ﺗ ﻠ ﻚ اﻟﻤ ﻮ ﺟ ﻮ د ا ت ﻣ ﻦ‬
those assets out of the balance sheet of the
originator, if it is the seller of [the ,‫ﻣ ﻴﺰ اﻧﻴﺔ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ إن ﻛ ﺎﻧﺖ ﻫ ﻲ اﻟﺒﺎ ﺋﻊ ﻟﻬ ﺎ‬
underlying assets], and to record them in
the balance sheet of Sukuk in the name of ‫وﺗﻘﻴﻴﺪﻫﺎ ﰲ ﻣﻴﺰاﻧﻴﺔ اﻟﺼﻜﻮك ﺑﺎﺳﻢ ﺣَﻤﻠﺔ اﻟﺼﻜﻮك‬
the certificateholders or in the balance
sheet of those who represent [the ‫أو ﰲ ﻣﻴﺰاﻧﻴِﺔ ﻣﻦ ﻳﻤﺜﻠﻬﻢ ﻛﺎﻟﻤﻨﺸﺄة ذات اﻟﻐﺮض‬
certificateholders], such as the SPVs.
However, if legal, tax, or procedural ‫ أ ﻣ ﺎ إ ذ ا اﻗ ﺘ ﻀ ﺖ أﺳ ﺒ ﺎ ب ﻗ ﺎ ﻧﻮ ﻧ ﻴ ﺔ أ و ﺿ ﺮ ﻳ ﺒ ﻴ ﺔ‬. ‫اﻟ ﺨ ﺎ ص‬
reasons, or the like, require not registering
the underlying assets in the name of the ‫أ و إ ﺟ ﺮ ا ﺋ ﻴ ﺔ أ و ﻧﺤ ﻮ ﻫ ﺎ ﻋ ﺪ م ﺗ ﺴ ﺠ ﻴﻞ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬
certificateholders or their representatives,
and allows to continue keeping the ‫ و إﺑﻘ ﺎء ﻫ ﺎ‬, ‫ﺑﺎﺳ ﻢ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك أ و ﻣ ﻦ ﻳﻤ ﺜ ﻠﻬ ﻢ‬
underlying assets registered in the name of
the originator and in its balance sheet, then
‫ ﻓ ﻴﺠ ﺐ أن‬,‫ﻣ ﻘ ﻴ ﺪ ة ﺑﺎﺳ ﻢ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ و ﰲ ﻣ ﻴﺰ اﻧﻴ ﺘﻬ ﺎ‬
7
the following conditions must be fulfilled: : ‫ﺗ ﺘﻮ ا ﻓ ﺮ اﻟ ﺸ ﺮ و ط ا ﻵ ﺗ ﻴ ﺔ‬

5-2-5-1. [Such an act] should not prejudice ‫أن ﻻ ُﻳﺨﻞ ذﻟﻚ ﺑﻤﻠﻜﻴﺔ ﺣﻤﻠﺔ اﻟﺼﻜﻮك أو ﻣﻦ‬ .1-5-2-5
ownership of the underlying assets held
by the certificateholders or their ‫ أو ﻳﺆ ﺛﺮ ﰲ ﻗ ﺪ ر ﲥ ﻢ ﻋ ﻠ ﻰ‬,‫ﻳﻤ ﺜﻠﻬﻢ ﻟﻤ ﻮ ﺟ ﻮ د اﲥ ﺎ‬
representatives or affect their ability to
dispose of the underlying assets, or their ‫اﻟ ﺘ ﺼ ﺮ ف ﲠ ﺎ أ و اﺳ ﺘ ﺤ ﻘ ﺎﻗ ﻬ ﻢ ﻟﻌ ﻮ ا ﺋ ﺪ ﻫ ﺎ أ و‬
entitlement to returns of the underlying
assets, or their bearing the onus of ‫ و ﻳﻨﻈ ﺮ‬.‫ﺗﺤ ﻤ ﻠﻬﻢ أﻋ ﺒﺎء ﻣ ﻠﻜ ﻴﺘﻬ ﺎ أو ﺗﺒﻌ ﺔ ﻫ ﻼ ﻛ ﻬ ﺎ‬
ownership (Ꜥabb al-milkiyyah) of the
underlying assets or the consequences of (٢-٤) ‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر واﻟﺒﻨﺪ‬٢-٢-٥) ‫اﻟﺒﻨﺪ‬
loss of the underlying assets (tabiꜤt al-
halāk). See: s. (5.2.2) of this Standard and ‫( ﺑﺸﺄن إﻋﺎدة‬٥٨) ‫ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
s. (4-2) of Shari’ah Standard No. (58):
Repurchase. . ‫اﻟ ﺸ ﺮ اء‬
5-2-5-2. a legally valid deed should be signed ‫أن ﻳﺘﻢ ﺗﻮﻗﻴﻊ وﺛﻴﻘﺔ ﻣﻌﺘﱟﺪ ﲠﺎ ﻗﺎﻧﻮًﻧﺎ ُﺗﺜﺒﺖ ﻣﻠﻜﻴﺔ‬ .2-5-2-5
establishing certificateholders’ title of the
underlying assets, such as counter ‫ ﻛﺴﻨﺪ ﺿﱟﺪ‬,‫ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻟﻤﻮﺟﻮداﲥﺎ‬
document and the like. With a stipulation
in the deed or in other Sukuk documents, ‫ ﻣﻊ اﻟﻨﺺ ﻓﻴﻪ أو ﰲ ﻏﻴﺮه ﻣﻦ ﻣﺴﺘﻨﺪات‬.‫وﻧﺤﻮه‬
such as the base prospect, the right of
certificateholders to request that the ‫ ﻋ ﻠ ﻰ ﺣ ﻖ ﺣ ﻤ ﻠ ﺔ‬, ‫ ﻛ ﻨ ﺸ ﺮ ة ا ﻹ ﺻ ﺪ ار‬, ‫اﻟ ﺼ ﻜ ﻮ ك‬
assets be registered in the name of the
certificateholders or in the name of their ‫اﻟ ﺼ ﻜ ﻮ ك ﰲ ﻃ ﻠ ﺐ ﺗ ﺴ ﺠ ﻴﻞ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬
representative in the circumstances that
require this. See: s. (4-2) of Shari’ah ‫ﺑﺎﺳ ﻤ ﻬﻢ أ و ﺑﺎﺳ ﻢ ﻣﻦ ﻳﻤ ﺜ ﻠﻬﻢ ﰲ اﻷ ﺣ ﻮ ال اﻟﺘﻲ‬
Standard No (58): Repurchase.
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٢-٤) ‫اﻟﺒﻨﺪ‬- ‫ وﻳﻨﻈﺮ‬.‫ﺗﻘﺘﻀﻲ ذﻟﻚ‬
.‫( ﺑﺸﺄن إﻋﺎدة اﻟﺸﺮاء‬٥٨) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
5-2-5-3. the originator, in whose name the ‫أن ﻻ َﺗﻈﻬﺮ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ اﻟﻤﺴﱠﺠﻠﺔ‬ .3-5-2-5
underlying assets are registered, should
not appear before the third parties as the ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﺑﺎﺳ ﻤ ﻬ ﺎ ﰲ ﻣ ﻮ ا ﺟ ﻬ ﺔ اﻟﻐ ﻴ ﺮ ﺑﻤ ﻈ ﻬ ﺮ‬
owner of the underlying assets, and this
includes: originator’s creditors may ‫ و ﻣ ﻦ ذ ﻟ ﻚ أن ﻳ ﻜ ﻮ ن‬, ‫اﻟ ﻤ ﺎﻟ ﻚ ﻟ ﻠ ﻤ ﻮ ﺟ ﻮ د ا ت‬
compete along the certificateholders
(muzāḥama) for those underlying assets ‫ﻟ ﺪ ا ﺋ ﻨ ﻴﻬ ﺎ ﻣ ﺰ ا ﺣ ﻤ ﺔ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﰲ ﺗ ﻠ ﻚ‬
in the event of insolvency, bankruptcy or
winding up of Sukuk. With due ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﺣ ﺎ ل إﻋ ﺴ ﺎ ر ﻫ ﺎ أ و إ ﻓ ﻼ ﺳ ﻬ ﺎ أ و‬
compliance with s. (8-3-2-2-d-3) and s.
(12-2). - ٢ - ٣ - ٨ ) ‫ و ﯾ ﺮ ا ﻋ ﻰ ﻣ ﺎ ﻳ ﺄ ﰐ ﰲ ا ﻟ ﺒ ﻨ ﺪ‬.‫ﺗ ﺼ ﻔ ﻴ ﺘﻬ ﺎ‬
.(٢-١٢) ‫( واﻟﺒﻨﺪ‬٣-‫د‬-٢
5-2-5-4. That this does not lead to making Sukuk’s ‫أ ن ﻻ ﻳ ﺆ د ي ذ ﻟ ﻚ إ ﻟ ﻰ ﺟ ﻌ ﻞ ر أ س ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك‬ .4-5-2-5
8
principal amount, profits or returns a ‫ ﻣﺒﺎﺷًﺮا ﰲ‬-‫ ﻣﺎﻟﻴ‬-‫وأرﺑﺎﺣﻬﺎ أو ﻋﻮاﺋﺪﻫﺎ اﻟﺘﺰاﻣ‬

direct financial obligation owed by the
originator with no regard to ‫ذ ﻣ ﺔ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ د و ن اﻻ ﻋ ﺘ ﺪ اد ﺑﻤ ﻠ ﻜ ﻴﺔ ﺣ ﻤ ﻠ ﺔ‬
certificateholders’ ownership of the
underlying assets of Sukuk. See: s. (3-2). .(٢-٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﺼﻜﻮك ﻟﻤﻮﺟﻮداﲥﺎ‬
5-2-5-5. That the documentation of Sukuk does ‫أن ﻻ ﺗﺘ ﻀ ﻤ ﻦ ﻣ ﺴ ﺘﻨ ﺪ ات اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺎ ﻳﻔ ﻴ ﺪ ﻧﻔ ﻲ‬ .5-5-2-5
not include what implies negating
certificateholders’ ownership of Sukuk’s ‫ﻣﻠﻜﻴﺔ ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻟﻤﻮﺟﻮداﲥﺎ أو اﺣﺘﻤﺎل‬
underlying assets or the possibility that
certificateholders are not the owners of ‫ﺺ ﰲ ﻧﺸ ﺮ ة‬
‫ ﻛﺄن ُﻳﻨ ﱠ‬,‫أن ﻻ ﻳﻜﻮﻧﻮا ﻣﺎﻟﻜﻴﻦ ﻟﻬﺎ‬
the underlying assets, such as stipulating
in the base prospect that the ownership ‫اﻹﺻﺪار ﻋﻠﻰ أن ﻣﻠﻜﱠﻴﺔ اﻟﻤﻮﺟﻮدات ﻻ َﺗﺜﺒﺖ‬
of the assets is not established for the
certificateholders if the law does not ,‫ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك إن ﻛﺎن اﻟﻘﺎﻧﻮن ﻻ ﻳﻌﺘﱡﺪ ﺑﺜﺒﻮﲥﺎ‬
consider its establishment wherein the
[real] situation is that the [particular] law ‫ أو أﱠﻧﻪ ﻟﻢ ﻳﺘﻢ‬,‫واﻟﺤﺎل أن اﻟﻘﺎﻧﻮن ﻻ ُﻳﺜﺒﺘﻬﺎ ﻟﻬﻢ‬
does not recognize such a title
(ownership) held by the certificateholders ‫اﻟ ﺘ ﺄﻛ ﺪ ﻣ ﻦ ﺛ ﺒﻮ ت ﻣ ﻠ ﻜ ﻴ ﺔ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻟ ﺘ ﻠ ﻚ‬
or its recognition has not been confirmed.
It is required in all cases to stipulate that, ‫ و اﻟﻮ ا ﺟ ﺐ ﰲ ﺟ ﻤ ﻴ ﻊ ا ﻷ ﺣ ﻮ ا ل‬. ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬
by virtue of Shari’ah, certificateholders’
ownership is established in all the cases.
.‫اﻟﻨﺺ ﻋﻠﻰ أن اﻟﻤﻠﻜﻴﺔ ﺛﺎﺑﺘﺔ ﻟﻬﻢ ﺷﺮًﻋﺎ ﺑﺂﺛﺎرﻫﺎ‬
5-2-5-6. To state in the notes of the financial ‫أن ﻳﺘﻢ اﻟﻨﺺ ﰲ إﻳ ﻀ ﺎ ﺣ ﺎ ت اﻟﻘﻮ ا ﺋﻢ اﻟﻤ ﺎﻟﻴﺔ‬ .6-5-2-5
statements of the originator that the
underlying assets of Sukuks are owned by ‫ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻠ ﻰ أ ن ﻣ ﻮ ﺟ ﻮ د ا ت ا ﻟ ﺼ ﻜ ﻮ ك‬
certificateholders.
.‫ﻣ ﻤ ﻠﻮ ﻛ ﺔ ﻟ ﺤ ﻤ ﻠ ﺘﻬ ﺎ‬
5-2-5-7. If the originator breaches [the condition], ‫أ ﻧ ﻪ إ ذ ا ﺧ ﺎﻟ ﻔ ﺖ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻓ ﺒ ﺎ ﻋ ﺖ‬ .7-5-2-5
it has sold the underlying assets, that
were kept in its name to another party, ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت اﻟ ﺘﻲ أ ﺑ ﻘ ﻴ ﺖ ﺑﺎﺳ ﻤ ﻬ ﺎ إ ﻟ ﻰ ﺟ ﻬ ﺔ‬
then its disposal is invalid by virtue of
Shari’ah, and the certificateholders have ‫ و ﻳ ﺤ ﻖ‬, - ‫أ ﺧ ﺮ ى ﻓ ﺈن ﺗ ﺼ ﺮ ﻓ ﻬ ﺎ ﻏ ﻴ ﺮ ﺻ ﺤ ﻴ ﺢ ﺷ ﺮ ﻋ‬
the right to hold their right of ownership
of those assets. If this is not possible due ‫ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك أن ﻳﺘﻤﺴﻜﻮا ﺑﺤﻘﻬﻢ ﰲ ﺗﻤﻠﻚ‬
to the applicable law, then the originator
is required to arrange, [for the ‫ ﻓ ﺈن ﺗﻌ ﺬ ر ذ ﻟ ﻚ ﻣ ﻦ أ ﺟ ﻞ‬, ‫ﺗ ﻠ ﻚ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬
certificateholders], similar assets or to be
liable to the certificateholders for the ‫اﻟ ﻘ ﺎ ﻧﻮ ن اﻟ ﻤ ﻄ ﺒ ﻖ ﻓ ﺈ ﻧﻪ ﻳ ﺠ ﺐ ﻋ ﻠ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
market value [of the underlying assets]
unless the certificateholders agree ‫أن ﺗﺄ ﰐ ﻟﻬ ﻢ ﺑﻤ ﻮ ﺟ ﻮ د ات ﻣ ﺜ ﻠﻬ ﺎ أ و ﺗ ﻀ ﻤ ﻦ ﻟﻬ ﻢ‬
otherwise.
‫ إﻻ إذا رﺿﻲ ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬,‫ﻗﻴﻤﺘﻬﺎ اﻟﺴﻮﻗﻴﺔ‬
. ‫ﺑﻐ ﻴﺮ ذﻟ ﻚ‬
9
5-2-6. In the event that the underlying assets of ‫ﰲ ﺣ ﺎ ل ﺗ ﺴ ﺠ ﻴﻞ ﻣﻮ ﺟ ﻮ د ات اﻟ ﺼ ﻜ ﻮ ك ﺑﺎﺳ ﻢ اﻟﻤ ﻨﺸ ﺄ ة‬ .6-2-5
Sukuk are registered in the name of the
SPV, so the SPV must represent the ‫ ﻓﻴﺠﺐ أن ﺗﻜﻮن ﻣﻤﺜﻠًﺔ‬,‫ذات اﻟﻐﺮض اﻟﺨﺎص‬
certificateholders and should not be owned
by the originator. See: s. (10-6) and s. (10- ‫ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك وأن ﻻ ﺗﻜﻮن ﻣﻤﻠﻮﻛﺔ ﻟﻠﺠﻬﺔ‬
7).
.(٧-١٠) ‫( واﻟﺒﻨﺪ‬٦-١٠) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻤﻨﺸﺌﺔ‬
5-2-7. If it appears that there is [claim of] Shari’ah ‫ و ﺛﺒﺖ أن‬, ‫إن ﻇ ﻬ ﺮ اﺳ ﺘﺤ ﻘ ﺎق ﺷ ﺮ ﻋ ﻲ ﻣ ﻦ ﺟ ﻬ ﺔ ﺛﺎﻟﺜﺔ‬ .7-2-5
entitlement (istiḥqāq sharꜤī) from a third
party, and it is established that the assets ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت اﻟ ﺘﻲ ﺑ ﻴﻌ ﺖ ﻟ ﺤ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻟﻢ ﺗ ﻜ ﻦ‬
sold to the certificateholders were not
owned by the originator seller, then the .-‫ ﻓﺎﻟﺒﻴﻊ ﺑﺎﻃٌﻞ ﺷﺮﻋ‬,‫ﻣﻤﻠﻮﻛًﺔ ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ اﻟﺒﺎﺋﻌﺔ‬
sale is void by virtue of Shari’ah. If this
entity has received the price, it is required ‫ ﻓ ﺈ ن‬, ‫و إ ذ ا ﻛ ﺎ ﻧ ﺖ ﻫ ﺬ ه اﻟ ﺠ ﻬ ﺔ ﻗ ﺪ ﺗ ﺴ ﻠ ﻤ ﺖ اﻟ ﺜ ﻤ ﻦ‬
to return [the price] unless it arranges
assets owned by it to be sold to the ‫اﻟﻮ ا ﺟ ﺐ ﻋ ﻠ ﻴﻬ ﺎ ر د ه إ ﻻ أن ﺗ ﺄ ﰐ ﺑﻤ ﻮ ﺟ ﻮ د ا ت ﻣ ﻤ ﻠﻮ ﻛ ﺔ‬
certificateholders pursuant to a new
contract. These new sale items replace the ‫ وﺗﻘﻮم‬,‫ﻟﻬﺎ ﻟﺘﺒﻴﻌﻬﺎ ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك ﺑﻌﻘٍﺪ ﺟﺪﻳﺪ‬
sale items to be delivered earlier and all the
provisions related to the Sukuk shall be ‫ﻫ ﺬ ه اﻟﻤ ﺒ ﻴﻌ ﺎ ت اﻟﺠ ﺪ ﻳ ﺪ ة ﺣ ﻴ ﻨ ﺌ ﺬ ﻣ ﻘ ﺎ م ا ﻟ ﻤ ﺒ ﻴ ﻌ ﺎ ت‬
applied to [the new sale items].
‫ وﺗﺄﺧﺬ ﺟﻤﻴﻊ اﻷﺣﻜﺎم اﻟﻤﺘﻌﻠﻘﺔ‬,‫اﻷوﻟﻰ اﻟﻤﺴﺘَﺤﻘﺔ‬
. ‫ﺑﺎﻟﺼ ﻜ ﻮ ك‬
5-2-8. If the ownership of the underlying assets ‫إذا رﺟﻌﺖ ﻣﻠﻜﱠﻴﺔ اﻟﻤﻮﺟﻮدات إﻟﻰ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬ .8-2-5
returns to the originator after it has sold the
underlying assets to the certificateholders, ‫ ﻛﻤﺎ ﰲ ﺣﺎل اﻟﱠﻄﻌﻦ‬,‫ﺑﻌﺪ أن ﺑﺎﻋﺘﻬﺎ ﻟﺤﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
as in the case of a challenge to the validity
of the certificateholders’ ownership of the ‫ ﻓﺈن‬,‫ﰲ ﺻﱠﺤﺔ ﻣﻠﻜﱠﻴﺔ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﻟﻠﻤﻮﺟﻮدات‬
assets. It is necessary to return to the
certificateholders the price for which they ‫اﻟﻮاﺟﺐ أن َﺗُﺮﱠد ﻟﻬﻢ اﻟﱠﺜﻤﻦ اﻟﺬي اﺷﱰوا ﺑﻪ‬
purchased the assets from the originator.
.‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﻣ ﻨﻬ ﺎ‬
5-2-9. After the underlying assets being sold by ‫إذا ﺗﻌﱠﺬر ﻋﻠﻰ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺗﺴﻠﻴﻢ اﻟﻤﻮﺟﻮدات‬ .9-2-5
the originator to the certificateless, if it was
not possible for the originator to deliver the ‫ﻟﺤَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﺑﻌﺪ أن ﺑﺎﻋﺘﻬﺎ ﻟﻬﻢ ﺑﺴﺒﺐ ﺳﺤﺐ‬
underlying assets to the certificateholders
due to the withdrawal of originator’s ‫ ﻓﺈن اﻟﻮاﺟﺐ أن‬,‫اﻟﱠﺘﺮﺧﻴﺺ ﻣﻨﻬﺎ ﻷﻣﺮ ﻻ ﻳﺮِﺟﻊ إﻟﻴﻬﺎ‬
license for a matter that is not attributed to
the originator. The originator is required to .‫َﺗُﺮﱠد ﻟﻬﻢ اﻟﱠﺜﻤﻦ اﻟﺬي اﺷﱰوا ﺑﻪ اﻟﻤﻮﺟﻮدات ﻣﻨﻬﺎ‬
return to the certificateholders the price for
which the underlying assets were ‫وإذا ﻛﺎن ﺳﺤﺐ اﻟﱠﺘﺮﺧﻴﺺ ﻷﻣﺮ راﺟﻊ إﻟﻰ اﻟﺠﻬﺔ‬
purchased by the certificateholders from
the originator. If the withdrawal of the ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑﻌ ﺪ أن اﻧ ﺘ ﻘ ﻞ ﺿ ﻤ ﺎن اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت إ ﻟ ﻰ‬
10
license, attributed to the originator, takes ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻓ ﻴﺠ ﺐ ﻋ ﻠ ﻴﻬ ﺎ ﺿ ﻤ ﺎن اﻟﻤ ﻮ ﺟ ﻮ د ا ت‬

place after the transfer of the risk of the
underlying assets to the certificateholders, ‫ أو ﺑﻘﻴﻤﺘﻬﺎ وﻗﺖ ﻓﻮاﲥﺎ‬,‫ﻟﺤَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﺑﻤْﺜﻠﻬﺎ‬
the originator is required to guarantee the
underlying assets in favour of the .‫ﻋﻠﻴﻬﻢ إن ﺗﻌﱠﺬر اﻟِﻤْﺜﻞ‬
certificateholders by [providing] a similar
substitute or [paying] value of the
underlying assets at upon their alienation
(fawāt) if arranging a substitute is not
possible.
6. Risks of Sukuk, It Securities and Undertaking to ‫ واﻟﺘﻌﻬﺪ ﺑﺸﺮاء‬,‫ واﻟﻀﻤﺎﻧﺎت ﻓﻴﻬﺎ‬,‫ﻣﺨﺎﻃﺮ اﻟﺼﻜﻮك‬ .6
Purchase its Underlying Assets:
:‫ﻣﻮﺟﻮداﲥﺎ‬
6-1. Risks of Sukuk :‫ ﻣﺨﺎﻃﺮ اﻟﺼﻜﻮك‬.1-6
6-1-1. Types of Risks of Sukuk :‫ أﻧﻮاع ﻣﺨﺎﻃﺮ اﻟﺼﻜﻮك‬.1-1-6
Sukuk [carry] types of risks, the most important of :‫ أﻫﻤﻬﺎ‬,‫ﺗﺸﺘﻤﻞ اﻟﺼﻜﻮك ﻋﻠﻰ أﻧﻮاع ﻣﻦ اﻟﻤﺨﺎﻃﺮ‬
which are:
6-1-1-1. Ownership (Title) Risk :‫ﻣﺨﺎﻃﺮ اﻟﻤﻠﻜﻴﺔ‬ .1-1-1-6
Title risks include the risks of loss of the underlying ‫ﺗ ﺸ ﺘ ﻤ ﻞ ﻣ ﺨ ﺎ ﻃ ﺮ اﻟ ﻤ ﻠ ﻜ ﻴ ﺔ ﻋ ﻠ ﻰ ﻣ ﺨ ﺎ ﻃ ﺮ ﻫ ﻼ ك ﻣ ﻮ ﺟ ﻮ د ا ت‬

assets of Sukuk, depletion of their value, or settling
their financial burdens. The certificateholders bear ‫ وﻳﺘﺤﱠﻤﻞ‬.‫اﻟﺼﻜﻮك أو ﻧﻘﺺ ﻗﻴﻤﺘﻬﺎ أو دﻓﻊ أﻋﺒﺎﺋﻬﺎ اﻟﻤﺎﻟﻴﺔ‬
these risks as long as the assets are owned by them,
and it is not permitted to stipulate upon the ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻫ ﺬ ه اﻟﻤ ﺨ ﺎﻃ ﺮ ﻣ ﺎ د ا ﻣ ﺖ اﻟﻤ ﻮ ﺟ ﻮ د ا ت ﻣ ﻤ ﻠﻮ ﻛ ﺔ‬
originator to bear these risks except when:
‫ وﻻ ﻳﺠﻮز اﺷﱰاط ﺗﺤﱡﻤﻞ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺗﻠﻚ‬,‫ﻟﻬﻢ‬
: ‫ إ ﻻ‬, ‫اﻟ ﻤ ﺨ ﺎ ﻃ ﺮ‬
6-1-1-1-a. [the originator] is a trustee of the ‫أن ﺗﻜﻮن أﻣﻴﻨًﺔ ﻋﻠﻰ اﻟﻤﻮﺟﻮدات وﻳﻘﻊ ﺷﻲء‬ .a-1-1-1-6
underlying assets and some of these
risks occur due to originator’s ‫ﻣ ﻦ ﺗ ﻠ ﻚ اﻟ ﻤ ﺨ ﺎ ﻃ ﺮ ﺑ ﺴ ﺒ ﺐ ﺗﻌ ﺪ ﻳﻬ ﺎ أ و‬
misconduct, negligence, or breach of
the terms of the contract. . ‫ﺗ ﻘ ﺼ ﻴ ﺮ ﻫ ﺎ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺘ ﻬ ﺎ ﺷ ﺮ و ط اﻟ ﺘ ﻌ ﺎ ﻗ ﺪ‬
6-1-1-1-b. [the originator] is a third party that . ‫ ﺗﻌ ﻬ ﺪ ﺑﺎﻟ ﻀ ﻤ ﺎن‬- ‫ ﺛﺎﻟﺜ‬- ‫أن ﺗﻜ ﻮ ن ﻃ ﺮ ﻓ‬ .b-1-1-1-6
undertakes to guarantee. Taking into
account what will come in s. (6-2-2). .(٢-٢-٦) ‫وﯾﺮاﻋﻰ ﻣﺎ ﻳﺄﰐ ﰲ اﻟﺒﻨﺪ‬
6-1-1-2. Credit Risk :‫ﻣﺨﺎﻃﺮ اﻻﺋﺘﻤﺎن‬ .2-1-1-6
11
It is the risk of the originator’s inability to fulfil the ‫ﻫ ﻲ ﻣ ﺨ ﺎ ﻃ ﺮ ﻋ ﺪ م ﻗ ﺪ ر ة اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﻋ ﻠ ﻰ اﻟﻮ ﻓ ﺎء ﺑﺎ ﻻ ﻟ ﺘ ﺰ ا ﻣ ﺎ ت‬
financial obligations that it owes in accordance with
the Shari’ah terms and conditions of the Sukuk ‫اﻟﻤﺎﻟﻴﺔ اﻟﺘﻲ ﺛﺒﺘﺖ ﰲ ذﻣﺘﻬﺎ وﻓًﻘﺎ ﻟﻠﺸﺮوط واﻷﺣﻜﺎم اﻟﺸﺮﻋﻴﺔ‬
contracts and documents. The conditions for
establishing these obligations vary according to the ‫ و ﺗﺨ ﺘ ﻠﻒ ﺷ ﺮ و ط ﺛﺒﻮ ت ﻫ ﺬ ه‬, ‫ﻟﻌ ﻘﻮ د و ﻣ ﺴ ﺘﻨ ﺪ ات اﻟ ﺼ ﻜ ﻮ ك‬
nature of the contractual relationship between the
certificateholders, or the party representing them, ‫اﻻﻟﺘﺰاﻣﺎت ﺑﺎﺧﺘﻼف ﻃﺒﻴﻌﺔ اﻟﻌﻼﻗﺔ اﻟﺘﻌﺎﻗﺪﻳﺔ ﺑﻴﻦ ﺣﻤﻠﺔ‬
and the originator. Certificateholders bear these
risks, and they have the right to minimize the risks ‫ وﻳﺘﺤﱠﻤﻞ ﺣﻤﻠﺔ‬.‫اﻟﺼﻜﻮك أو ﻣﻦ ﻳﻤﺜﻠﻬﻢ وﺑﻴﻦ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
as much as possible through Shari’ah compliant
securities [provided] by the originator. See: s. (6-1- ‫ وﻟﻬﻢ ﺗﻘﻠﻴﻠﻬﺎ ﻣﺎ أﻣﻜﻦ ﺑﺎﻟﻀﻤﺎﻧﺎت‬,‫اﻟﺼﻜﻮك ﻫﺬه اﻟﻤﺨﺎﻃﺮ‬
2-1), s. (8-1-1-1-a-3) and s. (8-1-1-1-a-3).
(١-٢-١-٦) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻤﺸﺮوﻋﺔ ﻣﻦ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
.(٣-‫ج‬-١-١-١-٨) ‫( واﻟﺒﻨﺪ‬٣-‫أ‬-١-١-١-٨) ‫واﻟﺒﻨﺪ‬
6-1-1-3. Market Risk :‫ﻣﺨﺎﻃﺮ اﻟﺴﻮق‬ .3-1-1-6
Included in these risks is the change in the rate of ‫ﻳﺪﺧﻞ ﰲ ﻫﺬه اﻟﻤﺨﺎﻃﺮ ﺗﱡﻐﻴﺮ ﻣﻌﱠﺪل اﻟﻤﺆﺷﺮ اﻟﻤﻌﺘَﻤﺪ ﰲ‬
the index adopted in calculating the returns of the
underlying assets of Sukuk, in accordance with the ‫ ﻟ ﻠ ﻀ ﻮ اﺑﻂ اﻟﺸ ﺮ ﻋ ﻴﺔ‬- ‫ و ﻓﻘ‬, ‫ﺣ ﺴ ﺎب ﻋ ﻮ اﺋ ﺪ ﻣﻮ ﺟ ﻮ د ات اﻟﺼ ﻜ ﻮ ك‬
Shari’ah rules for using such an index, and the
change in the market price of the Sukuk after its ‫ وَﺗﻐﱡﻴﺮ ﺳﻌﺮ اﻟﺼﻜﻮك ﰲ اﻟﺴﻮق‬,‫ﻻﺳﺘﺨﺪام ﻣﺜﻞ ﻫﺬا اﻟﻤﺆﺷﺮ‬
issuance. The certificateholders bear these risks.
See: Para. (5) of Shari’ah Standard No. (27): Indexes. .‫ وﻳﺘﺤﱠﻤﻞ ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻫﺬه اﻟﻤﺨﺎﻃﺮ‬.‫ﺑﻌﺪ إﺻﺪارﻫﺎ‬
‫( ﺑﺸﺄن‬٢٧) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٥) ‫وﻳﻨﻈﺮ اﻟﻔﻘﺮة‬
. ‫اﻟ ﻤ ﺆ ﺷ ﺮ ا ت‬
6-1-1-4. Exchange Rate Risk :‫ﻣﺨﺎﻃﺮ اﻟﺼﺮف‬ .4-1-1-6
It is the risk of the exchange rate of the principal or ‫ أ و‬, ‫ﻫ ﻲ ﻣ ﺨ ﺎ ﻃ ﺮ ﺳ ﻌ ﺮ ﺻ ﺮ ف ر أ س ﻣ ﺎ ل أ و ﻋ ﻮ ا ﺋ ﺪ اﻟ ﺼ ﻜ ﻮ ك‬

the returns of Sukuk, or other financial rights or
financial burdens related to the ownership of the ‫ﻏ ﻴ ﺮ ﻫ ﺎ ﻣ ﻦ اﻟ ﺤ ﻘ ﻮ ق أ و ا ﻷ ﻋ ﺒ ﺎء اﻟ ﻤ ﺎﻟ ﻴ ﺔ اﻟ ﻤ ﺘ ﺼ ﻠ ﺔ ﺑ ﻤ ﻠ ﻜ ﻴ ﺔ‬
underlying assets of Sukuk, when they are
exchanged into a currency other than the currency ‫ ﻋ ﻨ ﺪ ﺻ ﺮ ﻓ ﻬ ﺎ إ ﻟ ﻰ ﻋ ﻤ ﻠ ﺔ أ ﺧ ﺮ ى ﻏ ﻴ ﺮ ﻋ ﻤ ﻠ ﺔ‬, ‫ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك‬
of the issuance of Sukuk. Certificateholders bear
these risks. See: s. (11-1-3). ‫ وﻳﻨﻈﺮ‬.‫ وﻳﺘﺤﻤﻞ ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻫﺬه اﻟﻤﺨﺎﻃﺮ‬.‫اﻹﺻﺪار‬
.(٣-١-١١) ‫اﻟﺒﻨﺪ‬
6-1-1-5. Risk of Periodic Distributions :‫ﻣﺨﺎﻃﺮ اﻟﺘﻮزﻳﻌﺎت اﻟﺪورﻳﺔ‬ .5-1-1-6
It is the risk of inadequacy of returns of the ‫ﻫ ﻲ ﻣ ﺨ ﺎ ﻃ ﺮ ﻋ ﺪ م ﻛ ﻔ ﺎ ﻳﺔ ﻋ ﻮ ا ﺋ ﺪ ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك ﻟ ﺪ ﻓ ﻊ‬

underlying assets of Sukuk to pay the amounts of
the expected periodic distributions at their specified .‫ﻣ ﺒﺎﻟﻎ اﻟﺘﻮ ز ﻳﻌ ﺎ ت اﻟ ﺪ و ر ﻳﺔ اﻟﻤ ﺘﻮ ﻗﻌ ﺔ ﰲ آ ﺟ ﺎﻟﻬ ﺎ اﻟﻤ ﺤ ﺪ د ة‬
12
deadlines. Certificateholders bear these risks. . ‫و ﻳ ﺘ ﺤ ﻤ ﻞ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻫ ﺬ ه اﻟ ﻤ ﺨ ﺎ ﻃ ﺮ‬

6-1-2. Hedging of Sukuk Risks :‫ اﻟﺘﺤﻮط ﻣﻦ ﻣﺨﺎﻃﺮ اﻟﺼﻜﻮك‬.2-1-6
6-1-2-1. Hedging via securities and protection by ‫اﻟﺘﺤﻮط ﺑﺎﻟﻀﻤﺎﻧﺎت واﻟﺤﻤﺎﻳﺔ ﺑﺎﻟﻮﺳﺎﺋﻞ‬ .1-2-1-6
Shari’ah compliant means:
:‫اﻟﻤﺸﺮوﻋﺔ‬
Sukuk risks can be hedged via Shari’ah compliant ‫ﻳﻤﻜﻦ اﻟﺘﺤﻮط ﻣﻦ ﻣﺨﺎﻃﺮ اﻟﺼﻜﻮك ﺑﺎﻟﻀﻤﺎﻧﺎت واﻟﻮﺳﺎﺋﻞ‬
securities and means to protect capital and
investments. See: Shari’ah Standard No. (5): ‫ و ﻳ ﻨ ﻈ ﺮ‬. ‫اﻟ ﻤ ﺸ ﺮ و ﻋ ﺔ ﻟ ﺤ ﻤ ﺎ ﻳ ﺔ ر أ س اﻟ ﻤ ﺎ ل و ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ا ت‬
Guarantees, Shari’ah Standard No. (45) Protection
of Capital and Investments, and Shari’ah Standard ‫ واﻟﻤﻌﻴﺎر‬,‫( ﺑﺸﺄن اﻟﻀﻤﺎﻧﺎت‬٥) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
No. (56) The Liability of the Investment Manager.
,‫( ﺑﺸﺄن ﺣﻤﺎﻳﺔ رأس اﻟﻤﺎل واﻻﺳﺘﺜﻤﺎرات‬٤٥) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
.‫( ﺑﺸﺄن ﺿﻤﺎن ﻣﺪﻳﺮ اﻻﺳﺘﺜﻤﺎر‬٥٦) ‫واﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
6-1-2-2. Hedging via Reserve Account :‫اﻟﺘﺤﱡﻮط ﺑﺤﺴﺎب اﺣﺘﻴﺎﻃﻲ‬ .2-2-1-6
6-1-2-2-a. Definition of the Reserve Account and :‫ﺗﻌﺮﻳﻒ اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ وﺣﻜﻤﻪ‬ .‫أ‬-2-2-1-6
its [Shari’ah] Provisions
6-1-2-2-a-1. It is an account (fund) that is formed ‫ﻫ ﻮ ﺣ ﺴ ﺎ ب ) ﺻ ﻨ ﺪ و ق ( ﻳ ﺘﻢ ﺗ ﻜ ﻮ ﻳ ﻨﻪ ﻣ ﻦ‬ .1-‫أ‬-2-2-1-6
from the excess amounts of the periodic
distributions that are realized through ‫اﻟ ﻤ ﺒ ﺎﻟ ﻎ اﻟ ﺰ ا ﺋ ﺪ ة ﻋ ﻦ اﻟ ﺘﻮ ز ﻳﻌ ﺎ ت اﻟ ﺪ و ر ﻳ ﺔ اﻟ ﺘﻲ‬
investing the underlying assets of Sukuk
or returns or instalments of those ‫ﺗ ﺘ ﺤ ﻘ ﻖ ﻣ ﻦ اﺳ ﺘ ﺜ ﻤ ﺎ ر ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك أ و‬
assets.
. ‫ﻣ ﻦ ﻋ ﻮ ا ﺋ ﺪ أ و أﻗ ﺴ ﺎط ﺗ ﻠ ﻚ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬
6-1-2-2-a-2. It is permitted to create a reserve ‫ﻳﺠ ﻮ ز إﻧﺸ ﺎء ﺣ ﺴ ﺎب اﺣ ﺘﻴﺎﻃ ﻲ ﻟﻤ ﻮ اﺟ ﻬ ﺔ‬ .2-‫أ‬-2-2-1-6
account to face the risks of decreased
profits or loss of capital, to be funded ‫ﻣ ﺨ ﺎﻃ ﺮ اﻧﺨ ﻔ ﺎ ض اﻷ ر ﺑﺎ ح أ و ﺧ ﺴ ﺎر ة ر أ س‬
with a share of realized profits, provided
that the base prospectus specifies how ,‫ ﻳﻤﱠﻮل ﺑﺤﺼﺔ ﻣﻦ اﻷرﺑﺎح اﻟﻤﺤﻘﻘﺔ‬,‫اﻟﻤﺎل‬
[such a reserve] is formed, the method
of dealing with its balance, methods of ,‫ﻋﻠﻰ أن ُﺗﺤﱢﺪد ﻧﺸﺮة اﻹﺻﺪار ﻛﻴﻔﻴﺔ ﺗﻜﻮﻳﻨﻪ‬
disbursement from it, and the rules for
its distribution at the time of ‫ وﻃﺮق اﻟﺼﺮف‬,‫وﻃﺮﻳﻘﺔ ﻣﻌﺎﻣﻠﺔ رﺻﻴﺪه‬
redemption or cancellation of Sukuk,
and it is required to be an actual ‫ و ﺿ ﻮ ا ﺑ ﻂ ﺗﻮ ز ﻳﻌ ﻪ ﻋ ﻨ ﺪ اﺳ ﱰ د اد أ و إﻃ ﻔ ﺎء‬, ‫ﻣ ﻨ ﻪ‬
account to which accounting entries are
carried out. - ‫ ﻓ ﻌ ﻠ ﻴ‬- ‫ و ﻳ ﺠ ﺐ أ ن ﻳ ﻜ ﻮ ن ﺣ ﺴ ﺎ ﺑ‬. ‫اﻟ ﺼ ﻜ ﻮ ك‬
‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﺗُﺠﺮى ﻋﻠﻴﻪ اﻟﻘﻴﻮد اﻟﻤﺤﺎﺳﺒﻴﺔ‬
13
. ( ‫ و‬-٤ -٢ -١ -٨ )
6-1-2-2-a-3. If commutative-based Sukuk contain an ‫إ ذ ا ﻛ ﺎ ن ﰲ ﺻ ﻜ ﻮ ك اﻟ ﻤ ﻌ ﺎ و ﺿ ﺎ ت اﺗ ﻔ ﺎ ق ﻋ ﻠ ﻰ‬ .3-‫أ‬-2-2-1-6
agreement for the originator to pay part
of the debt instalment and keep the ‫دﻓﻊ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺟﺰًءا ﻣﻦ ﻗﺴﻂ اﻟﺪﻳﻦ‬
remainder in a reserve specifically for
the certificateholders, then it is not ٍ ‫واﻻﺣﺘﻔﺎظ ﺑﺎﻟﺒﺎﻗﻲ ﰲ اﺣﺘﻴﺎﻃٍﻲ ﺧﺎ‬
‫ص‬
permitted in any way for whatever
balance of this reserve to be transferred ‫ ﻓﻼ ﻳﺠﻮز ﺑﺄي وﺟٍﻪ أن‬,‫ﺑﺤﻤﻠﺔ اﻟﺼﻜﻮك‬
to the originator at the time of
cancelation of Sukuk. ‫ﻳﺆ و ل ﻣ ﺎ ﻗ ﺪ ﯾ ﺒ ﻘ ﻰ ﻣ ﻦ ر ﺻ ﻴ ﺪ ﻫ ﺬ ا ا ﻻ ﺣ ﺘ ﻴ ﺎ ﻃ ﻲ‬
. ‫إ ﻟ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻨ ﺪ إﻃ ﻔ ﺎء اﻟ ﺼ ﻜ ﻮ ك‬
6-1-2-2-b. Types of Reserve Account :‫أﻧﻮاع اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ‬ .‫ب‬-2-2-1-6
6-1-2-2-b-1. Joint reserve account: its balance is ‫ وُﻳﻘَﺘَﻄﻊ‬:‫اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ اﻟﻤﺸﱰك‬ .1-‫ب‬-2-2-1-6
deducted from the realized profit that is
jointly held by the certificateholders and ‫ر ﺻ ﻴ ﺪ ه ﻣ ﻦ اﻟ ﺮ ﺑ ﺢ اﻟ ﻤ ﺤ ﻘ ﻖ اﻟ ﻤ ﺸ ﱰ ك ﺑ ﻴﻦ‬
the originator (Mudarib or partner), and
it is formed to address fall in profits ‫اﻟﻤ ﻨ ﺸ ﺌ ﺔ‬ ‫و اﻟﺠ ﻬ ﺔ‬ ‫اﻟ ﺼ ﻜ ﻮ ك‬ ‫ﺣ ﻤ ﻠﺔ‬
below a certain level, or reparation of
the capital loss [jabr al-khasārā] in a ‫ وﻳﺘﻢ ﺗﻜﻮﻳﻨﻪ‬,(‫)اﻟﻤﻀﺎرب أو اﻟﺸﺮﻳﻚ‬
Mudaraba or a partnership, in cases
where the originator does not ‫ﻟﻤ ﻮ اﺟ ﻬ ﺔ اﻧﺨ ﻔﺎض اﻷ ر ﺑﺎح ﻋ ﻦ ﻣﺴ ﺘﻮ ى‬
guarantee the loss, provided in the
Mudaraba only the share of the ‫ أ و ﺟ ﱪ ﺧ ﺴ ﺎ ر ة ر أ س اﻟ ﻤ ﺎ ل ﰲ‬, ‫ﻣ ﻌ ﻴ ﻦ‬
certificateholders in the balance of the
account is used to offset the loss of their ‫ ﰲ ا ﻷ ﺣ ﻮ ا ل اﻟ ﺘﻲ ﻻ‬, ‫اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟ ﺸ ﺮ ﻛ ﺔ‬
capital. Whereas, in the partnership, the
share of each party in the balance of the ‫ ﻋ ﻠ ﻰ‬. ‫ﺗ ﻀ ﻤ ﻦ ﻓ ﻴﻬ ﺎ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ اﻟ ﺨ ﺴ ﺎ ر ة‬
account is used for reparation of its
share in the loss.
‫أﻧﻪ ﰲ ﺣﺎل اﻟﺨﺴﺎرة ﻻ ﻳﺴﺘﺨﺪم ﰲ‬
‫اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ إ ﻻ ﺣ ﺼ ﺔ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﰲ‬
,‫رﺻﻴﺪ اﻟﺤﺴﺎب ﻟﺠﱪ ﺧﺴﺎرة رأس ﻣﺎﻟﻬﻢ‬
‫و أﻣ ﺎ ﰲ اﻟ ﺸ ﺮ ﻛ ﺔ ﻓ ﺘﺴ ﺘﺨ ﺪ م ﺣ ﺼ ﺔ ﻛ ﻞ ﻃ ﺮ ف‬
‫ﰲ ر ﺻ ﻴ ﺪ اﻟﺤ ﺴ ﺎ ب ﻟﺠ ﱪ ﺣ ﺼ ﺘﻪ ﰲ‬
. ‫اﻟ ﺨ ﺴ ﺎ ر ة‬
6-1-2-2-b-2. Special Reserve Account: Its balance is ‫ وُﻳﻘَﺘَﻄﻊ‬:‫اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ اﻟﺨﺎص‬ .2-‫ب‬-2-2-1-6
deducted from the share of the
certificateholders in the profits, and it is ‫رﺻﻴﺪه ﻣﻦ ﻧﺼﻴﺐ ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﰲ‬
14
formed to address a fall in their profits ‫ و ﻳ ﺘﻢ ﺗ ﻜ ﻮ ﻳ ﻨﻪ ﻟ ﻤ ﻮ ا ﺟ ﻬ ﺔ اﻧﺨ ﻔ ﺎ ض‬, ‫اﻟ ﺮ ﺑ ﺢ‬

from a certain level or for reparation of
the loss of their capital in cases where ‫أرﺑﺎﺣﻬﻢ ﻋﻦ ﻣﺴﺘﻮى ﻣﻌﱠﻴﻦ أو ﺟﱪ ﺧﺴﺎرة‬
the originator does not guarantee the
loss. ‫ر أ س ﻣ ﺎﻟﻬ ﻢ ﰲ اﻷ ﺣ ﻮ ا ل اﻟ ﺘﻲ ﻻ ﺗ ﻀ ﻤ ﻦ ﻓ ﻴﻬ ﺎ‬
. ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ اﻟ ﺨ ﺴ ﺎ ر ة‬
6-1-2-2-c. Covering the shortfall in the reserve :‫ﺗﻐﻄﻴﺔ اﻟﻌﺠﺰ ﰲ اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ‬ .‫ج‬-2-2-1-6
account:
6-1-2-2-c-1. It is not permitted for the originator to ‫ﻻ ﻳ ﺠ ﻮ ز ﻟ ﻠ ﺠ ﻬ ﺔ ا ﻟ ﻤ ﻨ ﺸ ﺌ ﺔ أ ن ﺗ ﻠ ﺰ م ﺑﻤ ﻘ ﺘ ﻀ ﻰ‬ .1-‫ج‬-2-2-1-6
be under an obligation, pursuant to a
stated or a foreseeable condition, to ‫ﺷ ﺮ ط ﻣ ﻠ ﻔﻮ ظ أ و ﻣ ﻠ ﺤ ﻮ ظ ﺑﺎﻟ ﺘ ﱪ ع ﻟﺤ ﺴ ﺎ ب‬
donate or to lend to the reserve
account, whether for reparation of ‫ ﺳﻮاٌء ﻟﺠﱪ ﺧﺴﺎرة‬,‫اﻻﺣﺘﻴﺎﻃﻲ أو إﻗﺮاﺿﻪ‬
certificateholders’ loss or to meet the
shortfall of periodic distributions, or ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك أ و ﻟﻤ ﻮ ا ﺟ ﻬ ﺔ ﻧ ﻘ ﺺ اﻟ ﺘﻮ ز ﻳﻌ ﺎ ت‬
both. It would be a forbidden form of
obligating (ilzām); to stipulate that in ; ‫ و ﻣ ﻦ ا ﻹ ﻟ ﺰ ام اﻟ ﻤ ﻤ ﻨﻮ ع‬.‫اﻟ ﺪ و ر ﻳ ﺔ أ و ﻟ ﻜ ﻠ ﻴﻬ ﻤ ﺎ‬
case of non-lending by the originator to
the certificateholders to cover the ‫اﻟﻨﺺ ﻋﻠﻰ أﻧﻪ ﻋﻨﺪ ﻋﺪم إﻗﺮاض اﻟﺠﻬﺔ‬
shortfall; then [the certificateholders]
will have the right for early redemption ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻟ ﺴ ﺪ اﻟﻌ ﺠ ﺰ ; ﻓ ﺈن ﻣ ﻦ‬
of Sukuk.
‫ﺣ ﻖ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺣ ﻴ ﻨﺌ ﺬ اﻻ ﺳ ﱰ د اد اﻟﻤ ﺒﻜ ﺮ‬
.‫ﻟﻬ ﺎ‬
6-1-2-2-c-2. It is not permitted for the originator to ‫ﻻ ﻳﺠ ﻮ ز أن ﺗ ﻠ ﺘﺰ م اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﺑﺎﻟ ﺘﻤ ﻮ ﻳﻞ ﻣ ﻦ‬ .2-‫ج‬-2-2-1-6
be under an obligation to provide
financing from its side to cover shortfall , ‫ﻗ ﺒ ﻠ ﻬ ﺎ ﻟ ﺴ ﺪ اﻟﻌ ﺠ ﺰ ﰲ اﻟﺤ ﺴ ﺎ ب اﻻ ﺣ ﺘ ﻴﺎﻃ ﻲ‬
in the reserve account. It is permitted
[for the originator] to extend financing ‫و ﻳ ﺠ ﻮ ز أ ن ﺗ ﻘ ﺪ م ﺗ ﻤ ﻮ ﻳ ﻼ ً ﰲ ﺣ ﻴ ﻨ ﻪ د و ن اﻟ ﺘ ﺰ ام‬
at that time without prior commitment.
Also, it is permitted [for the originator] ‫ ﻛ ﻤ ﺎ ﻳ ﺠ ﻮ ز ﻟ ﻬ ﺎ أ ن ﺗ ﻠ ﺘ ﺰ م ﺑﺎﻟ ﺤ ﺼ ﻮ ل ﻋ ﻠ ﻰ‬, ‫ﺳ ﺎ ﺑﻖ‬
to commit securing a Shari’ah compliant
financing [for the certificateholders of ,‫ﺗﻤﻮﻳٍﻞ ﻣﻦ ﻏﻴﺮﻫﺎ ﻟﺼﺎﻟﺢ ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬
Sukuk] from another party to fund the
shortfall in the reserve account, with the ‫ﻣ ﺘﻮ اﻓ ﻖ ﻣ ﻊ أ ﺣ ﻜ ﺎم و ﻣ ﺒﺎد ئ اﻟ ﺸ ﺮ ﻳﻌ ﺔ‬
following conditions:
‫ ﻟ ﺴ ﺪ اﻟﻌ ﺠ ﺰ ﰲ اﻟ ﺤ ﺴ ﺎ ب‬, ‫ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ‬
: ‫ ﺑﺸ ﺮ و ط‬, ‫اﻻ ﺣ ﺘﻴﺎﻃ ﻲ‬
6.1.2.2.c.2.1. If the purpose of the financing is ‫أن ﻳﺘﻢ ﺳ ﺪ اد اﻟﺘﻤ ﻮ ﻳﻞ ﻣ ﻦ ﺣ ﺼ ﺔ ﺣ ﻤ ﻠ ﺔ‬ .1 -2 - ‫ ج‬-2 - 2 -1 -6
limited to reparation of the
certificateholders’ loss of the
15
principal amount or to make up for ‫ إ ذ ا ﻛ ﺎن اﻟﻐ ﺮ ض ﻣ ﻦ‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﰲ ا ﻷ ر ﺑﺎ ح‬

the shortfall in the periodic
distributions, the financing shall be ‫اﻟﺘﻤﻮﻳﻞ ﻣﻘﺘﺼﺮًا ﻋﻠﻰ ﺟﱪ ﺧﺴﺎرة ﺣﻤﻠﺔ‬
paid out of the share of the
certificateholders in the profits. ‫اﻟ ﺼ ﻜ ﻮ ك ﰲ ر أ س اﻟ ﻤ ﺎ ل أ و ﺟ ﱪ اﻟ ﻨ ﻘ ﺺ ﰲ‬
. ‫اﻟ ﺘﻮ ز ﻳﻌ ﺎ ت اﻟ ﺪ و ر ﻳ ﺔ‬
6.1.2.2.c.2.2. This should not lead to imposition of ‫أ ن ﻻ ﻳ ﺆ د ي ذ ﻟ ﻚ إ ﻟ ﻰ ﺗ ﻀ ﻤ ﻴﻦ اﻟ ﺠ ﻬ ﺔ‬ .2 -2 - ‫ ج‬-2 - 2 -1 -6
liability (taḍmīn) on the originator up
to the principal amount or the profit ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ر أ س ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك أ و ر ﺑﺤ ﻬ ﺎ ; ﻛ ﺄن‬
amount of Sukuk, such as, [the
originator] bears [the liability] to ‫ﺗﺘﺤﻤﻞ ﺳﺪاد ﺣﺼٍﺔ ﻣﻦ اﻟﺘﻤﻮﻳﻞ ﺗﻔﻮق ﻧﺴﺒﺔ‬
settle part of the financing that
exceeds the percentage of its share ‫ﺣ ﺼ ﺘﻬ ﺎ ﰲ ر أس ﻣ ﺎل اﻟﺸ ﺮ ﻛ ﺔ اﻟﺘﻲ ﺗﻘﻮ م‬
in the capital of the company on
which the Sukuk is based or to . ‫ﻋ ﻠ ﻴﻬ ﺎ اﻟ ﺼ ﻜ ﻮ ك أ و ﻧ ﺴ ﺒ ﺔ ﺣ ﺼ ﺘﻬ ﺎ ﰲ اﻟ ﺮ ﺑ ﺢ‬
exceed the percentage of its share in
the profits.
6.1.2.2.c.2.3. the originator adheres to the ‫أن ﺗﺘﻘ ﻴ ﺪ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﺑ ﺸ ﺮ و ط اﻟﺘﻤ ﻮ ﻳﻞ‬ .3 -2 - ‫ ج‬-2 - 2 -1 -6
financing conditions stated in the
Sukuk documents without being ‫اﻟ ﻤ ﻨ ﺼ ﻮ ص ﻋ ﻠ ﻴﻬ ﺎ ﰲ ﻣ ﺴ ﺘ ﻨ ﺪ ا ت اﻟ ﺼ ﻜ ﻮ ك‬
obliged to grant [the financing],
including the margin of financing ‫ وﻣﻦ ذﻟﻚ ﻫﺎﻣﺶ‬,‫دون اﻟﺘﺰام ﻣﻨﻬﺎ ﺑﻤﻨﺤﻪ‬
profit, if it is stated. In case [granting
of financing] was not stated and the ‫ ﻓ ﺈن‬, ‫ ﻋ ﻠ ﻴﻪ‬- ‫ر ﺑ ﺢ اﻟﺘﻤ ﻮ ﻳﻞ إن ﻛ ﺎن ﻣ ﻨ ﺼ ﻮ ﺻ‬
financing was [extended by] the
originator, so it is not permitted to ‫ ﻋﻠﻴﻪ وﻛﺎن اﻟﱠﺘﻤﻮﻳﻞ ﻣﻦ‬-‫ﻟﻢ ﻳﻜﻦ ﻣﻨﺼﻮﺻ‬
have the profit margin higher than
the prevailing [rate] in the market. ‫ ﻓ ﻼ ﻳ ﺠ ﻮ ز أن ﻳ ﻜ ﻮ ن ﻫ ﺎ ﻣ ﺶ‬, ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
.‫اﻟﺮﺑﺢ أﻋﻠﻰ ﻣﻦ اﻟﱠﺴﺎﺋﺪ ﰲ اﻟﺴﻮق‬
6.1.2.2.c.2.4. The originator shall not bear the ‫أن ﻻ ﺗﺘﺤ ﻤ ﻞ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﺗﺒﻌ ﺎ ت ﻋ ﺪ م‬ .4 -2 - ‫ ج‬-2 - 2 -1 -6
consequences of not obtaining the
financing on its terms, if the ‫اﻟﺤﺼﻮل ﻋﻠﻰ اﻟﺘﻤﻮﻳﻞ ﺑﺸﺮوﻃﻪ إن ﺗﻌﱠﺬر‬
originator cannot do it with no
negligence [from its side]. . ‫ﻋ ﻠ ﻴﻬ ﺎ ذ ﻟ ﻚ د و ن ﺗ ﻘ ﺼ ﻴ ﺮ‬
6-1-2-2-d. Management of Reserve Account and :‫إدارة اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ واﻻﻧﺘﻔﺎع ﺑﻪ‬ .‫د‬-2-2-1-6
Benefiting from It
6-1-2-2-d-1. The balance of the reserve account is ‫ﻚ ﻟﻤﻦ اﻗُﺘﻄِﻊ‬
ٌ ‫ رﺻﻴﺪ اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ ﻣﻠ‬.1-‫د‬-2-2-1-6
the property of the party [from] whom
[the amount] was deducted. It is ‫ وﻳﺠﻮز ﺑﻤﻮاﻓﻘﺔ ﺣﻤﻠﺔ اﻟﺼﻜﻮك اﻟﻨﺺ ﻋﻠﻰ‬,‫ﻣﻨﻪ‬
permitted, with the approval of the
certificateholders, to state that what ‫أن ﻣﺎ ﯾﺒﻘﻰ ﻣﻦ رﺻﻴﺪ اﻟﺤﺴﺎب ﻣﻤﺎ ﻫﻮ ﻣﻤﻠﻮك‬
remains of the account balance, which is
16
owned by the certificateholders, will be ‫ﻟﻬ ﻢ ﻳﻜ ﻮ ن ﻟ ﻠﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ ﺣ ﺎ ﻓ ﺰ ا ﺣ ﺴ ﺐ اﻻ ﺗﻔﺎق‬

for the originator according to the
agreement between the two parties. . ‫ﺑ ﻴ ﻦ اﻟ ﻄ ﺮ ﻓ ﻴ ﻦ‬
6-1-2-2-d-2. It is permitted to credit the balance of ‫ﻳﺠﻮز إﻳﺪاع رﺻﻴﺪ اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ ﰲ‬.2-‫د‬-2-2-1-6
the reserve account in a current or an
investment account held with the ‫ب ﺟﺎٍر أو اﺳﺘﺜﻤﺎري ﻟﺪى اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أو‬
ٍ ‫ﺣﺴﺎ‬
originator or other [party]. It is not
permitted to stipulate that [such an ‫ وﻻ ﻳﺠﻮز اﺷﱰاط إﻳﺪاﻋﻪ ﺣﺼﺮًا ﰲ‬.‫ﻏﻴﺮﻫﺎ‬
amount] will be credited exclusively in a
current account, or the like, held with , ‫ﺣ ﺴ ﺎ ب ﺟ ﺎ ر أ و ﻣ ﺎ ﰲ ﺣ ﻜ ﻤ ﻪ ﻟ ﺪ ى اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
the originator, so that [the originator]
has the right to benefit from its use and . ‫ﻟ ﻴ ﻜ ﻮ ن ﻣ ﻦ ﺣ ﻘ ﻬ ﺎ ا ﻻ ﻧ ﺘ ﻔ ﺎع ﺑ ﺎ ﺳ ﺘ ﺨ ﺪ ا ﻣ ﻪ ﻣ ﻊ ﺿ ﻤ ﺎ ﻧﻪ‬
guaranteeing it. The certificateholders,
or the party representing them, shall ‫ ﺑ ﻌ ﺪ‬, ‫و ﻳ ﺨ ﺘ ﺎ ر ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك أ و ﻣ ﻦ ﻳ ﻤ ﺜ ﻠ ﻬ ﻢ‬
make the choice, after the issuance [of
Sukuk], of the account in which the ‫ اﻟﺤﺴﺎَب اﻟﺬي ﻳﻮدع ﻓﻴﻪ اﻟﺮﺻﻴﺪ‬,‫اﻹﺻﺪار‬
mentioned balance is credited, provided
the originator is not a party to this ‫ ﺑ ﺸ ﺮ ط أن ﻻ ﺗ ﻜ ﻮ ن اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬, ‫ا ﻟ ﻤ ﺬ ﻛ ﻮ ر‬
‫ وإذا ُأوِدع‬.‫ ﰲ ﻫﺬا اﻻﺧﺘﻴﺎر ﺑﺄي ﺻﻔﺔ ﻛﺎﻧﺖ‬-‫ﻃﺮﻓ‬
selection in any capacity. If the balance
is credited in an investment account,
held with the originator, so it is required
‫اﻟ ﺮ ﺻ ﻴ ﺪ ﰲ ﺣ ﺴ ﺎ ب اﺳ ﺘ ﺜ ﻤ ﺎ ر ي ﻟ ﺪ ى اﻟ ﺠ ﻬ ﺔ‬
that the profit percentage of the
account to be at the rate of profit for ‫ ﻓُﻴﺸﱰَط أن ﺗﻜﻮن ﻧﺴﺒﺔ رﺑﺢ اﻟﺤﺴﺎب ﰲ‬,‫اﻟﻤﻨﺸﺌﺔ‬
similar investment accounts held with
the originator. ‫ﻣ ﻌ ﺪ ل ﻧ ﺴ ﺒ ﺔ ر ﺑ ﺢ اﻟ ﺤ ﺴ ﺎ ﺑ ﺎ ت ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﻳ ﺔ اﻟ ﻤ ﻤ ﺎ ﺛ ﻠ ﺔ‬
. ‫ﻟ ﺪ ى اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
6-2. Securities in Sukuk :‫ اﻟﻀﻤﺎﻧﺎت ﰲ اﻟﺼﻜﻮك‬.2-6
6-2-1. Securities of the Originator :‫ ﺿﻤﺎﻧﺎت اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬.1-2-6
6-2-1-1. Securities for Obligations of the Originator :‫ﺿﻤﺎن اﻟﺘﺰاﻣﺎت اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬ .1-1-2-6
It is permitted for the certificateholders to require ‫ﻳﺠﻮز ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك ﻣﻄﺎﻟﺒﺔ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺘﻘﺪﻳﻢ‬
the originator to provide Shari’ah compliant
securities to secure fulfilment of the financial ‫ﺿ ﻤ ﺎ ﻧ ﺎ ت ﻣ ﺸ ﺮ و ﻋ ﺔ ﻟ ﺘﻮ ﺛ ﻴ ﻖ و ﻓ ﺎ ﺋ ﻬ ﺎ ﺑ ﻤ ﺎ ﻳ ﺜ ﺒ ﺖ ﰲ ذ ﻣ ﺘ ﻬ ﺎ ﻣ ﻦ‬
obligations of the originator that will be owed [by
the originator] in accordance with the Shari’ah ‫ ﻟ ﻠ ﺸ ﺮ و ط و ا ﻷ ﺣ ﻜ ﺎم اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟﻌ ﻘ ﻮ د‬- ‫اﻟ ﺘ ﺰ ا ﻣ ﺎ ت ﻣ ﺎﻟ ﻴ ﺔ و ﻓ ﻘ‬
terms and conditions of Sukuk contracts and
documents. See: s. (6-1-1-2) and s. (6-1-2-1). ‫ واﻟﺒﻨﺪ‬,(٢-١-١-٦) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫وﻣﺴﺘﻨﺪات اﻟﺼﻜﻮك‬
.(١-٢-١-٦)
6-2-1-2. Securities for the underlying assets and :‫ﺿﻤﺎن ﻣﻮﺟﻮدات اﻟﺼﻜﻮك أو رﺑﺤﻬﺎ‬ .2-1-2-6
17
profits of Sukuk
6-2-1-2-a. If the originator is a Mudarib, partner or ‫ﻻ ﻳﺠﻮز ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أن َﺗﻀﻤﻦ رأس‬ .‫أ‬-2-1-2-6
an investment agent, then it is not
permitted for the originator to ‫ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك أ و ر ﺑﺤ ﻬ ﺎ إن ﻛ ﺎ ﻧ ﺖ اﻟ ﺠ ﻬ ﺔ‬
guarantee the principal or profit of
Sukuk. Originator’s guarantee will be ً ‫ أ و و ﻛ ﻴ ﻼ‬- ‫ أ و ﺷ ﺮ ﻳ ﻜ‬- ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﻀ ﺎ ر ﺑ‬
limited to cases of misconduct,
negligence, or breach of the terms of the ‫ و ﻳ ﻘ ﺘ ﺼ ﺮ ﺿ ﻤ ﺎ ﳖ ﺎ ﺣ ﻴ ﻨ ﺌ ﺬ ﻋ ﻠ ﻰ‬.‫ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر‬
contract. With due compliance with s.
(3-1), s. (3-3) and Para. (4) of the ‫ﺣﺎﻻت اﻟﱠﺘﻌﺪي أو اﻟﱠﺘﻘﺼﻴﺮ أو ﻣﺨﺎﻟﻔﺔ‬
Shari’ah Standard No. (56): Liability of
the Investment Manager and s. (6-2-2), ‫اﻟﺒﻨﺪ‬- ‫ وﯾﺮاﻋﻰ ﻣﺎ ﺟﺎء ﰲ‬.‫ﺷﺮوط اﻟﱠﺘﻌﺎﻗﺪ‬
s. (6-1-1-1-b), and s. (7-3-2-10) of this
Standard. ‫( ﻣﻦ‬٤) ‫( واﻟﻔﻘﺮة‬٣-٣) ‫اﻟﺒﻨﺪ‬-‫( و‬١-٣)
‫( ﺑﺸﺄن ﺿﻤﺎن‬٥٦) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
‫( واﻟﺒﻨﺪ‬٢-٢-٦) ‫ واﻟﺒﻨﺪ‬,‫ﻣﺪﻳﺮ اﻻﺳﺘﺜﻤﺎر‬
- ٢ - ٣ - ٧ ) ‫ ب ( و اﻟ ﺒ ﻨ ﺪ‬- ١ - ١ - ١ - ٦ )
.‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬١٠
6-2-1-2-b. It is not permitted for the originator to ‫ﻻ ﻳﺠ ﻮ ز ﺗﻄ ﻮ ع اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﺑ ﻀ ﻤ ﺎن ﻣ ﺎ‬ .‫ب‬-2-1-2-6
voluntarily guarantee something whose
guarantee is not permitted, by virtue of ‫ إن ﻛ ﺎن‬- ‫ﻻ ﻳﺠ ﻮ ز اﺷ ﱰ اط ﺿ ﻤ ﺎﻧﻪ ﺷ ﺮ ﻋ‬
Shari’ah, if the voluntary [guarantee]
was before the occurrence of the total ‫اﻟ ﺘ ﻄ ﻮ ع ﻗ ﺒﻞ ﺣ ﺼ ﻮ ل اﻟ ﺨ ﺴ ﺎ ر ة اﻟ ﻜ ﻠ ﻴ ﺔ أ و‬
or partial loss of the Sukuk principal
amount or its underlying assets. If [the ‫اﻟ ﺠ ﺰ ﺋ ﻴ ﺔ ﻟ ﺮ أ س ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك أ و‬
originator], out of its own free will,
volunteers [to guarantee] something ‫ ﻓ ﺈن ﺗ ﻄ ﻮ ﻋ ﺖ ﺑ ﺸ ﻲ ء ﻣ ﻦ ذ ﻟ ﻚ‬, ‫ﻣ ﻮ ﺟ ﻮ د ا ﲥ ﺎ‬
like that, after the occurrence of the
loss, then it may do so. See: s. (3-2) and ‫ﺑﻌ ﺪ و ﻗﻮ ع اﻟﺨ ﺴ ﺎر ة ﺑﻤ ﺤ ﺾ إر اد ﲥ ﺎ ﻓ ﻠﻬ ﺎ‬
-(3-4) of Shari’ah Standard No. (56):
Liability of the Investment Manager. ‫اﻟﺒﻨﺪ‬-‫ و‬,(٢-٣) ‫اﻟﺒﻨﺪ‬- ‫ وﻳﻨﻈﺮ‬.‫ذﻟﻚ‬
(٥٦) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٤-٣)
.‫ﺑﺸ ﺄن ﺿ ﻤ ﺎن ﻣ ﺪ ﻳﺮ اﻻ ﺳ ﺘﺜﻤ ﺎر‬
6-2-1-3. Undertaking of the originator to guarantee :‫ﺗﻌﻬﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﻀﻤﺎن اﻟﻤﺪﻳﻨﻴﻦ‬ .3-1-2-6
the debtors:
It is permitted for the originator in Sukuks based on ‫ﻳﺠﻮز ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﰲ ﺻﻜﻮك اﻟﺸﺮﻛﺔ أو اﻟﻤﻀﺎرﺑﺔ أو‬
partnership, Mudaraba, Investment Agency, or
18
Service Agency to guarantee the amounts due by ‫اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر أو اﻟﻮﻛﺎﻟﺔ ﺑﺎﻟﺨﺪﻣﺎت أن َﺗﻀﻤﻦ‬
the debtors with whom the originator deals in
favour of the partnership, Mudaraba, Investment ‫اﻟﻤﺴﺘَﺤﻖ ﻋﻠﻰ اﻟﻤﺪﻳﻨﻴﻦ اﻟﺬﻳﻦ ﺗﺘﻌﺎﻣﻞ ﻣﻌﻬﻢ ﻟﺼﺎﻟﺢ اﻟﺸﺮﻛﺔ‬
Agency, or Service Agency, according to the
following rules: , ‫أ و اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت‬
: ‫ﺑﺎﻟﻀ ﻮ اﺑﻂ اﻵ ﺗﻴﺔ‬
6-2-1-3-a. The guarantee shall be [extended] via a ‫أن ﻳﻜ ﻮ ن اﻟ ﻀ ﻤ ﺎن ﺑﻤ ﺴ ﺘﻨ ﺪ ﻣ ﺴ ﺘﻘ ﻞ ﻋ ﻦ ﻋ ﻘ ﺪ‬ .‫أ‬-3-1-2-6
document separate from the contracts
of partnership, Mudaraba, Investment ‫ أ و اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر أ و‬, ‫اﻟ ﺸ ﺮ ﻛ ﺔ‬
Agency or Service Agency, so that it is
not contingent upon it. - ‫ ﺑﺤ ﻴ ﺚ ﻻ ﻳ ﻜ ﻮ ن ﻣ ﺸ ﺮ و ﻃ‬, ‫اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت‬
. ‫ﻓ ﻴﻪ‬
6-2-1-3-b. Signing of the guarantee document ‫ ﻟﺘﻮ ﻗ ﻴﻊ‬- ‫أن ﻳﻜ ﻮ ن ﺗﻮ ﻗ ﻴﻊ ﻣ ﺴ ﺘﻨ ﺪ اﻟ ﻀ ﻤ ﺎن ﺗﺎﻟﻴ‬ .‫ب‬-3-1-2-6
should be subsequent to the signing of
the aforementioned contract, so that - ‫ ﺑﺤ ﻴ ﺚ ﻳ ﻘ ﻮ م اﻟﻌ ﻘ ﺪ ﺻ ﺤ ﻴ ﺤ‬, ‫اﻟﻌ ﻘ ﺪ اﻟ ﻤ ﺬ ﻛ ﻮ ر‬
the contract remains valid and
enforceable without [the guarantee]. .‫ﻧﺎﻓﺬًا دوﻧﻪ‬
6-2-1-3-c. Breach of the guarantee obligations or ‫أن ﻻ ﻳﱰﺗﺐ ﻋﻠﻰ اﻹﺧﻼل ﺑﺎﻟﺘﺰاﻣﺎت اﻟﻀﻤﺎن‬ .‫ج‬-3-1-2-6
their voidance shall not result in the
breach or voidance of the obligations of ‫أو ﺑﻄﻼﻧﻪ اﻹﺧﻼُل ﺑﺎﻟﺘﺰاﻣﺎت ذﻟﻚ اﻟﻌﻘﺪ أو‬
that contract, nor shall the breach of the
contract’s obligations or its voidance ‫ وﻻ ﻋﻠﻰ اﻹﺧﻼل ﺑﺎﻟﺘﺰاﻣﺎت اﻟﻌﻘﺪ أو‬,‫ﺑﻄﻼﻧﻪ‬
shall lead to the breach of the guarantee
obligations or its voidance. .‫ﺑﻄﻼﻧﻪ اﻹﺧﻼل ﺑﺎﻟﺘﺰاﻣﺎت اﻟﻀﻤﺎن أو ﺑﻄﻼﻧﻪ‬
6-2-1-4. Undertaking of the originator to guarantee ‫ﺗﻌﻬﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﻀﻤﺎن اﻟﺘﺰاﻣﺎت ﺷﺮﻛﺔ‬ .4-1-2-6
the obligations of the insurance company:
:‫اﻟﺘﺄﻣﻴﻦ‬
If the originator undertakes [to secure] the ‫إ ذ ا ﻛ ﺎ ﻧ ﺖ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺗ ﺘ ﻮ ﻟ ﻰ ا ﻟ ﺘ ﺄ ﻣ ﻴ ﻦ ﻋ ﻠ ﻰ ﻣ ﻮ ﺟ ﻮ د ا ت‬
insurance of the underlying assets of Sukuk on
behalf of its certificateholders, and it is the one that ‫ و ﻛ ﺎ ﻧ ﺖ ﻫ ﻲ اﻟ ﺘﻲ ﺑﺎﻋ ﺖ‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﻧ ﻴ ﺎ ﺑ ﺔ ﻋ ﻦ ﺣ ﻤ ﻠ ﺘﻬ ﺎ‬
sold the assets to the certificateholders, or if it was
the Mudarib, partner, investment agent, or lessee; ‫ أ و‬- ‫ أ و ﺷ ﺮ ﻳ ﻜ‬- ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﻟ ﺤ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك أ و ﻛ ﺎ ﻧ ﺖ ﻣ ﻀ ﺎ ر ﺑ‬
then it is not permitted to undertake to guarantee
the compensation paid by the insurance company if ‫وﻛﻴﻼً ﺑﺎﻻﺳﺘﺜﻤﺎر أو ﻣﺴﺘﺄﺟﺮًا أو وﻛﻴﻼً ﺑﺎﻟﺨﺪﻣﺎت; ﻓﻼ‬
the originator did not commit misconduct,
negligence, or breach of the terms of the contract. ‫ﻳﺠﻮز أن ﺗﺘﻌﻬﺪ ﺑﻀﻤﺎن اﻟﺘﻌﻮﻳﻀﺎت اﻟﺘﻲ ﺗﺪﻓﻌﻬﺎ ﺷﺮﻛﺔ‬
It is not permitted to stipulate what it is shall be
beyond implementation in order to imposing the ‫اﻟ ﺘ ﺄ ﻣ ﻴﻦ إ ذ ا ﻟﻢ ﺗ ﻜ ﻦ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﺘﻌ ﺪ ﻳ ﺔ أ و ﻣ ﻘ ﺼ ﺮ ة أ و‬
liability upon the originator, it includes: the
19
requirement that the insurance company paying the ‫ و ﻻ ﻳﺠ ﻮ ز اﺷ ﱰ اط ﻣ ﺎ ﻳ ﺘﻌ ﺬ ر ﻋ ﻠ ﻴﻬ ﺎ‬. ‫ﻣ ﺨ ﺎﻟ ﻔ ﺔ ﻟ ﺸ ﺮ و ط اﻟ ﺘﻌ ﺎﻗ ﺪ‬

compensation within a short period from the date
of the occurrence of the loss, during which ‫ اﺷ ﱰ اط أ ن ﺗ ﺪ ﻓ ﻊ‬: ‫ و ﻣ ﻦ ذ ﻟ ﻚ‬, ‫ﺗ ﻨ ﻔ ﻴ ﺬ ه ﺑ ﻐ ﺮ ض ﺗ ﺤ ﻤ ﻴ ﻠ ﻬ ﺎ اﻟ ﻀ ﻤ ﺎ ن‬
insurance companies usually do not accept
processing payment of compensation, and that ‫ﺷﺮﻛﺔ اﻟﺘﺄﻣﻴﻦ اﻟﺘﻌﻮﻳﻀﺎت ﺧﻼل ﻣﱠﺪة وﺟﻴﺰة ﻣﻦ ﺗﺎرﻳﺦ وﻗﻮع‬
breach of this condition makes the originator liable
for the obligations of the insurance company, or ‫اﻟ ﺘ ﻠﻒ ﻻ ﺗ ﻘ ﺒﻞ ﺷ ﺮ ﻛ ﺎ ت اﻟ ﺘ ﺄ ﻣ ﻴﻦ د ﻓ ﻊ اﻟ ﺘﻌ ﻮ ﻳ ﻀ ﺎ ت ﺧ ﻼ ﻟﻬ ﺎ‬
requiring the issuance of a final judgment within a
specific period not to guarantee the originator due ‫ وأن اﻹﺧﻼل ﲠﺬا اﻟﺸﺮط ﻳﺠﻌﻞ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺿﺎﻣﻨﺔ‬,‫ﻋﺎدة‬
to its misconduct, negligence, or breach of the
‫تﰲ‬ ٍ ‫ أو اﺷﱰاط ﺻﺪور ﺣﻜٍﻢ ﺑﺎ‬,‫ﻻﻟﺘﺰاﻣﺎت ﺷﺮﻛﺔ اﻟﺘﺄﻣﻴﻦ‬
terms of the contract. The issuance of such a
judgment must be subject to the usual litigation
procedures, without any time limitation. But if the ‫ﻣﺪة ﻣﺤﺪدة ﺑﻌﺪم ﺿﻤﺎن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺴﺒﺐ ﺗﻌﺪﻳﻬﺎ أو‬
stipulated insurance is feasible, and the originator
chooses not to implement it; then it will be liable. ‫ و اﻟﻮ ا ﺟ ﺐ أ ن ﻳ ﻜ ﻮ ن‬. ‫ﺗ ﻘ ﺼ ﻴ ﺮ ﻫ ﺎ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺘ ﻬ ﺎ ﺷ ﺮ و ط اﻟ ﺘ ﻌ ﺎ ﻗ ﺪ‬
See: s. (1-3), s. (3-6), and s. (3-4) of Shari’ah
Standard No. (56): Liability of the Investment
‫ ﻹ ﺟ ﺮ اء ا ت اﻟ ﺘﻘ ﺎ ﺿ ﻲ‬- ‫اﺳ ﺘ ﺼ ﺪ ار ﻣ ﺜﻞ ﻫ ﺬ ا اﻟﺤ ﻜ ﻢ ﺧ ﺎ ﺿ ﻌ‬
Manager, and s. (5-1-8) of Shari’ah Standard No. (9):
‫ أﻣﺎ إذا ﻛﺎن اﻟﺘﺄﻣﻴﻦ‬.‫ ﻣﻦ اﻟﺘﻘﻴﻴﺪ ﺑﻤﱠﺪة‬-‫ ﺧﺎﻟﻴ‬,‫اﻟﻤﻌﺘﺎدة‬
Ijarah and Ijarah Muntahia Bittamleek and s. (8-1-1-
3-d-2-1-7) of this Standard. ‫ و ا ﺧ ﺘ ﺎ ر ت اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﺪ م‬, ‫اﻟ ﻤ ﺸ ﱰ ط ﻣ ﻤ ﻜ ﻦ اﻟ ﺘ ﻨ ﻔ ﻴ ﺬ‬
-٣) ‫( واﻟﺒﻨﺪ‬١-٣) ‫اﻟﺒﻨﺪ‬- ‫ وﻳﻨﻈﺮ‬.‫اﻟﺘﻨﻔﻴﺬ; ﻓﺈﳖﺎ ﺗﻜﻮن ﺿﺎﻣﻨﺔ‬
‫( ﺑﺸﺄن‬٥٦) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٣-٤) ‫( واﻟﺒﻨﺪ‬٦
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٨-١-٥) ‫ واﻟﺒﻨﺪ‬,‫ﺿﻤﺎن ﻣﺪﻳﺮ اﻻﺳﺘﺜﻤﺎر‬
‫( ﺑﺸﺄن اﻹﺟﺎرة واﻹﺟﺎرة اﻟﻤﻨﺘﻬﻴﺔ‬٩) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
‫( ﻣﻦ ﻫﺬا‬٧-١-٢-‫د‬-٣-١-١-٨) ‫ واﻟﺒﻨﺪ‬,‫ﺑﺎﻟﺘﻤﻠﻴﻚ‬
. ‫اﻟ ﻤ ﻌ ﻴ ﺎ ر‬
6-2-2. Third party Undertaking :‫ ﺗﻌﻬﺪ اﻟﻄﺮف اﻟﺜﺎﻟﺚ‬.2-2-6

It is permitted for a third party, other than the ‫ ﻏﻴﺮ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أو ﻣﻦ ﻳﻨﻮب‬,‫ﻳﺠﻮز ﺗﻌﻬﺪ ﻃﺮف ﺛﺎﻟﺚ‬
originator or the party representing it, to carry
reparation of loss of Sukuk capital or decrease in the ‫ ﺑ ﺠ ﱪ اﻟ ﺨ ﺴ ﺎ ر ة ﰲ ر أ س ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك أ و اﻟ ﻨ ﻘ ﺺ ﰲ‬, ‫ﻋ ﻨﻬ ﺎ‬
profit, or to purchase the underlying assets of Sukuk
for a specified amount, even if the originator is the ‫ و ﻟﻮ‬, ‫ أ و ﺑ ﺸ ﺮ اء ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك ﺑﻤ ﺒ ﻠ ﻎ ﻣ ﺤ ﺪ د‬, ‫اﻟ ﺮ ﺑ ﺢ‬
trustee of the underlying assets of Sukuk, in
accordance with the conditions mentioned in Para. ‫ و ذ ﻟ ﻚ‬, ‫ﻛ ﺎ ﻧ ﺖ ا ﻟ ﺠ ﻬ ﺔ ا ﻟ ﻤ ﻨ ﺸ ﺌ ﺔ أ ﻣ ﻴ ﻨ ﺔ ﻋ ﻠ ﻰ ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك‬
4 of Shari’ah Standard No. (56): Liability of the
Investment Manager. It is permitted if the ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٤) ‫ﺑﺎﻟﺸﺮوط اﻟﻮاردة ﰲ اﻟﻔﻘﺮة‬
originator is a third party. See: s. (4-3) of Shari’ah
20
Standard No. (56): Liability of the Investment ‫ وﻳﺠﻮز ذﻟﻚ ﻣﻦ اﻟﺠﻬﺔ‬.‫( ﺑﺸﺄن ﺿﻤﺎن ﻣﺪﻳﺮ اﻻﺳﺘﺜﻤﺎر‬٥٦)
Manager. With due compliance with s. (5-2) of
Shari’ah Standard No. (23): Agency and the Act of ‫( ﻣﻦ‬٣-٤) ‫اﻟﺒﻨﺪ‬- ‫ وﻳﻨﻈﺮ‬.‫اﻟﻤﻨﺸﺌﺔ إن ﻛﺎﻧﺖ ﻃﺮًﻓﺎ ﺛﺎﻟًﺜﺎ‬
Uncommissioned Agent (Fodooli).
,‫( ﺑﺸﺄن ﺿﻤﺎن ﻣﺪﻳﺮ اﻻﺳﺘﺜﻤﺎر‬٥٦) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
‫( ﺑﺸﺄن‬٢٣) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢-٥) ‫وﯾﺮاﻋﻰ اﻟﺒﻨﺪ‬
. ‫اﻟﻮ ﻛ ﺎﻟ ﺔ و ﺗ ﺼ ﺮ ف اﻟ ﻔ ﻀ ﻮ ﻟﻲ‬
6-3. Undertaking to Purchase the Underlying :‫ اﻟﺘﻌﻬﺪ ﺑﺸﺮاء ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬.3-6

Assets of Sukuk
6-3-1. Events of Performance of Undertaking to ‫ ﺣ ﺎﻻت ﺗﻨﻔﻴﺬ اﻟﺘﻌﻬﺪ ) اﻟﻮﻋﺪ اﻟﻤﻠﺰم( ﺑﺸﺮاء‬.1-3-6
Purchase the Underlying assets of Sukuk
(Binding Promise) :‫ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬
There is no [Shari’ah] objection, if the originator ‫ﻻ ﻣ ﺎ ﻧ ﻊ ﻣ ﻦ أ ن ﺗ ﺘ ﻌ ﻬ ﺪ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺸ ﺮ اء ﻣ ﻮ ﺟ ﻮ د ا ت‬
undertakes to purchase the underlying assets of
Sukuk, so that the certificateholders, or the party ‫ ﺑﺤ ﻴ ﺚ ﻳ ﻄ ﺎﻟ ﺒﻬ ﺎ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك أ و ﻣ ﻦ ﻳ ﻤ ﺜ ﻠ ﻬ ﻢ‬, ‫اﻟ ﺼ ﻜ ﻮ ك‬
representing them, demand [the originator] to carry
out the purchase in specific events as laid down in : ‫ و ﻣ ﻨ ﻬ ﺎ‬, ‫ﺑ ﺘ ﻨ ﻔ ﻴ ﺬ اﻟ ﺸ ﺮ اء ﰲ ﺣ ﺎ ﻻ ت ﻣ ﺤ ﺪ د ة ﰲ ﻣ ﺴ ﺘ ﻨ ﺪ اﻟ ﺘ ﻌ ﻬ ﺪ‬
the undertaking document, including:
6-3-1-1. At the end of the Sukuk term. See: s. (6-3- - ٢ - ٣ - ٦ ) ‫ و ﻳ ﻨ ﻈ ﺮ ا ﻟ ﺒ ﻨ ﺪ‬. ‫ﻋ ﻨ ﺪ ﳖ ﺎ ﻳ ﺔ ﻣ ﺪ ة اﻟ ﺼ ﻜ ﻮ ك‬ .1-1-3-6
2-3).
.(٣
6-3-1-2. Upon the failure of the originator in ‫ﻋ ﻨ ﺪ إ ﺧ ﻔ ﺎ ق اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﰲ ﺳ ﺪ ا د ﻣ ﺎ ﻋ ﻠ ﻴﻬ ﺎ ﻣ ﻦ‬ .2-1-3-6
settling its obligations.
. ‫اﻟ ﺘ ﺰ ا ﻣ ﺎ ت‬
6-3-1-3. Upon breach of the Shari’ah compliant ‫ﻋ ﻨ ﺪ ا ﺧ ﺘ ﻼ ل اﻟ ﻀ ﻤ ﺎ ﻧ ﺎ ت اﻟ ﻤ ﺸ ﺮ و ﻋ ﺔ اﻟ ﻤ ﻘ ﺪ ﻣ ﺔ ﻣ ﻦ‬ .3-1-3-6
collaterals provided by the originator.
. ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
6-3-1-4. Upon occurrence of events affecting the ‫ﻋ ﻨ ﺪ ﺣ ﺼ ﻮ ل ﺣ ﻮ ا د ث ﺗﺆ ﺛ ﺮ ﰲ اﻟ ﻤ ﻼ ء ة اﻟ ﻤ ﺎﻟ ﻴ ﺔ‬ .4-1-3-6
financial solvency of the originator.
6-3-1-5. Upon the fall of the market value of the ‫ﻋ ﻨ ﺪ ا ﻧ ﺨ ﻔ ﺎ ض اﻟ ﻘ ﻴ ﻤ ﺔ اﻟ ﺴ ﻮ ﻗ ﻴ ﺔ ﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬ .5-1-3-6
underlying assets of Sukuk.
. ‫اﻟ ﺼ ﻜ ﻮ ك‬
6-3-1-6. When the general economic conditions or ‫ﻋ ﻨ ﺪ ﺗ ﻐ ﻴ ﺮ اﻟ ﻈ ﺮ و ف أ و ا ﻷ و ﺿ ﺎع ا ﻻ ﻗ ﺘ ﺼ ﺎ د ﻳ ﺔ اﻟ ﻌ ﺎ ﻣ ﺔ‬ .6-1-3-6
circumstances change flagrantly as per
experts’ view. .‫ ﺑﺘﻘﺮﻳﺮ اﻟﺨﱪاء‬-‫ﺗﻐﻴﺮًا ﻓﺎﺣﺸ‬
21
6-3-1-7. Upon a change in the tax requirements, ‫ﻋ ﻨ ﺪ ﺗ ﻐ ﻴ ﺮ اﻟ ﻤ ﺘ ﻄ ﻠ ﺒ ﺎ ت اﻟ ﻀ ﺮ ﻳ ﺒ ﻴ ﺔ أ و اﻟ ﺘﻌ ﻠ ﻴ ﻤ ﺎ ت‬ .7-1-3-6

regulatory guidelines, or in the
regulations and laws. . ‫اﻟ ﺮ ﻗ ﺎ ﺑ ﻴ ﺔ أ و ا ﻷ ﻧ ﻈ ﻤ ﺔ و اﻟ ﻘ ﻮ اﻧ ﻴﻦ‬
6-3-2. Provisions of the Purchase Undertaking: :‫ أﺣﻜﺎم اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء‬.2-3-6

It is not permitted to [place] the undertaking from ‫ﻻ ﻳﺠ ﻮ ز ﺗﻌ ﻬ ﺪ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﺑ ﺸ ﺮ اء ﻣ ﻮ ﺟ ﻮ د ات اﻟ ﺼ ﻜ ﻮ ك ﰲ‬
the originator to purchase the underlying assets of
Sukuk in the core of the contract according to which ‫ﺻ ﻠ ﺐ ا ﻟ ﻌ ﻘ ﺪ ا ﻟ ﺬ ي ﺗ ﺒ ﻴ ﻊ ﺑ ﻪ ا ﻟ ﻤ ﻮ ﺟ ﻮ د ا ت إ ﻟ ﻰ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
the underlying assets are sold to the
certificateholders, or in the contract under which ‫أ و اﻟﻌ ﻘ ﺪ اﻟ ﺬ ي ﺗ ﺪ ﻓ ﻊ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑﻤ ﻮ ﺟ ﺒﻪ اﻟ ﺘﻮ ز ﻳﻌ ﺎ ت‬
the originator pays periodic distributions. It is
permitted to provide a purchase undertaking in a ‫ ﻻ‬,‫ وﻳﺠﻮز اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء ﺑﻮﺛﻴﻘﺔ ﻣﺴﺘﻘﻠﺔ ﻋﻦ اﻟﻌﻘﺪ‬.‫اﻟﺪورﻳﺔ‬
separate deed from the contract and it shall not
form an integral part thereof, subject to the :‫ ﻣﻊ ﻣﺮاﻋﺎة اﻷﺣﻜﺎم اﻵﺗﻴﺔ‬,‫ﺗﻜﻮن ﺟﺰءًا ﻻ ﻳﺘﺠﺰأ ﻣﻨﻪ‬
following provisions:
6-3-2-1. It is not permitted that originator’s ‫ﻻ ﻳﺠ ﻮ ز أن ﻳﺆ د ي ﺗﻌ ﻬ ﺪ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﺑ ﺸ ﺮ اء‬ .1-2-3-6
undertaking to purchase the underlying
assets of Sukuk may lead to a guarantee ‫ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك إ ﻟ ﻰ ا ﻟ ﻀ ﻤ ﺎ ن ا ﻟ ﻤ ﻤ ﻨ ﻮ ع‬
that is prohibited by virtue of Shari’ah, so
that the originator undertakes to purchase ‫ و ذ ﻟ ﻚ ﺑ ﺄن ﺗ ﺘﻌ ﻬ ﺪ ﺑ ﺸ ﺮ اء ﻣ ﻮ ﺟ ﻮ د ا ت‬, - ‫ﺷ ﺮ ﻋ‬
the underlying assets of Sukuks based on
Mudaraba, partnership or Investment ‫ﺻ ﻜ ﻮ ك اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟ ﺸ ﺮ ﻛ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ‬
Agency at a price to be ascertained upon
the issuance of Sukuk or before the ‫ﺑﺎﻻﺳﺘﺜﻤﺎر ﺑﺜﻤﻦ ﻳﺘﺤﱠﺪد ﻋﻨﺪ إﺻﺪار اﻟﺼﻜﻮك‬
fulfilment of the condition in which the
purchase undertaking is performed. It is ‫أو ﻗﺒﻞ ﺗﺤﻘﻖ اﻟﺤﺎﻟﺔ اﻟﺘﻲ ُﻳﻨﱠﻔﺬ ﻋﻨﺪﻫﺎ اﻟﺘﻌﻬﺪ‬
permitted that the purchase undertaking
may be [performed] on the basis of the net ‫ و ﻳﺠ ﻮ ز أن ﻳﻜ ﻮ ن اﻟﺘﻌ ﻬ ﺪ ﺑﺎﻟﺸ ﺮ اء ﻋ ﻠ ﻰ‬, ‫ﺑﺎﻟﺸ ﺮ اء‬
value of the underlying assets, the market
value, the fair value, or a price agreed upon ‫أﺳ ﺎ س ﺻ ﺎﰲ ﻗ ﻴﻤ ﺔ اﻟﻤ ﻮ ﺟ ﻮ د ات أ و اﻟﻘ ﻴﻤ ﺔ‬
when the purchase is carried out. It is also
permitted, in the Mudaraba, parntership or
‫اﻟ ﺴ ﻮ ﻗ ﻴ ﺔ أ و ﻣ ﺘﻮ ﺳ ﻄ ﻬ ﺎ ﺧ ﻼ ل ﻣ ﺪ ة ﻣ ﺤ ﺪ د ة أ و‬
Investment Agency Sukuks whose
‫اﻟ ﻘ ﻴ ﻤ ﺔ اﻟﻌ ﺎ د ﻟ ﺔ أ و ﺑ ﺜ ﻤ ﻦ ﻳ ﺘ ﻔ ﻖ ﻋ ﻠ ﻴﻪ ﻋ ﻨ ﺪ ﺗ ﻨ ﻔ ﻴ ﺬ‬
underlying assets are limited to assets
leased to a third party as Ijarah Muntahia ‫ ﻛ ﻤ ﺎ ﻳ ﺠ ﻮ ز ﰲ ﺻ ﻜ ﻮ ك اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و‬. ‫اﻟ ﺸ ﺮ اء‬
Bittamleek, for the purchase undertaking to
be with the remainder of the rental ‫اﻟ ﺸ ﺮ ﻛ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر اﻟ ﺘﻲ ﺗ ﻘ ﺘ ﺼ ﺮ‬
instalments of all the underlying assets, by
assuming that such an amount represents ‫ﻣﻮ ﺟ ﻮ د اﲥ ﺎ ﻋ ﻠ ﻰ ﻣﻮ ﺟ ﻮ د ات ﻣﺆ ﺟ ﺮ ة ﻟﻠﻐ ﻴﺮ إﺟ ﺎر ة‬
the net value. Refer: s. (2-2-1) and s. (2-2-2)
of Shari’ah Standard No. (5): Guarantees, ‫ أن ﻳﻜ ﻮ ن اﻟﺘﻌ ﻬ ﺪ ﺑﺎﻟ ﺸ ﺮ اء ﺑﺒﺎﻗﻲ‬, ‫ﻣ ﻨﺘﻬ ﻴﺔ ﺑﺎﻟﺘﻤ ﻠ ﻴ ﻚ‬
and s. (3-1-6-2) of Shari’ah Standard No.
(12): Sharikah (Musharaka) and Modern ‫ ﺑﺎﻋ ﺘ ﺒﺎر ﻫ ﺎ‬, ‫أﻗ ﺴ ﺎط اﻷ ﺟ ﺮ ة ﻟﺠ ﻤ ﻴﻊ اﻟﻤ ﻮ ﺟ ﻮ د ات‬
22
Companies, and s. (3-5-1) of Shari’ah (١-٢-٢) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﺗﻤﺜﻞ ﺻﺎﰲ ﻗﻴﻤﺘﻬﺎ‬

Standard No. (56): Liability of the
Investment Manager. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢-٢-٢) ‫واﻟﺒﻨﺪ‬
(٢-٦-١-٣) ‫ و اﻟﺒﻨﺪ‬,‫( ﺑﺸﺄن اﻟﻀﻤﺎﻧﺎت‬٥)
‫( ﺑﺸﺄن اﻟﺸﺮﻛﺔ‬١٢) ‫ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
-٣) ‫ و اﻟﺒﻨﺪ‬,‫)اﻟﻤﺸﺎرﻛﺔ( واﻟﺸﺮﻛﺎت اﻟﺤﺪﻳﺜﺔ‬
‫( ﺑﺸﺄن‬٥٦) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬١-٥
.‫ﺿ ﻤ ﺎن ﻣ ﺪ ﻳﺮ اﻻ ﺳ ﺘﺜﻤ ﺎر‬
6-3-2-2. It is permitted for the originator-lessee in ‫ﻳﺠﻮز أن ﺗﺘﻌﻬﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ اﻟﻤﺴﺘﺄﺟﺮة ﰲ‬ .2-2-3-6
the Ijarah Sukuk, to undertake to purchase
the underlying assets of Sukuk, at or before , ‫ﺻ ﻜ ﻮ ك ا ﻹ ﺟ ﺎ ر ة ﺑ ﺸ ﺮ اء ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك‬
the Sukuk maturity date, for a specified
price or for a price calculated based on a ‫ ﺑﺜﻤﻦ ﻣﺤﱠﺪد‬,‫ﻋﻨﺪ اﻧﺘﻬﺎء أﺟﻞ اﻟﺼﻜﻮك أو ﻗﺒﻠﻪ‬
specific benchmark.
. ‫ ﻟ ﻤ ﺆ ﺷ ﺮ ﻣ ﻌ ﻴﻦ‬- ‫أ و ﺑ ﺜ ﻤ ﻦ ﻳ ﺤ ﺴ ﺐ و ﻓ ﻘ‬
assets of Sukuk shall lead to ‘Inah sale or to ‫ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك إ ﻟ ﻰ ﺑ ﻴ ﻊ اﻟ ﻌ ﻴ ﻨ ﺔ أ و إ ﻟ ﻰ‬
a form of repurchase that is prohibited by
virtue of Shari’ah, according to what is - ‫ و ﻓ ﻘ‬, ‫ﺻ ﻮ ر ة ﻣ ﻤ ﻨﻮ ﻋ ﺔ ﻣ ﻦ ﺻ ﻮ ر إﻋ ﺎد ة اﻟ ﺸ ﺮ اء‬
stated in Shari’ah Standard No. (58):
Repurchase, and s. (3-3) of Shari’ah ‫( ﺑﺸﺄن‬٥٨) ‫ﻟﻠﻮارد ﰲ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
Standard No. (49): Promise and Bilateral
Promise. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٣-٣) ‫ واﻟﺒﻨﺪ‬,‫إﻋﺎدة اﻟﺸﺮاء‬
.‫( ﺑﺸﺄن اﻟﻮﻋﺪ واﻟﻤﻮاﻋﺪة‬٤٩) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
assets of Sukuk shall lead to obligating [the ‫ﻣﻮﺟﻮدات اﻟﺼﻜﻮك إﻟﻰ إﻟﺰاﻣﻬﺎ ﺑﺪﻓﻊ اﻟﱠﺜﻤﻦ‬
originator] to pay the price stated in the
purchase undertaking (i.e., the Exercise - ‫اﻟﻮارد ﰲ اﻟﱠﺘﻌﻬﺪ ﺑﺎﻟﱢﺸﺮاء )ﺳﻌﺮ اﻟﺘﻨﻔﻴﺬ‬
Price) without concluding the purchase
contract, even if that is stated in the ‫( دون إﺑﺮام ﻋﻘﺪ اﻟﺸﺮاء وﻟﻮ‬Exercise Price
undertaking document, and this includes:
, ‫ ﻋ ﻠ ﻴﻪ ﰲ ﻣ ﺴ ﺘ ﻨ ﺪ اﻟ ﺘﻌ ﻬ ﺪ‬- ‫ﻛ ﺎن ذﻟ ﻚ ﻣ ﻨ ﺼ ﻮ ﺻ‬
: ‫و ﻣﻦ ذﻟﻚ‬
6-3-2-4-a. If the purchase could not be carried out ‫ ﻛﺘﻐﱡﻴﺮ‬,‫إذا ﺗﻌﱠﺬر ﺗﻨﻔﻴﺬ اﻟﱢﺸﺮاء ﻷي ﺳﺒﺐ ﻛﺎن‬ .‫أ‬-4-2-3-6
23
for any reason, including change in ‫اﻷﻧﻈﻤﺔ واﻟﻘﻮاﻧﻴﻦ أو ﺳﺤﺐ اﻟﱠﺘﺮﺧﻴﺺ ﻣﻦ‬
regulations and laws or revocation of
originator’s license; and it was a seller of ‫ ﻟ ﻠ ﻤ ﻮ ﺟ ﻮ د ا ت‬- ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ; إن ﻛ ﺎ ﻧ ﺖ ﺑ ﺎ ﺋ ﻌ‬
the underlying assets (such as benefits
linked to licensing) to the ‫)ﻛﺎﻟﻤﻨﺎﻓﻊ اﻟﻘﺎﺋﻤﺔ ﺑﺎﻟﱠﺘﺮﺧﻴﺺ( ﻟﺤﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
certificateholders and an agent on their
behalf with regards to the services, ‫ ﺳ ﻮ اء ﺳ ﻤ ﻲ ﻣ ﺎ ﻳ ﺪ ﻓ ﻊ‬, ‫و و ﻛ ﻴ ﻼ ً ﻋ ﻨ ﻬ ﻢ ﺑ ﺎ ﻟ ﺨ ﺪ ﻣ ﺎ ت‬
whether what is paid is referred as price
or compensation. . - ‫ أو ﺗﻌﻮ ﻳﻀ‬-‫ﺛﻤ ﻨ‬
6-3-2-4-b. If it is proved that the underlying assets, ‫إ ذ ا ﺛ ﺒ ﺖ أ ن اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت اﻟ ﺘ ﻲ ﺑ ﺎ ﻋ ﺘ ﻬ ﺎ إ ﻟ ﻰ ﺣ ﻤ ﻠ ﺔ‬ .‫ب‬-4-2-3-6
that [the originator] has sold to the
certificateholders are owed to a third ‫ وﺗﺮاﻋﻰ أﺣﻜﺎم‬.‫اﻟﱡﺼﻜﻮك ﻣﺴﺘﺤﻘﺔ ﻟﻠﻐﻴﺮ‬
party. With due compliance with the
provisions for the entitlement of a third ‫اﺳ ﺘﺤ ﻘ ﺎق اﻟﻤ ﻮ ﺟ ﻮ د ا ت ﻟ ﻠﻐ ﻴﺮ اﻟﻮ ار د ة ﰲ اﻟ ﺒ ﻨ ﺪ‬
party to the underlying assets, as given
in the s. (5-2-7). .(٧-٢-٥)
6-3-3. Exercising the Purchase Undertaking: :‫ ﺗﻨﻔﻴﺬ اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء‬.3-3-6

6-3-3-1. Upon exercising the purchase undertaking, ‫ﻳﺠﺐ ﻋﻨﺪ ﺗﻨﻔﻴﺬ اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء إﺑﺮام ﻋﻘﺪ ﻟﺒﻴﻊ‬ .1-3-3-6
it is required to execute a sale contract of
the underlying assets of Sukuk [to sell] by ‫ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك ﻣﻦ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك إﻟﻰ‬
the certificateholders to the originator with
an offer and an acceptance duly in place. It ‫ و ﻻ‬, ‫ ﺑ ﺈ ﻳ ﺠ ﺎ ب و ﻗ ﺒﻮ ل ﰲ ﺣ ﻴ ﻨﻪ‬, ‫ا ﻟ ﺠ ﻬ ﺔ ا ﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
is not permitted to conclude the sale
automatically without exchanging the offer ‫ دون ﺗﺒﺎدل إﻳﺠﺎب‬-‫ﻳﺠﻮز أن ﻳﻘﻊ اﻟﺒﻴﻊ ﺗﻠﻘﺎﺋﻴ‬
and acceptance. See: s. (6-3-2-4) of this
Standard and s. (3-8) of Shari’ah Standard ‫( ﻣﻦ ﻫﺬا‬٤-٢-٣-٦) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫وﻗﺒﻮل‬
No. (49): Promise and Bilateral Promise.
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٨-٣) ‫ واﻟﺒﻨﺪ‬,‫اﻟﻤﻌﻴﺎر‬
.‫( ﺑﺸﺄن اﻟﻮﻋﺪ واﻟﻤﻮاﻋﺪة‬٤٩) ‫رﻗﻢ‬
6-3-3-2. Upon performing the Purchase ‫ﻳﺠﺐ ﻋﻨﺪ ﺗﻨﻔﻴﺬ اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء أن ﺗﻜﻮن‬ .2-3-3-6
Undertaking, it is required that the
underlying assets of Sukuk, which are ‫اﻟﻤﻮﺟﻮدات اﻟﻤﺘﻌﱠﻬﺪ ﺑﺸﺮاﺋﻬﺎ ﺑﺤﺎﻟﺘﻬﺎ اﻟﺘﻲ‬
undertaken to be purchased, are in their
condition when the undertaking was ‫ ﺑﺎﺳ ﺘ ﺜ ﻨ ﺎء ﻣ ﺎ‬, ‫ﻛ ﺎ ﻧ ﺖ ﻋ ﻠ ﻴ ﻬ ﺎ ﻋ ﻨ ﺪ ﺻ ﺪ و ر ا ﻟ ﺘ ﻌ ﻬ ﺪ‬
provided, other than what occurs due to
usual usage. If the underlying assets were ‫ ﻓﺈن ﻛﺎﻧﺖ‬,‫ﻳﺤﺪث ﺑﺴﺒﺐ اﻻﺳﺘﺨﺪام اﻟﻤﻌﺘﺎد‬
damaged or defected with a flagrant defect
(Ꜥayb fāḥish), it is not permitted to oblige ‫ ﻟﻢ ﻳﺠﺰ إﻟﺰام اﻟﺠﻬﺔ‬,-‫ ﻓﺎﺣﺸ‬-‫ﺗﺎﻟﻔﺔ أو ﻣﻌﻴﺒﺔ ﻋﻴﺒ‬
the Originator to perform the undertaking.
. ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺘ ﻨ ﻔ ﻴ ﺬ اﻟ ﺘﻌ ﻬ ﺪ‬
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6-3-3-3. Upon exercising the Purchase Undertaking, ‫ﻳﺠﺐ ﻋﻨﺪ ﺗﻨﻔﻴﺬ اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء ﻣﺮاﻋﺎة أﺣﻜﺎم‬ .3-3-3-6
it is required to observe the provisions for
disposing of debts or the provisions for ‫ إن‬, ‫اﻟ ﺘ ﺼ ﺮ ف ﰲ اﻟ ﺪ ﻳﻮ ن أ و أ ﺣ ﻜ ﺎم اﻟ ﺼ ﺮ ف‬
currency exchange (ṣarf), if the
components of the underlying assets of ‫ﺼﻜﻮك ﺗﺘﻄﻠﺐ‬°‫ﻛﺎﻧﺖ ﻣﻜﻮﻧﺎت ﻣﻮﺟﻮدات اﻟ‬
Sukuk so require. See: s. (9-1-2) and s. (9-1-
4). -١-٩) ‫( واﻟﺒﻨﺪ‬٢-١-٩) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ذﻟﻚ‬
.(٤
6-3-3-4. It is permitted to oblige the Originator to ‫ﻳﺠﻮز إﻟﺰام اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺪﻓﻊ ﻣﺒﻠﻎ ﻳﺴﺎوي‬ .4-3-3-6
pay an amount equal to the price, so that
the amount remains held as a trust ‫اﻟ ﺜ ﻤ ﻦ ﻋ ﻠ ﻰ أ ن ﯾ ﺒ ﻘ ﻰ اﻟ ﻤ ﺒ ﻠ ﻎ أ ﻣ ﺎ ﻧ ﺔ ﰲ ﻳ ﺪ ﻗ ﺎ ﺑ ﻀ ﻪ‬
(amānah) in the possession of its possessor
until the conclusion of the [sale] contract, ‫ ﺑﺸ ﺮ ط اﻟﻨﺺ ﻋ ﻠ ﻰ أن‬, ‫إ ﻟ ﻰ ﺣ ﻴﻦ إﺑﺮ ام اﻟﻌ ﻘ ﺪ‬
provided that it is stated that the price is
not due to the certificateholders unless the ‫اﻟﺜﻤﻦ ﻻ ُﻳﺴﺘﺤﻖ ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك إﻻ ﺑﺈﺑﺮام‬
purchase contract is concluded. If that
amount is paid and the contract is not ‫ ﻓﺈن ﺗﻢ دﻓﻊ ذﻟﻚ اﻟﻤﺒﻠﻎ وﻟﻢ ُﻳﱪم‬.‫ﻋﻘﺪ اﻟﺸﺮاء‬
concluded, the amount must be returned to
the originator, and the underlying assets of , ‫ و ﺟ ﺐ ر د اﻟ ﻤ ﺒ ﻠ ﻎ إ ﻟ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬, ‫اﻟﻌ ﻘ ﺪ‬
the Sukuk remain the property of
certificateholders. .‫ ﻟﺤَﻤﻠﺘﻬﺎ‬-‫وﺗﺒﻘﻰ ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك ﻣﻠﻜ‬
6-3-3-5. If the purchase undertaking was performed ‫ و اﺷ ﱰ ت اﻟ ﺠ ﻬ ﺔ‬, ‫إ ذ ا ﺗ ﻢ ﺗ ﻨ ﻔ ﻴ ﺬ اﻟ ﺘ ﻌ ﻬ ﺪ ﺑ ﺎﻟ ﺸ ﺮ اء‬ .5-3-3-6
and the originator purchased the
underlying assets of Sukuk, and then it does ‫ ﺛﻢ ﻟﻢ ﺗ ﺪ ﻓ ﻊ ﺛ ﻤ ﻦ‬, ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك‬
not pay the purchase price within the
period specified for its payment, it is not ‫ ﻓﻼ ﻳﺠﻮز‬,‫اﻟﺸﺮاء ﰲ اﻷﺟﻞ اﻟﻤﺤﱠﺪد ﻟﺪﻓﻌﻪ‬
permitted to stipulate that the contract
that existed between the certificateholders ‫ ﺑ ﻴ ﻦ ﺣ ﻤ ﻠ ﺔ‬- ‫اﻟ ﻨ ﺺ ﻋ ﻠ ﻰ أ ن ا ﻟ ﻌ ﻘ ﺪ ا ﻟ ﺬ ي ﻛ ﺎ ن ﻗ ﺎ ﺋ ﻤ‬
and the originator, such as Ijarah or
Investment Agency, is automatically ‫ ﻛ ﺎ ﻹ ﺟ ﺎ ر ة أ و اﻟﻮ ﻛ ﺎﻟ ﺔ‬, ‫اﻟ ﺼ ﻜ ﻮ ك و اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
enforced again, unless it is stipulated in the
sale that if the originator does not pay the ‫ ﻣ ﺎ ﻟﻢ‬, ‫ ﻣﻦ ﺟ ﺪ ﻳ ﺪ‬-‫ ﻳﺴ ﺮ ي ﺗ ﻠﻘﺎ ﺋﻴ‬, ‫ﺑﺎﻟﺨ ﺪ ﻣ ﺎ ت‬
price within the specified period; then that
contract is not concluded ab initio and the ‫ﻳ ﺸ ﱰ ط ﰲ ﻫ ﺬ ا اﻟ ﺸ ﺮ اء ﻋ ﻠ ﻰ أ ﻧ ﻪ إ ذ ا ﻟ ﻢ ﺗ ﺪ ﻓ ﻊ‬
previous contracts remain valid according
to their [respective] provisions with the ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ اﻟ ﺜ ﻤ ﻦ ﰲ ا ﻷ ﺟ ﻞ اﻟ ﻤ ﺤ ﺪ د ; ﻓ ﺈن‬
consideration agreed upon in the contract
until the originator purchases the
‫ وﺗﺒﻘﻰ اﻟﻌﻘﻮد‬,‫ذﻟﻚ اﻟﻌﻘﺪ ﻏﻴﺮ ﻣﻨﻌﻘﺪ ﻣﻦ أﺻﻠﻪ‬
underlying assets from the
‫اﻟ ﺴ ﺎ ﺑ ﻘ ﺔ ﺳ ﺎ ر ﻳ ﺔ ﺑ ﺄ ﺣ ﻜ ﺎ ﻣ ﻬ ﺎ ﺑﺎﻟﻌ ﻮ ض اﻟ ﻤ ﺘ ﻔ ﻖ ﻋ ﻠ ﻴﻪ‬
certificateholders pursuant a valid
purchase [contract] with the payment of ‫ﰲ اﻟﻌ ﻘ ﺪ إ ﻟ ﻰ أن ﺗ ﺸ ﱰ ي اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬
the price. See: s. (6-3-3-6).
‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﻣ ﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺷ ﺮ اء‬
25
‫ و ﻳ ﻨ ﻈ ﺮ ﻣ ﺎ ﻳ ﺄ ﰐ ﰲ اﻟ ﺒ ﻨ ﺪ‬. ‫ ﻣ ﻊ د ﻓ ﻊ اﻟ ﺜ ﻤ ﻦ‬- ‫ﺻ ﺤ ﻴ ﺤ‬
.(٦-٣-٣-٦)
6-3-3-6. If the originator refrains to perform the ‫إ ذ ا ا ﻣ ﺘ ﻨ ﻌ ﺖ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻦ ﺗ ﻨ ﻔ ﻴ ﺬ اﻟ ﺘ ﻌ ﻬ ﺪ‬ .6-3-3-6
purchase undertaking and returns the
underlying assets to the certificateholders, ‫ﺑﺎﻟﺸ ﺮ اء و أﻋ ﺎد ت اﻟﻤ ﻮ ﺟ ﻮ د ات إﻟﻰ ﺣ ﻤ ﻠ ﺔ‬
then it owes compensation amount for the
actual damage. See: s. (5-1-7) of Shari’ah . ‫ ﻓ ﻌ ﻠ ﻴﻬ ﺎ اﻟ ﺘﻌ ﻮ ﻳ ﺾ ﻋ ﻦ اﻟ ﻀ ﺮ ر اﻟ ﻔ ﻌ ﻠ ﻲ‬, ‫اﻟ ﺼ ﻜ ﻮ ك‬
Standard No. (58) Repurchase and s. (5-2-2)
and s. (7-3-2-8) of this Standard. However, ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٧-١-٥) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
if it refrained from performing the purchase
undertaking and did not return the -٢-٥) ‫ واﻟﺒﻨﺪ‬,‫( ﺑﺸﺄن إﻋﺎدة اﻟﺸﺮاء‬٥٨) ‫رﻗﻢ‬
underlying assets to the certificateholders,
then the previous contracts, such as Ijarah ‫ أﻣﺎ‬.‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٨-٢-٣-٧) ‫( واﻟﺒﻨﺪ‬٢
or Service Agency, remain valid with the
consideration agreed upon in those ‫إ ذ ا ا ﻣ ﺘ ﻨ ﻌ ﺖ ﻋ ﻦ ﺗ ﻨ ﻔ ﻴ ﺬ اﻟ ﺘ ﻌ ﻬ ﺪ ﺑ ﺎﻟ ﺸ ﺮ اء و ﻟ ﻢ ﺗ ﺮ د‬
contracts, as stated in s. (6-3-3-5).
‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت إ ﻟ ﻰ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻓ ﺈن اﻟﻌ ﻘ ﻮ د‬
‫اﻟ ﺴ ﺎ ﺑ ﻘ ﺔ ﻣ ﺜﻞ ا ﻹ ﺟ ﺎ ر ة أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت‬
‫ﺗ ﺒ ﻘ ﻰ ﻗ ﺎ ﺋ ﻤ ﺔ ﺑ ﺎﻟ ﻌ ﻮ ض اﻟ ﻤ ﺘ ﻔ ﻖ ﻋ ﻠ ﻴﻪ ﰲ ﺗ ﻠ ﻚ‬
.(٥-٣-٣-٦) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻌﻘﻮد‬
6-3-3-7. If it is not possible to perform the purchase ‫إ ذ ا ﺗ ﻌ ﺬ ر ﺗ ﻨ ﻔ ﻴ ﺬ اﻟ ﺘ ﻌ ﻬ ﺪ ﺑ ﺎﻟ ﺸ ﺮ اء ﻷ ﻣ ﺮ ﺧ ﺎ ر ج ﻋ ﻦ‬ .7-3-3-6
undertaking for a matter beyond the ability
of the originator, then it is not permitted ‫ ﻓﻼ ﻳﺠ ﻮ ز أن ﻳﺜﺒﺖ ﻣ ﺒ ﻠﻎ‬, ‫ﻗ ﺪ ر ة اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬
that the amount of the price, at which the
purchase undertaking is [technically] ‫ ﰲ‬-‫اﻟﺜﻤﻦ اﻟﺬي ُﻳﻨﱠﻔﺬ ﺑﻪ اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء دﻳﻨ‬
exercised, to be recognized as a debt owed
by [the originator], nor any compensation is , ‫ و ﻻ ﻳﺠ ﻮ ز ﺗﺤ ﻤ ﻴ ﻠﻬ ﺎ ﺑ ﺸ ﻲ ء ﻣ ﻦ اﻟﺘﻌ ﻮ ﻳﺾ‬,‫ذ ﻣ ﺘﻬ ﺎ‬
charged to the originator. Unless, it is
stipulated in the purchase undertaking that ‫إﻻ أن ﻳﻨﺺ ﰲ اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء ﻋﻠﻰ أﻧﻪ إذا ﺗﻌﺬر‬
if [the undertaking] cannot be performed
for legal or procedural reasons after the ‫ﺗ ﻨ ﻔ ﻴ ﺬ ه ﻷ ﺳ ﺒ ﺎ ب ﻗ ﺎ ﻧﻮ ﻧ ﻴ ﺔ أ و إ ﺟ ﺮ ا ﺋ ﻴ ﺔ ﺑ ﻌ ﺪ ﺻ ﺪ و ر‬
offer being issued by the certificateholders,
and the originator continues to retain ‫اﻹﻳﺠﺎب ﻣﻦ ﺣﻤﻠﺔ اﻟﺼﻜﻮك واﺳﺘﻤﺮت اﻟﺠﻬﺔ‬
possession of the underlying assets of
Sukuk, then this is deemed, after the lapse , ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﺤ ﺘ ﻔ ﻈ ﺔ ﺑﺤ ﻴ ﺎ ز ة ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك‬
of a specified period, as an acceptance in-
action by the originator to purchase those
ً ‫ﻓ ﺈ ن ذ ﻟ ﻚ ﻳ ﻌ ﺪ ﺑ ﻌ ﺪ ﻣ ﻀ ﻲ ﻣ ﺪ ة ﻣ ﺤ ﺪ د ة ﻗ ﺒﻮ‬
‫ﻻ‬
assets at the price stipulated in the
‫ ﻣﻨﻬﺎ ﺑﺸﺮاء ﺗﻠﻚ اﻟﻤﻮﺟﻮدات ﺑﺎﻟﺜﻤﻦ‬-‫ﻋﻤﻠﻴ‬
purchase undertaking. See: s. (6-3-2-4).
‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫اﻟ ﻤ ﻨ ﺼ ﻮ ص ﻋ ﻠ ﻴﻪ ﰲ اﻟ ﺘﻌ ﻬ ﺪ ﺑﺎﻟ ﺸ ﺮ اء‬
26
.(٤-٢-٣-٦)
6-3-4. Undertaking by the originator to ‫ ﺗﻌﻬﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺎﺳﺘﺒﺪال ﻣﻮﺟﻮدات‬.4-3-6

substitute the Underlying Assets
:‫اﻟﺼﻜﻮك‬
It is permitted for the originator to undertake to ‫ﻳﺠﻮز أن ﺗﺘﻌﻬﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺄن ُﺗﺒﺪل ﻣﻮﺟﻮدات‬
substitute the underlying assets of Sukuk with its
[own] assets, in cases specified in the issuance ‫ ﰲ أ ﺣ ﻮ ا ل ﻣ ﺤ ﺪ د ة ﰲ و ﺛ ﺎ ﺋ ﻖ‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﺑﻤ ﻮ ﺟ ﻮ د ا ت ﻣ ﻦ ﻋ ﻨ ﺪ ﻫ ﺎ‬
documents, under the following conditions:
: ‫ و ذﻟﻚ ﺑﺎﻟﺸ ﺮ و ط اﻵ ﺗﻴﺔ‬, ‫اﻹ ﺻ ﺪ ار‬
6-3-4-1. That this does not lead to imposing the ‫أن ﻻ ﻳﺆ د ي ذﻟ ﻚ إ ﻟ ﻰ ﺗﺤ ﻤ ﻴﻠﻬ ﺎ ﺑﻀ ﻤ ﺎن ﻣﻤ ﻨﻮ ع‬ .1-4-3-6
liability (taḥmīl al-ḍamān) upon [the
originator] in a way that is prohibited by ‫ ﻓ ﺈ ذ ا ﺑﺎﻋ ﺖ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ اﻟﻤ ﻮ ﺟ ﻮ د ا ت‬. - ‫ﺷ ﺮ ﻋ‬
virtue of Shari’ah. If the originator sells the
underlying assets to the certificateholders, ‫ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك وﺟﺐ أن ﻳﻜﻮن اﻻﺳﺘﺒﺪال ﻋﻠﻰ‬
the substitution is required to be based on
the market value of old assets, its net value, ‫أﺳ ﺎ س اﻟﻘ ﻴﻤ ﺔ اﻟ ﺴ ﻮ ﻗ ﻴﺔ ﻟ ﻠﻤ ﻮ ﺟ ﻮ د ات اﻟﻘ ﺪ ﻳﻤ ﺔ أ و‬
its fair value, or as agreed upon at the time
of substitution. See: s. (5-3) and s. (3-6) and ‫ﻋ ﻠ ﻰ أﺳ ﺎ س ﺻ ﺎﰲ ﻗ ﻴﻤ ﺘﻬ ﺎ أ و ﻗ ﻴﻤ ﺘﻬ ﺎ اﻟﻌ ﺎدﻟﺔ أ و ﺑﻤ ﺎ‬
s. (4-3) of Shari’ah Standard No. (56)
Liability of the Investment Manager. (٥-٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻳﺘﻔﻖ ﻋﻠﻴﻪ ﻋﻨﺪ اﻻﺳﺘﺒﺪال‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٣-٤) ‫( واﻟﺒﻨﺪ‬٦-٣) ‫واﻟﺒﻨﺪ‬
‫( ﺑﺸﺄن ﺿﻤﺎن ﻣﺪﻳﺮ‬٥٦) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
.‫اﻻ ﺳ ﺘﺜﻤ ﺎر‬
6-3-4-2. Execution of the substitution will be carried ‫أ ن ﻳ ﻘ ﻊ ﺗ ﻨ ﻔ ﻴ ﺬ ا ﻻ ﺳ ﺘ ﺒ ﺪ ا ل ﺑ ﺈ ﻳ ﺠ ﺎ ب و ﻗ ﺒﻮ ل ﰲ ﺣ ﻴ ﻨﻪ‬ .2-4-3-6
through an offer and acceptance [made] at
that time between the certificateholders ‫ﺑﻴﻦ ﺣﻤﻠﺔ اﻟﱡﺼﻜﻮك )أو ﻣﻦ ﻳﻤﺜﻠﻬﻢ( واﻟﺠﻬﺔ‬
(or the party representing them) and the
originator; so that the originator does not ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ; ﺑﺤ ﻴ ﺚ ﻻ ﺗ ﺘ ﻮ ﻟ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻃ ﺮ ﰲ‬
conclude the contract on behalf of both the
sides of the contract (tawalī ṭarafī al-Ꜥaqd) . ‫اﻟﻌ ﻘ ﺪ أ و اﻟﻌ ﻘ ﻮ د اﻟ ﻼ ز ﻣ ﺔ ﻟ ﺘ ﻨ ﻔ ﻴ ﺬ ا ﻻ ﺳ ﺘ ﺒ ﺪ ا ل‬
or contracts that are necessary for
execution of substitution.
6-3-4-3. The rent for the old property suspends in ‫أن ﺗﺘﻮ ﻗﻒ أ ﺟ ﺮ ة اﻟﻌ ﻴﻦ اﻟﻘ ﺪ ﻳﻤ ﺔ ﰲ اﻟﻔ ﱰ ة اﻟﺘﻲ ﻗ ﺪ‬ .3-4-3-6
the period during which that property may
no longer be rented, and the leasing of the ‫ﻻ ﺗ ﺒ ﻘ ﻰ ﻓ ﻴﻬ ﺎ ﺗ ﻠ ﻚ اﻟﻌ ﻴﻦ ﻣ ﺆ ﺟ ﺮ ة و ﻳ ﺘ ﺄ ﺧ ﺮ ﺗ ﺄ ﺟ ﻴ ﺮ‬
new property is delayed, and that is in
Ijarah Sukuk. . ‫ و ذ ﻟ ﻚ ﰲ ﺻ ﻜ ﻮ ك ا ﻹ ﺟ ﺎ ر ة‬, ‫اﻟﻌ ﻴﻦ اﻟ ﺠ ﺪ ﻳ ﺪ ة‬
27
7. Issuance of Sukuk Issuance: : ‫ إ ﺻ ﺪ ا ر ا ﻟ ﺼ ﻜ ﻮ ك‬.7

7-1. The concept of Sukuk Issuance: :‫ ﻣﻔﻬﻮم إﺻﺪار اﻟﺼﻜﻮك‬.1-7
It is listing [of Sukuk] for public or private .‫ ﻟ ﻨ ﺸ ﺮ ة إ ﺻ ﺪ ار ﻫ ﺎ‬- ‫ﻫ ﻮ ﻃ ﺮ ﺣ ﻬ ﺎ ﻟ ﻼ ﻛ ﺘ ﺘﺎ ب اﻟﻌ ﺎم أ و اﻟﺨ ﺎ ص و ﻓ ﻘ‬
subscription in accordance with its base prospectus.
The subscription shall be in common shares of equal ‫و ﻳ ﻜ ﻮ ن ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﺑ ﺤ ﺼ ﺺ ﺷ ﺎ ﺋ ﻌ ﺔ ﻣ ﺘ ﺴ ﺎ و ﻳﺔ ﰲ ر أ س ﻣ ﺎ ل‬
value in the capital [of Sukuk], which represents the
proceeds of the issuance, for the purpose of ‫ ﺑﻐ ﺮ ض اﺳ ﺘ ﺜ ﻤ ﺎ ر ه‬, ‫اﻟ ﺼ ﻜ ﻮ ك اﻟ ﺬ ي ﻳ ﻤ ﺜﻞ ﺣ ﺼ ﻴ ﻠ ﺔ ا ﻹ ﺻ ﺪ ار‬
investing [the proceeds] in accordance with the
terms and conditions of the Sukuk contracts and ‫ و إ ذ ا ﻛ ﺎ ن‬. ‫ ﻟ ﺸ ﺮ و ط و أ ﺣ ﻜ ﺎم ﻋ ﻘ ﻮ د و ﻣ ﺴ ﺘ ﻨ ﺪ ا ت اﻟ ﺼ ﻜ ﻮ ك‬- ‫و ﻓ ﻘ‬
documents. If the issuance of Sukuk is [carried by]
way of securitization, then subscription to Sukuk is ‫ ﻓ ﺈ ن ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﻓ ﻴ ﻬ ﺎ‬, ‫إ ﺻ ﺪ ا ر اﻟ ﺼ ﻜ ﻮ ك ﺑ ﻄ ﺮ ﻳ ﻖ اﻟ ﺘ ﺼ ﻜ ﻴ ﻚ‬
subscribing to common shares of equal value in an
already-existing underlying assets, which are the ,ً‫اﻛﺘﺘﺎٌب ﰲ ﺣﺼﺺ ﺷﺎﺋﻌﺔ ﻣﺘﺴﺎوﻳﺔ ﰲ ﻣﻮﺟﻮدات ﻗﺎﺋﻤﺔ ﻓﻌﻼ‬
subject-matter of securitization. See: s. (2-2).
.(٢-٢) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻫﻲ اﻟﻤﻮﺟﻮدات ﻣﺤﻞ اﻟﺘﺼﻜﻴﻚ‬
7-2. General Rules for Sukuk Issuance: : ‫ﺿ ﻮ اﺑ ﻂ ﻋ ﺎﻣ ﺔ ﻹ ﺻ ﺪ ار اﻟ ﺼ ﻜ ﻮ ك‬ .2-7
7-2-1. It is required that the purpose of the ‫ﻳﺠﺐ أن ﻳﻜﻮن اﻟﻐﺮض ﻣﻦ إﺻﺪار اﻟﺼﻜﻮك‬ .1-2-7
issuance of Sukuk is acceptable by virtue of
Shari’ah. It is not permitted to issue Sukuk ‫ ﻓ ﻼ ﻳﺠ ﻮ ز إ ﺻ ﺪ ار ﺻ ﻜ ﻮ ك ﻟ ﺘﻤ ﻮ ﻳﻞ‬, - ‫ﻻ ﺷ ﺮ ﻋ‬ ً ‫ﻣ ﻘ ﺒﻮ‬
to finance interest-based transactions or
[carrying out] prohibited investments, such ‫ت ﻣﺤﱠﺮﻣﺔ ﻛﺸﺮاء‬ ٍ ‫ﻋ ﻤ ﻠ ﻴ ﺎ ت ر ﺑﻮ ﻳ ﺔ أ و اﺳ ﺘ ﺜ ﻤ ﺎ ر ا‬
as buying conventional bonds and the like.
.‫ﺳ ﻨ ﺪ ات ﺗﻘ ﻠ ﻴ ﺪ ﻳﺔ و ﻧﺤ ﻮ ﻫ ﺎ‬
7-2-2. It is required that Sukuk are issued using ‫ﻳﺠﺐ أن ﺗﺼﺪر اﻟﺼﻜﻮك ﺑﺎﺳﺘﺨﺪام ﺻﻴﻐﺔ وﻋﻘﻮد‬ .2-2-7
financing modes, contracts and document
that are acceptable by virtue of Shari’ah ٍ ‫و ﻣ ﺴ ﺘﻨﺪ ا‬
‫ وﺑﻤﺎ ﻳﱠﺘﻔﻖ ﻣﻊ ﺧﺼﺎﺋﺺ‬,-‫ت ﻣﻘﺒﻮﻟﺔ ﺷﺮﻋ‬
and what is in accordance with the
characteristics of Sukuk that distinguish ‫ و ﻻ‬, ‫اﻟ ﺼ ﻜ ﻮ ك اﻟ ﻤ ﻤ ﻴ ﺰ ة ﻟﻬ ﺎ ﻋ ﻦ اﻟ ﺴ ﻨ ﺪ ا ت اﻟ ﺘ ﻘ ﻠ ﻴ ﺪ ﻳ ﺔ‬
them from the conventional bonds. It is not
permitted to violate Shari’ah rulings and ‫ﻳﺠﻮز ﻣﺨﺎﻟﻔﺔ اﻷﺣﻜﺎم واﻟﻀﻮاﺑﻂ اﻟﺸﺮﻋﻴﺔ وﻟﻮ‬
rules, even to attract conventional
investors, to secure a credit rating for ‫ﻟﺠ ﺬ ب ﻣ ﺴ ﺘﺜﻤ ﺮ ﻳﻦ ﺗﻘ ﻠﻴ ﺪ ﻳﻴﻦ أو ﻟﻠﺤ ﺼ ﻮ ل ﻋ ﻠ ﻰ‬
Sukuk, to improve its credit rating, or to
ٍ ‫ﺗﺼ ﻨﻴ‬
‫ﻒ ا ﺋﺘﻤ ﺎﲏ ﱟ ﻟ ﻠ ﺼ ﻜ ﻮ ك أ و ﻟﺮ ﻓ ﻊ د ر ﺟ ﺔ ﺗ ﺼ ﻨ ﻴﻔ ﻬ ﺎ‬
meet the requirements for listing it in the
bond markets or global financial markets.
See: Para. 3, s. (9-3) and s. (13-1-1-1). ‫اﻻ ﺋﺘﻤ ﺎﲏ أو ﻟﺘﻠﺒﻴﺔ ﻣ ﺘﻄ ﻠﺒﺎت إد ر اﺟ ﻬ ﺎ ﰲ أﺳ ﻮ اق‬
‫ و ﻳ ﻨ ﻈ ﺮ‬. ‫اﻟ ﺴ ﻨ ﺪ ا ت أ و ا ﻷ ﺳ ﻮ اق اﻟ ﻤ ﺎﻟ ﻴ ﺔ اﻟﻌ ﺎﻟ ﻤ ﻴ ﺔ‬
.(١-١-١-١٣) ‫( واﻟﺒﻨﺪ‬٣-٩) ‫( واﻟﺒﻨﺪ‬٣) ‫اﻟﻔﻘﺮة‬
28
7-2-3. It is not permitted to state that if any of the ‫ﻻ ﻳﺠﻮز اﻟﻨﺺ ﻋﻠﻰ أﻧﻪ إن ﻇﻬﺮ أن أّي ﻋﻘﺪ ﻣﻦ‬ .3-2-7
Sukuk contracts turns out to be void,
vitiated (fāsid) or unenforceable then it ‫ﻋﻘﻮد اﻟﺼﻜﻮك ﺑﺎﻃﻞ أو ﻓﺎﺳﺪ أو ﻏﻴﺮ ﻧﺎﻓﺬ; ﻓﺈﻧﻪ‬
shall continue producing its effect on
absolute basis, and none of these effects ‫ و ﻻ ﻳﻘ ﺮ ﻣﻦ اﻵ ﺛﺎر‬, - ‫ ﻵ ﺛﺎره ﻣ ﻄ ﻠ ﻘ‬- ‫ ﻣ ﻨﺘﺠ‬- ‫ﯾﺒﻘ ﻰ ﻗﺎﺋﻤ‬
shall be accepted only that goes in line with
the rulings and principles of Shari’ah ‫ﰲ ﻫ ﺬ ه اﻷ ﺣ ﻮ ال إﻻ ﻣ ﺎ و اﻓ ﻖ أ ﺣ ﻜ ﺎم و ﻣ ﺒﺎد ئ‬
regarding vitiated contracts related to the
price, rent, distribution of profit, or other ‫اﻟ ﺸ ﺮ ﻳﻌ ﺔ ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ﺑ ﺸ ﺄن اﻟﻌ ﻘ ﻮ د اﻟ ﻔ ﺎﺳ ﺪ ة اﻟ ﻤ ﺘﻌ ﻠ ﻘ ﺔ‬
rights or obligations. See: s. (5-2-3-3).
‫ أ و ﻏ ﻴ ﺮ ﻫ ﺎ ﻣ ﻦ‬, ‫ أ و ﺗ ﻘ ﺴ ﻴﻢ اﻟ ﺮ ﺑ ﺢ‬, ‫ أ و ا ﻷ ﺟ ﺮ ة‬, ‫ﺑ ﺎ ﻟ ﺜ ﻤ ﻦ‬
- ٣ - ٢ - ٥ ) ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫ا ﻟ ﺤ ﻘ ﻮ ق أ و ا ﻻ ﻟ ﺘ ﺰ ا ﻣ ﺎ ت‬
.(٣
7-2-4. It is required that the contracts and ‫ﻳﺠﺐ أن ﺗﻜﻮن اﻟﻌﻘﻮد واﻟﻤﺴﺘﻨﺪات اﻟﺘﻲ ُﺗﱪم ﻣﻊ‬ .4-2-7
documents concluded with the parties
related to Sukuk issuance (whether the ‫ ﺳﻮاء أﻛﺎن‬- ‫أي ﻃﺮف ذي ﺻﻠﺔ ﺑﺈﺻﺪار اﻟﺼﻜﻮك‬
arranger, the dealer or a party carrying any
of its activities) are acceptable by virtue of - ‫ أم ﻣﻨﻔﺬًا ﻷي ﻣﻦ أﻋﻤﺎﻟﻬﺎ‬-‫ أم ﻣﺴﻮﻗ‬-‫ﻣﻨﻈﻤ‬
Shari’ah, whatever their duties may be, and
to state in [the contracts] their ‫ ﻣﻊ اﻟﻨﱠﺺ ﻓﻴﻬﺎ‬,‫ ﻛﺎﻧﺖ ﻣﻬﻤﺎﺗﻪ‬-‫ أﻳ‬,-‫ﻣﻘﺒﻮﻟًﺔ ﺷﺮﻋ‬
commitment in performing their duties to
the rulings and principles of Shari’ah. This ‫ﻋ ﻠ ﻰ ا ﻟ ﺘ ﺰ ا ﻣ ﻪ ﰲ أ د ا ﺋﻪ ﻟ ﻤ ﻬ ﻤ ﺎ ﺗ ﻪ ﺑ ﺄ ﺣ ﻜ ﺎ م و ﻣ ﺒ ﺎ د ئ‬
applies to those who contract with [such
party] to carry out these tasks or some of ‫ و ﻳ ﻨ ﻄ ﺒ ﻖ ذ ﻟ ﻚ ﻋ ﻠ ﻰ ﻣ ﻦ ﻳ ﺘﻌ ﺎﻗ ﺪ‬. ‫ا ﻟ ﺸ ﺮ ﻳ ﻌ ﺔ ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ‬
them (if they are authorized to do so).
‫ﻣ ﻌ ﻪ ﻟ ﻠ ﻘ ﻴ ﺎم ﺑ ﺘ ﻠ ﻚ ا ﻟ ﻤ ﻬ ﻤ ﺎ ت أ و ﺑ ﺒ ﻌ ﻀ ﻬ ﺎ ﻣ ﻤ ﺎ ﻫ ﻮ‬
. ‫ﻣ ﺄ ذ و ن ﻟ ﻪ ﺑ ﺎ ﻟ ﺘ ﻌ ﺎ ﻗ ﺪ ﻣ ﻊ ا ﻟ ﻐ ﻴ ﺮ ﻓ ﻴﻪ‬
7-2-5. It is required that financing mode of Sukuk, ‫ﻳ ﺠ ﺐ أ ن ﺗ ﺒ ﻘ ﻰ ﺻ ﻴﻐ ﺔ اﻟ ﺼ ﻜ ﻮ ك و ﻋ ﻤ ﻠ ﻴﺎ ﲥ ﺎ و ﺣ ﺴ ﺎ ب‬ .5-2-7
its operations, calculation of its profits or
losses, and everything related to it remain ‫ ﻣﻊ‬-‫أرﺑﺎﺣﻬﺎ أو ﺧﺴﺎﺋﺮﻫﺎ وﻛﻞ ﻣﺎ ﻳﱠﺘﺼﻞ ﲠﺎ ﻣﺘﻔﻘ‬
in accordance with the rulings and
principles of Shari’ah until the redemption ‫أ ﺣ ﻜ ﺎم و ﻣ ﺒ ﺎ د ئ اﻟ ﺸ ﺮ ﻳﻌ ﺔ ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ إ ﻟ ﻰ ﺣ ﻴ ﻦ‬
or cancelation of Sukuk. And if any of the
terms or provisions of its contracts and ‫ وإذا ﺗﻢ ﺗﻌﺪﻳﻞ أﱟي ﻣﻦ‬.‫اﺳﱰداد أو إﻃﻔﺎء اﻟﺼﻜﻮك‬
documents are modified, then it is required
that the modification must be acceptable ‫ ﻓ ﻴﺠ ﺐ أن‬, ‫ﺷ ﺮ و ط أ و أ ﺣ ﻜ ﺎم ﻋ ﻘﻮ د ﻫ ﺎ و ﻣ ﺴ ﺘ ﻨ ﺪ اﲥ ﺎ‬
by virtue of Shari’ah. See: s. (7-3-2-5) and s.
(13-1-1-1). ً ‫ﻳﻜﻮن اﻟﱠﺘﻌﺪﻳﻞ ﻣﻘﺒﻮ‬
-٣ -٧ ) ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. - ‫ﻻ ﺷ ﺮ ﻋ‬
.(١-١-١-١٣) ‫ واﻟﺒﻨﺪ‬,(١٥-٢
7-2-6. It is not permitted to combine Sukuk - ‫ﻻ ﻳﺠ ﻮ ز اﻟﺠ ﻤ ﻊ ﺑﻴﻦ ﻋ ﻘﻮ د إ ﺻ ﺪ ار اﻟ ﺼ ﻜ ﻮ ك ﺟ ﻤ ﻌ‬ .6-2-7
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issuance contracts in a manner that is not ‫ وﻳﻨﻈﺮ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬.-‫ﻏﻴﺮ ﻣﻘﺒﻮٍل ﺷﺮﻋ‬
acceptable by virtue of Shari’ah. See:
Shari’ah Standard No. (25): Combination of ‫ واﻟﻮاﺟﺐ أن‬.‫( ﺑﺸﺄن اﻟﺠﻤﻊ ﺑﻴﻦ اﻟﻌﻘﻮد‬٢٥)
Contracts. It is required for each contract of
the approved financing mode applied for ‫ﻳﺤﱢﻘﻖ ﻛﻞ ﻋﻘٍﺪ ﻣﻦ ﻋﻘﻮد اﻟﺼﻴﻐﺔ اﻟﻤﺴﺘﺨﺪﻣﺔ‬
the issuance of Sukuk to fulfil its
(respective) requirements as determined ‫ ﻛﻤﺎ ﻟﻮ‬,-‫ﻹﺻﺪار اﻟﺼﻜﻮك ﻣﻘﺘﻀﺎه اﻟﻤﻘﱠﺮر ﻟﻪ ﺷﺮﻋ‬
by Shari’ah, as if it were concluded on its
own. .‫ﻛﺎن ﻣﻌﻘﻮدًا ﺑﻤﻔﺮده‬
7-2-7. When structuring Sukuk, Shari’ah ‫ﻳﺠﺐ ﻋﻨﺪ ﻫﻴﻜﻠﺔ اﻟﺼﻜﻮك أن ﺗﻘﺮر اﻷﺣﻜﺎم‬ .7-2-7
provisions must be determined according
to the outcome and effects of Sukuk’s , ‫ ﻟ ﻤ ﺂ ل و آ ﺛ ﺎ ر ﻣ ﻨ ﻈ ﻮ ﻣ ﺘﻬ ﺎ اﻟﻌ ﻘ ﺪ ﻳ ﺔ‬- ‫اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ و ﻓ ﻘ‬
contractual mechanics, taken together,
without being limited to the effects of ‫ دون اﻻﻗﺘﺼﺎر ﻋﻠﻰ آﺛﺎر اﻟﺘﺼﺮﻓﺎت‬,‫ﻣﺠﺘﻤﻌﺔ‬
individual (partial) disposals and contracts,
in isolation from other contracts and ‫واﻟﻌﻘﻮد اﻟﻔﺮدﻳﺔ )اﻟﺠﺰﺋﻴﺔ( ﺑﻤﻌﺰٍل ﻋﻦ ﻏﻴﺮﻫﺎ ﻣﻦ‬
accompanying documents. It is not
permitted for its contractual mechanics to ‫ ﻓ ﻼ ﻳ ﺠ ﻮ ز أن‬.‫اﻟﻌ ﻘ ﻮ د و اﻟ ﻤ ﺴ ﺘ ﻨ ﺪ ا ت اﻟ ﻤ ﺼ ﺎ ﺣ ﺒ ﺔ ﻟﻬ ﺎ‬
lead into an exchange of spot cash for a
more deferred cash than for a deferred ‫ﺗﺆ و ل ﻣ ﻨ ﻈ ﻮ ﻣ ﺘﻬ ﺎ اﻟﻌ ﻘ ﺪ ﻳﺔ إ ﻟ ﻰ ﺗ ﺒ ﺎ د ل ﻧ ﻘ ﺪ ﻋ ﺎ ﺟ ﻞ ﺑ ﻨ ﻘ ﺪ‬
one, or to negate the certificateholders to
bear any of the risks of the underlying ‫ أ و إ ﻟ ﻰ ﻧ ﻔ ﻲ ﺗ ﺤ ﻤ ﻞ‬, ‫آ ﺟ ﻞ أﻛ ﺜ ﺮ ﻣ ﻨﻪ ﻣ ﻘ ﺎ ﺑﻞ ا ﻷ ﺟ ﻞ‬
assets of Sukuk owned by them.
‫ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﺷﻴًﺌﺎ ﻣﻦ ﻣﺨﺎﻃﺮ ﻣﻮﺟﻮدات‬
. ‫اﻟ ﺼ ﻜ ﻮ ك اﻟ ﻤ ﻤ ﻠﻮ ﻛ ﺔ ﻟﻬ ﻢ‬
7-2-8. There is no [Shari’ah] objection to the ‫ﻻ ﻣ ﺎﻧﻊ ﻣ ﻦ أن ﺗﻜ ﻮ ن اﻟﻌ ﻼ ﻗ ﺔ ﺑﻴﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬ .8-2-7
relationship between the certificateholders
and the originator being a direct ‫ أ و ﻋ ﻼ ﻗ ﺔ ﻏ ﻴ ﺮ‬, ‫و اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻼ ﻗ ﺔ ﻣ ﺒ ﺎﺷ ﺮ ة‬
relationship, or an indirect relationship
through establishing a legal entity that ‫ﻣ ﺒﺎﺷ ﺮ ة ﻣ ﻦ ﺧ ﻼ ل إﻧ ﺸ ﺎء ﻛ ﻴﺎن ﻗﺎﻧﻮ ﲏ ﻳﻤ ﺜ ﻠﻬ ﻢ ﰲ‬
represents them in contracting with the
originator, such as a special purpose ‫ ﻛ ﺎﻟ ﻤ ﻨ ﺸ ﺄ ة ذ ا ت اﻟﻐ ﺮ ض‬, ‫اﻟ ﺘﻌ ﺎﻗ ﺪ ﻣ ﻊ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
vehicle. See: s. (10-2).
.(٢-١٠) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﺨﺎص‬
7-2-9. There is no [Shari’ah] objection if a ‫ﻻ ﻣﺎﻧﻊ ﺷﺮًﻋﺎ ﻣﻦ أن ﺗﻜﻮن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﰲ إﺻﺪار‬ .9-2-7
conventional financial institution is the
originator in a Sukuk issuance, provided it ‫اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺆ ﺳ ﺴ ﺔ ﻣ ﺎﻟ ﻴ ﺔ ﺗ ﻘ ﻠ ﻴ ﺪ ﻳ ﺔ و ذ ﻟ ﻚ ﺑ ﺸ ﺮ ط أن‬
uses the proceeds of Sukuk issuance in
accordance with Shari’ah rules, and that ‫ﺗﺴﺘﺨﺪم ﺣﺼﻴﻠﺔ إﺻﺪار اﻟﺼﻜﻮك وﻓًﻘﺎ ﻟﻠﻀﻮاﺑﻂ‬
the Sukuk has a Shari’ah Board that
monitors its compliance with those rules ‫ و أن ﻳ ﻜ ﻮ ن ﻟ ﻠ ﺼ ﻜ ﻮ ك ﻫ ﻴﺌ ﺔ ﺷ ﺮ ﻋ ﻴ ﺔ ﺗ ﺮ اﻗ ﺐ‬, ‫اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ‬
from the Sukuk issuance until the
redemption or cancelation of its ‫اﻟ ﺘ ﺰ ا ﻣ ﻬ ﺎ ﺑ ﺘ ﻠ ﻚ اﻟ ﻀ ﻮ اﺑ ﻂ ﻣ ﻦ إ ﺻ ﺪ ار اﻟ ﺼ ﻜ ﻮ ك إ ﻟ ﻰ‬
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certificates. With due compliance with s. (8- ‫ و ﯾ ﺮ ا ﻋ ﻰ اﻟﻮ ار د ﰲ اﻟ ﺒ ﻨ ﺪ‬. ‫ﺣ ﻴ ﻦ ا ﺳ ﱰ د ا د ﻫ ﺎ أ و إ ﻃ ﻔ ﺎ ﺋ ﻬ ﺎ‬

3-1-2-c), s. (8-3-2-2-b) and s. (13-1). There
is also no [Shari’ah] objection if a ( ‫ ب‬-٢ -٢ -٣ -٨ ) ‫ ج ( و اﻟ ﺒ ﻨ ﺪ‬-٢ -١ -٣ -٨ )
conventional financial institution handles
or participates in arranging or marketing ‫ ﻛﻤﺎ أﻧﻪ ﻻ ﻣﺎﻧﻊ ﺷﺮًﻋﺎ ﻣﻦ أن ﺗﺘﻮﻟﻰ‬.(١-١٣) ‫واﻟﺒﻨﺪ‬
the issuances of Sukuk, provided that this
does not affect Sukuk’s compliance with ‫أ و ﺗ ﺸ ﺎ ر ك ﻣ ﺆ ﺳ ﺴ ﺔ ﻣ ﺎﻟ ﻴ ﺔ ﺗ ﻘ ﻠ ﻴ ﺪ ﻳ ﺔ ﰲ ﺗ ﻨ ﻈ ﻴﻢ أ و ﺗ ﺴ ﻮ ﻳ ﻖ‬
Shari’ah rules in any way, and that the
contract or document entrusting it with ‫ ﺑ ﺸ ﺮ ط أ ن ﻻ ﻳﺆ ﺛ ﺮ ذ ﻟ ﻚ ﰲ‬, ‫إ ﺻ ﺪ ا ر ا ت اﻟ ﺼ ﻜ ﻮ ك‬
that is acceptable by virtue of Shari’ah. See:
s. (7-2-4). ‫اﻟ ﺘ ﺰ ام اﻟ ﺼ ﻜ ﻮ ك ﺑﺎﻟ ﻀ ﻮ اﺑ ﻂ اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﺑﻮ ﺟ ﻪ ﻣ ﻦ‬
‫ و أن ﻳ ﻜ ﻮ ن ﻋ ﻘ ﺪ أ و ﻣ ﺴ ﺘ ﻨ ﺪ ﺗ ﻜ ﻠ ﻴ ﻔ ﻬ ﺎ ﺑ ﺬ ﻟ ﻚ‬, ‫اﻟﻮ ﺟ ﻮ ه‬
ً ‫ﻣ ﻘ ﺒﻮ‬
.(٤-٢-٧) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.-‫ﻻ ﺷﺮﻋ‬
7-2-10. It is permitted for the arranger to charge a ‫ﻳﺠﻮز أن ﺗﺘﻘﺎﺿﻰ اﻟﺠﻬﺔ اﻟﻤﻨﻈﻤﺔ ﻹﺻﺪار‬.10-2-7
fee for arranging Sukuk issuance and
preparing contracts and documents, and ‫اﻟﺼﻜﻮك أﺟًﺮا ﻋﻠﻰ اﻟﺘﻨﻈﻴﻢ وإﻋﺪاد اﻟﻌﻘﻮد‬
[such a fee] is borne by the originator or the
certificateholders, according to the ‫و اﻟ ﻤ ﺴ ﺘ ﻨ ﺪ ا ت ﺗ ﺘ ﺤ ﻤ ﻠﻪ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ أ و ﺣ ﻤ ﻠ ﺔ‬
agreement.
. ‫اﻟ ﺼ ﻜ ﻮ ك ﺑﺤ ﺴ ﺐ ا ﻻ ﺗ ﻔ ﺎ ق‬
7-2-11. It is permitted to use the debt, owed by the ‫ﻳﺠﻮز أن ﻳﺠﻌﻞ اﻟﺪﻳﻦ ﰲ ذﻣﺔ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬.11-2-7
originator resulting from Sukuk, as a
consideration for the certificateholders’ ‫اﻟ ﻨ ﺎ ﺷ ﺊ ﻋ ﻦ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻘ ﺎ ﺑ ﻼ ً ﻻ ﻛ ﺘ ﺘ ﺎ ب ﺣ ﻤ ﻠ ﺔ‬
subscription to other Sukuk issued by the
originator, if this is done by agreement ‫ا ﻟ ﺼ ﻜ ﻮ ك ﰲ ﺻ ﻜ ﻮ ك أ ﺧ ﺮ ى ﺗ ﺼ ﺪ ر ﻫ ﺎ اﻟ ﺠ ﻬ ﺔ‬
between [the certificateholders] and the
originator at the time of subscribing to the ‫ إن ﺗﻢ ذﻟﻚ ﺑﺎﺗﻔﺎٍق ﺑﻴﻨﻬﻢ وﺑﻴﻦ اﻟﺠﻬﺔ‬,‫اﻟﻤﻨﺸﺌﺔ‬
new Sukuk, provided that the new Sukuk
are not based on partnerships, Investment , ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻨ ﺪ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﰲ اﻟ ﺼ ﻜ ﻮ ك اﻟ ﺠ ﺪ ﻳ ﺪ ة‬
Agency or Salam, and that the underlying
assets of the new Sukuk are acceptable to ‫وذﻟﻚ ﺑﺸﺮط أن ﻻ ﺗﻜﻮن اﻟﺼﻜﻮك اﻟﺠﺪﻳﺪة ﻣﻦ‬
be exchanged for debt without being
bound by the provisions of debt disposal, ‫ﺻ ﻜ ﻮ ك اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺎ ت أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر أ و‬
otherwise it is required to comply with
provisions of Shari’ah Standard No. (59): ‫ و أن ﺗ ﻜ ﻮ ن ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك اﻟ ﺠ ﺪ ﻳ ﺪ ة‬, ‫اﻟ ﺴ ﻠﻢ‬
Sale of Debt. See: s. (3-1-2-4) of Shari’ah
Standard No. (12): Sharikah (Musharaka)
‫ﻣ ﻤ ﺎ ﻳ ﻘ ﺒﻞ ﻣ ﺒﺎ د ﻟ ﺘﻪ ﺑﺎﻟ ﺪ ﻳﻦ د و ن اﻟ ﺘ ﻘ ﻴ ﺪ ﺑ ﺄ ﺣ ﻜ ﺎم‬
and Modern Companies, and s. (7-1) of
‫ و ﯾ ﺮ ا ﻋ ﻰ‬, ‫ و إ ﻻ و ﺟ ﺐ اﻟ ﺘ ﻘ ﻴ ﺪ ﲠ ﺎ‬, ‫اﻟ ﺘ ﺼ ﺮ ف ﰲ اﻟ ﺪ ﻳﻮ ن‬
Shari’ah Standard No. (13): Mudaraba.
‫( ﺑﺸﺄن ﺑﻴﻊ‬٥٩) ‫اﻟﻮارد ﰲ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٤-٢-١-٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬,‫اﻟﺪﻳﻦ‬
31
(‫( ﺑﺸﺄن اﻟﺸﺮﻛﺔ )اﻟﻤﺸﺎرﻛﺔ‬١٢) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬

‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬١-٧) ‫ واﻟﺒﻨﺪ‬,‫واﻟﺸﺮﻛﺎت اﻟﺤﺪﻳﺜﺔ‬
.‫( ﺑﺸﺄن اﻟﻤﻀﺎرﺑﺔ‬١٣) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
7-3. Base Prospectus: :‫ ﻧﺸﺮة اﻹﺻﺪار‬.3-7

7-3-1. Base Prospectus: is a document that ‫ ﻣ ﺴ ﺘﻨﺪ ﻳﺸ ﺘﻤ ﻞ ﻋ ﻠ ﻰ ﺗﻔﺎﺻ ﻴﻞ‬: ‫ﻧﺸ ﺮ ة اﻹ ﺻ ﺪ ار‬ .1-3-7
includes the details of Sukuk offered for
subscription, the terms and conditions of ‫اﻟ ﺼ ﻜ ﻮ ك اﻟ ﻤ ﻄ ﺮ و ﺣ ﺔ ﻟ ﻼ ﻛ ﺘ ﺘ ﺎ ب و ﺷ ﺮ و ط و أ ﺣ ﻜ ﺎم‬
the issuance, and all the information and
data that the subscribers need in order to ‫اﻹﺻﺪار وﺟﻤﻴﻊ اﻟﻤﻌﻠﻮﻣﺎت واﻟﺒﻴﺎﻧﺎت اﻟﺘﻲ‬
make their decision to subscription based
on full information. It represents the ‫ﻳ ﺤ ﺘ ﺎ ج إﻟ ﻴﻬ ﺎ اﻟ ﻤ ﻜ ﺘ ﺘ ﺒﻮ ن ﻟ ﻴ ﻜ ﻮ ن ﻗ ﺮ ا ر ﻫ ﻢ ﺑ ﺎ ﻻ ﻛ ﺘ ﺘ ﺎ ب‬
invitation that the issuer sends to the
subscribers, and the subscription is based ‫ و ﻫ ﻲ ﺗ ﻤ ﺜﻞ اﻟ ﺪ ﻋ ﻮ ة اﻟ ﺘﻲ‬. ‫ﻓ ﻴﻬ ﺎ ﻋ ﻦ ﻣ ﻌ ﺮ ﻓ ﺔ ﺗﺎ ﻣ ﺔ‬
on it. Subscription to Sukuk represents the
offer, while acceptance is the approval of ‫ وﻳﺘﻢ اﻻﻛﺘﺘﺎب‬,‫ﻳﻮﺟﻬﻬﺎ اﻟﻤﺼِﺪر إﻟﻰ اﻟﻤﻜﺘﺘﺒﻴﻦ‬
the originator, and the approval may be
with a smaller number of Sukuk subscribed ‫ وﻳﻤﺜﻞ اﻻﻛﺘﺘﺎب ﰲ اﻟﺼﻜﻮك‬.‫اﺳﺘﻨﺎدًا إﻟﻴﻬﺎ‬
for if the subscription exceeds the size of
the issue, and this is known as allotment. ,‫ أﻣﺎ اﻟﻘﺒﻮل ﻓﻬﻮ ﻣﻮاﻓﻘﺔ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬,‫اﻻﻳﺠﺎب‬
‫وﻗﺪ ﺗﻜﻮن اﻟﻤﻮاﻓﻘﺔ ﺑﻌﺪٍد أﻗﻞ ﻣﻦ اﻟﺼﻜﻮك‬
‫اﻟ ﻤ ﻜ ﺘ ﺘ ﺐ ﻓ ﻴﻬ ﺎ إن ﻛ ﺎن ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﻳ ﻔ ﻮ ق ﺣ ﺠ ﻢ‬
.‫ وُﻳﻌﺮف ﻫﺬا ﺑﺎﻟﱠﺘﺨﺼﻴﺺ‬,‫اﻹﺻﺪار‬
7-3-2. Among the most important things that the ‫ﻣ ﻦ أ ﻫ ﻢ ﻣ ﺎ ﻳ ﻠ ﺰ م أن ﺗ ﺸ ﺘ ﻤ ﻞ ﻋ ﻠ ﻴﻪ ﻧ ﺸ ﺮ ة ا ﻹ ﺻ ﺪ ار ﻣ ﺎ‬ .2-3-7
base prospectus should include are the
following: : ‫ﻳﺄ ﰐ‬
7-3-2-1. The size of the issuance, the size of the ‫ و ﺣ ﺠ ﻢ اﻟ ﱪ ﻧﺎ ﻣ ﺞ إن ﻛ ﺎن‬, ‫ﺣ ﺠ ﻢ اﻹ ﺻ ﺪ ار‬ .1-2-3-7
program if the issuance is within a Sukuk
program that includes repeated issuances, ‫اﻹ ﺻ ﺪ ار ﺿ ﻤ ﻦ ﺑﺮ ﻧﺎﻣ ﺞ ﻟﻠ ﺼ ﻜ ﻮ ك ﻳﺸ ﺘﻤ ﻞ ﻋ ﻠ ﻰ‬
and the issuance period (if Sukuk has a
specified period). ‫ وﻣﱠﺪة اﻹﺻﺪار )إن ﻛﺎن‬,‫إﺻﺪارات ﻣﺘﱢﻜﺮرة‬
.(‫ﻟﻠﺼﻜﻮك ﻣﱠﺪة ﻣﺤﱠﺪدة‬
7-3-2-2. Originator’s purpose of Sukuk issuance, ‫ ﻣﻊ‬,‫ﻏﺮض اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﻦ إﺻﺪار اﻟﺼﻜﻮك‬ .2-2-3-7
with a clear explanation of the Shari’ah
compliant financing mode used in issuing ‫ﺷﺮح واﺿﺢ ﻟﻠﱢﺼﻴﻐﺔ اﻟﺸﺮﻋﻴﺔ اﻟﻤﺴﺘﺨﺪﻣﺔ ﰲ‬
the Sukuk.
32
. ‫إ ﺻ ﺪ ا ر اﻟ ﺼ ﻜ ﻮ ك‬
7-3-2-3. A sufficient statement of the contracts and ‫ف ﻟﻠﻌﻘﻮد واﻟﻤﺴﺘﻨﺪات اﻟﺨﺎﺻﺔ‬ ٍ ‫ﺑﻴﺎٌن ﻛﺎ‬ .3-2-3-7
documents related to Sukuk, with a
reference of their most important terms, ‫ ﻣ ﻊ ذﻛ ﺮ أﻫ ﻢ ﺷ ﺮ و ﻃ ﻬ ﺎ و أﺣ ﻜ ﺎﻣﻬ ﺎ‬, ‫ﺑﺎﻟﺼ ﻜ ﻮ ك‬
conditions and effects. It is not permitted to
have the base prospectus include any text ‫ و ﻻ ﻳﺠ ﻮ ز أن ﺗ ﺸ ﺘﻤ ﻞ اﻟﻨﺸ ﺮ ة ﻋ ﻠ ﻰ أي‬,‫و آﺛﺎر ﻫ ﺎ‬
that contradicts the terms, provisions,
effects or requirements of these contracts ‫ﺺ ﻳ ﺨ ﺎ ﻟ ﻒ ﺷ ﺮ و ط ﻫ ﺬ ه اﻟ ﻌ ﻘ ﻮ د و اﻟ ﻤ ﺴ ﺘ ﻨ ﺪ ا ت أ و‬
‫ﻧ ﱟ‬
and documents.
.‫أﺣﻜﺎَﻣﻬﺎ أو آﺛﺎرﻫﺎ أو ﻣﻘﺘﻀﻴﺎﲥﺎ‬
7-3-2-4. Adequate information about the issuance ‫اﻟ ﺒ ﻴ ﺎ ﻧﺎ ت اﻟ ﻜ ﺎ ﻓ ﻴ ﺔ ﻋ ﻦ أﻃ ﺮ اف ا ﻹ ﺻ ﺪ ار‬ .4-2-3-7
parties and participants, their contractual
capacities, rights and duties, such as: the ‫و اﻟ ﻤ ﺸ ﺎ ر ﻛ ﻴ ﻦ ﻓ ﻴﻪ و ﺻ ﻔ ﺎ ﲥ ﻢ اﻟ ﺘﻌ ﺎﻗ ﺪ ﻳ ﺔ و ﺣ ﻘ ﻮ ﻗ ﻬ ﻢ‬
originator, the issuer, the trustee, the
arrangers, the subscription agents or , ‫ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬: ‫ و ذ ﻟ ﻚ ﻣ ﺜﻞ‬, ‫و و ا ﺟ ﺒ ﺎ ﲥ ﻢ‬
brokers, the accounts agent, the payment
agent, the registrar, the underwriter, and ‫ و اﻟ ﻤ ﻨ ﻈ ﻤ ﻴ ﻦ‬, ‫ و أ ﻣ ﻴ ﻦ ا ﻹ ﺻ ﺪ ار‬, ‫و اﻟ ﻤ ﺼ ﺪ ر‬
other parties or other participants, if any.
‫ و و ﻛ ﻴﻞ‬, ‫ و و ﻛ ﻼ ء أو و ﺳ ﻄ ﺎء اﻻ ﻛ ﺘﺘﺎب‬, ‫ﻟﻺ ﺻ ﺪ ار‬
, ‫ و أ ﻣ ﻴﻦ اﻟ ﺴ ﺠ ﻼ ت‬, ‫ و و ﻛ ﻴﻞ اﻟ ﺪ ﻓ ﻊ‬, ‫اﻟ ﺤ ﺴ ﺎ ﺑﺎ ت‬
‫ وﻏﻴﺮﻫﻢ ﻣﻦ اﻷﻃﺮاف أو‬,‫وﻣﺘﻌﻬﺪ اﻟﺘﻐﻄﻴﺔ‬
.‫اﻟ ﻤ ﺸ ﺎ ر ﻛ ﻴﻦ ا ﻵ ﺧ ﺮ ﻳﻦ إن و ﺟ ﺪ و ا‬
7-3-2-5. Statement of the method and conditions ‫ﻃ ﺮ ﻳ ﻘ ﺔ و ﺷ ﺮ و ط ﺗﻮ ز ﻳ ﻊ اﻟﻌ ﻮ ا ﺋ ﺪ أ و ا ﻷ ر ﺑ ﺎ ح‬ .5-2-3-7
for distributing the expected returns or
profits of Sukuk and their dates, ‫ و اﺳ ﺘ ﺤ ﻘ ﺎ ق‬, ‫اﻟ ﻤ ﺘﻮ ﻗ ﻌ ﺔ ﻟ ﻠ ﺼ ﻜ ﻮ ك و ﺗﻮ ار ﻳ ﺨ ﻬ ﺎ‬
entitlement to the incentives, if any,
bearing the expenses and losses of the ‫ و ﺗ ﺤ ﻤ ﻞ ﻧ ﻔ ﻘ ﺎ ت و ﺧ ﺴ ﺎ ﺋ ﺮ‬, ( ‫ا ﻟ ﺤ ﻮ ا ﻓ ﺰ) إ ن و ﺟ ﺪ ت‬
underlying assets of Sukuk, with a
statement that the certificateholders will ‫ ﻣ ﻊ اﻟ ﻨ ﺺ ﻋ ﻠ ﻰ ﻣ ﺸ ﺎ ر ﻛ ﺔ‬, ‫ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك‬
participate in the profits, and bear the risk
in proportion to their shares in the ‫ وﺗﺤﻤﻠﻬﻢ اﻟﻐﺮم ﺑﻨﺴﺐ‬,‫ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﰲ اﻟُﻐﻨﻢ‬
underlying assets of Sukuk in accordance
with the Shari’ah rules of the financing - ‫ﺣ ﺼ ﺼ ﻬﻢ ﰲ ﻣﻮ ﺟ ﻮ د ات اﻟﺼ ﻜ ﻮ ك و ﻓﻘ‬
mode used in the Sukuk and the Shari’ah
terms and conditions for their contracts ‫ﻟ ﻠ ﻀ ﻮ اﺑ ﻂ اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟ ﻠ ﺼ ﻴﻐ ﺔ اﻟ ﻤ ﺴ ﺘ ﺨ ﺪ ﻣ ﺔ ﰲ‬
and documents. See: s. (11-2-1) and s. (11-
2-4). ‫اﻟ ﺼ ﻜ ﻮ ك و اﻟ ﺸ ﺮ و ط و ا ﻷ ﺣ ﻜ ﺎم اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟﻌ ﻘ ﻮ د ﻫ ﺎ‬
‫( واﻟﺒﻨﺪ‬١-٢-١١) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫وﻣﺴﺘﻨﺪاﲥﺎ‬
.(٤-٢-١١)
33
7-3-2-6. The method of filling the shortfall in the ‫ﻃ ﺮ ﻳ ﻘ ﺔ ﺳ ﺪ اﻟﻌ ﺠ ﺰ ﰲ اﻟ ﺤ ﺴ ﺎ ب ا ﻻ ﺣ ﺘ ﻴ ﺎ ﻃ ﻲ إن‬ .6-2-3-7
reserve account, if any, and other matters
related to the rules of this account. See: s. . ‫ و ﻏ ﻴ ﺮ ﻫ ﺎ ﻣ ﻤ ﺎ ﻳ ﺘ ﺼ ﻞ ﺑ ﻀ ﻮ اﺑ ﻂ ﻫ ﺬ ا اﻟ ﺤ ﺴ ﺎ ب‬, ‫و ﺟ ﺪ‬
(6-1-2-2-a-2).
.(٢-‫أ‬-٢-٢-١-٦) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
7-3-2-7. Disclosure of the underlying assets of Sukuk ‫اﻹﻓﺼﺎح ﻋﻦ ﻣﻮﺟﻮدات اﻟﺼﻜﻮك أو ﻣﻮاﺻﻔﺎﲥﺎ‬ .7-2-3-7
or their specifications and related
contracts, in a way that achieves full .‫ ﺑﻤﺎ ﻳﺤﱢﻘﻖ اﻟﻌﻠﻢ اﻟﺘﺎم ﲠﺎ‬,‫وﻣﺎ ﻳﱠﺘﺼﻞ ﲠﺎ ﻣﻦ ﻋﻘﻮد‬
knowledge of [the underlying assets].
Hence, it is neither permitted to state that ‫ﻓﻼ ﻳﺠﻮز اﻟﻨﺺ ﻋﻠﻰ أﱠن ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬
the underlying assets of Sukuk, that are sold
by the originator to certificateholders of ‫اﻟﺘﻲ ﺗﺒﻴﻌﻬﺎ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ إﻟﻰ ﺣﻤﻠﺘﻬﺎ ﻟﻢ ﻳﺘﻢ‬
Sukuk, have not been determined or their
nature known, nor [the underlying assets] ‫ﺗﺤﺪﻳﺪﻫﺎ أو ﻣﻌﺮﻓﺔ ﻃﺒﻴﻌﺘﻬﺎ أو أﳖﺎ ﻟﻢ ﺗﺨﻀﻊ‬
have not been subjected to the study and
due diligence, or that the originator is the Due ) ‫ﻟﻠﺪراﺳﺔ واﻟﻔﺤﺺ اﻟﻔﻨﻲ اﻟﻮاﺟﺐ‬
one that identifies them without the
intervention of the certificateholders or the ‫( أو أن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻫﻲ اﻟﺘﻲ ﺗﺴﺘﺄﺛﺮ‬Diligence
party representing them, unless and until
the applied financing mode allows [the ‫ﺑﺘﺤﺪﻳﺪﻫﺎ ﺑﻌﺪ اﻹﺻﺪار دون ﺗﺪﺧﻞ ﻣﻦ ﺣﻤﻠﺔ‬
originator] to do so, as the case with
Mudaraba. Also, it is not permitted to state
‫ إﻻ أن ﺗﻜﻮن اﻟﺼﻴﻐﺔ‬,‫اﻟﺼﻜﻮك أو ﻣﻦ ﻳﻤﱢﺜﻠﻬﻢ‬
that the terms of the contracts, which
‫ ﻛ ﻤ ﺎ ﰲ‬- ‫اﻟ ﻤ ﺴ ﺘ ﺨ ﺪ ﻣ ﺔ ﺗ ﺨ ﻮ ﻟﻬ ﺎ ذ ﻟ ﻚ ﺷ ﺮ ﻋ‬
govern the ownership held by the
originator of the underlying assets or those ‫ ﻛﻤﺎ ﻻ ﻳﺠﻮز اﻟﻨﱠﺺ ﻋﻠﻰ أن ﺷﺮوط‬.‫اﻟﻤﻀﺎرﺑﺔ‬
[contracts] that are based on [such assets],
shall be unknown. ‫اﻟﻌﻘﻮد اﻟﺘﻲ ﺗﺤﻜﻢ ﺗﻤﱡﻠﻚ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
‫ ﻏ ﻴ ﺮ‬, ‫ﻟ ﻠ ﻤ ﻮ ﺟ ﻮ د ا ت أ و ﺗ ﻠ ﻚ اﻟ ﺘﻲ ﺗ ﻘ ﻮ م ﻋ ﻠ ﻴﻬ ﺎ‬
.‫ﻣﻌ ﺮ و ﻓﺔ‬
7-3-2-8. Stating that the ownership of the ‫اﻟﻨﺺ ﻋﻠﻰ أﱠن ﻣﻠﻜﻴﺔ ﻣﻮﺟﻮدات اﻟﺼﻜﻮك ﺗﻨﺘﻘﻞ‬ .8-2-3-7
underlying assets of Sukuk is transferred to
the certificateholders by virtue of Shari’ah ‫ ﻣﻊ ﻣﺮاﻋﺎة ﻣﺎ ورد‬.‫ﺷﺮًﻋﺎ وﻗﺎﻧﻮًﻧﺎ ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬
and law, taking into account what is stated
in s. (5-2-5). It is not permitted to state that ‫ وﻻ ﻳﺠﻮز اﻟﻨﺺ ﻋﻠﻰ ﻣﻨﻊ‬.(٥-٢-٥) ‫ﰲ اﻟﺒﻨﺪ‬
the certificateholders collectively be
prevented from selling their underlying ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺠ ﺘﻤ ﻌ ﻴﻦ ﻣ ﻦ ﺑ ﻴﻊ ﻣ ﻮ ﺟ ﻮ د ا ﲥ ﺎ إن‬
assets of Sukuk, if the originator fails to
perform its undertaking to purchase the .‫ﻧﻜﻠﺖ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻋﻦ ﺗﻨﻔﻴﺬ ﺗﻌﻬﺪﻫﺎ ﺑﺸﺮاﺋﻬﺎ‬
underlying asset. See: s. (5-2-2).
.(٢-٢-٥) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
7-3-2-9. Stating in the section of the “Risk Factors of ‫اﻟ ﻨ ﺺ ﰲ ﺑ ﻨ ﺪ ﺑ ﻴ ﺎن ﻋ ﻨ ﺎ ﺻ ﺮ اﻟ ﻤ ﺨ ﺎ ﻃ ﺮ اﻟ ﺨ ﺎ ﺻ ﺔ‬ .9-2-3-7
34
the Sukuk” about the ownership risks of the ‫ﺑ ﺎ ﻟ ﺼ ﻜ ﻮ ك ﻋ ﻠ ﻰ ﻣ ﺨ ﺎﻃ ﺮ ﻣ ﻠ ﻜ ﻴﺔ ﻣ ﻮ ﺟ ﻮ د ا ت‬

underlying assets of Sukuk and their returns
or profits that will be borne by the ‫اﻟ ﺼ ﻜ ﻮ ك و ﻋ ﻮ ا ﺋ ﺪ ﻫ ﺎ أ و أ ر ﺑﺎ ﺣ ﻬ ﺎ اﻟ ﺘﻲ ﻳ ﺘ ﺤ ﻤ ﻠ ﻬ ﺎ‬
Certificateholders, in accordance with the
Shari’ah terms and conditions of Sukuk ‫ وﻓًﻘﺎ ﻟﻠﺸﺮوط واﻷﺣﻜﺎم‬,‫ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬
contracts and documents. See: s. (6-1-1-1).
-٦ ) ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬.‫اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟﻌ ﻘ ﻮ د ﻫ ﺎ و ﻣ ﺴ ﺘ ﻨ ﺪ ا ﲥ ﺎ‬
.(١-١-١
7-3-2-10. Stipulating that the originator ‫اﻟﻨﺺ ﻋﻠﻰ أﱠن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻻ ﺗﻀﻤﻦ اﻟﻘﻴﻤﺔ‬ .10-2-3-7
guarantees neither the face value of Sukuk
(except in cases of misconduct, negligence, ‫اﻻﺳﻤﻴﺔ ﻟﻠﺼﻜﻮك ﰲ ﻏﻴﺮ ﺣﺎﻻت اﻟﺘﻌﺪي أو‬
or breach of conditions), nor a specific
amount of return or profit, and this does -‫ وﻻ ﻗﺪرًا ﻣﻌﻴﻨ‬,‫اﻟﺘﻘﺼﻴﺮ أو ﻣﺨﺎﻟﻔﺔ اﻟﺸﺮوط‬
not apply to what is recognised as an owed
(outstanding) debt (dayn fī dhimma) ‫ و ﻻ ﻳ ﻨ ﻄ ﺒ ﻖ ﻫ ﺬ ا ﻋ ﻠ ﻰ ﻣ ﺎ‬, ‫ﻣ ﻦ اﻟﻌ ﺎ ﺋ ﺪ أ و ا ﻟ ﺮ ﺑ ﺢ‬
pursuant to a Shari’ah compliant contract,
such as the price amount in the sale :‫ ﻣﺜﻞ‬,-‫ ﰲ ذﻣﺘﻬﺎ ﺑﻤﻮﺟﺐ اﻟﻌﻘﺪ ﺷﺮﻋ‬-‫ﻳﺜﺒﺖ دﻳﻨ‬
[contract] or the rent due in the Ijarah. See:
s. (6-2-1-2-a). . ‫اﻟ ﺜ ﻤ ﻦ ﰲ ا ﻟ ﺒ ﻴ ﻊ أ و ا ﻷ ﺟ ﺮ ة ا ﻟ ﻤ ﺴ ﺘ ﺤ ﻘ ﺔ ﰲ ا ﻹ ﺟ ﺎ ر ة‬
. (‫ أ‬-٢ -١ -٢ -٦ ) ‫و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬
7-3-2-11. Shari’ah rules for Sukuk trading, ‫اﻟ ﺼ ﻜ ﻮ ك‬ ‫ﻟﺘﺪ او ل‬ ‫اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ‬ ‫اﻟ ﻀ ﻮ اﺑ ﻂ‬ .11-2-3-7
redemption, and cancelation according to
financing mode of the Sukuk and the ‫و اﺳ ﱰ د ا د ﻫ ﺎ و إ ﻃ ﻔ ﺎ ﺋﻬ ﺎ ﺑ ﺤ ﺴ ﺐ ﺻ ﻴﻐ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
nature of its underlying assets. Along with
the presenting the method of redemption ‫ ﻣ ﻊ ﺑﻴﺎن ﻃ ﺮ ﻳﻘ ﺔ اﺳ ﱰ د اد‬.‫و ﻃ ﺒﻴﻌ ﺔ ﻣﻮ ﺟ ﻮ د اﲥ ﺎ‬
and cancelation of the Sukuk and whether
the certificateholders or the originator ‫ و ﻣ ﺎ إ ذ ا ﻛ ﺎ ن ﻟ ﺤ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬, ‫و إ ﻃ ﻔ ﺎء اﻟ ﺼ ﻜ ﻮ ك‬
may do so early before the maturity of the
Sukuk term and the method thereof, and ‫أو اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ اﻟﻘﻴﺎم ﺑﺬﻟﻚ ﻣﺒﱢﻜﺮًا ﻗﺒﻞ اﻧﺘﻬﺎء‬
whether the Sukuk are convertible into
shares and the method of implementing ‫ وﻣﺎ إذا ﻛﺎﻧﺖ اﻟﺼﻜﻮك‬,‫ﻣﱠﺪة اﻟﺼﻜﻮك وﻃﺮﻳﻘﺘﻪ‬
[and carrying out] that with presenting
the method for determining the ‫ﻗﺎﺑﻠًﺔ ﻟﻠﺘﺤﻮﻳﻞ إﻟﻰ أﺳﻬﻢ وﻃﺮﻳﻘﺔ ﺗﻨﻔﻴﺬ ذﻟﻚ ﻣﻊ‬
conversion price. See: s. (8-2-1) and Para.
9. ‫ و ﻳ ﻨ ﻈ ﺮ ا ﻟ ﺒ ﻨ ﺪ‬. ‫ﺑ ﻴ ﺎ ن ﻃ ﺮ ﻳ ﻘ ﺔ ﺗ ﺤ ﺪ ﻳ ﺪ ﺳ ﻌ ﺮ اﻟ ﺘ ﺤ ﻮ ﻳ ﻞ‬
.(٩) ‫( واﻟﻔﻘﺮة‬١-٢-٨)
7-3-2-12. The conditions on the basis of which the ‫اﻟ ﺸ ﺮ و ط اﻟ ﺘﻲ ﻳ ﺘﻢ ﻋ ﻠ ﻰ أ ﺳ ﺎ ﺳ ﻬ ﺎ إ د ر ا ج ا ﻟ ﺼ ﻜ ﻮ ك‬ .12-2-3-7
Sukuk are listed in the financial markets,
and they usually come under the heading ‫ و ﺗﺄ ﰐ ﰲ اﻟﻌ ﺎد ة ﺗﺤ ﺖ‬, ‫ﰲ اﻷ ﺳ ﻮ اق اﻟﻤ ﺎﻟﻴﺔ‬
(Final Terms), and in these conditions
they must be in line with a Shari’ah ,(Final Terms- ‫ﻋﻨﻮان )اﻟﺸﺮوط اﻟﻨﻬﺎﺋﻴﺔ‬
35
compliant financing mode used in issuing ‫وﻳﺠﺐ ﰲ ﻫﺬه اﻟﺸﺮوط أن ﺗﻜﻮن ﻣﺘﻔﻘًﺔ ﻣﻊ‬
the Sukuk and the Shari’ah terms and
conditions for their contracts and ‫اﻟ ﺼ ﻴﻐ ﺔ اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ اﻟ ﻤ ﺴ ﺘ ﺨ ﺪ ﻣ ﺔ ﰲ إ ﺻ ﺪ ار‬
documents. It is not permitted to state
that the principal amount of Sukuk will be ‫اﻟ ﺼ ﻜ ﻮ ك و اﻟ ﺸ ﺮ و ط و ا ﻷ ﺣ ﻜ ﺎم اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ‬
redeemed in all the cases, refer s. (9-3-2).
‫ و ﻻ ﻳﺠ ﻮ ز أن ﻳ ﺬ ﻛ ﺮ أن‬,‫ﻟﻌ ﻘﻮ د ﻫ ﺎ و ﻣ ﺴ ﺘﻨ ﺪ اﲥ ﺎ‬
.‫رأس ﻣﺎل اﻟﺼﻜﻮك ﻳﺴﱰد ﰲ ﺟﻤﻴﻊ اﻷﺣﻮال‬
.(٢-٣-٩) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
7-3-2-13. A detailed Shari’ah pronouncement ‫ﻓ ﺘﻮ ى ﺷ ﺮ ﻋ ﻴ ﺔ ﻣ ﻔ ﺼ ﻠ ﺔ ﺻ ﺎ د ر ة ﻋ ﻦ ا ﻟ ﻬ ﻴ ﺌ ﺔ ا ﻟ ﺸ ﺮ ﻋ ﻴ ﺔ‬ .13-2-3-7
(Fatwa) issued by the Shari’ah Board of
the Sukuk that states about reviewing and ‫ﻟ ﻠ ﺼ ﻜ ﻮ ك ﺗ ﻨ ﺺ ﻋ ﻠ ﻰ ﻣ ﺮ ا ﺟ ﻌ ﺔ و اﻋ ﺘﻤ ﺎد اﻟ ﺼ ﻴﻐ ﺔ‬
endorsing the financing mode applied in
the issuance of Sukuk and all its contracts ‫اﻟ ﻤ ﺴ ﺘ ﺨ ﺪ ﻣ ﺔ ﰲ إ ﺻ ﺪ ار اﻟ ﺼ ﻜ ﻮ ك و ﺟ ﻤ ﻴ ﻊ‬
and documents. See: s. (13-1-2-1).
-٢-١-١٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻋﻘﻮدﻫﺎ وﻣﺴﺘﻨﺪاﲥﺎ‬
.(١
7-3-2-14. Stating that all the parties to the issuance ‫اﻟ ﻨ ﺺ ﻋ ﻠ ﻰ أ ن ﺟ ﻤ ﻴ ﻊ أ ﻃ ﺮ ا ف ا ﻹ ﺻ ﺪ ا ر و ﺣ ﺎ ﻣ ﻠ ﻲ‬ .14-2-3-7
of [Sukuk] and certificateholders accept
the Shari’ah nature of Sukuk, in all its ‫ ﰲ‬,‫اﻟﺼﻜﻮك ﻳﻘﺒﻠﻮن اﻟﱠﻄﺒﻴﻌﺔ اﻟﱠﺸﺮﻋﻴﺔ ﻟﻠﺼﻜﻮك‬
stages, in accordance with its financing
mode and the Shari’ah terms and ‫ ﻟ ﺼ ﻴﻐ ﺘﻬ ﺎ و ﻟ ﻠ ﺸ ﺮ و ط‬- ‫ و ﻓ ﻘ‬, ‫ﺟ ﻤ ﻴﻊ ﻣ ﺮ ا ﺣ ﻠ ﻬ ﺎ‬
conditions of its contracts and
documents, in light of the Fatwa issued by ‫ ﰲ‬, ‫و ا ﻷ ﺣ ﻜ ﺎم اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟ ﻌ ﻘ ﻮ د ﻫ ﺎ و ﻣ ﺴ ﺘ ﻨ ﺪ ا ﲥ ﺎ‬
the Shari’ah Board of Sukuk, with the
invalidity of any of them challenging the ‫ﺿ ﻮ ء ا ﻟ ﻔ ﺘ ﻮ ى اﻟ ﺼ ﺎ د ر ة ﻋ ﻦ اﻟﻬ ﻴﺌ ﺔ اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ‬
Sukuk’s violation of the rulings and
principles of Shari’ah upon issuance, and ‫ ﻣ ﻊ ﺑ ﻄ ﻼ ن د ﻓ ﻊ أ ي ﻣ ﻨﻬ ﻢ ﺑﻤ ﺨ ﺎﻟ ﻔ ﺔ‬, ‫ﻟ ﻠ ﺼ ﻜ ﻮ ك‬
it is not permitted to stipulate that their
acceptance of that is restricted to the ‫اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻨ ﺪ ا ﻹ ﺻ ﺪ ار ﻷ ﺣ ﻜ ﺎم و ﻣ ﺒ ﺎ د ئ‬
extent permitted by the Law.
‫ و ﻻ ﻳ ﺠ ﻮ ز اﻟ ﻨ ﺺ ﻋ ﻠ ﻰ أ ن‬, ‫اﻟ ﺸ ﺮ ﻳﻌ ﺔ ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ‬
‫ﻗ ﺒﻮ ﻟﻬ ﻢ ﻟ ﺬ ﻟ ﻚ ﻣ ﻘ ﻴ ﺪ ﺑﺎﻟﺤ ﺪ اﻟ ﺬ ي ﻳ ﺴ ﻤ ﺢ ﺑﻪ‬
. ‫اﻟ ﻘ ﺎ ﻧﻮ ن‬
7-3-2-15. Stating that any amendment to the terms ‫اﻟﻨﱠﺺ ﻋﻠﻰ أن أي ﺗﻌﺪﻳﻞ ﻟﺸﺮوط أو أﺣﻜﺎم‬ .15-2-3-7
or conditions of Sukuk contracts and
documents, or any of the terms or ‫ أو أي ﻣﻦ ﺷﺮوط‬,‫ﻋﻘﻮد وﻣﺴﺘﻨﺪات اﻟﱡﺼﻜﻮك‬
conditions of issuance in general, are
required to be acceptable to Shari’ah. ‫ ﻳ ﺠ ﺐ أن ﻳ ﻜ ﻮ ن‬, ‫أ و أ ﺣ ﻜ ﺎم ا ﻹ ﺻ ﺪ ار ﺑﻮ ﺟ ﻪ ﻋ ﺎم‬
36
See: s. (7-2-5) and s. (13-1-1-1). ً ‫ﻣ ﻘ ﺒﻮ‬

‫( واﻟﺒﻨﺪ‬٥-٢-٧) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.-‫ﻻ ﺷﺮﻋ‬
.١-١-١-١٣)
7-3-2-16. Stating the date and the duration of the ‫ و آﻟ ﻴ ﺔ‬, ‫ﺑ ﻴ ﺎ ن ﻣ ﻮ ﻋ ﺪ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﰲ اﻟ ﺼ ﻜ ﻮ ك و ﻣ ﺪ ﺗ ﻪ‬ .16-2-3-7
subscription to Sukuk, the allotment
mechanism and related time periods, if ‫ إ ذ ا ﻟﻢ‬, ‫اﻟ ﺘ ﺨ ﺼ ﻴ ﺺ و اﻟ ﻤ ﺪ د اﻟ ﺰ ﻣ ﻨ ﻴ ﺔ اﻟ ﻤ ﺘﻌ ﻠ ﻘ ﺔ ﺑﻪ‬
this is not indicated elsewhere.
.‫ ﰲ ﻣﻮ ﺿ ﻊ آﺧ ﺮ‬-‫ﻳﻜ ﻦ ذﻟﻚ ﻣ ﺒﻴﻨ‬
7-3-2-17. What is required by the laws, regulatory ‫ﻣ ﺎ ﺗ ﻄ ﻠ ﺐ اﻟ ﻘ ﻮ اﻧ ﻴﻦ أ و اﻟ ﺘﻌ ﻠ ﻴ ﻤ ﺎ ت اﻟ ﺮ ﻗ ﺎ ﺑ ﻴ ﺔ أ و‬ .17-2-3-7
guidelines or financial markets, in which
Sukuk are listed, to be included in the ‫اﻷﺳﻮاق اﻟﻤﺎﻟﻴﺔ اﻟﺘﻲ ُﺗﺪرج اﻟﺼﻜﻮك ﻓﻴﻬﺎ‬
base prospectus provided [such inclusion]
does not contravene the rulings and ‫ ﺑ ﺸ ﺮ ط أ ﻻ ﻳﺨ ﺎﻟﻒ‬, ‫اﺷ ﺘﻤ ﺎ ل ﻧ ﺸ ﺮ ة اﻹ ﺻ ﺪ ار ﻋ ﻠ ﻴﻪ‬
principles of Shari’ah.
. ‫أ ﺣ ﻜ ﺎم و ﻣ ﺒ ﺎ د ئ اﻟ ﺸ ﺮ ﻳﻌ ﺔ ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ‬
7-4. Underwriting the subscription: :‫ اﻟﺘﻌﻬﺪ ﺑﺘﻐﻄﻴﺔ اﻻﻛﺘﺘﺎب‬.4-7

It is permitted for an institution to undertake to , ‫ﻳ ﺠ ﻮ ز أ ن ﺗ ﺘ ﻌ ﻬ ﺪ ﺟ ﻬ ﺔ ﺑ ﺸ ﺮ اء ﻣ ﺎ ﻟﻢ ﻳ ﻜ ﺘ ﺘ ﺐ ﻓ ﻴﻪ ﻣ ﻦ اﻟ ﺼ ﻜ ﻮ ك‬
purchase the certificates of Sukuk that have not
been subscribed for, and the undertaking is based ‫ و ﻳ ﻜ ﻮ ن‬, ‫ ﻋ ﻠ ﻰ و ﻋ ﺪ ﻣ ﻠ ﺰ م ﻣ ﻦ ﻃ ﺮ ف و ا ﺣ ﺪ‬- ‫و ﻳ ﻜ ﻮ ن اﻟ ﺘ ﻌ ﻬ ﺪ ﻣ ﺒ ﻨ ﻴ‬
on an unilateral binding promise, and the purchase
is at the offered value, with no consideration for ‫ ﻣ ﻊ‬, ‫ و ﻣ ﻦ د و ن ﻣ ﻘ ﺎ ﺑﻞ ﻋ ﻠ ﻰ اﻟ ﺘﻌ ﻬ ﺪ‬, ‫اﻟ ﺸ ﺮ اء ﺑﺎﻟ ﻘ ﻴ ﻤ ﺔ اﻟ ﻤ ﻌ ﺮ و ﺿ ﺔ‬
[extending] the undertaking, taking into account s.
(6-7-1) of Shari’ah Standard No. (5):Guarantees, and ‫( ﺑﺸﺄن‬٥) ‫ ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬١-٧-٦) ‫ﻣﺮاﻋﺎة اﻟﺒﻨﺪ‬
s. (4-1-2-4) of Shari’ah Standard No. (12): Sharikah
(Musharaka) and Modern Companies. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٤-٢-١-٤) ‫ واﻟﺒﻨﺪ‬,‫اﻟﻀﻤﺎﻧﺎت‬
.‫( ﺑﺸﺄن اﻟﺸﺮﻛﺔ )اﻟﻤﺸﺎرﻛﺔ( واﻟﺸﺮﻛﺎت اﻟﺤﺪﻳﺜﺔ‬١٢)
8. 8. Types of Sukuk: : ‫ أ ﻧ ﻮ ا ع ا ﻟ ﺼ ﻜ ﻮ ك‬.8

8-1. Sukuks, given the contract on which their ‫اﻟ ﺼ ﻜ ﻮ ك ﺑﺎﻋ ﺘ ﺒ ﺎ ر اﻟﻌ ﻘ ﺪ اﻟ ﺬ ي ﺗ ﻘ ﻮ م ﺻ ﻴﻐ ﺘﻬ ﺎ ﻋ ﻠ ﻴﻪ‬ .1-8
structure is based, are of two types: plain
vanilla Sukuks and composite Sukuk. . ‫ ﺻ ﻜ ﻮ ك ﻣ ﻔ ﺮ د ة و ﺻ ﻜ ﻮ ك ﻣ ﺮ ﻛ ﺒﺔ‬: ‫ﻧﻮ ﻋ ﺎن‬
8-1-1. Plain Vanilla Sukuks: :‫ اﻟﺼﻜﻮك اﻟﻤﻔﺮدة‬.1-1-8

These are the Sukuk in which the relationship ‫وﻫﻲ اﻟﺼﻜﻮك اﻟﺘﻲ ﺗﻘﻮم اﻟﻌﻼﻗﺔ ﻓﻴﻬﺎ ﺑﻴﻦ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
between the certificateholders and the originator is
based on a single contract, on the basis of which
37
periodic distributions are paid, and they are of three ‫واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻋﻠﻰ ﻋﻘٍﺪ واﺣٍﺪ ُﺗﺪَﻓﻊ اﻟﺘﻮزﻳﻌﺎت اﻟﺪورﻳﺔ‬
types:
: ‫ و ﻫ ﻲ ﺛﻼ ﺛﺔ أﻧﻮ اع‬, ‫ﻋ ﻠ ﻰ أﺳ ﺎﺳ ﻪ‬
8-1-1-1. Commutative Contracts Sukuks :‫ﺻﻜﻮك اﻟﻤﻌﺎوﺿﺎت‬ .1-1-1-8
(MuꜤāwaḍāt):
8-1-1-1-a. The Commutative Contracts Sukuk ‫ﻳﻘﺼﺪ ﺑﺼﻜﻮك اﻟﻤﻌﺎوﺿﺎت اﻟﺼﻜﻮك اﻟﺘﻲ‬ .‫أ‬-1-1-1-8
means the Sukuk in which the
relationship between the ‫ﺗ ﻘ ﻮ م اﻟ ﻌ ﻼ ﻗ ﺔ ﻓ ﻴ ﻬ ﺎ ﺑ ﻴ ﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و اﻟ ﺠ ﻬ ﺔ‬
certificateholders and the originator is
based on one of the commutative :‫ ﻣﺜﻞ‬,‫اﻟﻤﻨﺸﺌﺔ ﻋﻠﻰ ﻋﻘﺪ ﻣﻦ ﻋﻘﻮد اﻟﻤﻌﺎوﺿﺔ‬
contracts, such as: Murabaha, Ijarah,
Istisna’, or others, and among its most , ‫اﻟ ﻤ ﺮ اﺑﺤ ﺔ أ و ا ﻹ ﺟ ﺎ ر ة أ و ا ﻻ ﺳ ﺘ ﺼ ﻨ ﺎع أ و ﻏ ﻴ ﺮ ﻫ ﺎ‬
important characteristics are the
following: : ‫و ﻣﻦ أﻫ ﻢ ﺧ ﺼ ﺎﺋﺼ ﻬ ﺎ ﻣﺎ ﻳﺄ ﰐ‬
8-1-1-1-a-1. The sale of its underlying assets to the ‫أ ن ﺑ ﻴ ﻊ ﻣ ﻮ ﺟ ﻮ د ا ﲥ ﺎ ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻳ ﻨ ﺸ ﺊ‬ .1-‫أ‬-1-1-1-8
originator shall establish a relationship
of indebtedness in which the ‫ﻋﻼﻗﺔ ﻣﺪاﻳﻨﺔ ﻳﻜﻮن ﻓﻴﻬﺎ ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬
certificateholders are the creditors and
the originator is the debtor. If [the ‫ وﰲ ﺣﺎل‬,‫داﺋﻨﻴﻦ واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﺪﻳﻨﺔ‬
underlying subject] is leased to [the
originator], the relationship of ‫ﺗ ﺄ ﺟ ﻴ ﺮ ﻫﺎ ﻟﻬ ﺎ ﻓ ﺈن ﻋ ﻼ ﻗ ﺔ اﻟﻤ ﺪ اﻳﻨﺔ ﺗﻨﺸ ﺄ‬
indebtedness will establish by
originator’s usage of [the underlying . ‫ﺑ ﺎ ﻧ ﺘ ﻔ ﺎ ﻋ ﻬ ﺎ ﲠ ﺎ أ و ﺑ ﺘ ﻤ ﻜ ﻴ ﻨﻬ ﺎ ﻣ ﻦ ﻫ ﺬ ا ا ﻻ ﻧ ﺘ ﻔ ﺎع‬
subject] or by enabling (tamkīn) [the
originator] to benefit from [the ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٢-٢-٥) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
underlying subject]. See: s. (2-2-5) of
Shari’ah Standard No. (9): Ijarah and ‫( ﺑﺸﺄن اﻹﺟﺎرة واﻹﺟﺎرة اﻟﻤﻨﺘﻬﻴﺔ‬٩) ‫رﻗﻢ‬
Ijarah Muntahia Bittamleek.
. ‫ﺑﺎﻟﺘﻤ ﻠ ﻴﻚ‬
8-1-1-1-a-2. The debt arising from this relationship is ‫أن اﻟ ﺪ ﻳﻦ اﻟﻨﺎﺷ ﺊ ﻋ ﻦ ﻫ ﺬ ه اﻟﻌ ﻼ ﻗ ﺔ ﻳﺜﺒﺖ ﰲ‬ .2-‫أ‬-1-1-1-8
recognised as liability upon the
originator, and the certificateholders ‫ و ﻟﺤ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬, ‫ذ ﻣ ﺔ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬
can claim securities for settling [this
debt]. .‫ﻣ ﻄ ﺎﻟ ﺒ ﺘﻬ ﺎ ﺑﺘﻘ ﺪ ﻳﻢ ﺿ ﻤ ﺎﻧﺎ ت ﻟ ﻠﻮ ﻓﺎء ﺑﻪ‬
8-1-1-1-a-3. The credit risk does not arise by simply ‫أﱠن ﻣﺨﺎﻃﺮ اﻻﺋﺘﻤﺎن ﻻ ﺗﻨﺸﺄ ﺑﻤﺠﱠﺮد‬ .3-‫أ‬-1-1-1-8
subscribing to [the certificates], rather it
arises after the establishment of the ‫اﻻﻛﺘﺘﺎب ﻓﻴﻬﺎ وإﻧﻤﺎ ﺗﻨﺸﺄ ﺑﻌﺪ ﺛﺒﻮت اﻟﺪﻳﻦ‬
debt owed by the originator.
.‫ﰲ ذ ﻣ ﺔ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬
8-1-1-1-a-4. Return of [commutative contract ‫أﱠن ﻋﺎﺋﺪﻫﺎ اﻟﻨﺎﺗﺞ ﻋﻦ اﻟﺪﻳﻦ اﻟﺜﺎﺑﺖ ﰲ ذﻣﺔ‬ .4-‫أ‬-1-1-1-8
Sukuks] resulting from the debt, which is
recognised as liability of the originator,
38
is not affected by the factors of market ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻻ ﻳ ﺘ ﺄ ﺛ ﺮ ﺑﻌ ﻮ ا ﻣ ﻞ ﺗ ﻘ ﻠ ﺒ ﺎ ت‬

fluctuations. See: s. (11-2-8-b).
.(٢-٨-٢-١١) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﺴﻮق‬
8-1-1-1-b. Types of Commutative Sukuks :‫أﻧﻮاع ﺻﻜﻮك اﻟﻤﻌﺎوﺿﺎت‬ .‫ب‬-1-1-1-8
There are many types of commutative Sukuks, the :‫ أﻫﻤﻬﺎ‬,‫ﺻﻜﻮك اﻟﻤﻌﺎوﺿﺎت أﻧﻮاٌع ﻣﺘﻌﺪدة‬
most important of which are:
8-1-1-1-b-1. Murabaha Sukuk: :‫ﺻﻜﻮك اﻟﻤﺮاﺑﺤﺔ‬ .1-‫ب‬-1-1-1-8
It is the Sukuk in which the proceeds of subscription ‫ﻫ ﻲ ا ﻟ ﺼ ﻜ ﻮ ك ا ﻟ ﺘ ﻲ ﺗ ﺴ ﺘ ﺨ ﺪ م ﻓ ﻴ ﻬ ﺎ ﺣ ﺼ ﻴ ﻠ ﺔ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﻟ ﺸ ﺮ اء‬

are used to buy a commodity, [on behalf of] the
certificateholders, and then sell it on Murabaha ‫ و ﻳ ﻜ ﻮ ن ﺣ ﻤ ﻠ ﺔ‬, ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺳ ﻠ ﻌ ﺔ ﺛﻢ ﺑ ﻴﻌ ﻬ ﺎ ﺑﺎﻟﻤ ﺮ اﺑﺤ ﺔ‬
basis. The certificateholders are the buyers of the
commodity and [then] sellers of [the same] on ‫ و ﺗ ﻜ ﻮ ن‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺸ ﱰ ﻳﻦ ﻟ ﻠ ﺴ ﻠ ﻌ ﺔ و ﺑﺎ ﺋﻌ ﻴﻦ ﻟﻬ ﺎ ﺑﺎﻟ ﻤ ﺮ اﺑﺤ ﺔ‬
Murabaha basis, and the originator is the purchaser
from [the certificateholders]. The certificateholders ‫ و ﻳ ﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك اﻟ ﺴ ﻠ ﻌ ﺔ‬, ‫ا ﻟ ﺠ ﻬ ﺔ ا ﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﺸ ﱰ ﻳ ﺔ ﻣ ﻨ ﻬ ﻢ‬
of Sukuk own the commodity after purchasing it and
before selling it. [The certificateholders] own the . ‫ و ﺛﻤ ﻦ ﺑﻴﻌ ﻬ ﺎ ﺑﻌ ﺪ اﻟﺒﻴﻊ‬,‫ﺑﻌ ﺪ ﺷ ﺮ ا ﺋﻬ ﺎ و ﻗ ﺒﻞ ﺑﻴﻌ ﻬ ﺎ‬
price of selling [the underlying asset] after the sale.
8-1-1-1-b-2. Salam Sukuk :‫ﺻﻜﻮك اﻟﺴﻠﻢ‬ .2-‫ب‬-1-1-1-8

are used to purchase a specified-cum-unidentified
Salam commodity, on behalf of the ‫ ﺛﻢ ﺑ ﻴﻌ ﻬ ﺎ‬, ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺳ ﻠ ﻌ ﺔ اﻟ ﺴ ﻠﻢ اﻟﻤ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ‬
certificateholders, and then selling it after taking its
possession. The certificateholders are the , ‫ و ﻳﻜ ﻮ ن ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺸ ﱰ ﻳﻦ ﻟﻬ ﺎ ﺑﺎﻟ ﺴ ﻠﻢ‬,‫ﺑﻌ ﺪ ﻗ ﺒ ﻀ ﻬ ﺎ‬
purchasers of the commodity on Salam basis, and
the originator is the seller of the Salam commodity. ‫ و ﻳ ﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ‬, ‫و ﺗ ﻜ ﻮ ن اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑﺎ ﺋﻌ ﺔ ﻟ ﺴ ﻠ ﻌ ﺔ اﻟ ﺴ ﻠﻢ‬
The certificateholders of Sukuk own the Salam
commodity after purchasing it. [The .‫ وﺛﻤﻦ اﻟﺒﻴﻊ ﺑﻌﺪ اﻟﺒﻴﻊ‬,‫اﻟﺼﻜﻮك ﺳﻠﻌﺔ اﻟﺴﻠﻢ ﺑﻌﺪ ﺷﺮاﺋﻬﺎ‬
certificateholders] own the price of selling [the
underlying asset] after the sale.
8-1-1-1-b-3. Istisna’ Sukuk :‫ﺻﻜﻮك اﻻﺳﺘﺼﻨﺎع‬ .3-‫ب‬-1-1-1-8

are used to purchase a specified-cum-unidentified
Istisna’ commodity, on behalf of the ‫ ﺛﻢ‬, ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺳ ﻠ ﻌ ﺔ اﻻ ﺳ ﺘ ﺼ ﻨﺎع اﻟﻤ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ‬
certificateholders, and then selling it after taking its
possession. The certificateholders are Mustasni’ ‫ و ﻳ ﻜ ﻮ ن ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺴ ﺘ ﺼ ﻨ ﻌ ﻴ ﻦ‬, ‫ﺑ ﻴ ﻌ ﻬ ﺎ ﺑ ﻌ ﺪ ﻗ ﺒ ﻀ ﻬ ﺎ‬
(the buyers), and the originator is Sani’,
manufacturer, (the seller) of the Istisna’
39
commodity. The certificateholders of Sukuk own ‫ و ﺗ ﻜ ﻮ ن اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﺻ ﺎﻧﻌ ﺔ ) ﺑﺎ ﺋﻌ ﺔ( ﻟ ﺴ ﻠ ﻌ ﺔ‬, ( ‫) ﻣ ﺸ ﱰ ﻳﻦ‬
the Istisna commodity after purchasing it. [The
certificateholders] own the price of selling [the ‫ و ﻳ ﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺳ ﻠ ﻌ ﺔ ا ﻻ ﺳ ﺘ ﺼ ﻨ ﺎ ع ﺑ ﻌ ﺪ‬, ‫ا ﻻ ﺳ ﺘ ﺼ ﻨ ﺎ ع‬
underlying asset] after the sale.
.‫ و ﺛﻤ ﻦ اﻟ ﺒ ﻴﻊ ﺑﻌ ﺪ اﻟ ﺒ ﻴﻊ‬, ‫ﺷ ﺮ ا ﺋﻬ ﺎ‬
8-1-1-1-b-4. Ijarah Sukuk: :‫ﺻﻜﻮك اﻹﺟﺎرة‬ .4-‫ب‬-1-1-1-8
Ijarah Sukuk are of several types, the most : ‫ أ ﻫ ﻤ ﻬ ﺎ‬, ‫ﺻ ﻜ ﻮ ك ا ﻹ ﺟ ﺎ ر ة أ ﻧﻮ اع ﻣ ﺘﻌ ﺪ د ة‬

important of which are:
8.1.1.1.b.4.1. Sukuk of acquiring and leasing a :‫ﺻﻜﻮك ﺗﻤﻠﻚ ﻋﻴٍﻦ ﻣﻌﻴﻨﺔ ﺛﻢ ﺗﺄﺟﻴﺮﻫﺎ‬ .1 -4 - ‫ ب‬-1 - 1 -1 -8
specific (identified) asset:
It is the Sukuk in which the proceeds of subscription ‫ﻫ ﻲ اﻟ ﺼ ﻜ ﻮ ك اﻟﺘﻲ ﺗ ﺴ ﺘﺨ ﺪ م ﻓ ﻴﻬ ﺎ ﺣ ﺼ ﻴ ﻠ ﺔ اﻻ ﻛ ﺘﺘﺎ ب ﰲ ﺷ ﺮ اء‬
are used to buy and lease a specific (identified) and
existing asset, by the certificateholders. The ‫ و ﻳ ﻜ ﻮ ن‬, ‫ ﻣ ﻮ ﺟ ﻮ د ة ﻣ ﻌ ﻴ ﻨ ﺔ ﺛﻢ ﺗ ﺄ ﺟ ﻴ ﺮ ﻫ ﺎ‬- ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻴ ﻨ‬
certificateholders are the buyers and then lessors of
that asset, and the originator could be the seller of ‫ و ﻗ ﺪ ﺗ ﻜ ﻮ ن‬, ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺸ ﱰ ﻳﻦ ﺛﻢ ﻣ ﺆ ﺟ ﺮ ﻳﻦ ﻟ ﺘ ﻠ ﻚ اﻟﻌ ﻴﻦ‬
the asset, and [then] its lessee. The
certificateholders own the asset, after purchasing it, ‫ و ﻳ ﻤ ﻠ ﻚ‬.‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻫ ﻲ اﻟ ﺒ ﺎ ﺋﻌ ﺔ ﻟ ﻠ ﻌ ﻴﻦ و اﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ ة ﻟﻬ ﺎ‬
and [own] its owed rent after leasing it.
‫ و أ ﺟ ﺮ ﲥ ﺎ اﻟ ﻤ ﺴ ﺘ ﺤ ﻘ ﺔ ﺑﻌ ﺪ‬, ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك اﻟﻌ ﻴﻦ ﺑ ﻌ ﺪ ﺷ ﺮ ا ﺋ ﻬ ﺎ‬
.‫ﺗ ﺄ ﺟ ﻴ ﺮ ﻫ ﺎ‬
8.1.1.1.b.4.2. Sukuk of acquiring and leasing a ‫ﺻﻜﻮك ﺗﻤﻠﻚ ﻋﻴﻦ ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﺬﻣﺔ‬ .2 -4 - ‫ ب‬-1 - 1 -1 -8
specified-cum-unidentified asset:
:‫وﺗﺄﺟﻴﺮﻫﺎ‬
are used by the certificateholders to buy a specified-
cum-unidentified asset for the purpose of leasing, , ‫ ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ و ﺑ ﻐ ﺮ ض ا ﻟ ﺘ ﺄ ﺟ ﻴ ﺮ‬- ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻴ ﻨ‬
and then leasing it out. The certificateholders are
the buyers and lessors of a Forward Ijarah1, and the ‫و ﻳ ﻜ ﻮ ن ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺸ ﱰ ﻳ ﻦ و ﻣ ﺆ ﺟ ﺮ ﻳ ﻦ إ ﺟ ﺎ ر ة ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ‬
originator may be the seller of the asset, and it may
be the lessee in a Forward Ijarah. The ‫ و ﻗ ﺪ ﺗ ﻜ ﻮ ن ا ﻟ ﺠ ﻬ ﺔ ا ﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻫ ﻲ اﻟ ﺒ ﺎ ﺋﻌ ﺔ و اﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ ة‬, ‫ﰲ ا ﻟ ﺬ ﻣ ﺔ‬
certificateholders own the specified-cum-
unidentified asset after purchasing it and [own] the ‫ و ﻳ ﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك اﻟ ﻌ ﻴ ﻦ‬. ‫إ ﺟ ﺎ ر ة ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ‬
due rent after the leasing.
‫ ﻣ ﻊ ا ﻷ ﺟ ﺮ ة ا ﻟ ﻤ ﺴ ﺘ ﺤ ﻘ ﺔ ﺑ ﻌ ﺪ‬, ‫اﻟ ﻤ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ ﺑ ﻌ ﺪ ﺷ ﺮ ا ﺋ ﻬ ﺎ‬
. ‫اﻟ ﺘ ﺄ ﺟ ﻴ ﺮ‬
(1) Translation Note: Ijarah Musufa Bi Dhimma is Ijarah of specified-cum-unidentified asset, which is often called in the banking
industry as Forward Ijarah. Hence, any reference to this type of Ijarah will use the common terminology to ensure clarity.
40
8.1.1.1.b.4.3. Sukuk of hiring and leasing a specific :‫ﺻﻜﻮك اﺳﺘﺌﺠﺎر ﻋﻴﻦ ﻣﻌﻴﻨﺔ ﺛﻢ ﺗﺄﺟﻴﺮﻫﺎ‬ .3 -4 - ‫ ب‬-1 - 1 -1 -8
(identified) asset:
They are the Sukuk in which the proceeds of ‫ﻫ ﻲ اﻟ ﺼ ﻜ ﻮ ك اﻟﺘﻲ ﺗ ﺴ ﺘﺨ ﺪ م ﻓ ﻴﻬ ﺎ ﺣ ﺼ ﻴ ﻠ ﺔ اﻻ ﻛ ﺘﺘﺎ ب ﻻ ﺳ ﺘﺌﺠ ﺎر‬
subscription are used to hire a specific and an
existing asset, by the certificateholders, and then ‫ و ﻳ ﻜ ﻮ ن‬, ‫ ﻣ ﻮ ﺟ ﻮ د ة ﻣ ﻌ ﻴ ﻨ ﺔ ﺛﻢ ﺗ ﺄ ﺟ ﻴ ﺮ ﻫ ﺎ‬- ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻴ ﻨ‬
leasing it. The certificateholders are the lessees of
the asset and then its lessors. The originator could ‫ و ﻗ ﺪ‬, ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺴ ﺘ ﺄ ﺟ ﺮ ﻳﻦ ﻟ ﻠ ﻌ ﻴﻦ ﺛﻢ ﻣ ﺆ ﺟ ﺮ ﻳﻦ ﻟﻬ ﺎ‬
be the lessor of the property, and [then] its lessee.
The certificateholders own the usufruct after hiring . ‫ﺗ ﻜ ﻮ ن اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻫ ﻲ ا ﻟ ﻤ ﺆ ﺟ ﺮ ة ﻟ ﻠ ﻌ ﻴ ﻦ أ و ا ﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ ة ﻟ ﻬ ﺎ‬
[the asset] and [own] the owed rent after the
leasing [the asset]. ,‫وﻳﻤﻠﻚ ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻣﻨﻔﻌَﺔ اﻟﻌﻴﻦ ﺑﻌﺪ اﺳﺘﺌﺠﺎرﻫﺎ‬
.‫و ا ﻷ ﺟ ﺮ ة ا ﻟ ﻤ ﺴ ﺘ ﺤ ﻘ ﺔ ﺑ ﻌ ﺪ ﺗ ﺄ ﺟ ﻴ ﺮ ﻫ ﺎ‬
8.1.1.1.b.4.4. Sukuks of hiring and leasing a ‫ﺻﻜﻮك اﺳﺘﺌﺠﺎر ﻋﻴﻦ ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﱢﺬﻣﺔ‬ .4 -4 - ‫ ب‬-1 - 1 -1 -8
specified-cum-unidentified asset:
:‫وﺗﺄﺟﻴﺮﻫﺎ‬
They are the Sukuk in which the proceeds of ‫ﻫ ﻲ اﻟ ﺼ ﻜ ﻮ ك اﻟﺘﻲ ﺗ ﺴ ﺘﺨ ﺪ م ﻓ ﻴﻬ ﺎ ﺣ ﺼ ﻴ ﻠ ﺔ اﻻ ﻛ ﺘﺘﺎ ب ﻻ ﺳ ﺘﺌﺠ ﺎر‬
subscription are used to hire, by the
certificateholders, a specified-cum-unidentified ,‫ ﻣﻮﺻﻮﻓًﺔ ﰲ اﻟﺬﻣﺔ ﺑﻐﺮض اﻟﺘﺄﺟﻴﺮ‬-‫ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻋﻴﻨ‬
asset, for the purpose of leasing. The
certificateholders are the lessees and the lessor of ‫ و ﻗ ﺪ ﺗ ﻜ ﻮ ن‬, ‫و ﻳ ﻜ ﻮ ن ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺴ ﺘ ﺄ ﺟ ﺮ ﻳ ﻦ و ﻣ ﺆ ﺟ ﺮ ﻳ ﻦ‬
the asset, and the originator could be the leaser and
lessee of the asset. The certificateholders own the ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻫ ﻲ اﻟ ﻤ ﺆ ﺟ ﺮ ة أ و اﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ ة إ ﺟ ﺎ ر ة ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ‬
usufruct of the specified-cum-unidentified asset
and own the due rent after the leasing. ‫ و ﻳ ﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻨ ﻔ ﻌ ﺔ اﻟ ﻌ ﻴ ﻦ اﻟ ﻤ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ‬. ‫ا ﻟ ﺬ ﻣ ﺔ‬
. ‫ ﻣ ﻊ ا ﻷ ﺟ ﺮ ة ا ﻟ ﻤ ﺴ ﺘ ﺤ ﻘ ﺔ ﺑ ﻌ ﺪ ا ﻟ ﺘ ﺄ ﺟ ﻴ ﺮ‬, ‫اﻟ ﺬ ﻣ ﺔ ﺑ ﻌ ﺪ ا ﺳ ﺘ ﺌ ﺠ ﺎ ر ﻫ ﺎ‬
8.1.1.1.b.4.5. Sukuk of acquiring and selling ‫ﺻﻜﻮك ﺗﻤﻠﻚ ﺧﺪﻣﺎت ﺟﻬﺔ ﻣﻌﻴﻨﺔ ﺛﻢ‬ .5 -4 - ‫ ب‬-1 - 1 -1 -8
specific (identified) services
[rendered by] a party: :‫ﺑﻴﻌﻬﺎ‬
These are the Sukuk in which the proceeds of ‫ﻫ ﻲ ا ﻟ ﺼ ﻜ ﻮ ك ا ﻟ ﺘ ﻲ ﺗ ﺴ ﺘ ﺨ ﺪ م ﻓ ﻴ ﻬ ﺎ ﺣ ﺼ ﻴ ﻠ ﺔ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﻟ ﺸ ﺮ اء‬
subscription are used by the certificateholders to
acquire and [on-]sell a specific (identified) service ‫ و ﻳ ﻜ ﻮ ن ﺣ ﻤ ﻠ ﺔ‬, ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺧ ﺪ ﻣ ﺔ ﻣ ﻦ ﺟ ﻬ ﺔ ﻣ ﻌ ﻴ ﻨ ﺔ ﺛﻢ ﺑ ﻴﻌ ﻬ ﺎ‬
[rendered by] a party. The certificateholders are the
acquirer of the service, and it is most likely that the ‫ و اﻟﻐ ﺎﻟ ﺐ أن ﺗ ﻜ ﻮ ن اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺸ ﱰ ﻳﻦ ﻟ ﻠ ﺨ ﺪ ﻣ ﺔ‬
originator is the seller of the service, the Service
Agent to sell [the service] on behalf of the ‫ﻫ ﻲ ا ﻟ ﺒ ﺎ ﺋ ﻌ ﺔ ﻟ ﻠ ﺨ ﺪ ﻣ ﺔ و و ﻛ ﻴ ﻠ ﺔ ﺧ ﺪ ﻣ ﺎ ت ﻟ ﺒ ﻴﻌ ﻬ ﺎ ﻟ ﺼ ﺎﻟ ﺢ ﺣ ﻤ ﻠ ﺔ‬
certificateholders. The certificateholders own the
41
specific service [rendered by] a specific party after ‫ و ﻳ ﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺧ ﺪ ﻣ ﺔ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻌ ﻴ ﻨ ﺔ ﺑ ﻌ ﺪ‬. ‫اﻟ ﺼ ﻜ ﻮ ك‬

purchasing [the service] and own the selling price of
the service to a third party after selling it. .‫ و ﺛ ﻤ ﻦ ﺑ ﻴ ﻊ اﻟ ﺨ ﺪ ﻣ ﺔ ﻟ ﻠ ﻐ ﻴ ﺮ ﺑﻌ ﺪ ﺑ ﻴﻌ ﻬ ﺎ‬, ‫ﺷ ﺮ ا ﺋ ﻬ ﺎ‬
8.1.1.1.b.4.6. Sukuk of acquiring and selling ‫ﺻﻜﻮك ﺗﻤﻠﻚ ﺧﺪﻣﺎت ﺟﻬﺔ ﻣﻮﺻﻮﻓﺔ ﰲ‬ .6 -4 - ‫ ب‬-1 - 1 -1 -8
specified-cum-unidentified services
of an entity: :‫اﻟﺬﻣﺔ وﺑﻴﻌﻬﺎ‬
They are the Sukuk in which the proceeds of ‫ﻫ ﻲ ا ﻟ ﺼ ﻜ ﻮ ك ا ﻟ ﺘ ﻲ ﺗ ﺴ ﺘ ﺨ ﺪ م ﻓ ﻴ ﻬ ﺎ ﺣ ﺼ ﻴ ﻠ ﺔ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﻟ ﺸ ﺮ اء‬
purchase specified-cum-unidentified services , ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺧ ﺪ ﻣ ﺔ ﺟ ﻬ ﺔ ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ ﺑ ﻐ ﺮ ض ا ﻟ ﺒ ﻴ ﻊ‬
offered by an entity for the purpose of sale. The
certificateholders are buyers of the service, and the ‫ و اﻟ ﻐ ﺎﻟ ﺐ أ ن ﺗ ﻜ ﻮ ن‬, ‫و ﻳ ﻜ ﻮ ن ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺸ ﱰ ﻳ ﻦ ﻟ ﻠ ﺨ ﺪ ﻣ ﺔ‬
originator is usually the seller of the service, and
often the originator is the seller of service and an ‫ا ﻟ ﺠ ﻬ ﺔ ا ﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺎ ﺋ ﻌ ﺔ ﻟ ﻠ ﺨ ﺪ ﻣ ﺔ و و ﻛ ﻴ ﻠ ﺔ ﺧ ﺪ ﻣ ﺎ ت ﻟ ﺒ ﻴ ﻊ اﻟ ﺨ ﺪ ﻣ ﺔ‬
agent to sell the service on behalf of the
certificateholders. The certificateholders own the ‫ و ﻳ ﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺧ ﺪ ﻣ ﺔ‬. ‫ﻟ ﺼ ﺎﻟ ﺢ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
specified-cum-unidentified service after the
purchase and [own] the price of selling [the service] ‫ و ﺛ ﻤ ﻦ اﻟ ﺒ ﻴ ﻊ ﻟ ﻠ ﻐ ﻴ ﺮ ﺑ ﻌ ﺪ‬, ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ ﺑ ﻌ ﺪ ﺷ ﺮ ا ﺋ ﻬ ﺎ‬
to a third party after selling it.
. ‫اﻟ ﺒ ﻴ ﻊ‬
8.1.1.1.b.4.7. Sukuk of acquiring and selling or ‫ﺻﻜﻮك ﺗﻤﻠﻚ ﺣﻘﻮق ﻣﻌﻨﻮﻳﺔ وﺑﻴﻌﻬﺎ أو‬ .7 -4 - ‫ ب‬-1 - 1 -1 -8
leasing the moral rights:
:‫ﺗﺄﺟﻴﺮﻫﺎ‬
They are the Sukuk in which the proceeds of ‫ﻫ ﻲ اﻟ ﺼ ﻜ ﻮ ك اﻟﺘﻲ ﺗ ﺴ ﺘﺨ ﺪ م ﻓ ﻴﻬ ﺎ ﺣ ﺼ ﻴ ﻠ ﺔ اﻻ ﻛ ﺘﺘﺎ ب ﰲ ﺷ ﺮ اء‬
purchase moral rights, and the certificateholders ‫ و ﻳ ﻜ ﻮ ن ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬, ‫ ﻣ ﻌ ﻨ ﻮ ﻳ ﺔ‬- ‫ﺣ ﻤ ﻠ ﺔ ا ﻟ ﺼ ﻜ ﻮ ك ﺣ ﻘ ﻮ ﻗ‬
are the buyers of the moral rights and [then] sellers
or lessors of [such rights], and it is most likely that ‫ و اﻟﻐ ﺎﻟﺐ‬,‫ﻣ ﺸ ﱰ ﻳﻦ ﻟ ﻠﺤ ﻘﻮ ق اﻟﻤ ﻌ ﻨﻮ ﻳﺔ و ﺑﺎ ﺋﻌ ﻴﻦ أ و ﻣﺆ ﺟ ﺮ ﻳﻦ ﻟﻬ ﺎ‬
the originator is a seller of the rights, and it may also
be a buyer or a hirer of it. The certificateholders ‫ ﻛ ﻤ ﺎ ﻗ ﺪ ﺗﻜ ﻮ ن ﻣ ﺸ ﱰ ﻳﺔ أ و‬,‫أن ﺗﻜ ﻮ ن اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﺑﺎ ﺋﻌ ﺔ ﻟﻬ ﺎ‬
own the moral right after purchasing it, and own its
sale price after concluding the sale, or the owed ‫ و ﻳﻤ ﻠ ﻚ ﺣ ﻤ ﻠﺔ اﻟ ﺼ ﻜ ﻮ ك اﻟﺤ ﻖ اﻟﻤ ﻌ ﻨﻮ ي ﺑﻌ ﺪ‬.‫ﻣ ﺴ ﺘﺄ ﺟ ﺮ ة ﻟﻬ ﺎ‬
rent of leasing [the moral right].
‫ و ﺛ ﻤ ﻦ ﺑ ﻴ ﻌ ﻪ ﺑ ﻌ ﺪ ا ﻟ ﺒ ﻴ ﻊ أ و أ ﺟ ﺮ ة ﺗ ﺄ ﺟ ﻴ ﺮ ه اﻟ ﻤ ﺴ ﺘ ﺤ ﻘ ﺔ ﺑﻌ ﺪ‬, ‫ﺷ ﺮ ا ﺋﻪ‬
. ‫اﻟ ﺘ ﺄ ﺟ ﻴ ﺮ‬
8-1-1-1-c. General provisions of the commutative :‫أﺣﻜﺎم ﻋﺎﻣﺔ ﻟﺼﻜﻮك اﻟﻤﻌﺎوﺿﺎت‬ .‫ج‬-1-1-1-8
contract Sukuks:
42
8-1-1-1-c-1. The commutative contract Sukuks are ‫ﺗ ﻜ ﻮ ن ﺻ ﻜ ﻮ ك اﻟ ﻤ ﻌ ﺎ و ﺿ ﺎ ت ﻣ ﺤ ﺪ د ة اﻟ ﻤ ﺪ ة‬ .1-‫ج‬-1-1-1-8

always for a specified term. It is not
permitted to have an agreement to have ‫ و ﻻ ﻳ ﺠ ﻮ ز ا ﻻ ﺗ ﻔ ﺎ ق ﻋ ﻠ ﻰ أن ﺗﻜ ﻮ ن‬, - ‫د و ﻣ‬
them perpetual that do not end at a
specified period. See: s. (8-2-1-1-a) and ‫ و ﻳﻨﻈ ﺮ‬.‫ﻣ ﺴ ﺘﻤ ﺮ ة ﻻ ﺗﻨﺘﻬ ﻲ ﻋ ﻨ ﺪ ﻣ ﺪ ة ﻣ ﺤ ﺪ د ة‬
s. (8-2-1-2).
- ٢ - ٣ - ٨ ) ‫ أ ( و اﻟ ﺒ ﻨ ﺪ‬- ١ - ١ - ٣ - ٨ ) ‫ا ﻟ ﺒ ﻨ ﺪ‬
. (‫ أ‬-١
8-1-1-1-c-2. It is permitted to stipulate solvency of ‫ﻳﺠﻮز اﺷﱰاط ﻣﻼءة اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻋﻨﺪ‬ .2-‫ج‬-1-1-1-8
the originator at the time of subscribing
to such Sukuks, in order to ensure ‫ وذﻟﻚ ﻟﻠﺘﺄﻛﺪ‬,‫اﻻﻛﺘﺘﺎب ﰲ ﻫﺬه اﻟﺼﻜﻮك‬
[originator’s] creditworthiness to fulfil
its obligations. It is permitted that this .‫ﻣ ﻦ ﻗ ﺪ ر ﲥ ﺎ ا ﻻ ﺋ ﺘ ﻤ ﺎ ﻧ ﻴ ﺔ ﻋ ﻠ ﻰ اﻟﻮ ﻓ ﺎء ﺑﺎﻟ ﺘ ﺰ ا ﻣ ﺎ ﲥ ﺎ‬
solvency can be seen in the credit rating
of the Sukuk. ‫و ﻳ ﺠ ﻮ ز اﻟ ﻨ ﻈ ﺮ إ ﻟ ﻰ ﻫ ﺬ ه ا ﻟ ﻤ ﻼ ء ة ﰲ ا ﻟ ﺘ ﺼ ﻨ ﻴ ﻒ‬
. ‫اﻻ ﺋﺘﻤ ﺎﲏ ﻟﻠ ﺼ ﻜ ﻮ ك‬
8-1-1-1-c-3. It is permitted for certificateholders to ‫ﻳﺠﻮز أن ﻳﺸﱰط ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻋﻠﻰ‬ .3-‫ج‬-1-1-1-8
stipulate upon the originator to provide
Shari’ah compliant securities to settle ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺗ ﻘ ﺪ ﻳﻢ ﺿ ﻤ ﺎ ﻧﺎ ت ﻣ ﺸ ﺮ و ﻋ ﺔ‬
the outstanding debt that it owes, such
as the price in the Murabaha Sukuk, the ‫ﻟ ﺴ ﺪ ا د اﻟ ﺪ ﻳﻦ اﻟ ﺬ ي ﻳ ﺜ ﺒ ﺖ ﰲ ذ ﻣ ﺘﻬ ﺎ ; ﻛ ﺎﻟ ﺜ ﻤ ﻦ‬
rent in the Ijarah Sukuk, and the subject
of Salam (Muslam fīh) in the Salam ‫ﰲ ﺻ ﻜ ﻮ ك اﻟﻤ ﺮ اﺑﺤ ﺔ و اﻷ ﺟ ﺮ ة ﰲ ﺻ ﻜ ﻮ ك‬
Sukuk.
.‫اﻹﺟﺎرة واﻟﻤﺴﻠﻢ ﻓﻴﻪ ﰲ ﺻﻜﻮك اﻟﺴﻠﻢ‬
8-1-1-1-c-4. It is not permitted that the entitlement ‫ﻻ ﻳﺠ ﻮ ز ر ﺑ ﻂ اﺳ ﺘﺤ ﻘ ﺎق ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬ .4-‫ج‬-1-1-1-8
of the certificateholders to periodic
payments to be linked to the settlement ‫اﻟ ﺪ ﻓ ﻌ ﺎ ت اﻟ ﺪ و ر ﻳ ﺔ ﺑﻮ ﻓ ﺎء ﻋ ﻤ ﻼ ء اﻟ ﺠ ﻬ ﺔ‬
of the clients of the originator (i.e., the
purchaser or the lessee of the ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ) اﻟ ﻤ ﺸ ﱰ ﻳ ﺔ أ و اﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ ة ﻣ ﻦ ﺣ ﻤ ﻠ ﺔ‬
certificateholders) of what is due to it by
the client. . ‫اﻟ ﺼ ﻜ ﻮ ك ( ﺑﻤ ﺎ ﻫ ﻮ ﻣ ﺴ ﺘ ﺤ ﻖ ﻟﻬ ﺎ ﰲ ذ ﻣ ﻤ ﻬ ﻢ‬
8-1-1-1-c-5. The [Shari’ah] legitimacy of the source ‫ﻻ ﻳﻨﻈﺮ ﰲ ﻣﺸﺮوﻋﻴﺔ اﻟﻤْﺼَﺪر اﻟﺬي َﺗﺪﻓﻊ‬ .5-‫ج‬-1-1-1-8
from which the originator pays periodic
payments is not taken into ‫ﻣ ﻨﻪ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ اﻟ ﺪ ﻓﻌ ﺎ ت اﻟ ﺪ و ر ﻳﺔ ; ﻷ ﳖ ﺎ‬
consideration, because [periodic
payments] are a debt recognised as ‫دﻳٌﻦ ﺛﺎﺑٌﺖ ﰲ ذﻣﺘﻬﺎ ﻻ ﺷﺄن ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬
liability [on the originator], and the
certificateholders have no concern of ‫ ﻣﺎ ﻟﻢ َﻳﺘﻌﱠﻴﻦ َﻣﺼَﺪر‬,‫ﺑﻤﺼﺪر اﻟﻮﻓﺎء ﺑﻪ‬
the source of the debt settlement,
unless a prohibited source of periodic ‫اﻟﺘﻮزﻳﻌﺎت اﻟﺪورﻳﺔ اﻟﻤﺤﱠﺮم وﻳﻜﻮن ﻣﻌﻠﻮًﻣﺎ‬
43
distributions is identified, and it .‫ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬

becomes known to the
certificateholders.
8-1-1-1-c-6. It is not permitted to stipulate those ‫ﻻ ﻳﺠ ﻮ ز اﺷ ﱰ اط ﺗ ﺄ ﺟ ﻴﻞ اﻟ ﺪ ﻓﻌ ﺎ ت اﻟ ﺪ و ر ﻳﺔ‬ .6-‫ج‬-1-1-1-8
periodic payments be postponed or
suspended automatically due to a ‫ ﺑ ﺴ ﺒ ﺐ ﺗﻐ ﻴ ﺮ ا ﻷ و ﺿ ﺎع‬- ‫أ و إ ﻳ ﻘ ﺎ ﻓ ﻬ ﺎ ﺗ ﻠ ﻘ ﺎ ﺋ ﻴ‬
change in the financial condition of
originator (the debtor), other than its ‫اﻟﻤﺎﻟﻴﺔ ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ )اﻟﻤﺪﻳﻨﺔ( ﻏﻴﺮ ﺣﺎل‬
bankruptcy.
.‫إ ﻓ ﻼ ﺳ ﻬ ﺎ‬
8-1-1-1-c-7. Commutative Contract Sukuk are ‫ُﺗﺼﻨﻒ ﺻﻜﻮك اﻟﻤﻌﺎوﺿﺎت ﻋﻠﻰ أﳖﺎ أداة‬ .7-‫ج‬-1-1-1-8
classified as a debt instrument for the
certificateholders after the recognition ‫َدﻳﻦ ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك ﺑﻌﺪ ﺛﺒﻮت اﻟﻌﻮض‬
of the consideration (the price or the
rent) as a debt owed by the buyer or the ‫ ﰲ ذﻣﺔ اﻟﻤﺸﱰي أو‬-‫ أو أﺟﺮًة( دﻳﻨ‬-‫)ﺛﻤﻨ‬
lessee.
. ‫اﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ‬
8-1-1-1-c-8. It is not permitted for the originator to ‫ﻻ ﻳﺠ ﻮ ز ﻟ ﻠ ﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ إﻋ ﺎد ة ﺟ ﺪ و ﻟﺔ د ﻳﻦ‬ .8-‫ج‬-1-1-1-8
reschedule the Sukuk debt by issuing
new commutative contract Sukuk with ‫اﻟ ﺼ ﻜ ﻮ ك ﺑ ﺈ ﺻ ﺪ ار ﺻ ﻜ ﻮ ك ﻣ ﻌ ﺎ و ﺿ ﺔ ﺟ ﺪ ﻳ ﺪ ة‬
the existing certificateholders to pay off
[the existing certificates] and ‫ﻣ ﻊ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك اﻟ ﻘ ﺎ ﺋﻤ ﺔ ﻟ ﺴ ﺪ اد د ﻳ ﻨﻬ ﺎ ﻓ ﻴﻬ ﺎ‬
accordingly cancel them, so that the
new issuance will result in a larger debt ‫ ﺑ ﺤ ﻴ ﺚ ﻳ ﱰ ﺗ ﺐ ﻋ ﻠ ﻰ ا ﻹ ﺻ ﺪ ا ر‬, ‫و إ ﻃ ﻔ ﺎ ﺋﻬ ﺎ‬
owed by the originator. With due
compliance with s. (4-1-3) of Shari’ah . ‫اﻟ ﺠ ﺪ ﻳ ﺪ د ﻳﻦ أﻛ ﱪ ﰲ ذ ﻣ ﺔ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
Standard No. (59): Sale of Debt.
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٣-١-٤) ‫وﯾﺮاﻋﻰ‬
.‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﺪﻳﻦ‬٥٩) ‫رﻗﻢ‬
8-1-1-1-d. Special Provisions of types of :‫أﺣﻜﺎم ﺧﺎﺻﺔ ﺑﺄﻧﻮاع ﺻﻜﻮك اﻟﻤﻌﺎوﺿﺎت‬ .‫د‬-1-1-1-8
Commutative contract Sukuk:
Commutative Sukuks are subject to special ‫ﺗﺨﻀﻊ ﺻﻜﻮك اﻟﻤﻌﺎوﺿﺎت ﻷﺣﻜﺎم ﺧﺎﺻﺔ ﺑﻜﻞ ﻧﻮٍع ﻣﻨﻬﺎ‬
provisions for each type, according to the contract
between the certificateholders and the originator, ‫ و ﻓ ﻖ ﻣ ﺎ‬, ‫ﺑﺤ ﺴ ﺐ اﻟﻌ ﻘ ﺪ ﺑﻴﻦ ﺣ ﻤ ﻠﺔ اﻟ ﺼ ﻜ ﻮ ك و اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬
as follows:
: ‫ﻳﺄ ﰐ‬
8-1-1-1-d-1. Provisions of Murabaha Sukuk: :‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﻤﺮاﺑﺤﺔ‬ .1-‫د‬-1-1-1-8
8.1.1.1.d.1.1. It is required that Murabaha Sukuk ‫ﻳﺠﺐ اﻟﺘﻘﻴﺪ ﰲ ﺻﻜﻮك اﻟﻤﺮاﺑﺤﺔ ﺑﺎﻟﻀﻮاﺑﻂ‬ .1 - 1 - ‫ د‬-1 - 1 -1 -8
adhere to the Shari’ah rules given in
Shari’ah Standard No. (8): Murabaha.
44
In the case of Tawarruq, it is required ‫اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ اﻟﻮ ار د ة ﰲ اﻟ ﻤ ﻌ ﻴ ﺎ ر اﻟ ﺸ ﺮ ﻋ ﻲ ر ﻗ ﻢ‬

that Shari’ah rules mentioned in
Shari’ah Standard No. (30): Tawarruq ‫ وﰲ ﺣﺎل اﻟﺘﻮرق‬.‫( ﺑﺸﺄن اﻟﻤﺮاﺑﺤﺔ‬٨)
are complied with.
‫ﻳﺠﺐ اﻟﺘﻘﻴﺪ ﺑﺎﻟﻀﻮاﺑﻂ اﻟﺸﺮﻋﻴﺔ اﻟﻮاردة ﰲ‬
.‫( ﺑﺸﺄن اﻟﺘﻮرق‬٣٠) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
8.1.1.1.d.1.2. It is not permitted to issue Murabaha ‫ﻻ ﻳﺠ ﻮ ز إ ﺻ ﺪ ار ﺻ ﻜ ﻮ ك اﻟﻤ ﺮ اﺑﺤ ﺔ إن ﻛ ﺎﻧﺖ‬ .2 - 1 - ‫ د‬-1 - 1 -1 -8
Sukuk if it leads to ‘Inah, that is
prohibited as per Shari’ah. See: s. (3- ‫ وﻳﻨﻈﺮ‬.‫ﺗﺆدي إﻟﻰ اﻟﻌﻴﻨﺔ اﻟﻤﺤﺮﻣﺔ ﺷﺮًﻋﺎ‬
5) of Shari’ah Standard No. (58)
Repurchase. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٥-٣) ‫اﻟﺒﻨﺪ‬
.‫( ﺑﺸﺄن إﻋﺎدة اﻟﺸﺮاء‬٥٨)
8.1.1.1.d.1.3. If there is an apparent need (ḥāja ‫إ ذ ا و ﺟ ﺪ ت ﺣ ﺎ ﺟ ﺔ ﻇ ﺎ ﻫ ﺮ ة ﻟ ﺘﻮ ﻛ ﻴ ﻞ اﻟ ﺠ ﻬ ﺔ‬ .3 - 1 - ‫ د‬-1 - 1 -1 -8
ẓāhira) to authorize the originator to
purchase the underlying assets [of ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺸ ﺮ اء اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﻧ ﻴ ﺎ ﺑ ﺔ ﻋ ﻦ ﺣ ﻤ ﻠ ﺔ‬
Sukuk] on behalf of the
certificateholders, so that ‫ ﻓ ﻠ ﻴ ﺲ‬, ‫ ﻟ ﺘ ﺸ ﱰ ﻳﻬ ﺎ ﻣ ﻨﻬ ﻢ ﺑﺎﻟ ﻤ ﺮ اﺑﺤ ﺔ‬, ‫اﻟ ﺼ ﻜ ﻮ ك‬
[originator] purchases [the
underlying assets] from [the ‫ و ﻣ ﻦ ذ ﻟ ﻚ أن‬, ‫ﻟ ﻬ ﺎ أ ن ﺗ ﺘ ﻮ ﻟ ﻰ اﻟ ﺒ ﻴ ﻊ ﻟ ﻨ ﻔ ﺴ ﻬ ﺎ‬
certificateholders] on Murabaha
basis, then the originator cannot ‫ﺗ ﻜ ﻮ ن ﻫ ﻲ اﻟ ﻤ ﺪ ﻳ ﺮ ة ﻟ ﻠ ﻤ ﺼ ﺪ ر ﻓ ﺘ ﺘ ﻮ ﻟ ﻰ ﻃ ﺮ ﰲ‬
undertake the sale to itself, this
includes [a scenario where] the -١-٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻋﻘﺪ اﻟﺒﻴﻊ ﺑﺎﻟﻤﺮاﺑﺤﺔ‬
originator is the arranger so it can
conclude the sale contract for both (٥-١-٣) ‫( واﻟﺒﻨﺪ‬٤-١-٣) ‫ واﻟﺒﻨﺪ‬,(٣
sides of the contract (tawalī ṭarafī al-
Ꜥaqd) in the Murabaha. See: s. (3-1- ‫( ﺑﺸﺄن‬٨) ‫ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
3), s. (3-1-4) and s. (3-1-5) of Shari’ah
Standard No. (8): Murabaha, s. (6-1-
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٣-١-٦) ‫ واﻟﺒﻨﺪ‬,‫اﻟﻤﺮاﺑﺤﺔ‬
3) of Shari’ah Standard No. (23):
‫( ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ وﺗﺼﺮف‬٢٣) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
Agency and the Act of
Uncommissioned Agent (Fodooli), ‫( ﻣﻦ ﻫﺬا‬٥-١٠) ‫ واﻟﺒﻨﺪ‬,‫اﻟﻔﻀﻮﻟﻲ‬
and s. (10-5) of this Standard.
8.1.1.1.d.1.4. It is permitted that the subject of sale ‫ﻳﺠﻮز أن ﻳﻜﻮن اﻟﻤﺒﻴﻊ ﰲ ﺻﻜﻮك اﻟﻤﺮاﺑﺤﺔ‬ .4 - 1 - ‫ د‬-1 - 1 -1 -8
in the Murabaha Sukuk to be shares
or Sukuks that are permitted to be ‫أﺳﻬًﻤﺎ أو ﺻﻜﻮًﻛﺎ ﻣﻤﺎ ﻳﺠﻮز ﺗﺪاوﻟﻪ ﺑﺎﻟﻨﻘﻮد‬
traded for cash with no need to
comply with rules of debt trading or ‫دون اﻟﺘﻘﻴﺪ ﺑﻀﻮاﺑﻂ ﺗﺪاول اﻟﺪﻳﻮن أو‬
provisions of currency exchange
(ṣarf), and it can also be moral rights. ‫ ﻛﻤﺎ ﻳﻤﻜﻦ أن ﺗﻜﻮن ﺣﻘﻮًﻗﺎ‬,‫أﺣﻜﺎم اﻟﺼﺮف‬
45
See: s. (5-1-3). .(٣-١-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻣﻌﻨﻮﻳﺔ‬

8.1.1.1.d.1.5. It is not permitted that the subject of ‫ﻻ ﻳﺠ ﻮ ز أن ﻳﻜ ﻮ ن اﻟﻤ ﺒ ﻴﻊ ﰲ ﺻ ﻜ ﻮ ك‬ .5 - 1 - ‫ د‬-1 - 1 -1 -8
sale in the Murabaha Sukuk to be
specified-cum-unidentified assets. .‫اﻟﻤﺮاﺑﺤﺔ أﺻﻮًﻻ ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﺬﻣﺔ‬
8.1.1.1.d.1.6. It is not permitted to state no- ‫ﻻ ﻳﺠ ﻮ ز اﻟ ﻨﺺ ﻋ ﻠ ﻰ ﻧ ﻔ ﻲ ﻣ ﺴ ﺆ و ﻟ ﻴ ﺔ ﺣ ﻤ ﻠ ﺔ‬ .6 - 1 - ‫ د‬-1 - 1 -1 -8
responsibility of the
certificateholders for a decrease in ‫اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻦ اﻟ ﻨ ﻘ ﺺ ﰲ ﻛ ﻤ ﻴ ﺔ اﻟ ﻤ ﺒ ﻴ ﻊ‬
the quantity of the subject of
Murabaha sale, or for the difference , ‫ أ و اﻻ ﺧ ﺘﻼ ف ﰲ ﻧﻮ ﻋ ﻪ أ و ﻏ ﻴﺮ ه‬, ‫ﺑﺎﻟﻤ ﺮ اﺑﺤ ﺔ‬
in its type or otherwise. It is
permitted that no-responsibility is ‫و ﻳ ﺠ ﻮ ز أ ن ﻳ ﻘ ﺘ ﺼ ﺮ ذ ﻟ ﻚ ﻋ ﻠ ﻰ اﺷ ﱰ اط اﻟ ﱪ اء ة‬
limited to absolution from defect
[(sale on as-is basis)]. See: s. (4-9) of ‫( ﻣﻦ‬٩-٤) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻣﻦ اﻟﻌﻴﻮب‬
Shari’ah Standard No. (8): Murabaha.
.‫( ﺑﺸﺄن اﻟﻤﺮاﺑﺤﺔ‬٨) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
8.1.1.1.d.1.7. The originator bears the risks of the ‫ﺗ ﺘ ﺤ ﻤ ﻞ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﺨ ﺎ ﻃ ﺮ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬ .7 - 1 - ‫ د‬-1 - 1 -1 -8
underlying assets sold to it from the
time it acquires them and takes , ‫اﻟ ﻤ ﺒ ﻴﻌ ﺔ ﻟﻬ ﺎ ﻣ ﻦ ﺣ ﻴﻦ ﺗ ﻤ ﻠ ﻜ ﻬ ﺎ و ﻗ ﺒ ﻀ ﻬ ﺎ ﻟﻬ ﺎ‬
possession of them. Hence, it is not
permitted to stipulate that [the ‫ﻓ ﻼ ﻳ ﺠ ﻮ ز اﻟ ﻨ ﺺ ﻋ ﻠ ﻰ أ ﳖ ﺎ ﺗ ﺘ ﺤ ﻤ ﻠ ﻬ ﺎ ﻗ ﺒ ﻞ ذ ﻟ ﻚ‬
originator] bears [the risks] prior to
that [point], such as stipulating that ‫ﻛ ﺄ ن ﻳ ﻨ ﺺ ﻋ ﻠ ﻰ أﳖ ﺎ ﺗ ﺘﺤ ﻤ ﻞ اﻟﻤ ﺨ ﺎﻃ ﺮ ﻣ ﻦ‬
[the originator] bears the risks from
the time the certificateholders ‫ أ و ﻋ ﻠ ﻰ‬, ‫و ﻗ ﺖ ﺗﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻟﻬ ﺎ‬
acquired [the underlying assets], or
that it is under an absolute obligation ‫أﳖﺎ ﻣﻠﺰﻣﺔ ﺑﺸﺮاﺋﻬﺎ ﻣﻄﻠًﻘﺎ ﺑﺎﻟﺤﺎل اﻟﺘﻲ‬
to buy [the underlying assets] in the
same status as the ownership is ‫ا ﻧ ﺘ ﻘ ﻠ ﺖ ﲠ ﺎ ا ﻟ ﻤ ﻠ ﻜ ﻴ ﺔ إ ﻟ ﻰ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و ﻟﻮ‬
transferred to the certificateholders,
even if this ownership is not ‫ﻟﻢ ﺗﺜﺒﺖ ﻫﺬه اﻟﻤﻠﻜﻴﺔ أو ﺛﺒﺘﺖ وﻛﺎﻧﺖ ﻣﻠﻜﻴًﺔ‬
recognized, or it was recognized but
was defective ownership (mulkiyyah
.‫ﻣﻌ ﻴﺒﺔ‬
muꜤība).
8.1.1.1.d.1.8. The certificateholders bear taxes and ‫ﻳ ﺘ ﺤ ﻤ ﻞ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك اﻟ ﻀ ﺮ ا ﺋ ﺐ و ﺟ ﻤ ﻴ ﻊ‬ .8 - 1 - ‫ د‬-1 - 1 -1 -8
all the expenses related to acquiring
the assets before selling them on ‫اﻟ ﻨ ﻔ ﻘ ﺎ ت اﻟ ﻤ ﺘﻌ ﻠ ﻘ ﺔ ﺑ ﺘ ﻤ ﻠ ﻚ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﻗ ﺒﻞ‬
Murabaha basis to the originator,
and they may add them to the ‫ وﻟﻬﻢ أن‬,‫ﺑﻴﻌﻬﺎ ﻣﺮاﺑﺤًﺔ إﻟﻰ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
original cost at the time of
concluding the Murabaha. See: s. (3- ‫ﻳ ﻀ ﻴ ﻔ ﻮ ﻫ ﺎ إ ﻟ ﻰ اﻟ ﺘ ﻜ ﻠ ﻔ ﺔ ا ﻷ ﺻ ﻠ ﻴ ﺔ ﻋ ﻨ ﺪ إ ﺑ ﺮ ام‬
Murabaha. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٣-٤) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻤﺮاﺑﺤﺔ‬
46
.‫( ﺑﺸﺄن اﻟﻤﺮاﺑﺤﺔ‬٨) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬

8.1.1.1.d.1.9. It is permitted for the ‫ﻳﺠﻮز ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك اﺷﱰاط أن ﻳﻜﻮن‬ .9 - 1 - ‫ د‬-1 - 1 -1 -8
certificateholders to stipulate that
the subject of Murabaha sale shall be ,‫اﻟﻤﺒﻴﻊ ﻣﺮاﺑﺤًﺔ ﻣﻤﺎ ﻻ ﺗﻔﺮض ﻋﻠﻴﻪ ﺿﺮاﺋﺐ‬
a thing upon which no taxes are
imposed. If the issuer (or the party ‫ﻓﺈن ﺧﺎﻟﻒ اﻟﻤﺼِﺪر )أو ﻣﻦ ﻳﻨﻮب ﻋﻨﻪ( ﻫﺬا‬
representing it) breaches this
condition, then it will be liable of the ‫اﻟﺸﺮَط ﻛﺎن ﺿﺎﻣﻨًﺎ ﻟﻤﺎ ﻳﺘﺤﻤﻠﻮﻧﻪ ﻣﻦ‬
taxes borne by [the
certificateholders], and this is ‫ و ﻫ ﺬ ا ﺑ ﺸ ﺮ ط أن ﺗ ﻜ ﻮ ن ﻫ ﻨ ﺎ ك‬, ‫ﺿ ﺮ ا ﺋ ﺐ‬
provided that there are underlying
assets that are tax exempted and can ‫ﻣ ﻮ ﺟ ﻮ د ا ت ﻣ ﻌ ﻔ ﺎ ة ﻣ ﻦ اﻟ ﻀ ﺮ ا ﺋ ﺐ ﻣ ﻤ ﺎ ﻳ ﻤ ﻜ ﻦ‬
purchased and sold on Murabaha.
Otherwise, the issuer (or the party ‫ وإﻻ ﻛﺎن ﻟﻠﻤﺼِﺪر‬,‫ﺷﺮاؤه وﺑﻴﻌﻪ ﺑﺎﻟﻤﺮاﺑﺤﺔ‬
representing it) cannot carry the
purchase and conclude Murabaha ‫)أو ﻣﻦ ﻳﻨﻮب ﻋﻨﻪ( ﻋﺪم اﻟﱢﺸﺮاء وﻋﺪم ﺗﻨﻔﻴﺬ‬
.‫ دون ﺗﺒﻌٍﺔ ﻋﻠﻰ أﱟي ﻣﻨﻬﻤﺎ‬,‫اﻟﻤﺮاﺑﺤﺔ‬
without subjecting itself to such
condition.
8.1.1.1.d.1.10. It is permitted to stipulate that the ‫ﻳﺠﻮز أن ُﻳﺸﱰط ﻋﻠﻰ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ دﻓﻊ‬ .10-1-‫د‬-1-1-1-8
originator shall pay the taxes
imposed on Murabaha instalments ‫اﻟﻀﺮاﺋﺐ اﻟﺘﻲ ُﺗﻔﺮض ﻋﻠﻰ أﻗﺴﺎط‬
so that the instalment amount is
paid in full [with no deduction]. .‫اﻟﻤﺮاﺑﺤﺔ ﺑﺤﻴﺚ َﺗﺪﻓﻊ ﻣﺒﻠﻎ اﻟﻘﺴﻂ ﺗﺎًﻣﺎ‬
8.1.1.1.d.1.11. It is not permitted for the originator ‫ﻻ ﻳﺠ ﻮ ز ﰲ ﺻ ﻜ ﻮ ك اﻟﻤ ﺮ اﺑﺤ ﺔ اﻹ ﻃ ﻔ ﺎء‬ .11-1-‫د‬-1-1-1-8
to carry early cancelation based on
its unilateral decision [with no , ‫اﻟ ﻤ ﺒ ﻜ ﺮ ﺑ ﺈ ﻻ ر ا د ة اﻟ ﻤ ﻨ ﻔ ﺮ د ة ﻟ ﺤ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
consent of] the certificateholders.
Also, [early cancelation] is not ‫ﻛ ﻤ ﺎ ﻻ ﻳﺠ ﻮ ز ذﻟ ﻚ ﻟ ﻠ ﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ إن ﻛ ﺎن‬
permitted for the originator if it
obliges the certificateholders to ‫ﻳ ﻠ ﺰ م ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺑﺎﻟ ﺘ ﻨﺎ ز ل ﻋ ﻦ ﺷ ﻲ ء ﻣ ﻦ‬
waive a part of the outstanding
price. In case, waiver from the ‫ ﻓ ﺈن و ﻗ ﻊ اﻟ ﺘ ﻨ ﺎ ز ل ﻣ ﻦ‬, ‫اﻟ ﻤ ﺘ ﺒ ﻘ ﻲ ﻣ ﻦ اﻟ ﺜ ﻤ ﻦ‬
certificateholders was carried at
the time of early cancelation with ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺑ ﺮ ﺿ ﺎ ﻫ ﻢ ﻋ ﻨ ﺪ اﻹ ﻃ ﻔ ﺎء‬
the consent of the
certificateholders then there is no . ‫ ﻓ ﻼ ﺑ ﺄ س ﺑ ﺬ ﻟ ﻚ‬, ‫اﻟ ﻤ ﺒ ﻜ ﺮ ﻣ ﻦ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
[Shari’ah] issue.
8.1.1.1.d.1.12. It is not permitted in Murabaha ‫ﻻ ﻳﺠ ﻮ ز ﰲ ﺻ ﻜ ﻮ ك اﻟﻤ ﺮ اﺑﺤ ﺔ اﻻ ﺗﻔ ﺎق أ و‬ .12-1-‫د‬-1-1-1-8
Sukuk to have an agreement or an
understanding in advance to repeat ‫اﻟﺘﻔﺎﻫﻢ ﻣﻘﺪًﻣﺎ ﻋﻠﻰ ﺗﻜﺮار اﻟﻤﺮاﺑﺤﺔ ﰲ‬
the Murabaha at the periods
specified for periodic distributions ‫اﻟ ﻤ ﺪ د اﻟ ﻤ ﺤ ﺪ د ة ﻟ ﻠ ﺘﻮ ز ﻳﻌ ﺎ ت اﻟ ﺪ و ر ﻳ ﺔ ) و ﻫ ﻲ‬
(i.e., the financing mode of
“Revolving Murabaha”) except with
47
the rules given in s. (4-1-3-4) of Revolving " ‫ﺻ ﻴﻐ ﺔ اﻟﻤ ﺮ اﺑﺤ ﺔ اﻟ ﺪ و ار ة‬

Shari’ah Standard No. (59): Sale of
Debt. ‫"( إﻻ ﺑﺎﻟﻀﻮاﺑﻂ اﻟﻮاردة ﰲ‬Murabaha
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٤-٣-١-٤) ‫اﻟﺒﻨﺪ‬
8-1-1-1-d-2. Provisions of Salam Sukuk: :‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﺴﻠﻢ‬ .2-‫د‬-1-1-1-8
8.1.1.1.d.2.1. It is required that the Salam Sukuk ‫ﻳﺠﺐ اﻟﺘﻘﻴﺪ ﰲ ﺻﻜﻮك اﻟﺴﻠﻢ ﺑﺎﻟﻀﻮاﺑﻂ‬ .1 - 2 - ‫ د‬-1 - 1 -1 -8
adhere to the Shari’ah rules given
in Shari’ah Standard No. (10): ‫اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ اﻟﻮ ار د ة ﰲ اﻟ ﻤ ﻌ ﻴ ﺎ ر اﻟ ﺸ ﺮ ﻋ ﻲ ر ﻗ ﻢ‬
Salam and Parallel Salam.
.‫( ﺑﺸﺄن اﻟﺴﻠﻢ واﻟﺴﻠﻢ اﻟﻤﻮازي‬١٠)
8.1.1.1.d.2.2. There is no [Shari’ah] objection in ‫ﻻ ﻣ ﺎﻧﻊ ﻣ ﻦ ﺗﻮ ﻛ ﻴﻞ ﺣ ﻤ ﻠ ﺔ ﺻ ﻜ ﻮ ك اﻟ ﺴ ﻠﻢ‬ .2 - 2 - ‫ د‬-1 - 1 -1 -8
delegating the originator by the
certificateholders to sell the ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺒ ﻴ ﻊ ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺴ ﻠﻢ ﺑﻌ ﺪ‬
underlying assets of Salam [Sukuk]
after [the certificateholders] have ‫ وﺗﻮزﻳﻊ ﺛﻤﻦ‬,‫ﺗﺴﻠﻤﻬﻢ ﻟﻬﺎ ﺣﻘﻴﻘًﺔ أو ﺣﻜًﻤﺎ‬
taken delivery of [the underlying
assets] either actually or ‫اﻟ ﺒ ﻴ ﻊ ﻋ ﻠ ﻰ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺑﺤ ﺴ ﺐ ﻧ ﺴ ﺒ ﺔ‬
constructively and distributing the
sale price to the certificateholders ‫ ﻋﻠﻰ أﻻ‬,‫ﻣﻠﻜﻴﺘﻬﻢ ﻟﻤﻮﺟﻮدات اﻟﺴﻠﻢ‬
according to the percentage of
their ownership of the underlying . ‫ﻳ ﺸ ﱰ ط ﻫ ﺬ ا اﻟ ﺘﻮ ﻛ ﻴ ﻞ ﰲ ﻋ ﻘ ﺪ اﻟ ﺴ ﻠ ﻢ‬
assets of Salam Sukuk, provided
that this agency is not conditioned
in the Salam contract.
8.1.1.1.d.2.3. It is permitted for the originator to -‫ﻳﺠﻮز أن ﺗﻌﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ وﻋﺪًا ﻣﻠﺰﻣ‬ .3 - 2 - ‫ د‬-1 - 1 -1 -8
extend a binding promise, separate
from the contract of agency, to ‫ﻣﻨﻔﺼًﻼ ﻋﻦ ﻋﻘﺪ اﻟﺘﻮﻛﻴﻞ ﺑﺸﺮاء ﺳﻠﻌﺔ‬
purchase the Salam commodity,
even for a specified purchase price, - ‫اﻟ ﺴ ﻠﻢ و ﻟﻮ ﺑ ﺜ ﻤ ﻦ ﻣ ﺤ ﺪ د إن ﻟﻢ ﺗ ﺠ ﺪ ﻣ ﺸ ﱰ ﻳ‬
if [the originator] does not find a
buyer for [the Salam commodity] ‫ ﻓ ﺈن ﻛ ﺎن اﻟ ﺸ ﺮ اء ﺑﺄﻛ ﺜﺮ‬, ‫ﻟﻬ ﺎ ﺑﻤ ﻮ ﺟ ﺐ اﻟﺘﻮ ﻛ ﻴﻞ‬
pursuant to the agency [to buy]. If
the purchase was for more than the ‫ﻣ ﻦ ر أ س ﻣ ﺎ ل اﻟ ﺴ ﻠﻢ ﻓ ﻴ ﺠ ﺐ أن ﻳ ﻜ ﻮ ن اﻟ ﺜ ﻤ ﻦ‬
Salam capital, then it is required
that the price is [paid] on spot to ‫ واﻟﻮاﺟﺐ أن ﻻ ﺗﺘﻮﻟﻰ‬,‫ﺣﺎًﻻ دﻓًﻌﺎ ﻟﻠﻌﻴﻨﺔ‬
avoid ‘Inah. It is a requirement that
at the time of purchasing the Salam ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻃ ﺮ ﰲ اﻟﻌ ﻘ ﺪ ﻋ ﻨ ﺪ ﺷ ﺮ ا ﺋﻬ ﺎ‬
commodity by the originator, it
does not conclude the contract on ‫ ﻛﻤﺎ ﻳﺸﱰط ﺗﻮاﻓﺮ اﻟﻀﻮاﺑﻂ‬,‫ﺳﻠﻌﺔ اﻟﺴﻠﻢ‬
48
behalf of both sides of the contract ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٥-٣) ‫اﻟﻮاردة ﰲ اﻟﺒﻨﺪ‬

(tawalī ṭarafī al-Ꜥaqd). Also, it is
required to fulfil the rules given in ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬,‫( ﺑﺸﺄن إﻋﺎدة اﻟﺸﺮاء‬٥٨) ‫رﻗﻢ‬
s. (3-5) of Shari’ah Standard No. 58:
Repurchase and see s. (6-1-2) of (٢٣) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢-١-٦)
Shari’ah Standard No. (23): Agency
and the Act of Uncommissioned ‫ ﻓ ﺈ ن‬. ‫ﺑ ﺸ ﺄ ن اﻟﻮ ﻛ ﺎﻟ ﺔ و ﺗ ﺼ ﺮ ف اﻟ ﻔ ﻀ ﻮ ﻟ ﻲ‬
Agent (Fodooli). If the originator
repudiates to perform the promise, ‫ ﻓ ﺈﳖ ﺎ‬, ‫ﻧ ﻜ ﻠ ﺖ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻦ ﺗ ﻨ ﻔ ﻴ ﺬ اﻟﻮ ﻋ ﺪ‬
it shall bear the compensation for
the actual damage, which is ‫ اﻟ ﺬ ي‬, ‫ﺗ ﺘ ﺤ ﻤ ﻞ اﻟ ﺘ ﻌ ﻮ ﻳ ﺾ ﻋ ﻦ اﻟ ﻀ ﺮ ر اﻟ ﻔ ﻌ ﻠ ﻲ‬
estimated by the shortfall in the
Salam capital after [receiving] the ‫ﻳﻘﺪر ﺑﻤﺎ ﻧﻘﺺ ﻣﻦ ﺛﻤﻦ ﺑﻴﻊ ﺳﻠﻌﺔ اﻟﺴﻠﻢ‬
selling price of the Salam
commodity to a third party. . ‫ﻟ ﻠ ﻐ ﻴ ﺮ ﻋ ﻦ ر أ س ﻣ ﺎ ل اﻟ ﺴ ﻠﻢ‬
8.1.1.1.d.2.4. It is permitted to stipulate that a ‫ﻳﺠ ﻮ ز اﺷ ﱰ اط ﺗﻘ ﺪ ﻳﻢ ﺿ ﻤ ﺎن ﻟﺤ ﻤ ﻠﺔ‬ .4 - 2 - ‫ د‬-1 - 1 -1 -8
guarantee be provided by the
originator to the certificateholders ‫اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻦ ﻗ ﺒﻞ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻟ ﺸ ﺮ اء‬
to purchase the Salam commodity,
at the expense of the originator, for ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺳ ﻠ ﻌ ﺔ اﻟ ﺴ ﻠﻢ ﻋ ﻠ ﻰ ﺣ ﺴ ﺎ ب‬
the certificateholders from a third
party, in case [the third party] does ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﻦ ﻃ ﺮ ف ﺛ ﺎﻟ ﺚ ﰲ ﺣ ﺎ ل ﻋ ﺪ م‬
not fulfil its obligation to deliver
[the Salam commodity] at the ‫و ﻓ ﺎ ﺋﻬ ﺎ ﺑ ﺎﻟ ﺘ ﺰ ا ﻣ ﻬ ﺎ ﺑ ﺘ ﺴ ﻠ ﻴ ﻤ ﻬ ﺎ ﰲ ا ﻷ ﺟ ﻞ‬
specified time.
. ‫اﻟ ﻤ ﺤ ﺪ د‬
8-1-1-1-d-3. Provisions of Istisna’ Sukuk: :‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻻﺳﺘﺼﻨﺎع‬ .3-‫د‬-1-1-1-8
8.1.1.1.d.3.1. It is required that the Istisna’ Sukuk ‫ﻳﺠﺐ اﻟﺘﻘﻴﺪ ﰲ ﺻﻜﻮك اﻻﺳﺘﺼﻨﺎع‬ .1 - 3 - ‫ د‬-1 - 1 -1 -8
in Shari’ah Standard No. (11): ‫ﺑﺎﻟﻀ ﻮ اﺑﻂ اﻟﺸ ﺮ ﻋ ﻴﺔ اﻟﻮ ار د ة ﰲ اﻟﻤ ﻌ ﻴﺎر‬
Istisna’ and Parallel Istisna’.
‫( ﺑﺸﺄن اﻻﺳﺘﺼﻨﺎع‬١١) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
. ‫و ا ﻻ ﺳ ﺘ ﺼ ﻨ ﺎع اﻟ ﻤ ﻮ از ي‬
8.1.1.1.d.3.2. Istisna’ Sukuk does not require ‫ﻻ ﻳ ﺸ ﱰ ط ﰲ ﺻ ﻜ ﻮ ك اﻻ ﺳ ﺘ ﺼ ﻨﺎع ﺗ ﺴ ﻠ ﻴﻢ‬ .2 - 3 - ‫ د‬-1 - 1 -1 -8
delivery of the proceeds of
subscription to the originator on ‫ﺣ ﺼ ﻴ ﻠ ﺔ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب إ ﻟ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﰲ ﻳﻮ م‬
the day of concluding the Istisna’
contract. See: s. (3-2-2) of Shari’ah -٢-٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫إﺑﺮام ﻋﻘﺪ اﻻﺳﺘﺼﻨﺎع‬
Standard No. (11): Istisna’ and
Parallel Istisna’. ‫( ﺑﺸﺄن‬١١) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢
49
.‫اﻻﺳﺘﺼﻨﺎع واﻻﺳﺘﺼﻨﺎع اﻟﻤﻮازي‬

8.1.1.1.d.3.3. It is permitted to agree to hand ‫ﻳ ﺠ ﻮ ز ا ﻻ ﺗ ﻔ ﺎ ق ﻋ ﻠ ﻰ ﺗ ﺴ ﻠ ﻴﻢ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬ .3 - 3 - ‫ د‬-1 - 1 -1 -8
over the underlying assets of the
Istisna’ Sukuk to the originator in ‫ﻣ ﻮ ﺟ ﻮ د ا ت ﺻ ﻜ ﻮ ك ا ﻻ ﺳ ﺘ ﺼ ﻨ ﺎع ﻋ ﻠ ﻰ‬
instalments agreed upon in terms
of quantities and dates of delivery, ‫د ﻓ ﻌ ﺎ ت ﻣ ﺘ ﻔ ﻖ ﻋ ﻠ ﻰ ﻛ ﻤ ﻴﺎ ﲥ ﺎ و آ ﺟ ﺎﻟﻬ ﺎ و ﻟﻮ د و ن‬
even without advancing (taꜤjīl) the
Istisna’ price. There is no [Shari’ah] ‫ و ﻻ ﻣ ﺎﻧﻊ ﻣ ﻦ‬. ‫ﺗﻌ ﺠ ﻴﻞ ﺛﻤ ﻦ اﻻ ﺳ ﺘﺼ ﻨﺎع‬
objection to have difference in
amounts of payments or their ‫ا ﺧ ﺘ ﻼ ف ﻛ ﻤ ﻴ ﺎ ت اﻟ ﺪ ﻓ ﻌ ﺎ ت أ و آ ﺟ ﺎﻟ ﻬ ﺎ ﺑ ﻤ ﺎ‬
deadlines to be in line with the
periodic distributions to the ‫ﻳ ﺘ ﻔ ﻖ ﻣ ﻊ اﻟ ﺘﻮ ز ﻳ ﻌ ﺎ ت اﻟ ﺪ و ر ﻳ ﺔ ﻋ ﻠ ﻰ ﺣ ﻤ ﻠ ﺔ‬
certificateholders. See: s. (3-2-2) of
Shari’ah Standard No. (11): Istsinsa ‫( ﻣﻦ‬٢-٢-٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﺼﻜﻮك‬
and Parallel Istisna.
‫( ﺑﺸﺄن‬١١) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
8.1.1.1.d.3.4. There is no [Shari’ah] objection if ‫ﻻ ﻣ ﺎﻧﻊ ﻣ ﻦ ﺗﻮ ﻛ ﻴﻞ ﺣ ﻤ ﻠ ﺔ ﺻ ﻜ ﻮ ك‬ .4 - 3 - ‫ د‬-1 - 1 -1 -8
the certificateholders of Istisna’
Sukuk appoint the originator as ‫اﻻﺳﺘﺼﻨﺎع اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺒﻴﻊ اﻟﻤﺼﻨﻮع‬
their agent to sell the
manufactured item, after taking its ‫ وﺗﻮزﻳﻊ‬,‫ﺑﻌﺪ ﺗﺴﻠﻤﻬﻢ ﻟﻪ ﺣﻘﻴﻘًﺔ أو ﺣﻜًﻤﺎ‬
delivery, [either] actually or
constructively, by [the ‫ﺛﻤﻦ اﻟﺒﻴﻊ ﻋﻠﻰ ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﺑﺤﺴﺐ‬
certificateholders], and to
distribute the sale price among the ‫ ﻋ ﻠ ﻰ أ ﻻ ﻳ ﺸ ﱰ ط‬, ‫ﻧ ﺴ ﺒ ﺔ ﻣ ﻠ ﻜ ﻴ ﺘﻬ ﻢ ﰲ اﻟ ﻤ ﺼ ﻨﻮ ع‬
certificateholders according to the
proportion of their ownership in ‫ و ﻳ ﻨ ﻈ ﺮ‬. ‫ﻫ ﺬ ا اﻟ ﺘﻮ ﻛ ﻴﻞ ﰲ ﻋ ﻘ ﺪ اﻻ ﺳ ﺘ ﺼ ﻨﺎع‬
the manufactured item, provided
that this agency is not required in ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٨-٦) ‫اﻟﺒﻨﺪ‬
the Istisna’ contract. See: s. (6-8) of
Shari’ah Standard No. (11): Istisna’ ‫( ﺑﺸﺄن اﻻﺳﺘﺼﻨﺎع واﻻﺳﺘﺼﻨﺎع‬١١)
and Parallel Istisna’.
. ‫اﻟ ﻤ ﻮ از ي‬
8.1.1.1.d.3.5. It is permitted for the originator to ‫ﻳﺠﻮز أن ﺗﻌﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺣﻤﻠﺔ‬ .5 - 3 - ‫ د‬-1 - 1 -1 -8
extend to the certificateholders a
binding promise, separate from the ‫ ﻣﻨﻔﺼًﻼ ﻋﻦ ﻋﻘﺪ‬-‫اﻟﺼﻜﻮك وﻋﺪًا ﻣﻠﺰﻣ‬
agency contract, to purchase the
manufactured item, even for a ‫اﻟ ﺘﻮ ﻛ ﻴﻞ ﺑ ﺸ ﺮ اء اﻟ ﻤ ﺼ ﻨﻮ ع و ﻟﻮ ﺑ ﺜ ﻤ ﻦ ﻣ ﺤ ﺪ د‬
specified price, if it does not find a
buyer for the manufactured item ‫ ﻓ ﺈن‬, ‫ ﻟﻪ ﺑﻤ ﻮ ﺟ ﺐ اﻟﺘﻮ ﻛ ﻴﻞ‬- ‫إن ﻟﻢ ﺗﺠ ﺪ ﻣ ﺸ ﱰ ﻳ‬
pursuant to the agency
[arrangement]. It is required that ‫ﻛ ﺎن اﻟ ﺸ ﺮ اء ﺑﺄﻛ ﺜﺮ ﻣ ﻦ ﺛﻤ ﻦ اﻻ ﺳ ﺘ ﺼ ﻨﺎع‬
50
the price is paid on spot to avoid .‫ﻓﻴﺠﺐ أن ﻳﻜﻮن اﻟﺜﻤﻦ ﺣﺎًﻻ دﻓًﻌﺎ ﻟﻠﻌﻴﻨﺔ‬
‘Inah. Also, it is a requirement that
the originator does not conclude ‫و اﻟﻮ ا ﺟ ﺐ أن ﻻ ﺗ ﺘ ﻮ ﻟ ﻰ ا ﻟ ﺠ ﻬ ﺔ ا ﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻃ ﺮ ﰲ‬
the contract on behalf of both sides
of the contract (tawali ṭarafī al ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫اﻟﻌ ﻘ ﺪ ﻋ ﻨ ﺪ ﺷ ﺮ ا ﺋﻬ ﺎ اﻟ ﻤ ﺼ ﻨﻮ ع‬
Ꜥaqd) when it purchases the
manufactured product. See: s. (2-2- (١١) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٤-٢-٢)
Istisna’ and Parallel Istisna’, s. (3-5) , ‫ﺑ ﺸ ﺄ ن ا ﻻ ﺳ ﺘ ﺼ ﻨ ﺎع و ا ﻻ ﺳ ﺘ ﺼ ﻨ ﺎع اﻟ ﻤ ﻮ ا ز ي‬
of Shari’ah Standard No. (58)
Repurchase, and s. (6-1-2) of ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٥-٣) ‫واﻟﺒﻨﺪ‬
and the Act of Uncommissioned -١-٦) ‫ واﻟﺒﻨﺪ‬,‫( ﺑﺸﺄن إﻋﺎدة اﻟﺸﺮاء‬٥٨)
Agent (Fodooli). If the originator
fails to carry out the agency or fails ‫( ﺑﺸﺄن‬٢٣) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢
to perform the promise, it shall
bear compensation for the actual
‫ ﻓ ﺈن ﻧ ﻜ ﻠ ﺖ‬. ‫اﻟﻮ ﻛ ﺎﻟ ﺔ و ﺗ ﺼ ﺮ ف اﻟ ﻔ ﻀ ﻮ ﻟﻲ‬
damage, which is estimated by
‫ ﻓ ﺈﳖ ﺎ‬, ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻦ ﺗ ﻨ ﻔ ﻴ ﺬ اﻟﻮ ﻋ ﺪ‬
what is less than the price of selling
the manufactured to a third party ‫ اﻟ ﺬ ي‬, ‫ﺗ ﺘ ﺤ ﻤ ﻞ اﻟ ﺘ ﻌ ﻮ ﻳ ﺾ ﻋ ﻦ اﻟ ﻀ ﺮ ر اﻟ ﻔ ﻌ ﻠ ﻲ‬
from the price of Istisna’.
‫ﻳﻘﺪر ﺑﻤﺎ ﻧﻘﺺ ﻣﻦ ﺛﻤﻦ ﺑﻴﻊ اﻟﻤﺼﻨﻮع ﻟﻠﻐﻴﺮ‬
. ‫ﻋ ﻦ ﺛﻤ ﻦ اﻻ ﺳ ﺘﺼ ﻨﺎع‬
8.1.1.1.d.3.6. It is permitted to stipulate that a ‫ﻳﺠ ﻮ ز اﺷ ﱰ اط ﺗﻘ ﺪ ﻳﻢ ﺿ ﻤ ﺎن ﻟﺤ ﻤ ﻠﺔ‬ .6 - 3 - ‫ د‬-1 - 1 -1 -8
guarantee be provided to the
certificateholders by the originator ‫اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻦ ﻗ ﺒﻞ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻟ ﺸ ﺮ اء‬
to purchase the certificateholders
manufactured at the expense of ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك اﻟﻤ ﺼ ﻨﻮ ع ﻋ ﻠ ﻰ ﺣ ﺴ ﺎ ب‬
the originator from a third party in
the event that it fails to fulfil its ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﻦ ﻃ ﺮ ف ﺛ ﺎﻟ ﺚ ﰲ ﺣ ﺎ ل ﻋ ﺪ م‬
obligation to deliver the
manufactured product within the ‫و ﻓ ﺎ ﺋﻬ ﺎ ﺑ ﺎﻟ ﺘ ﺰ ا ﻣ ﻬ ﺎ ﺑ ﺘ ﺴ ﻠ ﻴﻢ اﻟ ﻤ ﺼ ﻨﻮ ع ﰲ ا ﻷ ﺟ ﻞ‬
specified period.
. ‫اﻟ ﻤ ﺤ ﺪ د‬
8.1.1.1.d.3.7. It is permitted to issue Istisna’ ‫ﻳﺠ ﻮ ز إﺻ ﺪ ار ﺻ ﻜ ﻮ ك اﺳ ﺘﺼ ﻨﺎع ﻟﺘﻤ ﻮ ﻳﻞ‬ .7 - 3 - ‫ د‬-1 - 1 -1 -8
Sukuk to finance a project for the
originator that needs construction ‫ﻣ ﺸ ﺮ و ع ﻟ ﻠﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ ﻳﺤ ﺘﺎج إﻟﻰ ﺑ ﻨ ﺎ ء أ و‬
or workmanship (ṣunꜤa), so that the
certificateholders are the ‫ﺻ ﻨﻌ ﺔ ﺑﺤ ﻴ ﺚ ﻳ ﻜ ﻮ ن ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻫ ﻢ‬
manufacturer, and it is agreed with
the originator that the price of ‫ و ﻳ ﺘﻢ ا ﻻ ﺗ ﻔ ﺎ ق ﻣ ﻊ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬, ‫اﻟ ﺼ ﺎ ﻧ ﻊ‬
Istisna’ is the benefit derived by the
certificateholders’ from the ‫ﻋ ﻠ ﻰ أن ﺛﻤ ﻦ اﻻ ﺳ ﺘ ﺼ ﻨﺎع ﻫ ﻮ اﻧﺘﻔ ﺎع ﺣ ﻤ ﻠ ﺔ‬
51
manufactured item for a specified ‫اﻟﺼﻜﻮك ﺑﺎﻟﻤﺼﻨﻮع ﻣﺪًة ﻣﺤﺪدة ﺑﻌﺪ‬

period after its completion and
delivery to [the certificateholders]. ‫ و ﻳﻜ ﻮ ن ﻟﺤ ﻤ ﻠ ﺔ‬.‫اﻛ ﺘﻤ ﺎﻟﻪ و ﺗ ﺴ ﻠ ﻴﻤ ﻪ ﻟﻬ ﺎ‬
The certificateholders shall have
the proceeds of exploiting the ‫اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻮ ا ﺋ ﺪ اﺳ ﺘﻐ ﻼ ل اﻟ ﻤ ﻨ ﻔ ﻌ ﺔ ﺧ ﻼ ل‬
benefit during the usufruct period,
even by leasing it to the originator. .‫ وﻟﻮ ﺑﺎﻟﺘﺄﺟﻴﺮ ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬,‫ﻣﺪة اﻻﻧﺘﻔﺎع‬
The Sukuk mature at the expiry of
the usufruct period, and the , ‫و ﺗ ﻨ ﺘﻬ ﻲ اﻟ ﺼ ﻜ ﻮ ك ﺑﺎ ﻧ ﺘﻬ ﺎء ﻣ ﺪ ة ا ﻻ ﻧ ﺘ ﻔ ﺎع‬
originator will recover the project
whether or not the ‫وَﺗﺴﱰد اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ اﻟﻤﺸﺮوع ﺳﻮاٌء‬
certificateholders collected their
capital along with the expected ‫ﺣﱠﺼَﻞ ﺣﻤﻠﺔ اﻟﺼﻜﻮك رأس ﻣﺎﻟﻬﻢ ﻣﻊ‬
profit. See: s. (3-2-1) of Shari’ah
Standard No. (11) Istisna’ and - ٢ - ٣ ) ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫ا ﻟ ﺮ ﺑ ﺢ ا ﻟ ﻤ ﺘ ﻮ ﻗ ﻊ أ و ﻻ‬
Parallel Istisna’.
‫( ﺑﺸﺄن‬١١) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬١
8-1-1-1-d-4. Provisions related to Ijarah Sukuks: :‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻹﺟﺎرة‬ .4-‫د‬-1-1-1-8
8.1.1.1.d.4.1. It is required that the Ijarah Sukuk ‫ﻳﺠﺐ اﻟﺘﻘﻴﺪ ﰲ ﺻﻜﻮك اﻹﺟﺎرة ﺑﺎﻟﻀﻮاﺑﻂ‬ .1 - 4 - ‫ د‬-1 - 1 -1 -8
in Shari’ah Standard No. (9): Ijarah ‫اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ اﻟﻮ ار د ة ﰲ اﻟ ﻤ ﻌ ﻴ ﺎ ر اﻟ ﺸ ﺮ ﻋ ﻲ ر ﻗ ﻢ‬
and Ijarah Muntahia Bittamleek
and Shari’ah Standard No. (34): ‫( ﺑﺸﺄن اﻹﺟﺎرة واﻹﺟﺎرة اﻟﻤﻨﺘﻬﻴﺔ‬٩)
Hiring of Persons.
(٣٤) ‫ واﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬,‫ﺑﺎﻟﺘﻤﻠﻴﻚ‬
. ‫ﺑﺸ ﺄن إﺟ ﺎر ة اﻷ ﺷ ﺨ ﺎص‬
8.1.1.1.d.4.2. It is not permitted to issue Ijarah ‫ﻻ ﻳﺠ ﻮ ز إ ﺻ ﺪ ار ﺻ ﻜ ﻮ ك إ ﺟ ﺎر ة إن ﻛ ﺎﻧﺖ‬ .2 - 4 - ‫ د‬-1 - 1 -1 -8
Sukuk if they lead to ‘Inah that is
prohibited by Shari’ah, such as the ‫ ﻛﺄن ﺗﺆﺟﺮ‬,‫ﺗﺆدي إﻟﻰ اﻟﻌﻴﻨﺔ اﻟﻤﺤﺮﻣﺔ ﺷﺮًﻋﺎ‬
originator leases an asset owned by
it to the certificateholders for a ‫ ﻣ ﻤ ﻠﻮ ﻛ ﺔ ﻟﻬ ﺎ إ ﻟ ﻰ ﺣ ﻤ ﻠ ﺔ‬- ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻴ ﻨ‬
spot rent, then hires [the same
asset] from [the certificateholders] ‫ ﺛﻢ ﺗ ﺴ ﺘ ﺄ ﺟ ﺮ ﻫ ﺎ ﻣ ﻨﻬ ﻢ‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﺑ ﺄ ﺟ ﺮ ة ﺣ ﺎﻟ ﺔ‬
for a higher deferred rent. See: s.
(3-4) of Shari’ah Standard No. (9): ‫( ﻣﻦ‬٤-٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﺑﺄﺟﺮة ﻣﺆﺟﻠﺔ أﻛﺜﺮ‬
Ijarah and Ijarah Muntahia
Bittamleek. With due compliance ‫( ﺑﺸﺄن اﻹﺟﺎرة‬٩) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
with S. (8-1-1-1-d-5-2) of this
Standard. ‫ وﯾﺮاﻋﻰ اﻟﺒﻨﺪ‬.‫واﻹﺟﺎرة اﻟﻤﻨﺘﻬﻴﺔ ﺑﺎﻟﺘﻤﻠﻴﻚ‬
52
.‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٢-٥-‫د‬-١-١-١-٨)

8.1.1.1.d.4.3. It is not permitted to issue Ijarah ‫ﻻ ﻳﺠ ﻮ ز إ ﺻ ﺪ ار ﺻ ﻜ ﻮ ك إ ﺟ ﺎر ة ﻳ ﺸ ﱰ ي‬ .3 - 4 - ‫ د‬-1 - 1 -1 -8
Sukuk wherein its
certificateholders purchase only ‫ وﻟﻮ ﻛﺎﻧﺖ‬,‫ﺣَﻤﻠﺘﻬﺎ دﻓﻌﺎت اﻷﺟﺮة ﻓﻘﻂ‬
the rental payments, even if they
are called in some practices as the ‫ﺗﺴ ﻤ ﻰ ﰲ ﺑ ﻌ ﺾ ا ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﺎ ت ﺑ ﻴ ﻊ ا ﻟ ﻤ ﻨ ﺎ ﻓ ﻊ‬
sale of economic benefits of the
assets. Also, it is not permitted to (Economic Benefits) ‫اﻻ ﻗ ﺘﺼ ﺎد ﻳﺔ‬
purchase one or many of the Ijarah
contracts so that this purchase will ‫ ﻛ ﻤ ﺎ ﻻ ﻳ ﺠ ﻮ ز ﺷ ﺮ اء ﻋ ﻘ ﺪ أ و ﻋ ﻘﻮ د‬, ‫ﻟ ﻸ ﺻ ﻮ ل‬
be directed to purchase of the
rental payments. As a requirement, ‫ ﺣﻴﺚ ﻳﻨﺼﺮف ﻫﺬا اﻟﺸﺮاء إﻟﻰ‬,‫اﻹﺟﺎرة‬
purchase shall be of the leased
asset. See: s. (8-1-1-3-d-2-2-2). ‫ و اﻟﻮ ا ﺟ ﺐ أن ﻳ ﻜ ﻮ ن‬, ‫ﺷ ﺮ ا ء د ﻓ ﻌ ﺎ ت ا ﻷ ﺟ ﺮ ة‬
- ٨ ) ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬.‫ا ﻟ ﺸ ﺮ ا ء ﻟ ﻠ ﻌ ﻴ ﻦ ا ﻟ ﻤ ﺆ ﺟ ﺮ ة‬
.(٢-٢-٢-‫د‬-٣-١-١
8.1.1.1.d.4.4. It is not permitted to make the rent ‫ﻻ ﻳﺠ ﻮ ز ﺟ ﻌ ﻞ أ ﺟ ﺮ ة اﻟﻔ ﱰ ات اﻟﻤ ﺴ ﺘﻘ ﺒ ﻠ ﻴﺔ‬ .4 - 4 - ‫ د‬-1 - 1 -1 -8
for the future periods, that the
originator (lessee) has not yet (‫اﻟ ﺘﻲ ﻟﻢ ﺗ ﻨ ﺘ ﻔ ﻊ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ) اﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ ة‬
benefited from the leased
properties in [those future - ‫ ﻣ ﺴ ﺘﺤ ﻘ‬-‫ﺑﺎﻷ ﻋ ﻴﺎن اﻟﻤ ﺆ ﺟ ﺮ ة ﻓ ﻴﻬ ﺎ د ﻳﻨ‬
periods], as a due debt by simply
breach the terms of the contract ‫ﺑﻤ ﺠ ﺮ د اﻹ ﺧ ﻼ ل ﺑﺸ ﺮ و ط اﻟﺘﻌ ﺎﻗ ﺪ ﻣ ﻊ ﻋ ﺪ م‬
[by the originator], along with not
enabling (tamkīn) the originator to ‫ﺗﻤﻜﻴﻦ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﻦ اﻻﻧﺘﻔﺎع ﺑﺎﻷﻋﻴﺎن‬
benefit from the leased assets in
lieu of that rent, as if the Ijarah ‫ ﻛ ﻤ ﺎ ﻟﻮ ﺗﻢ‬, ‫اﻟ ﻤ ﺆ ﺟ ﺮ ة ﺑﻤ ﺎ ﻳ ﻘ ﺎ ﺑﻞ ﺗ ﻠ ﻚ ا ﻷ ﺟ ﺮ ة‬
contract had been rescinded. See:
s. (6-2) of Shari’ah Standard No. (9): ‫( ﻣﻦ‬٢-٦) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻓﺴﺦ ﻋﻘﺪ اﻹﺟﺎرة‬
Bittamleek. ‫( ﺑﺸﺄن اﻹﺟﺎرة‬٩) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
. ‫و ا ﻹ ﺟ ﺎ ر ة اﻟ ﻤ ﻨ ﺘﻬ ﻴ ﺔ ﺑ ﺎﻟ ﺘ ﻤ ﻠ ﻴ ﻚ‬
If the leased assets are partially ‫ﺺ ﻋ ﻠ ﻰ أن ﺗ ﻠ ﺘﺰ م اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬
8.1.1.1.d.4.5.
‫ﻻ ﻳ ﺠ ﻮ ز اﻟ ﻨ ﱡ‬ .5 - 4 - ‫ د‬-1 - 1 -1 -8
destroyed or the intended usufruct
in the contract is instrumentally ‫)اﻟﻤﺴﺘﺄﺟﺮة( ﺑﺪﻓﻊ ﻛﺎﻣﻞ اﻷﺟﺮة دون أن‬
decreased, as per the assessment
of an independent expert body, ‫ﻳﻜﻮن ﻟﻬﺎ اﻟﺤﻖ ﰲ ﻃﻠﺐ اﻟﺤﻂ ﻣﻦ اﻷﺟﺮة‬
and the partial loss [of the leased
asset] or significant decrease [of ‫ أو اﻟﺤﻖ ﰲ ﻃﻠﺐ‬,‫ﺑﻤﻘﺪار ﻣﺎ ﻓﺎت ﻣﻦ ﻣﻨﻔﻌﺔ‬
the usufruct] is not due to the
originator, then it is not permitted ‫ ﰲ ﺣ ﺎ ل ﻫ ﻼ ك ا ﻷ ﻋ ﻴ ﺎ ن ا ﻟ ﻤ ﺆ ﺟ ﺮ ة‬, ‫اﻟ ﻔ ﺴ ﺦ‬
53
to stipulate that the originator shall ‫ﻴﺎ أو ﻧﻘﺺ اﻟﻤﻨﻔﻌﺔ اﻟﻤﻘﺼﻮدة‬°‫ﻫﻼًﻛﺎ ﺟﺰﺋ‬
be under an obligation to pay the
full rent without it having the right ‫ﺑﺎﻟﻌﻘﺪ ﻧﻘًﺼﺎ ﻣﺆﺛًﺮا وﻓًﻘﺎ ﻟﻤﺎ ﺗﻘﺮره ﺟﻬﺔ‬
to request a decrease in the rent to
the extent of the lost enjoyment ‫ و ﻟﻢ ﻳ ﻜ ﻦ اﻟﻬ ﻼ ك اﻟ ﺠ ﺰ ﺋﻲ أ و‬, ‫ﺧ ﱪ ة ﻣ ﺴ ﺘ ﻘ ﻠ ﺔ‬
(fawāt al manfaꜤa) or the right to
rescission request. See: s. (5-1-6) of .‫اﻟﻨﻘﺺ اﻟﻤﺆﺛﺮ راﺟًﻌﺎ إﻟﻰ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
Shari’ah Standard No. (9): Ijarah
and Ijarah Muntahia Bittamleek. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٦-١-٥) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
‫( ﺑﺸﺄن اﻹﺟﺎرة واﻹﺟﺎرة اﻟﻤﻨﺘﻬﻴﺔ‬٩) ‫رﻗﻢ‬
. ‫ﺑﺎﻟﺘﻤ ﻠ ﻴﻚ‬
8.1.1.1.d.4.6. It is not permitted to stipulate that ‫ﻻ ﻳﺠ ﻮ ز اﺷ ﱰ اط ﺗﺤ ﻤ ﻞ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬ .6 - 4 - ‫ د‬-1 - 1 -1 -8
the originator (the lessee) shall
bear the costs of basic ‫ﻒ اﻟ ﺼ ﻴ ﺎ ﻧ ﺔ ا ﻷ ﺳ ﺎ ﺳ ﻴ ﺔ‬
َ ‫) اﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ ( ﺗ ﻜ ﺎ ﻟ ﻴ‬
maintenance and insurance of the
leased asset, or any expenses that ‫ أو أﱠي ﻧﻔﻘﺎت‬,‫واﻟﺘﺄﻣﻴِﻦ ﻋﻠﻰ اﻟﻌﻴﻦ اﻟﻤﺆﺟﺮة‬
are result of the consequences of
the ownership (tabiꜤāt al-milk), ‫ وﻟﻮ ﺑِﺠﻌﻞ ﻣﺎ ﻳﺪﻓﻊ‬,‫ﻫﻲ ﻣﻦ ﺗﺒﻌﺎت اﻟﻤﻠﻚ‬
even by making whatever part is
paid of [these amount] is added to ‫ف إﻟﻰ اﻷ ﺟ ﺮ ة اﻷ ﺻ ﻠﻴﺔ أو‬
ُ ‫ﻣﻨﻬﺎ ﺟﺰًءا ﻳﻀﺎ‬
the base rent or by adding a
supplementary rent element to the ‫ﺑﺈﺿﺎﻓﺔ ﻋﻨﺼﺮ أﺟﺮٍة ﺗﻜﻤﻴﻠﻴﺔ إﻟﻰ ﻣﻌﺎدﻟﺔ‬
equation of the variable rent
calculation that represents what ‫ﺣﺴﺎب اﻷﺟﺮة اﻟﻤﺘﻐﻴﺮة ﻳﻤﱢﺜُﻞ ﻣﺎ ﺗﻜﻠﻔﺘﻪ‬
the leased asset costs in terms of
basic maintenance, insurance and ‫اﻷﻋﻴﺎن اﻟﻤﺆﺟﺮة ﻟﻠﺼﻴﺎﻧﺔ اﻷﺳﺎﺳﻴﺔ‬
other expenses, in a rental period,
so that the amount of this element
‫ ﰲ ﻓ ﱰ ة‬, ‫و اﻟ ﺘ ﺄ ﻣ ﻴ ﻦ و اﻟ ﻤ ﺼ ﺮ و ﻓ ﺎ ت ا ﻷ ﺧ ﺮ ى‬
is added to the rent of a
‫ ﺑﺤﻴﺚ ﻳﻀﺎف ﻣﺒﻠُﻎ ﻫﺬا اﻟﻌﻨﺼﺮ‬,‫إﻳﺠﺎرﻳﺔ‬
subsequent rental period
automatically without the right of ‫ﻴﺎ دون‬°‫إﻟﻰ أﺟﺮة ﻓﱰة إﻳﺠﺎرﻳﺔ ﻻﺣﻘﺔ ﺗﻠﻘﺎﺋ‬
the originator in accepting or
rejecting this addition at that time. ‫ﺣ ﻖ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﰲ ﻗ ﺒﻮ ل أ و ر ﻓ ﺾ‬
See: s. (5-1-7) and s. (5-1-8) of
Shari’ah Standard No. (9): Ijarah (٧-١-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫إﺿﺎﻓﺘﻪ ﰲ ﺣﻴﻨﻪ‬
and Ijarah Muntahia Bittamleek,
and s. (11-2) of Shari’ah Standard ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٨-١-٥) ‫واﻟﺒﻨﺪ‬
No. (54): Revocation of Contracts of
a Cooling-off Option. ‫( ﺑﺸﺄن اﻹﺟﺎرة واﻹﺟﺎرة اﻟﻤﻨﺘﻬﻴﺔ‬٩)
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٢-١١) ‫ واﻟﺒﻨﺪ‬,‫ﺑﺎﻟﺘﻤﻠﻴﻚ‬
‫( ﺑﺸﺄن ﻓﺴﺦ اﻟﻌﻘﻮد‬٥٤) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
54
. ‫ﺑﺎﻟﺸ ﺮ ط‬
8.1.1.1.d.4.7. If the law requires the lessee to ‫إ ذ ا ﻛ ﺎ ن اﻟ ﻘ ﺎ ﻧﻮ ن ﻳ ﻔ ﺮ ض ﻋ ﻠ ﻰ ا ﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ‬ .7 - 4 - ‫ د‬-1 - 1 -1 -8
bear the expenses of basic
maintenance and insurance of the ‫ﺗﺤﻤﻞ ﻣﺼﺮوﻓﺎت اﻟﺼﻴﺎﻧﺔ اﻷﺳﺎﺳﻴﺔ‬
leased asset, and the originator
(the lessee) borne them; then it is ‫ و ﺗ ﺤ ﻤ ﻠ ﺘ ﻬ ﺎ‬, ‫و اﻟ ﺘ ﺄ ﻣ ﻴ ﻦ ﻋ ﻠ ﻰ ا ﻟ ﻌ ﻴ ﻦ ا ﻟ ﻤ ﺆ ﺟ ﺮ ة‬
required from the
certificateholders to pay the ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ) اﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ ( ; ﻓ ﻴ ﺠ ﺐ ﻋ ﻠ ﻰ‬
originator what was paid was the
originator [of such amount]. ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك أن ﻳ ﺪ ﻓ ﻌ ﻮ ا ﻟ ﻠ ﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﺎ‬
.‫د ﻓﻌ ﺘﻪ‬
8.1.1.1.d.4.8. If the underlying assets of the Ijarah ‫إذ ا ﺗﻢ ﺗﺄﻣ ﻴﻢ أو ﻣ ﺼ ﺎدر ة ﻣﻮ ﺟ ﻮ د ات ﺻ ﻜ ﻮ ك‬ .8 - 4 - ‫ د‬-1 - 1 -1 -8
Sukuk were nationalized,
confiscated or forced to be sold by ‫اﻹ ﺟ ﺎر ة أو اﻹ ﺟ ﺒﺎر ﻋ ﻠ ﻰ ﺑﻴﻌﻬ ﺎ ﻣﻦ ﻗﺒﻞ‬
the state, without this being due to
the originator (the lessee), then the ‫ د و ن أن ﻳ ﻜ ﻮ ن ذ ﻟ ﻚ ﺑ ﺴ ﺒ ﺐ اﻟ ﺠ ﻬ ﺔ‬, ‫اﻟ ﺪ و ﻟ ﺔ‬
right of the certificateholders is
limited to the amount of ‫ ﻓ ﺈن ﺣ ﻖ ﺣ ﻤ ﻠ ﺔ‬, ( ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ) اﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ‬
compensation or the sale price, and
it is not permitted to stipulate that ‫اﻟ ﺼ ﻜ ﻮ ك ﻳ ﻘ ﺘ ﺼ ﺮ ﻋ ﻠ ﻰ ﻣ ﺒ ﻠ ﻎ ا ﻟ ﺘ ﻌ ﻮ ﻳ ﺾ أ و‬
the originator will bear any shortfall
in the periodic distributions and ‫ وﻻ ﻳﺠﻮز اﻟﻨﺺ ﻋﻠﻰ ﺗﺤﻤﻞ‬,‫ﺛﻤﻦ اﻟﺒﻴﻊ‬
capital of the Sukuk [after
receiving] the compensation or the ‫ ﻣ ﻦ اﻟ ﻨ ﻘ ﺺ ﰲ‬- ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺷ ﻴﺌ‬
sale price. If the confiscation
occurred for a temporary period, ‫اﻟ ﺘﻌ ﻮ ﻳ ﺾ أ و ﺛ ﻤ ﻦ اﻟ ﺒ ﻴ ﻊ ﻋ ﻦ اﻟ ﺘﻮ ز ﻳﻌ ﺎ ت‬
and was not due to the originator,
then the rent for the period of non-
‫ ﻓ ﺈن و ﻗ ﻌ ﺖ‬. ‫اﻟ ﺪ و ر ﻳ ﺔ و ر أ س ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك‬
enjoyment of the underlying
‫ وﻟﻢ ﺗﻜﻦ ﺑﺴﺒﺐ‬,‫اﻟﻤﺼﺎدرة ﻟﻤﱠﺪة ﻣﺆﻗﺘﺔ‬
assets, as a reason of the
confiscation, shall be forfeited. ‫ ﻓﺈﱠن أﺟﺮة ﻣﺪِة ﻋﺪم اﻧﺘﻔﺎﻋﻬﺎ‬,‫اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
‫ﺑﺎﻟﻤ ﻮ ﺟ ﻮ د ات ﺑﺴ ﺒﺐ اﻟﻤ ﺼ ﺎد ر ة ﺗﺴ ﻘ ﻂ‬
.‫ﻋ ﻨﻬ ﺎ‬
8-1-1-1-d-5. Provisions of Sukuk based on Acquiring ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك ﺗﻤﱡﻠﻚ ﻋﻴٍﻦ‬ .5-‫د‬-1-1-1-8
and Leasing a specific asset:
:‫ﻣﻌﻴﻨﺔ وﺗﺄﺟﻴِﺮﻫﺎ‬
8.1.1.1.d.5.1. It is permitted to issue Sukuk to ‫ﻳﺠﻮز إﺻﺪار ﺻﻜﻮك ﻟﺸﺮاء ﻋﻴٍﻦ ﻣﻌﻴﻨٍﺔ ﻏﻴﺮ‬ .1 - 5 - ‫ د‬-1 - 1 -1 -8
purchase a specific (identified)
asset, that has not been leased, for ‫ﻣﺆﺟﺮة ﺑﻐﺮض ﺗﺄﺟﻴﺮﻫﺎ إﺟﺎرًة ﺗﺸﻐﻴﻠﻴﺔ أو‬
55
the purpose of leasing it on the ‫ ﻓ ﺈن ﻛ ﺎﻧﺖ اﻟﻌ ﻴﻦ ﻣﺆ ﺟ ﺮ ة‬, ‫ﻣ ﻨﺘﻬ ﻴﺔ ﺑﺎﻟﺘﻤ ﻠ ﻴ ﻚ‬

basis of operating lease or Ijarah
Muntahia Bittamleek. If the asset ‫ﻟﻐ ﻴﺮ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ و ﻗﺖ اﻟ ﺸ ﺮ اء ; ﻓ ﻴﺸ ﱰ ط‬
was leased to a party other than
the originator at the time of ‫ﻟﺘﺄﺟﻴﺮﻫﺎ ﻟﻬﺎ أن ﻳﺘﱠﻢ ﻓﺴﺦ اﻹﺟﺎرة اﻟﻘﺎﺋﻤﺔ‬
purchase; so, in order to lease [the
asset] to [the originator], it is ‫ أ و أن ﻳ ﺘﻢ‬, ‫ﻗ ﺒﻞ اﻟ ﺘ ﺄ ﺟ ﻴ ﺮ ﻣ ﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
required that the existing lease is
terminated before leasing [the ‫اﻟ ﺘ ﺄ ﺟ ﻴ ﺮ ﺑ ﺈ ﺟ ﺎ ر ة ﻣ ﻀ ﺎ ﻓ ﺔ إ ﻟ ﻰ ﻣ ﺎ ﺑﻌ ﺪ اﻧ ﺘﻬ ﺎء‬
asset] by the certificateholders [to
the originator], or that the leasing .‫اﻹﺟﺎرة اﻟﻘﺎﺋﻤﺔ ﻋﻠﻰ اﻟﻌﻴﻦ‬
will be carried through an Ijarah
effective after the end of the
existing lease of the asset (ijāra
muḍāfa).
8.1.1.1.d.5.2. If a specific (identified) asset is ‫إذا ﺗﱠﻢ ﺷﺮاء اﻟﻌﻴﻦ اﻟﻤﻌﻴﻨﺔ ﻣﻦ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬ .2 - 5 - ‫ د‬-1 - 1 -1 -8
purchased from the originator and
leased to it, then the rules ‫و اﻟ ﺘ ﺄ ﺟ ﻴ ﺮ ﻟ ﻬ ﺎ ﻓ ﺘ ﻨ ﻄ ﺒ ﻖ ﻋ ﻠ ﻴ ﻬ ﺎ ا ﻟ ﻀ ﻮ ا ﺑ ﻂ ا ﻟ ﻮ ا ر د ة‬
mentioned in s. (3-2) and s. (8-5) of
Shari’ah Standard No. (9): Ijarah ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٥-٨) ‫( واﻟﺒﻨﺪ‬٢-٣) ‫ﰲ اﻟﺒﻨﺪ‬
and Ijarah Muntahia Bittamleek, s.
(3-5) and s. (5-2) of Shari’ah ‫( ﺑﺸﺄن اﻹﺟﺎرة واﻹﺟﺎرة‬٩) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
Standard No. (58): Repurchase shall
apply. See: s. (5-2) of Shari’ah ‫( واﻟﺒﻨﺪ‬٥-٣) ‫ واﻟﺒﻨﺪ‬,‫اﻟﻤﻨﺘﻬﻴﺔ ﺑﺎﻟﺘﻤﻠﻴﻚ‬
Standard No. (58): Repurchase, and
s. (8-1-1-1-d-4-2) of this Standard. (٥٨) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢-٥)
There is no [Shari’ah] objection if
the lease being preceded by an - ١ - ١ - ١ - ٨ ) ‫ و ا ﻟ ﺒ ﻨ ﺪ‬, ‫ﺑ ﺸ ﺄ ن إ ﻋ ﺎ د ة اﻟ ﺸ ﺮ اء‬
independent binding promise from
the originator to hire the asset from ‫ وﻻ ﻣﺎﻧﻊ ﻣﻦ أن‬.‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٢-٤-‫د‬
the certificateholders, provided
that the repudiation of this promise
‫ﻳﺴﺒﻖ اﻟﺘﺄﺟﻴَﺮ وﻋٌﺪ ﻣﻠﺰٌم ﻣﺴﺘﻘﻞ ﻣﻦ اﻟﺠﻬﺔ‬
will not breach the sale contract of
‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑﺎﺳ ﺘﺌ ﺠ ﺎ ر اﻟﻌ ﻴﻦ ﻣ ﻦ ﺣ ﻤ ﻠ ﺔ‬
the asset by the certificateholders.
‫ ﻋ ﻠ ﻰ أ ن ﻻ ﻳ ﺨ ﻞ ا ﻟ ﻨ ﻜ ﻮ ل ﻋ ﻦ ﻫ ﺬ ا‬, ‫اﻟ ﺼ ﻜ ﻮ ك‬
. ‫اﻟﻮ ﻋ ﺪ ﺑﻌ ﻘ ﺪ ﺑ ﻴ ﻊ اﻟﻌ ﻴﻦ ﻟ ﺤ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
8.1.1.1.d.5.3. There is no [Shari’ah] objection to ‫ﻻ ﻣ ﺎﻧﻊ ﻣ ﻦ ﺗﻌ ﺪ د إ ﺻ ﺪ ار ات ﺻ ﻜ ﻮ ك ﺗﻤ ﻠ ﻚ‬ .3 - 5 - ‫ د‬-1 - 1 -1 -8
multiple issuances of Sukuks based
on acquiring and leasing of specific ,‫ ﺗﺮ د ﻋ ﻠ ﻰ ﻋ ﻴﻦ و اﺣ ﺪ ة‬,‫ﻋ ﻴﻦ ﻣﻌ ﻴﻨﺔ وﺗﺄﺟ ﻴﺮ ﻫ ﺎ‬
assets that transact upon a single
asset via purchasing the -‫وذﻟﻚ ﺑﺸﺮاء ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﺟﺰءًا ﻣﺸﺎﻋ‬
certificateholders a known
percentage of a common part of ‫ﻣﻌﻠﻮم اﻟﻨﺴﺒﺔ ﻣﻦ اﻟﻌﻴﻦ ﰲ ﻛﻞ إﺻﺪاٍر‬
56
the asset in each issuance and ‫ و ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ أن ﺗ ﺒ ﻴ ﻊ اﻟ ﺠ ﺰ ء‬.‫و ﺗ ﺄ ﺟ ﻴ ﺮ ه‬

[then] leasing it. The originator may
sell the remaining common part to ‫اﻟ ﻤ ﺸ ﺎع اﻟ ﻤ ﺘ ﺒ ﻘ ﻲ ﻟ ﺤ ﻤ ﻠ ﺔ ﺻ ﻜ ﻮ ك ا ﻹ ﺻ ﺪ ار‬
the certificateholders of the
existing issuance or to the ‫ و ﻻ‬. ‫اﻟ ﻘ ﺎ ﺋﻢ أ و ﻟ ﺤ ﻤ ﻠ ﺔ ﺻ ﻜ ﻮ ك إ ﺻ ﺪ ار ﺟ ﺪ ﻳ ﺪ‬
certificateholders of a new
issuance. It is not required that the ‫ﻳﺸﱰط أن ﺗﺘﺴﺎوى اﻷﺟﺮة واﻟﺘﻮزﻳﻌﺎت‬
rent and the periodic distributions
to be equal in the multiple ‫ و ﻳ ﺸ ﱰ ط‬. ‫اﻟ ﺪ و ر ﻳ ﺔ ﰲ ا ﻹ ﺻ ﺪ ار ا ت اﻟ ﻤ ﺘﻌ ﺪ د ة‬
issuances. It is required in all of this
that the aggregate value of all the ‫ﰲ ﻛﻞ ﻫﺬا أن ﻻ ﺗﺘﺠﺎوز اﻟﻘﻴﻤُﺔ اﻟﻜﻠﻴُﺔ‬
issuances should not exceed the
market value of the asset. See: s. (5- ‫ﻟﻤﺠﻤﻮع اﻹﺻﺪارات اﻟﻘﻴﻤَﺔ اﻟﺴﻮﻗﻴَﺔ‬
1-5) of this Standard.
‫( ﻣﻦ ﻫﺬا‬٥-١-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻟﻠﻌﻴﻦ‬
8.1.1.1.d.5.4. It is permitted for the originator to ‫ﻳﺠﻮز ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أن ﺗﺸﱰك ﻣﻊ ﺣﻤﻠﺔ‬ .4 - 5 - ‫ د‬-1 - 1 -1 -8
participate with the
certificateholders in owning a ‫ ﻣ ﺆ ﺟ ﺮ ة‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﰲ ﺗ ﻤ ﻠ ﻚ ﻋ ﻴﻦ ﻣ ﻌ ﻴ ﻨ ﺔ‬
specific asset, whether leased or
not, and [then] leasing it. If the ‫ ﻓﺈن‬.‫ وﺗﺄﺟﻴِﺮﻫﺎ‬,‫ﻛﺎﻧﺖ أو ﻏﻴﺮ ﻣﺆﺟﺮة‬
originator hires the portion of the
certificateholders via Ijarah ‫اﺳ ﺘ ﺄ ﺟ ﺮ ت اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﺣ ﺼ ﺔ ﺣ ﻤ ﻠ ﺔ‬
Muntahia Bittamleek, since
participation is based on joint ‫ ﻓﻴﺠﻮز‬,‫اﻟﺼﻜﻮك إﺟﺎرًة ﻣﻨﺘﻬﻴﺔ ﺑﺎﻟﺘﻤﻠﻴﻚ‬
ownership (shirkat al-milk), so it is
permitted [for the originator] to ‫ﻟﻬ ﺎ ﰲ ﺣ ﺎ ل ﻛﻮ ن ﻫ ﺬ ا اﻻ ﺷ ﱰ اك ﺷ ﺮ ﻛ ﺔ ﻣ ﻠ ﻚ‬
extend a binding promise to buy
[the share of the certificateholders] ,‫أن َﺗِﻌَﺪ وﻋًﺪا ﻣﻠﺰًﻣﺎ ﺑﺸﺮاﺋﻬﺎ ﺑﺜﻤﻦ ﻣﺤﺪد‬
at a specified price. Also, it
permitted if hiring [of the portion] ‫ﻛﻤﺎ ﻳﺠﻮز أن ﻳﺴﺒﻖ اﺳﺘﺌﺠﺎرﻫﺎ وﻋٌﺪ ﻣﻠﺰٌم‬
is preceded by a binding promise
from [the originator] to hire the
‫ﻣ ﻨﻬ ﺎ ﺑﺎﺳ ﺘﺌﺠ ﺎر ﺣ ﺼ ﺔ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و ﻟﻮ‬
portion of the certificateholders
- ٢ - ١ - ١ - ٨ ) ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬, ‫ﺑ ﺄ ﺟ ﺮ ة ﻣ ﺤ ﺪ د ة‬
even at a specified rent. See: s. (8-
1-1-2-d-1-4) of this Standard, and s. -١-٥) ‫ واﻟﺒﻨﺪ‬,‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٤-١-‫د‬
(5-1-2) of Shari’ah Standard No. (9):
Ijarah and Ijarah Muntahia ‫( ﺑﺸﺄن‬٩) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢
Bittamleek.
.‫اﻹﺟﺎرة واﻹﺟﺎرة اﻟﻤﻨﺘﻬﻴﺔ ﺑﺎﻟﺘﻤﻠﻴﻚ‬
8.1.1.1.d.5.5. If there is a diminishing partnership ‫إ ذ ا ﻛ ﺎ ن ﺑ ﻴ ﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬ .5 - 5 - ‫ د‬-1 - 1 -1 -8
between the certificateholders and
the originator on a specific ‫ ﻓﺈﻧﻪ‬,‫ﻣﺸﺎرﻛﺔ ﻣﺘﻨﺎﻗﺼﺔ ﻋﻠﻰ ﻋﻴٍﻦ ﻣﻌﱠﻴﻨﺔ‬
57
property, then it is permitted for ‫ﻳﺠﻮز أن ﺗﺒﻴﻊ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺣﻤﻠَﺔ‬

the originator to sell to the
certificateholders what it owned ‫اﻟﺼﻜﻮك ﻣﺎ ﺗﻤﱠﻠﻜﺘﻪ وﻗﺒﻀﺘﻪ ﻣﻦ ﺣﱠﺼﺘﻬﻢ‬
and received from their share
through the diminishing ‫ وﺗﺴﺘﺄﺟﺮ ﻣﺎ ﺑﺎﻋﺘﻪ‬,‫ﻣﻦ ﺧﻼل اﻟﱠﺘﻨﺎﻗﺺ‬
[ownership], and [the originator]
can hire what it sold based on Ijarah .‫ ﺑﺸﺮط اﻧﺘﻔﺎء اﻟﻌﻴﻨﺔ‬,‫إﺟﺎرة ﻣﻨﺘﻬﻴﺔ ﺑﺎﻟﱠﺘﻤﻠﻴﻚ‬
Muntahia Bittamleek provided
‘Inah is ruled out. With due ‫( ﻣﻦ‬٤-٥-‫د‬-١-١-١-٨) ‫وﯾﺮاﻋﻰ اﻟﺒﻨﺪ‬
compliance with s. (8-1-1-1-d-5-4)
of this Standard. See: s. (3-5) of ‫( ﻣﻦ‬٥-٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬,‫ﻫﺬا اﻟﻤﻌﻴﺎر‬
Shari’ah Standard No. (58):
Repurchase. ‫( ﺑﺸﺄن إﻋﺎدة‬٥٨) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
. ‫اﻟ ﺸ ﺮ اء‬
8.1.1.1.d.5.6. The Ijarah of a specific asset will - ‫ﺗ ﻨ ﺘ ﻬ ﻲ إ ﺟ ﺎ ر ة اﻟ ﻌ ﻴ ﻦ اﻟ ﻤ ﻌ ﻴ ﻨ ﺔ ﲠ ﻼ ﻛ ﻬ ﺎ ﻫ ﻼ ﻛ‬ .6 - 5 - ‫ د‬-1 - 1 -1 -8
terminate upon its total loss; It is
not permitted to have an ‫ ; و ﻻ ﻳ ﺠ ﻮ ز ا ﻻ ﺗ ﻔ ﺎ ق ﻋ ﻠ ﻰ اﺳ ﺘﻤ ﺮ ار‬- ‫ﻛ ﻠ ﻴ‬
agreement that the originator (the
lessee) will continue to pay the rent ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ) اﻟ ﻤ ﺴ ﺘ ﺄ ﺟ ﺮ ( ﰲ د ﻓ ﻊ ا ﻷ ﺟ ﺮ ة‬
after the loss, [rather] the right of
the certificateholders is limited to ‫ و ﻳﻘ ﺘ ﺼ ﺮ ﺣ ﻖ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬, ‫ﺑﻌ ﺪ اﻟﻬ ﻼ ك‬
claiming the insurance benefits or
compensations from the insurance ‫ﻋ ﻠ ﻰ ﻣ ﻄ ﺎﻟ ﺒﺔ ﺷ ﺮ ﻛ ﺔ اﻟ ﺘ ﺄ ﻣ ﻴﻦ ﺑﻤ ﺰ اﻳﺎ أ و‬
company regarding the asset if it
was insured, or to claim from the ‫ﺗ ﻌ ﻮ ﻳ ﻀ ﺎ ت ا ﻟ ﺘ ﺄ ﻣ ﻴ ﻦ ﻋ ﻠ ﻰ اﻟﻌ ﻴﻦ إن ﻛ ﺎ ﻧ ﺖ‬
originator a similar asset or its
value if the damage is due to the ‫ ﻋﻠﻴﻬﺎ أو ﻣﻄﺎﻟﺒِﺔ اﻟﺠﻬِﺔ اﻟﻤﻨﺸﺌﺔ ﺑﻤﺜﻞ‬-‫ﻣﺆﻣﻨ‬
originator. It is not permitted to
suspend the termination of Ijarah, .‫أو ﻗﻴﻤﺔ اﻟﻌﻴﻦ إن ﻛﺎن اﻟﱠﺘﻠﻒ ﻳﺮﺟﻊ إﻟﻴﻬﺎ‬
and the cessation of the rent be
made dependent on the failure of
‫و ﻻ ﻳﺠ ﻮ ز ﺗﻌ ﻠﻴﻖ اﻧﺘﻬ ﺎء اﻹ ﺟ ﺎر ة وﺗﻮ ﻗﻒ‬
the originator to provide a similar
- ‫ا ﻷ ﺟ ﺮ ة ﻋ ﻠ ﻰ ﻋ ﺪ م ﺗﻮ ﻓ ﻴﺮ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﻋ ﻴ ﻨ‬
asset to be purchased by the
certificateholders and upon which ‫ﻣ ﻤ ﺎ ﺛ ﻠ ﺔ ﻳ ﺸ ﱰ ﻳﻬ ﺎ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و ﺗ ﻨ ﺸ ﺄ ﻋ ﻠ ﻴﻬ ﺎ‬
a new lease shall be created until
the end of the Sukuk term. There is ‫ وﻻ‬.‫إﺟﺎرٌة ﺟﺪﻳﺪٌة إﻟﻰ ﳖﺎﻳﺔ ﻣﱠﺪة اﻟﺼﻜﻮك‬
no [Shari’ah] objection to have an
agreement on the originator’s ‫ﻣ ﺎ ﻧ ﻊ ﻣ ﻦ ا ﻻ ﺗ ﻔ ﺎ ق ﻋ ﻠ ﻰ اﺳ ﺘﻤ ﺮ ار اﻟﺠ ﻬ ﺔ‬
continuance of paying an amount
equal to the amount of the rent ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺪ ﻓ ﻊ ﻣ ﺎ ﻳ ﺴ ﺎ و ي ﻣ ﺒ ﻠ ﻎ ا ﻷ ﺟ ﺮ ة ﺑﻌ ﺪ‬
after the loss for a specified period
to establish that the loss is total. If ‫اﻟﻬﻼك ﻣﺪًة ﻣﺤﺪدة ﻟﻠﺘﺜﺒﺖ ﻣﻦ ﻛﻮن اﻟﻬﻼك‬
it was recognised, then the
certificateholders will return what ‫ ﻓﺈن ﺛﺒﺖ ﻛﺎن ﻋﻠﻰ ﺣﻤﻠﺔ اﻟﺼﻜﻮك رﱡد‬,-‫ﻛﻠﻴ‬
58
was paid by the originator at the , ‫ﻣ ﺎ د ﻓ ﻌ ﺘﻪ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﻦ و ﻗ ﺖ اﻟﻬ ﻼ ك‬

time of loss. In case a new Ijarah
was concluded on another asset ‫و إ ذ ا ﺗﻢ إ ﺑ ﺮ ام إ ﺟ ﺎ ر ة ﺟ ﺪ ﻳ ﺪ ة ﻋ ﻠ ﻰ ﻋ ﻴ ﻦ أ ﺧ ﺮ ى‬
then an agreement can be made to
treat this amount as a rent. See: s. ‫ﻓﻴﻤﻜﻦ اﻻﺗﻔﺎق ﻋﻠﻰ ﻋﱢﺪ ﻫﺬا اﻟﻤﺒﻠﻎ ﻣﻦ‬
(7-1-6), s. (7-1-3) and s. (7-2-4) of
Shari’ah Standard No. (9): Ijarah ‫ واﻟﺒﻨﺪ‬,(٦-١-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫أﺟﺮﲥﺎ‬
and Ijarah Muntahia Bittamleek.
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٤-٢-٧) ‫ واﻟﺒﻨﺪ‬,(٣-١-٧)
‫( ﺑﺸﺄن اﻹﺟﺎرة واﻹﺟﺎرة‬٩) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
. ‫اﻟ ﻤ ﻨ ﺘﻬ ﻴ ﺔ ﺑﺎﻟ ﺘ ﻤ ﻠ ﻴ ﻚ‬
8-1-1-1-d-6. Provisions of Sukuk based on acquiring ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك ﺗﻤﻠﻚ ﻋﻴﻦ‬ .6-‫د‬-1-1-1-8
and leasing a specified-cum-
unidentified asset: :‫ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﱢﺬﻣﺔ وﺗﺄﺟﻴﺮﻫﺎ‬
8.1.1.1.d.6.1. It is permitted to have the issuance ‫ﻳﺠﻮز إﺻﺪار ﺻﻜﻮك ﻟﺸﺮاء ﻋﻴٍﻦ ﻣﻮﺻﻮﻓٍﺔ‬ .1 - 6 - ‫ د‬-1 - 1 -1 -8
of Sukuk based on a specified-cum-
unidentified asset, for the purpose ‫ و ذﻟ ﻚ ﺑﻐ ﺮ ض اﻟﺘﺄ ﺟ ﻴﺮ إ ﺟ ﺎ ر ة‬, ‫ﰲ اﻟ ﺬ ﻣ ﺔ‬
of leasing on the basis of Forward
Ijarah for an asset that conforms ‫ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ ﻟ ﻌ ﻴ ﻦ ﻣ ﻄ ﺎ ﺑ ﻘ ﺔ ﰲ‬
the specification, whether through
an operating lease or Ijarah ‫ ﺳ ﻮ اء ﺑ ﺈ ﺟ ﺎ ر ة ﺗ ﺸ ﻐ ﻴ ﻠ ﻴ ﺔ أ و ﻣ ﻨ ﺘ ﻬ ﻴ ﺔ‬, ‫ﻣ ﻮ ا ﺻ ﻔ ﺎ ﲥ ﺎ‬
Muntahia Bittamleek. It is
permitted for the originator, if it is ‫ و ﻳﺠ ﻮ ز ﻟ ﻠﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ إذ ا ﻛ ﺎﻧﺖ‬. ‫ﺑﺎﻟﺘﻤ ﻠ ﻴﻚ‬
the lessee, to commit itself to a
parallel contract for leasing a ‫ﻫ ﻲ اﻟﻤ ﺴ ﺘﺄ ﺟ ﺮ ة أن ﺗ ﻠ ﺘﺰم ﺑﻌ ﻘ ﺪ ﻣﻮ از ﻹ ﺟ ﺎر ة‬
specified-cum-unidentified asset
with similar specifications to ‫ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ ﻟ ﺘ ﺄ ﺟ ﻴ ﺮ ﻋ ﻴ ﻦ ﺑ ﻤ ﻮ ا ﺻ ﻔ ﺎ ت‬
another party, so it receives the
‫ف آ ﺧ ﺮ ﻓ ﺘ ﺘ ﺴ ﻠ ﻢ اﻟ ﻌ ﻴ ﻦ ﻣ ﻦ ﺣ ﻤ ﻠ ﺔ‬ ٍ ‫ﻣ ﻤ ﺎﺛﻠﺔ ﻟﻄ ﺮ‬
asset from the certificateholders
and delivers it to the lessee from it.
.‫اﻟﺼﻜﻮك وﺗﺴﻠﻤﻬﺎ ﻟﻠﻤﺴﺘﺄﺟﺮ ﻣﻨﻬﺎ‬
8.1.1.1.d.6.2. If the specified-cum-unidentified ‫إذا ﺗﱠﻢ ﺷﺮاء اﻟﻌﻴﻦ اﻟﻤﻮﺻﻮﻓﺔ ﰲ اﻟﺬﻣﺔ ﻣﻦ‬ .2 - 6 - ‫ د‬-1 - 1 -1 -8
asset was purchased from the
originator via a contract Salam or ‫اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺴﻠﻢ أو اﺳﺘﺼﻨﺎع واﻟﺘﺄﺟﻴﺮ‬
Istisna’ and then leased to [the
originator], then rules mentioned ‫ﻟﻬ ﺎ ﻓ ﺘﻨﻄ ﺒﻖ ﻋ ﻠ ﻴﻬ ﺎ اﻟ ﻀ ﻮ اﺑ ﻂ اﻟﻮ ار د ة ﰲ اﻟﺒﻨ ﺪ‬
in s. (3-2) and s. (8-5) of Shari’ah
Standard No. (9): Ijarah and Ijarah ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٥-٨) ‫( واﻟﺒﻨﺪ‬٢-٣)
Muntahia Bittamleek, and s. (3-5)
of Shari’ah Standard No. (58): ‫( ﺑﺸﺄن اﻹﺟﺎرة واﻹﺟﺎرة اﻟﻤﻨﺘﻬﻴﺔ‬٩) ‫رﻗﻢ‬
Repurchase will apply. See: s. (5-2)
59
of Shari’ah Standard No. (58) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٥-٣) ‫ واﻟﺒﻨﺪ‬,‫ﺑﺎﻟﺘﻤﻠﻴﻚ‬

Repurchase. There is no [Shari’ah]
objection if the lease being .‫( ﺑﺸﺄن إﻋﺎدة اﻟﺸﺮاء‬٥٨) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
preceded by an independent
binding promise from the ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٢-٥) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
originator to lease a specified-cum-
unidentified asset from the ‫ وﻻ ﻣﺎﻧﻊ ﻣﻦ‬.‫( ﺑﺸﺄن إﻋﺎدة اﻟﺸﺮاء‬٥٨) ‫رﻗﻢ‬
certificateholders, provided that
the repudiation of this promise ‫أن ﻳﺴﺒﻖ اﻟﺘﺄﺟﻴﺮ وﻋٌﺪ ﻣﻠﺰٌم ﻣﺴﺘﻘﻞ ﻣﻦ‬
does not breach the sale contract
of the asset to the ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑﺎﺳ ﺘﺌ ﺠ ﺎ ر اﻟﻌ ﻴﻦ اﻟ ﻤ ﻮ ﺻ ﻮ ﻓ ﺔ‬
certificateholder.
‫ﰲ اﻟ ﺬ ﻣ ﺔ ﻣ ﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻠ ﻰ أن ﻻ ﻳﺨ ﻞ‬
‫اﻟ ﻨ ﻜ ﻮ ل ﻋ ﻦ ﻫ ﺬ ا اﻟﻮ ﻋ ﺪ ﺑﻌ ﻘ ﺪ ﺑ ﻴ ﻊ اﻟﻌ ﻴﻦ‬
.‫ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬
8.1.1.1.d.6.3. There is no [Shari’ah] objection to ‫ﻻ ﻣ ﺎﻧﻊ ﻣ ﻦ ﺗﻌ ﺪ د إ ﺻ ﺪ ار ات ﺻ ﻜ ﻮ ك ﺗﻤ ﻠ ﻚ‬ .3 - 6 - ‫ د‬-1 - 1 -1 -8
multiple issuances of Sukuk based
on acquiring specified-cum- ‫ﻋ ﻴ ﻦ ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ و ذ ﻟ ﻚ ﺑﻐ ﺮ ض‬
unidentified assets for the purpose
of leasing via Forward Ijarah for an ‫اﻟ ﺘ ﺄ ﺟ ﻴ ﺮ إ ﺟ ﺎ ر ة ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ ﻟﻌ ﻴﻦ‬
asset that complies with the
specification, and this will be ‫ و ذﻟ ﻚ ﺑ ﺸ ﺮ اء و ﺗ ﺄ ﺟ ﻴﺮ‬,‫ﻣ ﻄ ﺎﺑﻘ ﺔ ﰲ ﻣﻮ اﺻ ﻔ ﺎ ﲥ ﺎ‬
carried via purchasing and leasing a
known percentage of a common ‫ ﻣﻌﻠﻮم اﻟﻨﺴﺒﺔ‬-‫ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﺟﺰءًا ﻣﺸﺎﻋ‬
part of the asset in each issuance by
the certificateholders. The .‫ﻣﻦ ﻋﻴﻦ ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﺬﻣﺔ ﰲ ﻛﻞ إﺻﺪاٍر‬
originator may sell the remaining
common part to the ‫و ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ أن ﺗ ﺒ ﻴ ﻊ اﻟ ﺠ ﺰ ء اﻟ ﻤ ﺸ ﺎع‬
certificateholders of the existing
issuance or to the ‫اﻟﻤﺘﺒﻘﻲ ﻟﺤﻤﻠﺔ ﺻﻜﻮك اﻹﺻﺪار اﻟﻘﺎﺋﻢ أو‬
certificateholders of a new
issuance. It is not required that the
‫ و ﻻ ﻳﺸ ﱰ ط‬. ‫ﻟﺤ ﻤ ﻠﺔ ﺻ ﻜ ﻮ ك إﺻ ﺪ ار ﺟ ﺪ ﻳ ﺪ‬
rent and the periodic distributions
‫أن ﺗﺘﺴﺎوى اﻷﺟﺮة واﻟﺘﻮزﻳﻌﺎت اﻟﺪورﻳﺔ ﰲ‬
to be equal in the multiple
issuances. It is required in all of this ‫ وﻳﺸﱰط ﰲ ﻛﻞ ﻫﺬا‬.‫اﻹﺻﺪارات اﻟﻤﺘﻌﺪدة‬
that the aggregate value of all the
issuances should not exceed the ‫أن ﻻ ﺗﺘﺠ ﺎ و ز اﻟﻘ ﻴﻤ ﺔ اﻟﻜ ﻠ ﻴﺔ ﻟﻤ ﺠ ﻤ ﻮ ع‬
market value of the asset. See: s. (5-
1-5) of this Standard. ‫ وﻳﻨﻈﺮ‬.‫اﻹﺻﺪارات اﻟﻘﻴﻤﺔ اﻟﺴﻮﻗﻴﺔ ﻟﻠﻌﻴﻦ‬
.‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٥-١-٥) ‫اﻟﺒﻨﺪ‬
8.1.1.1.d.6.4. It is permitted for the originator to ‫ﻳﺠﻮز ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أن ﺗﺸﱰك ﻣﻊ ﺣﻤﻠﺔ‬ .4 - 6 - ‫ د‬-1 - 1 -1 -8
60
participate with the ‫اﻟ ﺼ ﻜ ﻮ ك ﰲ ﺗ ﻤ ﻠ ﻚ ﻋ ﻴﻦ ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ‬

certificateholders in acquiring and
leasing a specified-cum- ‫ ﻓ ﺈ ن اﺳ ﺘ ﺄ ﺟ ﺮ ت اﻟ ﺠ ﻬ ﺔ‬. ‫ﺑ ﻐ ﺮ ض ا ﻟ ﺘ ﺄ ﺟ ﻴ ﺮ‬
unidentified asset, for the purpose
of leasing. If the originator hires the ‫اﻟﻤﻨﺸﺌﺔ ﺣﺼﺔ ﺣﻤﻠﺔ اﻟﺼﻜﻮك إﺟﺎرًة ﻣﻨﺘﻬﻴﺔ‬
portion of the certificateholders via
Ijarah Muntahia Bittamleek, then ‫ ﻓ ﻴ ﺠ ﻮ ز ﻟﻬ ﺎ ﰲ ﺣ ﺎ ل ﻛ ﻮ ن ﻫ ﺬ ا‬, ‫ﺑ ﺎ ﻟ ﺘ ﻤ ﻠ ﻴ ﻚ‬
that would be permitted for [the
originator] if the subscription was -‫اﻻﺷﱰاك ﺷﺮﻛﺔ ﻣﻠﻚ أن َﺗِﻌﺪ وﻋﺪًا ﻣﻠﺰﻣ‬
based on joint ownership wherein a
binding promise is extending to ‫ ﻛﻤﺎ ﻳﺠﻮز أن ﻳﺴﺒﻖ‬,‫ﺑﺸﺮاﺋﻬﺎ ﺑﺜﻤٍﻦ ﻣﺤﺪد‬
purchase [the portion of the
certificateholders] for a specified ‫اﺳﺘﺌﺠﺎرﻫﺎ وﻋٌﺪ ﻣﻠﺰٌم ﻣﻨﻬﺎ ﺑﺎﺳﺘﺌﺠﺎر ﺣﺼﺔ‬
price. Also, it is permitted to
precede hiring of [the portion] a ‫ و ﻳ ﻨ ﻈ ﺮ‬.‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و ﻟﻮ ﺑ ﺄ ﺟ ﺮ ة ﻣ ﺤ ﺪ د ة‬
binding promise [from the
originator] to hire the portion of
‫( ﻣﻦ ﻫﺬا‬٤-١-‫د‬-٢-١-١-٨) ‫اﻟﺒﻨﺪ‬
the certificateholders, even for a
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٢-١-٥) ‫ واﻟﺒﻨﺪ‬,‫اﻟﻤﻌﻴﺎر‬
specified rent. See: s. (8-1-1-2-d-1-
4) of this Standard and s. (5-1-2) of ‫( ﺑﺸﺄن اﻹﺟﺎرة واﻹﺟﺎرة‬٩) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
and Ijarah Muntahia Bittamleek. . ‫اﻟ ﻤ ﻨ ﺘﻬ ﻴ ﺔ ﺑﺎﻟ ﺘ ﻤ ﻠ ﻴ ﻚ‬
8.1.1.1.d.6.5. To cover the periodic distributions, ‫ﻻ ﻣ ﺎﻧﻊ ﻣ ﻦ اﻻ ﺗﻔ ﺎق ﻣ ﻊ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬ .5 - 6 - ‫ د‬-1 - 1 -1 -8
there is no [Shari’ah] objection to
have an agreement with the ‫)اﻟﻤﺴﺘﺄﺟﺮة( ﻋﻠﻰ دﻓﻊ أﺟﺮة ﻣﻘﱠﺪﻣﺔ ﻋﻠﻰ‬
originator (the lessee) to pay
under-account rent before handing ‫اﻟ ﺤ ﺴ ﺎ ب ﻗ ﺒﻞ ﺗ ﺴ ﻠ ﻴﻢ اﻟﻌ ﻴﻦ اﻟ ﻤ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ‬
over of the specified-cum-
unidentified asset, and this rent is ‫ وﻻ‬,‫اﻟﺬﻣﺔ ﻟﺘﻐﻄﻴﺔ اﻟﺘﻮزﻳﻌﺎت اﻟﱠﺪورﻳﺔ‬
entitled only by enabling (tamkīn)
the originator to benefit from the ‫ُﺗﺴﺘﺤﻖ ﻫﺬه اﻷﺟﺮة إﻻ ﺑﺘﻤﻜﻴﻦ اﻟﺠﻬﺔ‬
leased asset in exchange for the
rent paid in advance. If the Ijarah ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﻦ ا ﻻ ﻧ ﺘ ﻔ ﺎع ﺑﺎﻟﻌ ﻴﻦ اﻟ ﻤ ﺆ ﺟ ﺮ ة ﺑﻤ ﺎ‬
did not take effect or is terminated
after it was effective, the ‫ وإذا ﻟﻢ‬,‫ﻳﻘﺎﺑﻞ اﻷﺟﺮة اﻟﻤﻘﱠﺪﻣﺔ اﻟﻤﺪﻓﻮﻋﺔ‬
certificateholders are required to
return what they have received to ,‫ﺗﺴِﺮ اﻹﺟﺎرة أو ﻓﺴﺨﺖ ﺑﻌﺪ ﺳﺮﻳﺎﳖﺎ‬
the originator, entirely or partially
as the case may be. If this rent is
‫و ﺟ ﺐ ﻋ ﻠ ﻰ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ر د ﻣ ﺎ ﺗ ﺴ ﻠ ﻤ ﺘﻪ‬
distributed over the entire rental
‫ ﻛ ﻠﻪ أ و ﺑﻌ ﻀ ﻪ ﺑﺤ ﺴ ﺐ‬, ‫إ ﻟ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
period, and it is calculated on a
variable basis, then it is required ‫ وإذا ﻛﺎﻧﺖ ﻫﺬه اﻷﺟﺮة ﻣﻮﱠزﻋﺔ ﻋﻠﻰ‬.‫اﻟﺤﺎل‬
that the first rental period is
excluded from its rent to be part of ‫ وﻛﺎﻧﺖ ُﺗﺤﺴﺐ ﻋﻠﻰ‬,‫ﺟﻤﻴﻊ ﻣﱠﺪة اﻹﺟﺎرة‬
61
that [rent], to prevent the rent for ‫ ﻓﻴﺠﺐ أن ﺗﺴﺘﺜﻨﻰ اﻟﻔﱰة‬,‫أﺳﺎس ﻣﺘﻐﱢﻴﺮ‬
the first rental period from being
variable. See: s. (5-2-2) and s. (5-2- ‫ا ﻹ ﻳ ﺠ ﺎ ر ﻳ ﺔ ا ﻷ و ﻟ ﻰ ﻣ ﻦ أن ﺗ ﻜ ﻮ ن ﺗ ﻠ ﻚ ا ﻷ ﺟ ﺮ ة‬
Ijarah and Ijarah Muntahia ‫ ﻟﻤﻨﻊ أن ﺗﻜﻮن أﺟﺮة اﻟﻔﱰة‬,‫ﺟﺰءًا ﻣﻦ أﺟﺮﲥﺎ‬
Bittamleek.
-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻹﻳﺠﺎرﻳﺔ اﻷوﻟﻰ ﻣﺘﻐﱢﻴﺮة‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٣-٢-٥) ‫( واﻟﺒﻨﺪ‬٢-٢
‫( ﺑﺸﺄن اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٩) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
. ‫ﺑ ﺸ ﺄ ن ا ﻹ ﺟ ﺎ ر ة و ا ﻹ ﺟ ﺎ ر ة اﻟ ﻤ ﻨ ﺘﻬ ﻴ ﺔ ﺑ ﺎﻟ ﺘ ﻤ ﻠ ﻴ ﻚ‬
8.1.1.1.d.6.6. It is permitted to issue Istisna Sukuk ‫ﻳﺠ ﻮ ز إﺻ ﺪ ار ﺻ ﻜ ﻮ ك ﻻ ﺳ ﺘﺼ ﻨﺎع ﺑﻘﻌ ﺔ‬ .6 - 6 - ‫ د‬-1 - 1 -1 -8
over a specific plot of land; such as,
a portion of the sea is to turn it into ‫ﻣ ﻌ ﻴ ﻨ ﺔ ﻣ ﻦ أ ر ض ; ﻛ ﻤ ﺎ ﻟﻮ ﻛ ﺎ ﻧ ﺖ ﺑ ﻘ ﻌ ﺔ ﺗ ﺮ د م ﰲ‬
a land via reclamation, and it is
permitted to hire that contractor ‫ وﻳﺠﻮز إﺟﺎرة ذﻟﻚ‬,‫اﻟﺒﺤﺮ ﻟﻴﻜﻮن ﺑﺮًا‬
through a Forward Ijarah.
. ‫اﻟ ﻤ ﺴ ﺘ ﺼ ﻨ ﻊ ﰲ اﻟ ﺬ ﻣ ﺔ‬
8.1.1.1.d.6.7. Ijarah of specified-cum- ‫ﻻ ﺗ ﻨ ﺘﻬ ﻲ إ ﺟ ﺎر ة اﻟﻌ ﻴﻦ اﻟﻤ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ‬ .7 - 6 - ‫ د‬-1 - 1 -1 -8
unidentified asset does not
terminate by non-conformity with ‫ﺑﺎﺧ ﺘﻼ ل اﻟﻤ ﻮ اﺻ ﻔﺎ ت اﻟﻤ ﺘﻔ ﻖ ﻋ ﻠ ﻴﻬ ﺎ ﻟ ﻠﻌ ﻴﻦ‬
the agreed upon specifications of
the asset at time of delivery, or by ‫ﻋﻨﺪ ﺗﺴﻠﻴﻤﻬﺎ أو ﲠﻼﻛﻬﺎ ﺑﻌﺪ اﻟﺘﺴﻠﻴﻢ ﻫﻼًﻛﺎ‬
its total loss after the delivery. The
certificateholders are supposed to ‫ وﻋﻠﻰ ﺣﻤﻠﺔ اﻟﺼﻜﻮك إﺻﻼﺣﻬﺎ أو‬,‫ﻴﺎ‬°‫ﻛﻠ‬
carry repair of [the asset] or
provide an alternative asset with ‫ﺗﻮ ﻓ ﻴﺮ ﻋ ﻴﻦ ﺑ ﺪ ﻳ ﻠ ﺔ ﺑﺎﻟﻤ ﻮ ا ﺻ ﻔ ﺎ ت ﻧﻔ ﺴ ﻬ ﺎ ﻣ ﻊ‬
the same specifications, with the
loss of the rent for the period ‫ﺳ ﻘﻮ ط أ ﺟ ﺮ ة اﻟ ﻔ ﱰ ة اﻟﻮ اﻗﻌ ﺔ ﺑ ﻴﻦ ﺗ ﺄ ﺧ ﺮ‬
between the delay in the delivery
or the loss and between the repair ‫اﻟ ﺘ ﺴ ﻠ ﻴﻢ أ و اﻟﻬ ﻼ ك و ﺑ ﻴﻦ ا ﻹ ﺻ ﻼ ح أ و ﺗﻮ ﻓ ﻴ ﺮ‬
or the provision of the replacement
of the asset. If the repair of the ‫ و إ ذ ا ﺗﻌ ﺬ ر إ ﺻ ﻼ ح اﻟﻌ ﻴﻦ أ و‬. ‫اﻟﻌ ﻴﻦ اﻟ ﺒ ﺪ ﻳ ﻠ ﺔ‬
asset is not possible, then the Ijarah
will terminate from the time of
‫ﺗﻌ ﺬ ر ﺗﻮ ﻓ ﻴﺮ ﻋ ﻴﻦ ﺑ ﺪ ﻳ ﻠﺔ أ و اﺗﻔ ﻖ اﻟﻄ ﺮ ﻓﺎن ﻋ ﻠ ﻰ‬
incapability to deliver the asset due
‫ﻋ ﺪ م ﺗﻮ ﻓ ﻴﺮ ﻫ ﺎ ; ﻓ ﺈن اﻹ ﺟ ﺎر ة ﺗ ﻨ ﺘﻬ ﻲ ﻣ ﻦ ﺣ ﻴﻦ‬
to non-conformity with the agreed
upon specifications or from the ‫ﺗﻌ ﺬ ر ﺗ ﺴ ﻠ ﻴﻢ اﻟﻌ ﻴﻦ ﻻ ﺧ ﺘﻼ ل اﻟﻤ ﻮ اﺻ ﻔﺎ ت‬
time of loss of the asset. See: s. (7-
1-6) of Shari’ah Standard No. (9): .‫اﻟﻤﱠﺘﻔﻖ ﻋﻠﻴﻬﺎ أو ﻣﻦ ﺣﻴﻦ ﻫﻼك اﻟﻌﻴﻦ‬
Bittamleek. The lessee has the right ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٦-١-٧) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
62
to accept delivery of the asset ‫( ﺑﺸﺄن اﻹﺟﺎرة واﻹﺟﺎرة اﻟﻤﻨﺘﻬﻴﺔ‬٩) ‫رﻗﻢ‬

[despite] non-conformity with the
agreed upon specifications, ‫ و ﻟ ﻠﻤ ﺴ ﺘﺄ ﺟ ﺮ أن ﻳﻘ ﺒﻞ ﺗﺴ ﻠﻢ اﻟﻌ ﻴﻦ‬. ‫ﺑﺎﻟﺘﻤ ﻠ ﻴﻚ‬
whether at the agreed-upon rent or
less. , ‫ﻣ ﻊ ا ﺧ ﺘ ﻼ ل اﻟﻤ ﻮ ا ﺻ ﻔ ﺎ ت اﻟﻤ ﺘﻔ ﻖ ﻋ ﻠ ﻴﻬ ﺎ‬
‫ﺳﻮاء أﻛﺎن ذﻟﻚ ﺑﺎﻷﺟﺮة اﻟﻤﱠﺘﻔﻖ ﻋﻠﻴﻬﺎ أم‬
.‫ﺑﺄﻗﻞ ﻣ ﻨﻬ ﺎ‬
8-1-1-1-d-7. Provisions of Sukuk based on hiring and ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﺳﺘﺌﺠﺎر ﻋﻴﻦ‬ .7-‫د‬-1-1-1-8
leasing specific asset:
:‫ﻣﻌﻴﻨﺔ وﺗﺄﺟﻴﺮﻫﺎ‬
8.1.1.1.d.7.1. It is permitted to issue Sukuk to hire ‫ﻳﺠ ﻮ ز إﺻ ﺪ ار ﺻ ﻜ ﻮ ك ﻻ ﺳ ﺘﺌﺠ ﺎر ﻋ ﻴ ﻦ ﻣ ﻌ ﻴ ﻨ ﺔ‬ .1 - 7 - ‫ د‬-1 - 1 -1 -8
a specific asset for a specified
period, with the purpose of leasing ‫ﻣﱠﺪًة ﻣﺤﺪدًة وذﻟﻚ ﺑﻐﺮض ﺗﺄﺟﻴﺮﻫﺎ ﺑﺄﺟﺮة‬
it for a higher rent to a party other
than its lessor. See: s. (3-3) of ‫( ﻣﻦ‬٣-٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫أﻋﻠﻰ ﻟﻐﻴﺮ ﻣﺆﺟﺮﻫﺎ‬
and Ijarah Muntahia Bittamleek. If ‫( ﺑﺸﺄن اﻹﺟﺎرة‬٩) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
the asset is leased for the same
specified period or beyond that, ‫ و إ ذ ا ﻛ ﺎ ﻧ ﺖ‬. ‫و ا ﻹ ﺟ ﺎ ر ة اﻟ ﻤ ﻨ ﺘﻬ ﻴ ﺔ ﺑ ﺎﻟ ﺘ ﻤ ﻠ ﻴ ﻚ‬
then it is required to terminate the
existing Ijarah before the ‫اﻟﻌﻴﻦ ﻣﺆﺟﺮة ﻟﻠﻤﺪة اﻟﻤﺤﱠﺪدة ﻧﻔﺴﻬﺎ أو أﻛﺜﺮ‬
certificateholders hire the asset. If
the asset is leased for a period ‫ ﻓ ﻴ ﺸ ﱰ ط ﻓ ﺴ ﺦ اﻹ ﺟ ﺎر ة اﻟﻘ ﺎ ﺋﻤ ﺔ ﻗ ﺒﻞ‬,‫ﻣ ﻨﻬ ﺎ‬
shorter then the specified period
then it can be hired based on Ijarah ‫ و إ ذ ا ﻛ ﺎ ﻧﺖ‬, ‫اﺳ ﺘﺌﺠ ﺎر ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻟ ﻠ ﻌ ﻴﻦ‬
effective from future (ijarah
muḍāfa lil mustaqbal) for a period
‫اﻟﻌﻴﻦ ﻣﺆﺟﺮة ﻷﻗﻞ ﻣﻦ اﻟﻤﱠﺪة اﻟﻤﺤﱠﺪدة‬
starting from end of the existing
‫ﻓ ﻴ ﻤ ﻜ ﻦ أن ﻳ ﺘﻢ اﺳ ﺘﺌ ﺠ ﺎ ر ﻫ ﺎ إ ﺟ ﺎ ر ة ﻣ ﻀ ﺎ ﻓ ﺔ‬
Ijarah of the asset.
‫ﻟ ﻠ ﻤ ﺴ ﺘ ﻘ ﺒﻞ ﻟ ﻤ ﺪ ة ﺗ ﺒ ﺪ أ ﻣ ﻦ ﺗﺎ ر ﻳ ﺦ اﻧ ﺘﻬ ﺎء‬
.‫اﻹﺟﺎرة اﻟﻘﺎﺋﻤﺔ ﻋﻠﻰ اﻟﻌﻴﻦ‬
8.1.1.1.d.7.2. If the certificateholders hire a ‫ ﻣ ﻌ ﻴﻨﺔ‬- ‫إن ﻛ ﺎن اﺳ ﺘﺌﺠ ﺎر ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻴﻨ‬ .2 - 7 - ‫ د‬-1 - 1 -1 -8
specific asset from the originator
for a long period, which makes this ‫ﻣ ﻦ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻟ ﻤ ﺪ ة ﻃ ﻮ ﻳ ﻠ ﺔ ﺑﻤ ﺎ ﻳ ﺠ ﻌ ﻞ‬
hire deemed to be a sale as per
customs because of the long period ‫ ﺑ ﺴ ﺒ ﺐ‬- ‫ﻫ ﺬ ا اﻻ ﺳ ﺘﺌﺠ ﺎ ر ﰲ ﺣ ﻜ ﻢ اﻟ ﺒ ﻴﻊ ﻋ ﺮ ﻓ‬
and for the lessee’s bearing the
burdens of ownership (Ꜥabā’ al ‫ﻃ ﻮ ل اﻟﻤ ﺪ ة و ﻟﺘﺤ ﻤ ﻞ اﻟﻤ ﺴ ﺘﺄ ﺟ ﺮ أﻋ ﺒﺎء‬
milk), then it is permitted for the
63
certificateholders to lease that ‫ ﻓ ﻴ ﺠ ﻮ ز ﻟ ﺤ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺗ ﺄ ﺟ ﻴ ﺮ ﺗ ﻠ ﻚ‬, ‫اﻟ ﻤ ﻠ ﻚ‬

asset to the originator itself for a
period shorter than what is ‫اﻟﻌ ﻴﻦ إ ﻟ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻧ ﻔ ﺴ ﻬ ﺎ ﻟ ﻤ ﺪ ة أﻗ ﻞ‬
permitted by virtue of the law even
if the rent is deferred and more ‫ ﻟﻺ ﺟ ﺎر ة و ﻟﻮ ﻛ ﺎﻧﺖ‬-‫ﻣ ﺴ ﻤ ﻮ ح ﲠ ﺎ ﻗﺎﻧﻮ ﻧ‬
than the consideration for the first
hire, and this shall not be a form of ‫اﻷ ﺟ ﺮ ة ﻣﺆ ﺟ ﻠﺔ و أﻛ ﺜﺮ ﻣﻦ ﻣ ﻘﺎﺑﻞ اﻻ ﺳ ﺘﺌﺠ ﺎر‬
‘Inah that is prohibited as per
Shari’ah. ‫ وﻻ ﻳﺪﺧﻞ ذﻟﻚ ﰲ اﻟﻌﻴﻨﺔ اﻟﻤﻤﻨﻮﻋﺔ‬,‫اﻷول‬
.- ‫ﺷ ﺮﻋ‬
8.1.1.1.d.7.3. It is permitted to issue Sukuk based ‫ﻳﺠ ﻮ ز إﺻ ﺪ ار ﺻ ﻜ ﻮ ك ﻻ ﺳ ﺘﺌﺠ ﺎر ﻋ ﻴﻦ ﻣﻌ ﻴﻨﺔ‬ .3 - 7 - ‫ د‬-1 - 1 -1 -8
on hiring a specific (identified)
asset that produces a renewable ‫ﺗﻨﺘﺞ ﻣﺎ ﻳﺘﺠ ﺪ د ﺑﻌ ﺪ اﻻ ﺳ ﺘﻬ ﻼ ك ; و ذﻟﻚ‬
[output] after consumption; this is
for the purpose of selling what it ‫ﺑﻐ ﺮ ض ﺑﻴﻊ ﻣ ﺎ ﺗﻨﺘﺠ ﻪ ﺑﻌ ﺪ اﺳ ﺘﺨ ﺮ اﺟ ﻪ أ و‬
produces after its extraction or
generation, or for the purpose of ‫ أ و ﺑﻐ ﺮ ض ﺗ ﺄ ﺟ ﻴﺮ اﻟﻌ ﻴﻦ ﻟ ﻄ ﺮ ف ﺛﺎﻟ ﺚ‬, ‫ﺗﻮ ﻟ ﻴ ﺪ ه‬
leasing the asset to a third party
during the period of hiring by the ‫ﻣﱠﺪة اﺳﺘﺌﺠﺎر ﺣﻤﻠﺔ اﻟﱡﺼﻜﻮك ﻟﻬﺎ أو أﻗﻞ‬
certificateholders for the same
period or short than that. For ‫ ﻛ ﺄن ﻳ ﺴ ﺘﺄ ﺟ ﺮ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺑﺌﺮ ﻧﻔ ﻂ‬.‫ﻣ ﻨﻬ ﺎ‬
example, certificateholders can
hire an oil well, a natural gas well, ‫أ و ﺑﺌ ﺮ ﻏ ﺎ ز ﻃ ﺒ ﻴ ﻌ ﻲ أ و ﻣ ﺤ ﻄ ﺔ ﺗ ﻮ ﻟ ﻴ ﺪ ﻃ ﺎ ﻗ ﺔ‬
or a station of electric power
generation plant, for a specific ‫ ﻟﻴﺒﻴﻌﻮا ﻣﺎ ﻳﺴﺘﺨﺮج‬,‫ ﻣﱠﺪة ﻣﺤﱠﺪدة‬,‫ﻛﻬﺮﺑﺎﺋﻴﺔ‬
period, in order to sell what is
extracted from oil or gas, or
‫ﻣ ﻦ ﻧ ﻔ ﻂ أ و ﻏ ﺎ ز أ و ﻳ ﺘﻮ ﻟ ﺪ ﻣ ﻦ ﻛ ﻬ ﺮ ﺑ ﺎء أ و‬
generated electricity, or to lease
. ‫ﻟ ﻴﺆ ﺟ ﺮ و ا اﻟ ﺒﺌ ﺮ أ و اﻟ ﻤ ﺤ ﻄ ﺔ ﻟ ﻄ ﺮ ف ﺛ ﺎﻟ ﺚ‬
the well or station to a third party.
8-1-1-1-d-8. Provisions of Sukuk based on hiring and ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﺳﺘﺌﺠﺎر ﻋﻴﻦ‬ .8-‫د‬-1-1-1-8
leasing a specified-cum-unidentified
asset: :‫ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﺬﻣﺔ وﺗﺄﺟﻴﺮﻫﺎ‬
8.1.1.1.d.8.1. It is permitted to issue Sukuks ‫ﻳﺠ ﻮ ز إﺻ ﺪ ار ﺻ ﻜ ﻮ ك ﻻ ﺳ ﺘﺌﺠ ﺎر ﻋ ﻴﻦ‬ .1 - 8 - ‫ د‬-1 - 1 -1 -8
based on hiring a specified-cum-
unidentified asset, with the ‫ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ و ذ ﻟ ﻚ ﺑ ﻐ ﺮ ض ا ﻟ ﺘ ﺄ ﺟ ﻴ ﺮ‬
purpose of leasing on the basis of
Forward Ijarah for an asset that ‫إ ﺟ ﺎ ر ة ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ ﻟ ﻌ ﻴ ﻦ ﻣ ﻄ ﺎ ﺑ ﻘ ﺔ ﰲ‬
conforms the specifications of
specified-cum-unidentified asset ‫ ﺑ ﺄ ﺟ ﺮ ة أﻋ ﻠ ﻰ ﻟﻐ ﻴﺮ اﻟﻤ ﺆ ﺟ ﺮ‬, ‫ﻣ ﻮ ا ﺻ ﻔ ﺎ ﲥ ﺎ‬
for a higher rent to a party other
than the first lessor. If the asset ‫ وإذا ﻛﺎﻧﺖ اﻟﻌﻴﻦ اﻟﺘﻲ ﺳﺘﺨﱠﺼﺺ‬.‫اﻷول‬
that will be allocated to drive the
64
enjoyment (istīfā al-manfꜤa) of a ‫ﻻ ﺳ ﺘ ﻴ ﻔ ﺎء اﻟ ﻤ ﻨ ﻔ ﻌ ﺔ اﻟ ﻤ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ‬

specified-cum-unidentified
usufruct, which is leased for the ‫ﻣﺆﺟﺮة ﻟﻠﻤﱠﺪة اﻟﻤﺤﱠﺪدة ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬
same period specified for the
certificateholders or longer than ‫ ﻓﻼ ُﻳﺸﱰط ﻓﺴﺦ ﺗﻠﻚ‬,‫ﻧﻔﺴﻬﺎ أو أﻛﺜﺮ ﻣﻨﻬﺎ‬
that, then it is not required to
terminate that lease when the ‫اﻹﺟﺎرة ﻋﻨﺪ اﺳﺘﺌﺠﺎر ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬
certificateholders hire the asset.
However, the termination is ‫ و ﻟ ﻜ ﻦ ﻳ ﺠ ﺐ اﻟ ﻔ ﺴ ﺦ ﻋ ﻨ ﺪ ﺗ ﺨ ﺼ ﻴ ﺺ‬, ‫اﻟﻌ ﻴﻦ‬
required upon the allocation of the
asset to drive the enjoyment of its ‫ و إ ذ ا ﻛ ﺎ ﻧ ﺖ اﻟﻌ ﻴﻦ‬.‫اﻟﻌ ﻴﻦ ﻻ ﺳ ﺘ ﻴ ﻔ ﺎء ﻣ ﻨ ﻔ ﻌ ﺘﻬ ﺎ‬
usufruct. If the asset is leased for [a
period shorter] than the period ‫ﻣﺆﺟﺮة ﻷﻗﻞ ﻣﻦ اﻟﻤﱠﺪة اﻟﻤﺤﱠﺪدة ﻟﺤﻤﻠﺔ‬
specified for the certificateholders,
there is no [Shari’ah] objection to ‫ ﻓ ﻼ ﻣ ﺎ ﻧ ﻊ ﻣ ﻦ ﺗ ﺨ ﺼ ﻴ ﺼ ﻬ ﺎ ﻻ ﺳ ﺘ ﻴ ﻔ ﺎء‬, ‫ا ﻟ ﺼ ﻜ ﻮ ك‬
allocate the asset to drive the
enjoyment, if the certificateholders
‫اﻟﻤﻨﻔﻌﺔ إن ﻛﺎن اﺳﺘﺌﺠﺎر ﺣﻤﻠﺔ اﻟﱡﺼﻜﻮك ﻟﻬﺎ‬
hired [the asset] for a period
‫ﻟﻤﺪة ﺗﺒﺪأ ﻣﻦ ﺗﺎرﻳﺦ اﻧﺘﻬﺎء اﻹﺟﺎرة اﻟﻘﺎﺋﻤﺔ‬
starting from the date of the end of
the existing lease of the asset. . ‫ﻋ ﻠ ﻰ اﻟﻌ ﻴﻦ‬
8.1.1.1.d.8.2. The leased asset in these Sukuk ‫ﺗ ﺒ ﻘ ﻰ اﻟﻌ ﻴﻦ اﻟ ﻤ ﺆ ﺟ ﺮ ة ﰲ ﻫ ﺬ ه اﻟ ﺼ ﻜ ﻮ ك‬ .2 - 8 - ‫ د‬-1 - 1 -1 -8
shall remain specified-cum-
unidentified, even if the entity ‫ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﺬﻣﺔ وإن ُﻋﱢﻴﻨﺖ اﻟﺠﻬﺔ‬
providing the usufruct has
appropriated (identified) the ‫ إن ﻛﺎﻧﺖ اﻟﻌﻴﻦ اﻟﺘﻲ‬,‫اﻟﻤﻘﺪﻣﺔ ﻟﻠﻤﻨﻔﻌﺔ‬
usufruct, if the asset from which
the usufruct is derived is one of the ‫ﺗﺴ ﺘﻮ ﻓ ﻰ ﻣ ﻨ ﻬ ﺎ ا ﻟ ﻤ ﻨ ﻔ ﻌ ﺔ ﻣ ﻦ ا ﻷ ﻋ ﻴ ﺎ ن ا ﻟ ﻤ ﺜ ﻠ ﻴ ﺔ‬
fungible assets owned by that
entity and has not been identified .‫اﻟﻤﻤﻠﻮﻛﺔ ﻟﺘﻠﻚ اﻟﺠﻬﺔ وﻟﻢ ُﺗﻌﱠﻴﻦ ﺑﺬاﲥﺎ‬
by itself.
8-1-1-2. Musharaka (Partnerships) Sukuks: :‫ﺻﻜﻮك اﻟﻤﺸﺎرﻛﺎت‬ .2-1-1-8
8-1-1-2-a. By Musharaka Sukuks means the Sukuks ‫ اﻟ ﺼ ﻜ ﻮ ك اﻟ ﺘﻲ‬: ‫ﻳ ﻘ ﺼ ﺪ ﺑ ﺼ ﻜ ﻮ ك اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺎ ت‬ .‫أ‬-2-1-1-8

in which the relationship between the
certificateholders and the originator is ‫ﺗ ﻘ ﻮ م اﻟ ﻌ ﻼ ﻗ ﺔ ﻓ ﻴ ﻬ ﺎ ﺑ ﻴ ﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و اﻟ ﺠ ﻬ ﺔ‬
based on one of the contracts of
partnership (Musharaka), which is the ‫ وﻫﻲ‬,‫اﻟﻤﻨﺸﺌﺔ ﻋﻠﻰ ﻋﻘﺪ ﻣﻦ ﻋﻘﻮد اﻟﻤﺸﺎرﻛﺎت‬
partnership contract or the Mudaraba
contract, and among its most important ‫ وﻣﻦ أﻫﻢ‬,‫ﻋﻘﺪ اﻟﺸﺮﻛﺔ أو ﻋﻘﺪ اﻟﻤﻀﺎرﺑﺔ‬
characteristics are the following:
: ‫ﺧ ﺼ ﺎ ﺋﺼ ﻬ ﺎ ﻣ ﺎ ﻳﺄ ﰐ‬
8-1-1-2-a-1. Each certificate represents a common ‫أن ﻛ ﻞ ﺻ ﻚ ﻣ ﻨﻬ ﺎ ﻳﻤ ﺜﻞ ﺣ ﺼ ﺔ ﺷ ﺎ ﺋﻌ ﺔ ﰲ‬ .1-‫أ‬-2-1-1-8
share in the underlying assets, subject of
65
Musharaka, that is owned by the ‫ﻣ ﻮ ﺟ ﻮ د ا ت ﻣ ﺤ ﻞ اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ اﻟ ﻤ ﻤ ﻠ ﻮ ﻛ ﺔ‬

certificateholders.
.‫ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬
8-1-1-2-a-2. Handing over [partnership] capital to ‫أﱠن ﺗﺴﻠﻴﻢ رأس ﻣﺎﻟﻬﺎ ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻳﻨﺸﺊ‬ .2-‫أ‬-2-1-1-8
the originator establishes a fiduciary
relationship between [the originator] ‫ ﻓﻼ‬,‫ﻋﻼﻗﺔ أﻣﺎﻧٍﺔ ﺑﻴﻨﻬﺎ وﺑﻴﻦ ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬
and the certificateholders, so it does not
entail that the capital is an indisputable - ‫ﻳ ﱰ ﺗ ﺐ ﻋ ﻠ ﻴﻬ ﺎ أن ﻳ ﻜ ﻮ ن ر أ س اﻟﻤ ﺎ ل اﻟ ﺘ ﺰ ا ﻣ‬
obligation owed by the originator.
.‫ ﰲ ذ ﻣ ﺔ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬- ‫ﺣ ﺘﻤ‬
8-1-1-2-a-3. [Partnership] capital and profits are not ‫أﱠن رأس ﻣﺎﻟﻬﺎ وأرﺑﺎﺣﻬﺎ ﻏﻴﺮ ﻣﻀﻤﻮﻧﻴﻦ ﻣﻦ‬ .3-‫أ‬-2-1-1-8
guaranteed by the originator, and the
originator does not guarantee the ‫ و ﻻ ﺗ ﻀ ﻤ ﻦ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬, ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
capital to the extent that [the originator]
does not recognized it as a debt owed by ‫ ﰲ ذ ﻣ ﺘﻬ ﺎ إﻻ ﰲ‬- ‫ر أ س اﻟﻤ ﺎ ل ﺑﺤ ﻴﺚ ﻳ ﺜ ﺒﺖ د ﻳ ﻨ‬
it except in the event of misconduct,
negligence, or breach of conditions. ‫ﺣ ﺎ ل اﻟ ﺘﻌ ﺪ ي أ و اﻟ ﺘ ﻘ ﺼ ﻴ ﺮ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺔ‬
. ‫اﻟ ﺸ ﺮ و ط‬
8-1-1-2-a-4. [Partnership] is exposed to investment ‫أﳖ ﺎ ﻣ ﻌ ﺮ ﺿ ﺔ ﻟﻤ ﺨ ﺎﻃ ﺮ اﻻ ﺳ ﺘ ﺜﻤ ﺎر اﻟ ﻨﺎﺷ ﺌﺔ ﻋ ﻦ‬ .4-‫أ‬-2-1-1-8
risks arising from the feasibility of the
participation activity and its ability to ‫ﺟ ﺪ و ى ﻧ ﺸ ﺎ ط اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ و ﻗ ﺪ ر ﺗﻪ ﻋ ﻠ ﻰ‬
achieve expected returns, and [the
partnership] is exposed to credit risks of ‫ وﺗﻜﻮن ﻣﻌﺮﺿﺔ‬,‫ﺗﺤﻘﻴﻖ اﻟﻌﻮاﺋﺪ اﻟﻤﺘﻮﻗﻌﺔ‬
the financees if the originator uses the
capital of the Sukuk to finance in any of ‫ﻟﻤﺨﺎﻃﺮ اﺋﺘﻤﺎن اﻟﻤﺘﻤﻮﻟﻴﻦ ﺣﺎل اﺳﺘﺨﺪام‬
the modes of commutative [contracts].
‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ر أ س ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك ﰲ‬
. ‫ﺗ ﻤ ﻮ ﻳ ﻠ ﻬ ﻢ ﺑ ﺼ ﻴ ﻐ ﺔ ﻣ ﻦ ﺻ ﻴﻎ اﻟﻤ ﻌ ﺎ و ﺿ ﺎ ت‬
8-1-1-2-a-5. Profits [of partnership] are not ‫أﱠن أرﺑﺎﺣﻬﺎ ﻻ ﺗﺘﺤﺪد ﺑﻤﺒﻠﻎ ﻣﻘﻄﻮع أو ﺑﻨﺴﺒٍﺔ‬ .5-‫أ‬-2-1-1-8
determined by a lump sum or a
percentage of a known amount, and . ‫ و ﻻ ﺗ ﻜ ﻮ ن إ ﻻ ﻣ ﺘﻮ ﻗ ﻌ ﺔ‬, ‫ﻣ ﻦ ﻣ ﺒ ﻠ ﻎ ﻣ ﻌ ﻠﻮ م‬
they are only expected.
8-1-1-2-b. Types of Partnerships Sukuks: :‫أﻧﻮاع ﺻﻜﻮك اﻟﻤﺸﺎرﻛﺎت‬ .‫ب‬-2-1-1-8
Partnership Sukuks are of two types: : ‫ﺻ ﻜ ﻮ ك اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺎ ت ﻋ ﻠ ﻰ ﻧ ﻮ ﻋ ﻴ ﻦ‬

8-1-1-2-b-1. Partnership Sukuk, which are of two : ‫ و ﻫ ﻲ ﻋ ﻠ ﻰ ﻧﻮ ﻋ ﻴﻦ‬, ‫ﺻ ﻜ ﻮ ك اﻟ ﺸ ﺮ ﻛ ﺔ‬ .1-‫ب‬-2-1-1-8
types:
66
8.1.1.2.b.1.1. Joint Enterprise (Sharikat al-ꜤAqd) :‫ﺻﻜﻮك ﺷﺮﻛﺔ اﻟﻌﻘﺪ‬ .1 -1 - ‫ ب‬-2 - 1 -1 -8

Sukuk:
It is the Sukuk that is issued to provide financing to ‫ﻫ ﻲ اﻟ ﺼ ﻜ ﻮ ك اﻟﺘﻲ ﻳﺘﻢ إﺻ ﺪ ار ﻫ ﺎ ﻟﺘﻤ ﻮ ﻳﻞ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬
the originator by participating in an investment
activity. The issuer of these Sukuk shall be a partner ‫ و ﻳﻜ ﻮ ن اﻟﻤ ﺼ ﺪ ر ﻟﺘ ﻠ ﻚ‬. ‫ﺑﺎﻟﻤ ﺸ ﺎر ﻛ ﺔ ﰲ ﻧﺸ ﺎط اﺳ ﺘﺜﻤ ﺎر ي‬
on behalf of the certificateholders; and the
originator is a managing partner. The ‫ ﻧ ﻴ ﺎ ﺑ ﺔ ﻋ ﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ; و اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬- ‫اﻟ ﺼ ﻜ ﻮ ك ﺷ ﺮ ﻳ ﻜ‬
certificateholders and the originator own the assets
of the activity jointly (shuyūꜤ), to the extent of their ‫ وﻳﻤﻠﻚ ﺣﻤﻠﺔ اﻟﺼﻜﻮك واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬.‫ ﻣﺪﻳﺮًا‬-‫ﺷﺮﻳﻜ‬
share in the capital of the partnership. The
certificateholders share with the originator in the ‫ و ذ ﻟ ﻚ ﺑ ﻘ ﺪ ر ﺣ ﺼ ﺔ ﻛ ﻞ‬, ‫ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﻨ ﺸ ﺎ ط ﻋ ﻠ ﻰ ا ﻟ ﺸ ﻴ ﻮ ع‬
realized profits according to what they agreed upon,
and the loss between them is equal to the share of ‫ و ﻳ ﺸ ﱰ ك ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻊ‬.‫ﻣ ﻨﻬ ﻤ ﺎ ﰲ ر أ س ﻣ ﺎ ل اﻟ ﺸ ﺮ ﻛ ﺔ‬
each party in the capital of the partnership.
, ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﰲ ا ﻷ ر ﺑﺎ ح اﻟ ﻤ ﺤ ﻘ ﻘ ﺔ ﺑﺤ ﺴ ﺐ ﻣ ﺎ اﺗ ﻔ ﻘ ﺎ ﻋ ﻠ ﻴﻪ‬
‫و ﺗ ﻜ ﻮ ن اﻟ ﺨ ﺴ ﺎ ر ة ﺑ ﻴ ﻨﻬ ﻤ ﺎ ﺑ ﻘ ﺪ ر ﺣ ﺼ ﺔ ﻛ ﻞ ﻃ ﺮ ف ﰲ ر أ س ﻣ ﺎ ل‬
. ‫اﻟ ﺸ ﺮ ﻛ ﺔ‬
8.1.1.2.b.1.2. Joint Ownership (Shirkat al-Milk) :‫ﺻﻜﻮك ﺷﺮﻛﺔ اﻟﻤﻠﻚ‬ .2 -1 - ‫ ب‬-2 - 1 -1 -8

Sukuk:
They are the Sukuk that are issued to own an asset, ‫ ﻣﺸﺎرﻛﺔ‬-ً‫ﻣﺜﻼ‬- ‫ﻫﻲ اﻟﺼﻜﻮك اﻟﺘﻲ ﻳﺘﻢ إﺻﺪارﻫﺎ ﻟﺘﻤﻠﻚ ﻋﻴﻦ‬
for example, a joint partnership with the originator,
without the originator being an agent in disposing ‫ د و ن أ ن ﺗ ﻜ ﻮ ن ا ﻟ ﺠ ﻬ ﺔ‬, ‫ﻣ ﻊ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﻋ ﻠ ﻰ ﺳ ﺒ ﻴ ﻞ ا ﻟ ﺸ ﻴ ﻮ ع‬
of the certificateholders except with their
permission, so the certificateholders buy a common ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ و ﻛ ﻴ ﻠ ﺔ ﰲ اﻟ ﺘ ﺼ ﺮ ف ﻋ ﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك إ ﻻ ﺑ ﺈ ذ ﳖ ﻢ‬
share of the asset, and the originator buys the other
share, or the certificateholders buy a share of the ‫ ﻓ ﻴ ﺸ ﱰ ي ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺣ ﺼ ﺔ ﺷ ﺎ ﺋﻌ ﺔ ﻣ ﻦ‬, ‫و ﻗ ﺖ ا ﻟ ﺘ ﺼ ﺮ ف‬
asset owned by the originator, and the issuer of
these Sukuk is a joint-owner on behalf of the ‫ أ و ﻳ ﺸ ﱰ ي‬, ‫ و ﺗ ﺸ ﱰ ي اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ اﻟ ﺤ ﺼ ﺔ ا ﻷ ﺧ ﺮ ى‬, ‫اﻟﻌ ﻴﻦ‬
certificateholders, and the originator is a co-owner
who is not an agent to dispose of without [partner’s] , ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺣ ﺼ ﺔ ﻣ ﻦ ﻋ ﻴﻦ ﺗﻤ ﻠ ﻜ ﻬ ﺎ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌ ﺔ‬
permission, and if the asset is leased, the
certificateholders share with the originator the rent ‫و ﻳ ﻜ ﻮ ن اﻟ ﻤ ﺼ ﺪ ر ﻟ ﺘ ﻠ ﻚ اﻟ ﺼ ﻜ ﻮ ك ﺷ ﺮ ﻳ ﻚ ﻣ ﻠ ﻚ ﻧ ﻴ ﺎ ﺑ ﺔ ﻋ ﻦ ﺣ ﻤ ﻠ ﺔ‬
that is equal to [their respective] shares in the
purchase price of the asset, and the loss borne by ‫ و اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺷ ﺮ ﻳ ﻚ ﻣ ﻠ ﻚ ﻏ ﻴ ﺮ و ﻛ ﻴﻞ ﺑﺎﻟ ﺘ ﺼ ﺮ ف‬, ‫اﻟ ﺼ ﻜ ﻮ ك‬
them, is equal to [their respective] shares in the
purchase price as well. The Sukuk do not deviate
‫ و إ ذ ا أ ﺟ ﺮ ت اﻟﻌ ﻴﻦ ﻓ ﻴ ﺸ ﱰ ك ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻊ‬, ‫إ ﻻ ﺑ ﺎ ﻹ ذ ن‬
from being joint ownership Sukuk with one of the
, ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﰲ ا ﻷ ﺟ ﺮ ة ﺑ ﻘ ﺪ ر اﻟ ﺤ ﺼ ﺺ ﰲ ﺛ ﻤ ﻦ ﺷ ﺮ اء اﻟﻌ ﻴﻦ‬
two partners authorizing the other based on Service
Agency, and then what is stated in s. (3-4) of . - ‫و ﺗ ﻜ ﻮ ن اﻟ ﺨ ﺴ ﺎ ر ة ﺑ ﻴ ﻨﻬ ﻤ ﺎ ﺑ ﻘ ﺪ ر اﻟ ﺤ ﺼ ﺺ ﰲ ﺛ ﻤ ﻦ اﻟ ﺸ ﺮ اء أ ﻳ ﻀ‬
Shari’ah Standard No. (56): Liability of the
Investment Manager shall apply. With due ‫وﻻ ﺗﺨﺮج اﻟﺼﻜﻮك ﻋﻦ ﻛﻮﳖﺎ ﺻﻜﻮك ﺷﺮﻛﺔ ﻣﻠﻚ ﺑﺘﻮﻛﻴﻞ‬
compliance with (5-2) of Shari’ah Standard No. (23):
67
Agency and the Act of Uncommissioned Agent ‫ و ﻓ ﻘ ﺎ ﻟ ﻤ ﺎ و ر د‬, ‫أ ﺣ ﺪ اﻟ ﺸ ﺮ ﻳ ﻜ ﻴ ﻦ ا ﻵ ﺧ ﺮ و ﻛ ﺎﻟ ﺔ ﺧ ﺪ ﻣ ﺎ ت ﻣ ﺤ ﺪ د ة‬

(Fodooli) and s. (8-1-1-2-d-1-3) of this Standard.
‫( ﺑﺸﺄن ﺿﻤﺎن‬٥٦) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٣-٤) ‫ﰲ اﻟﺒﻨﺪ‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٢-٥) ‫ وﯾﺮاﻋﻰ اﻟﺒﻨﺪ‬.‫ﻣﺪﻳﺮ اﻻﺳﺘﺜﻤﺎر‬
-١-٨) ‫ واﻟﺒﻨﺪ‬,‫( ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ وﺗﺼﺮف اﻟﻔﻀﻮﻟﻲ‬٢٣) ‫رﻗﻢ‬
.‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٣-١-‫د‬-٢-١
8-1-1-2-b-2. Mudaraba Sukuk: :‫ﺻﻜﻮك اﻟﻤﻀﺎرﺑﺔ‬ .2-‫ب‬-2-1-1-8
These are the Sukuk that are issued to finance the ‫ﻫ ﻲ اﻟ ﺼ ﻜ ﻮ ك اﻟﺘﻲ ﻳﺘﻢ إﺻ ﺪ ار ﻫ ﺎ ﻟﺘﻤ ﻮ ﻳﻞ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬
originator through Mudaraba in an investment
activity. The issuer of these Sukuk is a Rab-al-Mal on ‫ و ﻳﻜ ﻮ ن اﻟﻤ ﺼ ﺪ ر ﻟﺘ ﻠ ﻚ‬. ‫ﺑﺎﻟﻤ ﻀ ﺎر ﺑﺔ ﰲ ﻧﺸ ﺎط اﺳ ﺘﺜﻤ ﺎر ي‬
behalf of the certificateholders of Sukuk; and the
originator is the Mudarib. The certificateholders ‫اﻟ ﺼ ﻜ ﻮ ك ر ب ﻣ ﺎ ل ﻧ ﻴ ﺎ ﺑ ﺔ ﻋ ﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ; و اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
own the underlying assets of the activity in common
among them, sharing the reward and the liability ‫ و ﻳﻤ ﻠ ﻚ ﺣ ﻤ ﻠﺔ اﻟﺼ ﻜ ﻮ ك ﻣﻮ ﺟ ﻮ د ات اﻟﻨﺸ ﺎط ﻋ ﻠ ﻰ‬. -‫ﻣ ﻀ ﺎر ﺑ‬
among them, and the certificateholders share the
realized profits with the originator in according to ‫ و ﻳ ﺸ ﱰ ك ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻊ‬, ‫اﻟ ﺸ ﻴﻮ ع ﺑ ﻴ ﻨﻬ ﻢ ﺑﻐ ﻨ ﻤ ﻬ ﺎ و ﻏ ﺮ ﻣ ﻬ ﺎ‬
what they agreed upon, and the loss is borne by the
certificateholders. , ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﰲ ا ﻷ ر ﺑﺎ ح اﻟ ﻤ ﺤ ﻘ ﻘ ﺔ ﺑﺤ ﺴ ﺐ ﻣ ﺎ اﺗ ﻔ ﻘ ﺎ ﻋ ﻠ ﻴﻪ‬
. ‫و ﺗ ﻜ ﻮ ن اﻟ ﺨ ﺴ ﺎ ر ة ﻋ ﻠ ﻰ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
8-1-1-2-c. General provisions for Partnerships :‫أﺣﻜﺎم ﻋﺎﻣﺔ ﻟﺼﻜﻮك اﻟﻤﺸﺎرﻛﺎت‬ .‫ج‬-2-1-1-8
Sukuks:
8-1-1-2-c-1. It is required that the capital of ‫ﻳﺠ ﺐ أن ﻳﺴ ﺘﺜﻤ ﺮ ر أس ﻣﺎل ﺻ ﻜ ﻮ ك‬ .1-‫ج‬-2-1-1-8
Musharaka Sukuk is invested in what is
fit to be a subject of investment. ‫اﻟﻤﺸﺎرﻛﺎت ﻓﻴﻤﺎ ﻳﺼﻠﺢ أن ﻳﻜﻮن ﻣﺤًﻼ‬
.‫ﻟﻼ ﺳ ﺘﺜﻤ ﺎر‬
8-1-1-2-c-2. It is not permitted for the originator to ‫ﻻ ﻳﺠ ﻮ ز أن ﺗ ﻀ ﻤ ﻦ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ر أ س ﻣ ﺎ ل‬ .2-‫ج‬-2-1-1-8
guarantee the capital or profits of the
Musharaka Sukuk. See: s. (6-2-1-2). It is ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫أ و أر ﺑﺎ ح ﺻ ﻜ ﻮ ك اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺎ ت‬
required that the profits is derived from
the underlying assets of Sukuk. ‫ وﻳﺠﺐ أن ﺗﻜﻮن اﻷرﺑﺎح‬.(٢-١-٢-٦)
.‫ﻧﺎﺗﺠًﺔ ﻣﻦ ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬
8-1-1-2-c-3. It is required to determine percentage ‫ﻳﺠﺐ أن ﺗﺤﺪد ﻧﺴﺒﺔ ﺗﻘﺎﺳﻢ اﻟﺮﺑﺢ اﻟﻤﺘﺤﻘﻖ‬ .3-‫ج‬-2-1-1-8
of profit sharing of actual realized profit.
68
It is not permitted that the profit is ‫ وﻻ ﻳﺠﻮز أن ﻳﺤﺪد اﻟﺮﺑﺢ ﺑﻤﺒﻠﻎ أو‬,‫ﻓﻌًﻼ‬
determined by an amount or a
percentage of the capital or by an index, ‫ ﻻ ﰲ ﻧ ﺸ ﺮ ة‬, ‫ﺑ ﻨ ﺴ ﺒ ﺔ ﻣ ﻦ ر أ س اﻟ ﻤ ﺎ ل أ و ﺑ ﻤ ﺆ ﺷ ﺮ‬
neither in the base prospectus nor in the
contract regulating the relationship ‫اﻹﺻﺪار وﻻ ﰲ اﻟﻌﻘﺪ اﻟﻤﻨﻈﻢ ﻟﻠﻌﻼﻗﺔ ﺑﻴﻦ‬
between the certificateholders and the
originator, nor in any other document, ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌ ﺔ و ﻻ ﰲ أ ي‬
except that it is mentioned as a matter
of expectation. See: s. (6-2-1-2), s. (7-3- ‫ إﻻ أن ﻳ ﺬ ﻛ ﺮ أﻧﻪ ﻋ ﻠ ﻰ ﺳ ﺒﻴﻞ‬, ‫ﻣ ﺴ ﺘﻨ ﺪ آﺧ ﺮ‬
2-5) and s. (11-2-4).
‫( واﻟﺒﻨﺪ‬٢-١-٢-٦) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﺘﻮﻗﻊ‬
.(٤-٢-١١) ‫( واﻟﺒﻨﺪ‬٥-٢-٣-٧)
a Shari’ah compliant securities for ‫اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺗﻘﺪﻳﻢ ﺿﻤﺎن ﻣﺸﺮوٍع ﻟﺮد‬
repayment of the capital of the Sukuk in
the event of misconduct, negligence, or ‫ر أ س ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك ﰲ ﺣ ﺎ ل اﻟ ﺘﻌ ﺪ ي‬
breach of the conditions. See: s. (2-2-1)
of Shari’ah Standard No. (5): ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬, ‫و اﻟ ﺘ ﻘ ﺼ ﻴ ﺮ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺔ اﻟ ﺸ ﺮ و ط‬
Guarantees, and s. (3-1-4-2) of Shari’ah
Standard No. (12): Sharikah (٥) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬١-٢-٢)
(Musharaka) and Modern Companies,
and s. (6) of Shari’ah Standard No. (13): ‫( ﻣﻦ‬٢-٤-١-٣) ‫ واﻟﺒﻨﺪ‬,‫ﺑﺸﺄن اﻟﻀﻤﺎﻧﺎت‬
Mudaraba.
‫( ﺑﺸﺄن اﻟﺸﺮﻛﺔ‬١٢) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
‫ واﻟﺒﻨﺪ‬,‫)اﻟﻤﺸﺎرﻛﺔ( واﻟﺸﺮﻛﺎت اﻟﺤﺪﻳﺜﺔ‬
‫( ﺑﺸﺄن‬١٣) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٦)
. ‫اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ‬
8-1-1-2-c-5. It is permitted to stipulate the solvency ‫ﻳﺠﻮز اﺷﱰاط ﻣﻼءة اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬ .5-‫ج‬-2-1-1-8
of the originator to be at a certain level
when subscripting to the Musharaka ‫ﺑﻤ ﺴ ﺘﻮ ى ﻣ ﻌ ﻴ ﻦ ﻋ ﻨ ﺪ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﰲ ﺻ ﻜ ﻮ ك‬
Sukuk and prevent it from specific
actions that prejudice [the partnership]. ‫اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺎ ت و ﻣ ﻨﻌ ﻬ ﺎ ﻣ ﻦ ﺗ ﺼ ﺮ ﻓ ﺎ ت ﻣ ﺤ ﺪ د ة‬
Hence, if [the originator] claimed a
certain level of solvency and later it was ‫ ﻓﺈن ادﻋﺖ ﻋﻨﺪ إﺻﺪار اﻟﺼﻜﻮك‬,‫ﺗﺨﻞ ﲠﺎ‬
revealed that [the level of insolvency]
was contrary to what it claimed or it ‫ ﻣﻦ اﻟﻤﻼءة ﺛﻢ ﻇﻬﺮ أﳖﺎ ﻛﺎﻧﺖ‬-‫ﻣﺴﺘﻮىً ﻣﻌﱠﻴﻨ‬
committed an act that was prejudice [to
the partnership], the certificateholders ‫ﻋﻠﻰ ﺧﻼف ﻣﺎ ادﻋﺘﻪ أو ﻓﻌﻠﺖ ﺗﺼﺮًﻓﺎ ﻣﻤﺎ‬
resolved the dissolution of the Sukuk
due to that reason and the capital was ‫ وﻗﺮر ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﺗﺼﻔﻴﺘﻬﺎ‬,‫ُﻣﻨﻌﺖ ﻣﻨﻪ‬
69
short; so [the originator] shall be liable

َ ‫ وَﻧَﻘ‬,‫ﺑﺴﺒﺐ ذﻟﻚ‬
‫ﺺ ر أ س اﻟ ﻤ ﺎ ل ; ﻓ ﺈ ﳖ ﺎ‬
for the shortfall [in the capital] and the
realized [portion of] profits. . ‫ﺗ ﻀ ﻤ ﻦ اﻟ ﻨ ﻘ ﺺ و ﻣ ﺎ ﺗ ﺤ ﻘ ﻖ ﻣ ﻦ ر ﺑ ﺢ‬
8-1-1-2-c-6. It is permitted that Musharaka Sukuk ‫ﻳﺠﻮز أن ﺗﻜﻮن ﺻﻜﻮك اﻟﻤﺸﺎرﻛﺎت ﻣﻄَﻠﻘﺔ‬ .6-‫ج‬-2-1-1-8
absolute (unrestricted). Also, it is
permitted to have [Musharaka Sukuk] ‫ﻛﻤﺎ ﻳﺠﻮز أن ﺗﻜﻮن ﻣﻘﻴﺪة ﺑﻤﺸﺮوع ﻣﻌﱠﻴﻦ أو‬
restricted to a specific project or
restricted to an investment in the ‫ﻣ ﻘ ﻴ ﺪ ة ﺑﺎ ﻻ ﺳ ﺘ ﺜﻤ ﺎر ﰲ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم ﻟ ﻠ ﺠ ﻬ ﺔ‬
general pool of the originator.
. ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
8-1-1-2-c-7. It is permitted to use the capital of ‫ﻳﺠﻮز اﺳﺘﺨﺪام رأس ﻣﺎل اﻟﺼﻜﻮك‬ .7-‫ج‬-2-1-1-8
Sukuk, which is invested in the general
pool of the originator, to honour the ‫اﻟﻤﺴﺘﺜَﻤﺮ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﰲ‬
obligations of the general pool, provided
that this is done after the , ‫اﻟﻮ ﻓ ﺎء ﺑﻤ ﺎ ﻋ ﻠ ﻰ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم ﻣ ﻦ اﻟ ﺘ ﺰ ا ﻣ ﺎ ت‬
certificateholders own a share in the
general pool in proportion to their ‫ﺑﺸﺮط أن ﻳﺘﻢ ذﻟﻚ ﺑﻌﺪ أن ﻳﻤﻠﻚ ﺣﻤﻠُﺔ‬
capital. See: s. (12-2) of Shari’ah
Standard No. (46): Al-Wakala bi Al- ‫اﻟﺼﻜﻮك ﺣﺼًﺔ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﺑﻨﺴﺒﺔ رأس‬
Istithmar (Investment Agency), and s. (8-
3-1-2-d-4-1). If the investment of the ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٢-١٢) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻣﺎﻟﻬﻢ‬
Sukuk capital is restricted to a specific
project, then it is not permitted to ‫( ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ‬٤٦) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
include it in the general pool. It is not
permitted for the originator to use [the -٤ - ‫ د‬-٢ -١ -٣ -٨ ) ‫ و ا ﻟ ﺒ ﻨ ﺪ‬, ‫ﺑ ﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
capital] to honour the obligations of the
general pool or other obligations that
‫ ﻓﺈن ﻛﺎن اﺳﺘﺜﻤﺎُر رأس ﻣﺎل اﻟﺼﻜﻮك‬.(١
[the originator] has other than the
‫ ﻓﺈﻧﻪ ﻻ ﻳﺠﻮز إدﺧﺎﻟﻪ‬,‫ﻣﻘﻴﺪًا ﺑﻤﺸﺮوع ﻣﻌﻴﻦ‬
obligations of that project.
‫ وﻻ ﻳﺠﻮز ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬,‫ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم‬
‫أ ن ﺗ ﺴ ﺘ ﺨ ﺪ ﻣ ﻪ ﰲ ا ﻟ ﻮ ﻓ ﺎ ء ﺑ ﻤ ﺎ ﻋ ﻠ ﻰ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم‬
‫ﻣ ﻦ اﻟ ﺘ ﺰ ا ﻣ ﺎ ت أ و ﺑﻤ ﺎ ﻋ ﻠ ﻴﻬ ﺎ ﻣ ﻦ اﻟ ﺘ ﺰ ا ﻣ ﺎ ت‬
. ‫أ ﺧ ﺮ ى ﻏ ﻴ ﺮ اﻟ ﺘ ﺰ ا ﻣ ﺎ ت ذ ﻟ ﻚ اﻟ ﻤ ﺸ ﺮ و ع‬
8-1-1-2-c-8. It is not permitted to link the return of ‫ﻻ ﻳﺠ ﻮ ز ر ﺑ ﻂ ر د ر أ س ﻣ ﺎ ل ﺻ ﻜ ﻮ ك‬ .8-‫ج‬-2-1-1-8
the capital of Musharaka Sukuk or the
distribution of its profits to the ‫اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺎ ت و ﻻ ر ﺑ ﻂ ﺗ ﻮ ز ﻳ ﻊ أ ر ﺑ ﺎ ﺣ ﻬ ﺎ‬
conditions of originator’s investments
that are outside the activity in which the ‫ﺑ ﺄ ﺣ ﻮ ا ل اﺳ ﺘ ﺜ ﻤ ﺎ ر ا ت اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
capital is invested, including the
settlement by the debtors of the ‫اﻟﺨﺎرﺟﺔ ﻋﻦ اﻟﻨﺸﺎط اﻟﺬي ُﻳﺴﺘﺜﻤُﺮ رأُس‬
70
originator of their obligations that did ‫ و ﻣ ﻦ ذ ﻟ ﻚ و ﻓ ﺎء ﻣ ﺪ ﻳ ﻨﻲ اﻟ ﺠ ﻬ ﺔ‬, ‫اﻟ ﻤ ﺎ ل ﻓ ﻴﻪ‬

not arise from the investment of the
capital of Sukuk. ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑﺎﻟ ﺘ ﺰ ا ﻣ ﺎ ﲥ ﻢ اﻟ ﺘﻲ ﻟﻢ ﺗ ﻨ ﺸ ﺄ ﻋ ﻦ‬
. ‫اﺳ ﺘ ﺜﻤ ﺎر ر أ س ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك‬
8-1-1-2-c-9. Pursuant to an agreement with the ‫ﻳﺠﻮز ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أن ﺗﺴﺘﺨﺪم اﻟﻮﺳﺎﺋﻞ‬ .9-‫ج‬-2-1-1-8
certificateholders, it is permitted for the
originator to use Shari’ah compliant ‫اﻟ ﻤ ﺸ ﺮ و ﻋ ﺔ ﻟ ﻠ ﺘ ﺤ ﻮ ط ﻣ ﻦ اﻟ ﻤ ﺨ ﺎ ﻃ ﺮ اﻟ ﻤ ﺘﻌ ﻠ ﻘ ﺔ‬
means to hedge risks related to capital
or profits. If the originator used these ‫ﺑﺮأس اﻟﻤﺎل أو اﻷرﺑﺎح ﺑﺎﻻﺗﻔﺎق ﻣﻊ ﺣﻤﻠﺔ‬
means without an agreement with the
certificateholders and there were no ‫ ﻓ ﺈن اﺳ ﺘ ﺨ ﺪ ﻣ ﺖ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬. ‫اﻟ ﺼ ﻜ ﻮ ك‬
customarily practices of dealing with
[such means]; then it is not permitted to ‫ﻫ ﺬ ه اﻟﻮ ﺳ ﺎ ﺋﻞ د و ن اﺗ ﻔ ﺎ ق ﻣ ﻊ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
entail any financial obligation [upon the
certificateholders]. See: s. (6-1-2) of this ‫ودون أن ﻳﺠﺮي ﻋﺮف اﻟﺘﻌﺎﻣﻞ ﺑﺬﻟﻚ; ﻓﻼ‬
Standard, and Shari’ah Standard No.
(45): Protection of Capital and ‫ ﻳﻨﻈﺮ‬.‫ﻳﺠﻮز أن ﻳﺮﺗﺐ ﻋﻠﻴﻬﻢ أي اﻟﺘﺰام ﻣﺎﻟﻲ‬
Investments, and Shari’ah Standard No.
(56): Liability of the Investment ‫ وﻳﻨﻈﺮ‬,‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٢-١-٦) ‫اﻟﺒﻨﺪ‬
Manager.
‫( ﺑﺸﺄن ﺣﻤﺎﻳﺔ‬٤٥) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
‫ و اﻟﻤ ﻌ ﻴﺎر‬, ‫ر أ س اﻟﻤ ﺎ ل و اﻻ ﺳ ﺘ ﺜﻤ ﺎر ات‬
8-1-1-2-c-10. It is permitted for partnerships Sukuk ‫ﻳﺠﻮز أن ﺗﻜﻮن ﺻﻜﻮك اﻟﻤﺸﺎرﻛﺎت ﻣﺆﻗﺘًﺔ‬ .10-‫ج‬-2-1-1-8
to be time-bound that ends with a
specified period, occurrence of certain ‫ﺗﻨﺘﻬﻲ ﺑﻤ ﺪ ة ﻣﺤ ﺪ د ة أو ﰲ ﺣ ﺎﻻ ت ﻣﻌ ﻴﻨﺔ أو‬
events, or with the dissolution of its
activity. It is permitted to have ‫ و ﻳﺠ ﻮ ز أن ﺗﻜ ﻮ ن ﻣ ﺴ ﺘﻤ ﺮ ة‬,‫ﺑﺘﺼ ﻔ ﻴﺔ ﻧﺸ ﺎﻃ ﻬ ﺎ‬
Musharaka Sukuk that are perpetual
with continuance of the originator. -٨ ) ‫ و ﻳ ﻨ ﻈ ﺮ ا ﻟ ﺒ ﻨ ﺪ‬. ‫ﺑ ﺎ ﺳ ﺘ ﻤ ﺮ ا ر ا ﻟ ﺠ ﻬ ﺔ ا ﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
See: s. (8-3-1-2-d-3).
.(٣-‫د‬-٢-١-٣
8-1-1-2-d. Special Provisions to the types of :‫أﺣﻜﺎم ﺧﺎﺻﺔ ﺑﺄﻧﻮاع ﺻﻜﻮك اﻟﻤﺸﺎرﻛﺎت‬ .‫د‬-2-1-1-8
Partnerships Sukuk:
Musharaka Sukuk are subject to special provisions ‫ﺗﺨﻀﻊ ﺻﻜﻮك اﻟﻤﺸﺎرﻛﺎت ﻷﺣﻜﺎم ﺧﺎﺻﺔ ﺑﻜﻞ ﻧﻮٍع ﻣﻨﻬﺎ‬
for each type, according to the contract between
the certificateholders and the originator, as follows: ‫ و ﻓ ﻖ ﻣ ﺎ‬, ‫ﺑﺤ ﺴ ﺐ اﻟﻌ ﻘ ﺪ ﺑﻴﻦ ﺣ ﻤ ﻠﺔ اﻟ ﺼ ﻜ ﻮ ك و اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬
71
: ‫ﻳﺄ ﰐ‬
8-1-1-2-d-1. Special Provisions related to Partnership :‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﺸﺮﻛﺔ‬ .1-‫د‬-2-1-1-8
Sukuks:
8.1.1.2.d.1.1. It is required that Partnership ‫ﻳﺠﺐ اﻟﺘﻘﻴﺪ ﰲ ﺻﻜﻮك اﻟﺸﺮﻛﺔ ﺑﺎﻟﻀﻮاﺑﻂ‬ .1 - 1 - ‫ د‬-2 - 1 -1 -8
Sukuk adhere to the Shari’ah rules
mentioned in Shari’ah Standard No. ‫اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ اﻟﻮ ار د ة ﰲ اﻟ ﻤ ﻌ ﻴ ﺎ ر اﻟ ﺸ ﺮ ﻋ ﻲ ر ﻗ ﻢ‬
(12): Sharikah (Musharaka) and
Modern Companies. ( ‫) اﻟﻤ ﺸ ﺎ ر ﻛ ﺔ‬ ‫اﻟ ﺸ ﺮ ﻛ ﺔ‬ ‫ﺑ ﺸ ﺄن‬ (١٢)
. ‫و اﻟ ﺸ ﺮ ﻛ ﺎ ت اﻟ ﺤ ﺪ ﻳ ﺜ ﺔ‬
8.1.1.2.d.1.2. It is permitted to issue Partnership ‫ﻳﺠﻮز إﺻﺪار ﺻﻜﻮك اﻟﺸﺮﻛﺔ ﻋﻠﻰ أﺳﺎس‬ .2 - 1 - ‫ د‬-2 - 1 -1 -8
Sukuk on the basis of the
Diminishing Partnership, which is ‫اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ اﻟ ﻤ ﺘ ﻨ ﺎﻗ ﺼ ﺔ اﻟ ﻘ ﺎ ﺋﻤ ﺔ ﻋ ﻠ ﻰ ﺷ ﺮ ﻛ ﺔ‬
based on the joint enterprise
partnership, so that the originator ‫اﻟﻌ ﻘ ﺪ ﺑﺤ ﻴ ﺚ ﺗ ﺘﻌ ﻬ ﺪ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺸ ﺮ اء‬
undertakes to gradually purchase
the share of the certificateholders ‫ﺣ ﺼ ﺔ ﺣ ﻤ ﻠﺔ اﻟﺼ ﻜ ﻮ ك ﰲ ﻣﻮ ﺟ ﻮ د اﲥ ﺎ‬
in the underlying assets [of Sukuk]
until it fully owns it, provided that ,‫ ﻛﺎﻣًﻼ‬-‫ﻴﺎ إﻟﻰ أن ﺗﺘﻤﻠﻜﻬﺎ ﺗﻤﻠﻜ‬°‫ﺗﺪرﻳﺠ‬
the purchase is made at the market
value, or the value agreed upon at ‫ﺑ ﺸ ﺮ ط أن ﻳ ﺘﻢ اﻟ ﺸ ﺮ اء ﺑ ﺎﻟ ﻘ ﻴ ﻤ ﺔ اﻟ ﺴ ﻮ ﻗ ﻴ ﺔ أ و‬
the time of purchase, and it is not
permitted [for the purchase price] ‫ وﻻ‬,‫ﺑﺎﻟﻘﻴﻤﺔ اﻟﺘﻲ ُﻳﱠﺘﻔﻖ ﻋﻠﻴﻬﺎ ﻋﻨﺪ اﻟﺸﺮاء‬
to be at a value determined in
advance. This includes an ‫ وﻣﻦ‬,-‫ﻳﺠﻮز أن ﻳﻜﻮن ﺑﻘﻴﻤﺔ ﻣﺤﱠﺪدة ﻣﻘﱠﺪﻣ‬
undertaking to purchase the share
on Murabaha basis. See: s. (5-1)
‫ذ ﻟ ﻚ أ ن ﻳ ﻜ ﻮ ن اﻟ ﺘ ﻌ ﻬ ﺪ ﺑ ﺸ ﺮ اء اﻟ ﺤ ﺼ ﺔ‬
and s. (5-7) of Shari’ah Standard
-٥) ‫( واﻟﺒﻨﺪ‬١-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬,‫ﺑﺎﻟﻤﺮاﺑﺤﺔ‬
No. (12): Sharikah (Musharaka) and
Modern Companies. ‫( ﺑﺸﺄن‬١٢) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٧
. ‫اﻟ ﺸ ﺮ ﻛ ﺔ ) اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ ( و اﻟ ﺸ ﺮ ﻛ ﺎ ت اﻟ ﺤ ﺪ ﻳ ﺜ ﺔ‬
8.1.1.2.d.1.3. The Sukuk do not deviate from ‫ﻻ ﺗﺨ ﺮ ج اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻦ ﻛ ﻮ ﳖ ﺎ ﺻ ﻜ ﻮ ك ﺷ ﺮ ﻛ ﺔ‬ .3 - 1 - ‫ د‬-2 - 1 -1 -8
being Sukuk of joint ownership, if
so, by appointment of one the ‫ ﺑ ﺘﻮ ﻛ ﻴ ﻞ أ ﺣ ﺪ‬, ‫ ﰲ ﺣ ﺎ ل ﻛ ﺎ ﻧ ﺖ ﻛ ﺬ ﻟ ﻚ‬, ‫ﻣ ﻠ ﻚ‬
partners by the other partner as an
agent [to perform] specific ‫اﻟ ﺸ ﺮ ﻳ ﻜ ﻴﻦ ا ﻵ ﺧ ﺮ و ﻛ ﺎﻟ ﺔ ﺧ ﺪ ﻣ ﺎ ت ﻣ ﺤ ﺪ د ة‬
services, according to what was
stated in s. (4-3-1) of Shari’ah ‫( ﻣﻦ‬١-٣-٤) ‫وﻓﻘﺎ ﻟﻤﺎ ورد ﰲ اﻟﺒﻨﺪ‬
Investment Manager. This does not ‫( ﺑﺸﺄن ﺿﻤﺎن‬٥٦) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
imply permitting imposition of
liability on the agent for damage in
72
cases other than misconduct, ‫ و ﻻ ﻳﻘ ﺘﻀ ﻲ ذﻟﻚ ﺟ ﻮ از‬, ‫ﻣ ﺪ ﻳﺮ اﻻ ﺳ ﺘﺜﻤ ﺎر‬

negligence, and breach of
conditions, as it was stated in s. (5- ‫ﺗ ﻀ ﻤ ﻴ ﻨﻪ اﻟ ﺘ ﻠ ﻒ ﰲ ﻏ ﻴ ﺮ ﺣ ﺎ ل ا ﻟ ﺘ ﻌ ﺪ ي‬
Agency and the Act of ‫ ﻟ ﻤ ﺎ ﺟ ﺎء‬- ‫و اﻟ ﺘ ﻘ ﺼ ﻴ ﺮ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺔ اﻟ ﺸ ﺮ و ط و ﻓ ﻘ‬
See: s. (8-1-1-2-b-1-2) of this ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢-٥) ‫ﰲ اﻟﺒﻨﺪ‬
Standard.
.‫( ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ وﺗﺼﺮف اﻟﻔﻀﻮﻟﻲ‬٢٣)
‫( ﻣﻦ‬٢-١-‫ب‬-٢-١-١-٨) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
. ‫ﻫ ﺬ ا اﻟﻤ ﻌ ﻴﺎ ر‬
8.1.1.2.d.1.4. In joint ownership Sukuks, it is ‫ﻳﺠﻮز ﰲ ﺻﻜﻮك ﺷﺮﻛﺔ اﻟﻤﻠﻚ أن ﻳﻌﺪ أﺣﺪ‬ .4 - 1 - ‫ د‬-2 - 1 -1 -8
permitted for a partner to extend
to the other partner a binding ‫ ﺑﺸﺮاء ﺣﺼﺘﻪ‬-‫اﻟﺸﺮﻳﻜﻴﻦ اﻵﺧﺮ وﻋﺪًا ﻣﻠﺰﻣ‬
promise to buy [other partner’s]
share at a specified price. See: s. (5- ‫( ﻣﻦ‬٣-٤-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﺑﺜﻤﻦ ﻣﺤﺪد‬
4-3) of Shari’ah Standard No. (58):
Repurchase and s. (8-1-1-1-d-5-4) ‫( ﺑﺸﺄن إﻋﺎدة‬٥٨) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
of this Standard.
‫( ﻣﻦ‬٤-٥-‫د‬-١-١-١-٨) ‫ واﻟﺒﻨﺪ‬,‫اﻟﺸﺮاء‬
. ‫ﻫ ﺬ ا اﻟﻤ ﻌ ﻴﺎ ر‬
8-1-1-2-d-2. Provisions for Mudaraba Sukuk: :‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﻤﻀﺎرﺑﺔ‬ .2-‫د‬-2-1-1-8
8.1.1.2.d.2.1. It is required that Mudaraba Sukuk ‫ﻳﺠﺐ اﻟﺘﻘﻴﺪ ﰲ ﺻﻜﻮك اﻟﻤﻀﺎرﺑﺔ‬ .1 - 2 - ‫ د‬-2 - 1 -1 -8
adhere to the Shari’ah rules
mentioned in Shari’ah Standard No. ‫ﺑﺎﻟﻀ ﻮ اﺑﻂ اﻟﺸ ﺮ ﻋ ﻴﺔ اﻟﻮ ار د ة ﰲ اﻟﻤ ﻌ ﻴﺎر‬
(13): Mudaraba.
8.1.1.2.d.2.2. If the originator, in its capacity as a ‫ ﺑ ﺼ ﻔ ﺘ ﻬ ﺎ‬, ‫إ ذ ا ﺧ ﻠ ﻄ ﺖ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬ .2 - 2 - ‫ د‬-2 - 1 -1 -8
Mudarib, commingles the capital of
Sukuk, after [securing] permission ‫ ﺑﻌﺪ‬,‫ رأس ﻣﺎل اﻟﺼﻜﻮك ﺑﺄﻣﻮاﻟﻬﺎ‬,‫ﻣﻀﺎرًﺑﺎ‬
or authorization from the
certificateholders to do so, with its ‫اﻹذن أو اﻟﺘﻔﻮﻳﺾ ﻟﻬﺎ ﺑﺬﻟﻚ ﻣﻦ ﺣﻤﻠﺔ‬
own funds then a partnership will
arise between it and the ‫ ﻓ ﺈ ﻧﻪ ﺗ ﻨ ﺸ ﺄ ﻣ ﺸ ﺎ ر ﻛ ﺔ ﺑ ﻴ ﻨﻬ ﺎ و ﺑ ﻴﻦ‬, ‫اﻟ ﺼ ﻜ ﻮ ك‬
certificateholders of the type of
joint enterprise (shirkat al-Ꜥaqd), ‫ ﻣ ﻊ‬, ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻦ ﻧﻮ ع ﺷ ﺮ ﻛ ﺔ اﻟﻌ ﻘ ﺪ‬
with the continuance of Mudaraba
as it was, and the realized profit will -‫ وﻳﻮﱠزع اﻟﺮﺑﺢ اﻟﻤﺤﱠﻘﻖ ﺗﺒﻌ‬,‫ﺑﻘﺎء اﻟﻤﻀﺎرﺑﺔ‬
be distributed according to this
73
commingling (khalṭ); the profit is ‫ﻟﻬﺬا اﻟﺨﻠﻂ; ﻓﻴﻮﱠزع اﻟﺮﺑﺢ ﺑﻴﻦ ﻃﺮﰲ‬
distributed between the two
parties to the partnership ‫اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ ) ﻣ ﺎ ل اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ و ﻣ ﺎ ل اﻟ ﺠ ﻬ ﺔ‬
(Mudaraba funds and funds of the
originator so that [each part] takes ‫ ﺛﻢ ﻳﻮﱠزع‬,(‫اﻟﻤﻨﺸﺌﺔ ﺣﻴﺚ ﺗﺄﺧﺬ رﺑﺢ ﻣﺎﻟﻬﺎ‬
profit on the funds [shared
respectively]), then the profit of the ‫ر ﺑ ﺢ ﻣ ﺎ ل اﻟﻤ ﻀ ﺎر ﺑﺔ ﺑﻴﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
Mudaraba fund is distributed
between the certificateholders and ‫( واﻟﺒﻨﺪ‬٩-٨) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
the originator. See: s. (8-9) and s.
(9-1-6) of Shari’ah Standard No. (١٣) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٦-١-٩)
(13): Mudaraba.
. ‫ﺑ ﺸ ﺄ ن اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ‬
8.1.1.2.d.2.3. If the originator undertakes to ‫إذا ﺗﻌﻬﺪت اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺸﺮاء ﺣﱠﺼﺔ ﻣﻦ‬ .3 - 2 - ‫ د‬-2 - 1 -1 -8
purchase a share of the underlying
assets of the Mudaraba Sukuk after ‫ﻣ ﻮ ﺟ ﻮ د ا ت ﺻ ﻜ ﻮ ك اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ ﺑ ﻌ ﺪ ا ﻹ ﺻ ﺪ ا ر‬
the issuance and before the
maturity of the Sukuk term, then a ‫ ﻓﺈن ﻣﺸﺎرﻛًﺔ‬,‫وﻗﺒﻞ اﻧﺘﻬﺎء أﺟﻞ اﻟﺼﻜﻮك‬
partnership is formed between [the
originator] and the ‫ﺗﻨﺸﺄ ﺑﻴﻨﻬﺎ وﺑﻴﻦ ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﺑﻤﺠﱠﺮد ﻫﺬا‬
certificateholders immediately
upon this purchase being ‫ و ﻳ ﻨ ﻘ ﺺ ر أ س ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك ﺑﻤ ﻘ ﺪ ار‬, ‫اﻟ ﺸ ﺮ اء‬
[concluded], and the Sukuk capital
decreases by the amount of the ‫ و ﻳ ﺄ ﺧ ﺬ ذ ﻟ ﻚ ﺣ ﻜ ﻢ‬, ‫اﻟ ﺤ ﺼ ﺔ اﻟ ﺘﻲ ﺗﻢ ﺷ ﺮ ا ؤ ﻫ ﺎ‬
share that has been purchased.
This shall have similar status of ‫ﺧﻠﻂ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ رأس ﻣﺎل اﻟﺼﻜﻮك‬
commingling the capital of Sukuk
with funds of the originator, as - ١ - ١ - ٨ ) ‫ و ﻓ ﻖ ﻣ ﺎ ﺗ ﻘ ﺪ م ﰲ اﻟ ﺒ ﻨ ﺪ‬, ‫ﺑ ﺄ ﻣ ﻮ اﻟ ﻬ ﺎ‬
given in the above s. (8-1-1-2-d-2-
2). See: s. (6-3-2-1) of this
(١-٢-٣-٦) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.(٢-٢-‫د‬-٢
Standard, and s. (3-5-1) of Shari’ah
‫( ﻣﻦ‬١-٥-٣) ‫ واﻟﺒﻨﺪ‬,‫ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬
Investment Manager. ‫( ﺑﺸﺄن ﺿﻤﺎن‬٥٦) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
.‫ﻣ ﺪ ﻳﺮ اﻻ ﺳ ﺘﺜﻤ ﺎر‬
8-1-1-3. Wakala (Agency) Sukuks: :‫ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ‬ .3-1-1-8
8-1-1-3-a. Wakala Sukuks means the Sukuks in ‫ﻳﻘﺼﺪ ﺑﺼﻜﻮك اﻟﻮﻛﺎﻟﺔ اﻟﺼﻜﻮك اﻟﺘﻲ ﺗﻘﻮم‬ .‫أ‬-3-1-1-8
which the relationship between the
certificateholders and the originator is ‫اﻟﻌ ﻼ ﻗ ﺔ ﻓ ﻴﻬ ﺎ ﺑ ﻴﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و اﻟ ﺠ ﻬ ﺔ‬
based on an agency contract, and
among its most important ‫ و ﻣ ﻦ أ ﻫ ﻢ ﺧ ﺼ ﺎ ﺋ ﺼ ﻬ ﺎ‬, ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻠ ﻰ ﻋ ﻘ ﺪ و ﻛ ﺎ ﻟ ﺔ‬
74
characteristics are the following: : ‫ﻣﺎ ﻳﺄﰐ‬

8-1-1-3-a-1. That each certificate represents a ‫أن ﻛ ﻞ ﺻ ﻚ ﻣ ﻨﻬ ﺎ ﻳﻤ ﺜﻞ ﺣ ﺼ ﺔ ﺷ ﺎ ﺋﻌ ﺔ ﰲ‬ .1-‫أ‬-3-1-1-8
common share in the agency’s assets or
activities. . ‫ﻣ ﻮ ﺟ ﻮ د ا ت أ و ﻧ ﺸ ﺎ ط اﻟﻮ ﻛ ﺎﻟ ﺔ‬
8-1-1-3-a-2. Delivery of the [Wakala] capital or the ‫أﱠن ﺗﺴﻠﻴﻢ رأس ﻣﺎﻟﻬﺎ أو ﻣﻮﺟﻮداﲥﺎ ﻟﻠﺠﻬﺔ‬ .2-‫أ‬-3-1-1-8
underlying assets of [Agency Sukuk] to
the originator pursuant to the agency ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑﻤ ﻮ ﺟ ﺐ ﻋ ﻘ ﺪ اﻟﻮ ﻛ ﺎﻟ ﺔ ﻳ ﻨ ﺸ ﺊ ﻋ ﻼ ﻗ ﺔ‬
contract establishes a fiduciary
relationship between [the originator] ‫ ﻓﻼ ُﻳﺜﺒﺖ‬,‫أﻣﺎﻧٍﺔ ﺑﻴﻨﻬﺎ وﺑﻴﻦ ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬
and the certificateholders, so it does not
entail that the capital is an indisputable - ‫ر أ س اﻟﻤ ﺎ ل أ و ﻗ ﻴﻤ ﺔ اﻟﻤ ﻮ ﺟ ﻮ د ات اﻟ ﺘﺰ اﻣ‬
obligation owed by the originator.
.‫ ﰲ ذ ﻣ ﺔ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬- ‫ﺣ ﺘﻤ‬
8-1-1-3-a-3. The capital or underlying assets of ‫ وأرﺑﺎﺣﻬﺎ أو‬,‫أﱠن رأس ﻣﺎﻟﻬﺎ أو ﻣﻮﺟﻮداﲥﺎ‬ .3-‫أ‬-3-1-1-8
Wakala Sukuk and its profits or returns
are not guaranteed by the originator, ,‫ ﻏﻴﺮ ﻣﻀﻤﻮﻧٍﺔ ﻣﻦ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬,‫ﻋﻮاﺋﺪﻫﺎ‬
and it does not guarantee the capital or
the value of the underlying assets to the ‫وﻫﻲ ﻻ ﺗﻀﻤﻦ رأس اﻟﻤﺎل أو ﻗﻴﻤﺔ‬
extent that [the originator] recognizes it
as a debt owed by it except in the event ‫ ﰲ ذ ﻣ ﺘﻬ ﺎ إ ﻻ‬- ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﺑﺤ ﻴ ﺚ ﺗ ﺜ ﺒ ﺖ د ﻳ ﻨ‬
of misconduct, negligence, or breach of
conditions. See: s. (8-1-1-3-c-2). ‫ﰲ ﺣ ﺎ ل اﻟﺘﻌ ﺪ ي أ و اﻟﺘﻘ ﺼ ﻴﺮ أ و ﻣ ﺨ ﺎﻟﻔ ﺔ‬
- ‫ ج‬-٣ -١ -١ -٨ ) ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫اﻟ ﺸ ﺮ و ط‬
.(٢
8-1-1-3-a-4. It is exposed to investment risks arising ‫أﳖ ﺎ ﻣ ﻌ ﺮ ﺿ ﺔ ﻟﻤ ﺨ ﺎﻃ ﺮ اﻻ ﺳ ﺘ ﺜﻤ ﺎر اﻟ ﻨﺎﺷ ﺌﺔ ﻋ ﻦ‬ .4-‫أ‬-3-1-1-8
from the feasibility of the agency’s
activity and its ability or the ability of the ‫ﺟ ﺪ و ى ﻧ ﺸ ﺎ ط اﻟﻮ ﻛ ﺎﻟ ﺔ و ﻗ ﺪ ر ﺗﻪ أ و ﻗ ﺪ ر ة‬
underlying assets of agency to achieve
profits and expected returns. It is ‫ﻣ ﻮ ﺟ ﻮ د ا ت اﻟﻮ ﻛ ﺎﻟ ﺔ ﻋ ﻠ ﻰ ﺗ ﺤ ﻘ ﻴ ﻖ ا ﻷ ر ﺑ ﺎ ح‬
exposed to the credit risk of the
financees if the originator uses the ‫ و ﺗ ﻜ ﻮ ن ﻣ ﻌ ﺮ ﺿ ﺔ‬, ‫و اﻟ ﻌ ﻮ ا ﺋ ﺪ اﻟ ﻤ ﺘﻮ ﻗ ﻌ ﺔ‬
agency’s capital to finance them in any
forms of commutative [contracts], or ‫ﻟﻤﺨﺎﻃﺮ اﺋﺘﻤﺎن اﻟﻤﺘﻤﻮﻟﻴﻦ ﺣﺎل اﺳﺘﺨﺪام‬
the risks of payment of consideration for
benefiting from assets of agency. ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ر أ س ﻣ ﺎ ل اﻟﻮ ﻛ ﺎﻟ ﺔ ﰲ‬
‫ أ و‬, ‫ﺗ ﻤ ﻮ ﻳ ﻠ ﻬ ﻢ ﺑ ﺼ ﻴ ﻐ ﺔ ﻣ ﻦ ﺻ ﻴﻎ اﻟﻤ ﻌ ﺎ و ﺿ ﺎ ت‬
‫ﻣ ﺨ ﺎﻃ ﺮ د ﻓ ﻊ ﻋ ﻮ ض اﻻ ﻧ ﺘﻔ ﺎع ﺑﻤ ﻮ ﺟ ﻮ د ا ت‬
. ‫اﻟﻮ ﻛ ﺎﻟ ﺔ‬
75
8-1-1-3-a-5. Wakala Sukuk’s profits and returns are ‫أﱠن أرﺑﺎﺣﻬﺎ وﻋﻮاﺋﺪﻫﺎ ﻻ ﺗﺘﺤﺪد ﺑﻤﺒﻠﻎ‬ .5-‫أ‬-3-1-1-8
not ascertained as a lump sum or a
percentage of a known amount. There is ‫ وﻻ ﻣﺎﻧﻊ‬,‫ﻣﻘﻄﻮع أو ﺑﻨﺴﺒٍﺔ ﻣﻦ ﻣﺒﻠﻎ ﻣﻌﻠﻮم‬
no [Shari’ah] objection of the
ascertainment as an expectation with no ‫ﻣﻦ اﻟﺘﺤﺪﻳﺪ ﻋﻠﻰ ﺳﺒﻴﻞ اﻟﺘﻮّﻗﻊ دون اﻟﺘﺰام‬
obligation.
. ‫ﺑﻪ‬
8-1-1-3-b. Types of Wakala Sukuk :‫أﻧﻮاع ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ‬ .‫ب‬-3-1-1-8
Wakala Sukuks are of two types: : ‫ﺻ ﻜ ﻮ ك اﻟﻮ ﻛ ﺎﻟ ﺔ ﻋ ﻠ ﻰ ﻧ ﻮ ﻋ ﻴ ﻦ‬

8-1-1-3-b-1. Investment Agency Sukuk: :‫ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬ .1-‫ب‬-3-1-1-8
It is the Sukuk that is issued to finance the originator ‫ﻫ ﻲ اﻟ ﺼ ﻜ ﻮ ك اﻟﺘﻲ ﻳﺘﻢ إﺻ ﺪ ار ﻫ ﺎ ﻟﺘﻤ ﻮ ﻳﻞ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬
through Investment Agency in an investment
activity. The issuer of these Sukuk shall be the ‫ و ﻳﻜ ﻮ ن اﻟﻤ ﺼ ﺪ ر‬. ‫ﺑﺎﻟﻮ ﻛ ﺎﻟﺔ ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر ﰲ ﻧﺸ ﺎط اﺳ ﺘﺜﻤ ﺎر ي‬
principal (investor) on behalf of the
certificateholders; The originator is an investment ;‫ﻟﺘﻠﻚ اﻟﺼﻜﻮك أﺻﻴﻼً )ﻣﺴﺘﺜﻤﺮًا( ﻧﻴﺎﺑﺔ ﻋﻦ ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬
agent. The certificateholders own, among them, a
common share in the assets of the activity, including ‫ و ﻳ ﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬. ‫و اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ و ﻛ ﻴ ﻼ ً ﺑ ﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
profits and liabilities [of the certificateholders], and
the certificateholders are [solely] entitled for the , ‫ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﻨ ﺸ ﺎ ط ﻋ ﻠ ﻰ ا ﻟ ﺸ ﻴ ﻮ ع ﺑ ﻴ ﻨ ﻬ ﻢ ﺑ ﻐ ﻨ ﻤ ﻬ ﺎ و ﻏ ﺮ ﻣ ﻬ ﺎ‬
realized profits, and the loss is borne by them. The
originator shall have a known fee. Usually, the ‫ و ﺗ ﻜ ﻮ ن‬, ‫و ﻳ ﺨ ﺘ ﺺ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺑ ﺎ ﻷ ر ﺑ ﺎ ح اﻟ ﻤ ﺤ ﻘ ﻘ ﺔ‬
originator has an incentive along with this fee.
‫ و ﰲ‬, ‫ و ﻳ ﻜ ﻮ ن ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ أ ﺟ ﺮ ﻣ ﻌ ﻠﻮ م‬, ‫اﻟ ﺨ ﺴ ﺎ ر ة ﻋ ﻠ ﻴﻬ ﻢ‬
. ‫اﻟﻐ ﺎﻟ ﺐ ﻳ ﻜ ﻮ ن ﻟﻬ ﺎ ﺣ ﺎ ﻓ ﺰ ﻣ ﻊ ﻫ ﺬ ا ا ﻷ ﺟ ﺮ‬
8-1-1-3-b-2. Service Agency Sukuks: :‫ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ ﺑﺎﻟﺨﺪﻣﺎت‬ .2-‫ب‬-3-1-1-8
It is the Sukuk that is issued to finance the purchase ٍ ‫ﻫ ﻲ اﻟ ﺼ ﻜ ﻮ ك اﻟ ﺘ ﻲ ﻳ ﺘ ﻢ إ ﺻ ﺪ ا ر ﻫ ﺎ ﻟ ﺘ ﻤ ﻮ ﻳ ﻞ ﺷ ﺮ اء ﻣ ﻮ ﺟ ﻮ د ا‬

,‫ت‬
of the underlying assets, and the certificateholders
delegates the originator to provide services related ‫ت ﻟﺘﻠﻚ‬ ٍ ‫و ﺗ ﻮ ﻛ ﻴ ﻞ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺘ ﻘ ﺪ ﻳ ﻢ ﺧ ﺪ ﻣ ﺎ‬
to those assets, other than investing them. The
issuer of these Sukuk shall be the principal ‫ و ﻳ ﻜ ﻮ ن اﻟ ﻤ ﺼ ﺪ ر ﻟ ﺘ ﻠ ﻚ‬.‫ ﻏ ﻴ ﺮ اﺳ ﺘ ﺜ ﻤ ﺎ ر ﻫ ﺎ‬, ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬
(Muwakkil) on behalf of the certificateholders, and
the originator shall be the service agent. The ‫ واﻟﺠﻬﺔ‬,‫اﻟﺼﻜﻮك أﺻﻴﻼً )ﻣﻮﻛﻼً( ﻧﻴﺎﺑﺔ ﻋﻦ ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬
certificateholders, among them, own a common
share in the underlying assets, along with the profits ‫ و ﻳ ﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬, ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ و ﻛ ﻴ ﻼ ً ﺑ ﺎ ﻟ ﺨ ﺪ ﻣ ﺎ ت‬
and liabilities [of the underlying assets]. The
certificateholders are [solely] entitled for returns of ‫ و ﻳ ﺨ ﺘ ﺼ ﻮ ن‬, ‫ ﺑﻐ ﻨ ﻤ ﻬ ﺎ و ﻏ ﺮ ﻣ ﻬ ﺎ‬, ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﻋ ﻠ ﻰ اﻟ ﺸ ﻴﻮ ع ﺑ ﻴ ﻨﻬ ﻢ‬
those underlying assets, and the loss or damage
76
shall be borne by [the certificateholders]. The , ‫ و ﺗﻜ ﻮ ن اﻟﺨ ﺴ ﺎر ة أ و اﻟﺘ ﻠﻒ ﻋ ﻠ ﻴﻬ ﻢ‬, ‫ﺑﻌ ﻮ ا ﺋ ﺪ ﺗ ﻠ ﻚ اﻟﻤ ﻮ ﺟ ﻮ د ات‬
originator shall have a known fee. Usually, the
originator has an incentive along with this fee. ‫ وﰲ اﻟﻐﺎﻟﺐ ﻳﻜﻮن ﻟﻬﺎ‬,‫وﻳﻜﻮن ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أﺟٌﺮ ﻣﻌﻠﻮم‬
. ‫ﺣ ﺎ ﻓ ﺰ ﻣ ﻊ ﻫ ﺬ ا اﻷ ﺟ ﺮ‬
8.1.1.3.b.2.1. Service Agency Sukuks are of two : ‫ و ﺻ ﻜ ﻮ ك ا ﻟ ﻮ ﻛ ﺎ ﻟ ﺔ ﺑ ﺎ ﻟ ﺨ ﺪ ﻣ ﺎ ت ﻋ ﻠ ﻰ ﻧ ﻮ ﻋ ﻴ ﻦ‬.1 -2 - ‫ ب‬-3 - 1 -1 -8
types
8.1.1.3.b.2.1.1. Wakala Sukuk for providing ‫ﺻﻜﻮك اﻟﺘﻮﻛﻴﻞ ﺑﺘﻘﺪﻳﻢ ﺧﺪﻣﺎت‬ .1-1-2-‫ب‬-3-1-1-8
services to income-generating
assets: :‫ﻟﻤﻮﺟﻮدات ﻣﺪرٍة ﻟﻠﺪﺧﻞ‬
It is the Sukuk that is issued to finance the purchase ‫وﻫﻲ ﺻﻜﻮك ﻳﺘﱡﻢ إﺻﺪارﻫﺎ ﻟﺘﻤﻮﻳﻞ ﺷﺮاء ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
of income-generating underlying assets by
certificateholders from the originator or other ٍ ‫ﻣﻮ ﺟ ﻮ د ا‬
‫ ودﻓﻊ‬,‫ ﻣﻦ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أو ﻏﻴﺮﻫﺎ‬,ً‫ت ﺗﺪﱡر دﺧﻼ‬
party, and to pay price of the underlying assets from
the proceeds of subscription, and authorizing the ‫ وﺗﻮﻛﻴﻞ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك اﻟﺠﻬَﺔ‬,‫ﺛﻤﻨﻬﺎ ﻣﻦ ﺣﺼﻴﻠﺔ اﻻﻛﺘﺘﺎب‬
originator by the certificateholders to extend
services to those assets, such as collecting returns, ‫ ﻣﻦ ﻧﺤﻮ‬,‫اﻟﻤﻨﺸﺌَﺔ ﺑﺘﻘﺪﻳﻢ ﺧﺪﻣﺎت ﻟﺘﻠﻚ اﻟﻤﻮﺟﻮدات‬
renewing the existing contracts or concluding new
contracts with its beneficiaries, maintenance, ‫ﺗﺤﺼﻴﻞ اﻟﻌﻮاﺋﺪ وﺗﺠﺪﻳﺪ اﻟﻌﻘﻮد اﻟﻘﺎﺋﻤﺔ أو إﺑﺮام ﻋﻘﻮد‬
paying taxes, and the like. [The scope of] agency to
the originator may include purchasing assets if the ‫ وﻣﺎ ﺷﺎﺑﻪ‬,‫ﺟﺪﻳﺪة ﻣﻊ اﻟﻤﻨﺘﻔﻌﻴﻦ ﲠﺎ واﻟﱢﺼﻴﺎﻧﺔ ودﻓﻊ اﻟﱠﻀﺮاﺋﺐ‬
purchase is from others. See: s. (4-3-1) of Shari’ah
Standard No. (56): Liability of the Investment ‫ وﻗﺪ ﻳﺸﻤﻞ اﻟﱠﺘﻮﻛﻴﻞ ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺷﺮاء اﻟﻤﻮﺟﻮدات‬,‫ذﻟﻚ‬
Manager. In most cases, the originator undertakes
to purchase the underlying assets from the ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬١-٣-٤) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫إن ﻛﺎن اﻟﺸﺮاء ﻣﻦ ﻏﻴﺮﻫﺎ‬
certificateholders at the end of the [Sukuk] term.
The certificateholders own, in common, the
‫ واﻟﻐﺎﻟﺐ‬.‫( ﺑﺸﺄن ﺿﻤﺎن ﻣﺪﻳﺮ اﻻﺳﺘﺜﻤﺎر‬٥٦) ‫اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
underlying assets and their returns, along with
‫أن ﺗﺘﻌﻬﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺸﺮاء اﻟﻤﻮﺟﻮدات ﻣﻦ ﺣَﻤﻠﺔ‬
profits and liabilities of the underlying asset, and
this is based on the partnership among them, and it ‫ وﻳﻤﻠﻚ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬.‫اﻟﱡﺼﻜﻮك ﰲ ﳖﺎﻳﺔ ﻣﱠﺪﲥﺎ‬
is joint enterprise (shirkat Ꜥaqd).
‫ و ذ ﻟ ﻚ‬, ‫ ﺑﻐ ﻨ ﻤ ﻬ ﺎ و ﻏ ﺮ ﻣ ﻬ ﺎ‬, ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت و ﻋ ﻮ ا ﺋ ﺪ ﻫ ﺎ ﻋ ﻠ ﻰ اﻟ ﺸ ﻴﻮ ع‬
. ‫ و ﻫ ﻲ ﺷ ﺮ ﻛ ﺔ ﻋ ﻘ ﺪ‬, ‫ﻋ ﻠ ﻰ أﺳ ﺎ س اﻟ ﺸ ﺮ ﻛ ﺔ ﺑﻴ ﻨﻬ ﻢ‬
8.1.1.3.b.2.1.2. Agency Sukuk to sale of the :‫ﺻﻜﻮك اﻟﺘﻮﻛﻴﻞ ﺑﺒﻴﻊ ﻣﻮﺟﻮدات‬ .2-1-2-‫ب‬-3-1-1-8
underlying assets:
They are Sukuk that is issued to finance purchase of ‫وﻫﻲ ﺻﻜﻮك ﻳﺘﱡﻢ إﺻﺪارﻫﺎ ﻟﺘﻤﻮﻳﻞ ﺷﺮاء ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
the underlying assets for the certificateholders,
such as tangible assets, usufructs, or others, and to ‫ و د ﻓ ﻊ ﺛ ﻤ ﻨ ﻬ ﺎ ﻣ ﻦ‬, ‫ ﻛ ﺎ ﻷ ﻋ ﻴ ﺎ ن أ و اﻟ ﻤ ﻨ ﺎ ﻓ ﻊ أ و ﻏ ﻴ ﺮ ﻫ ﺎ‬, ‫ﻣ ﻮ ﺟ ﻮ د ا ت‬
pay their price from the proceeds of subscription,
and the certificateholders deputize the originator to ‫ وﺗﻮﻛﻴﻞ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك اﻟﺠﻬَﺔ اﻟﻤﻨﺸﺌَﺔ‬,‫ﺣﺼﻴﻠﺔ اﻻﻛﺘﺘﺎب‬
sell a specified quantity of those underlying assets
77
to third parties (retail or wholesale buyers) in each ‫ﺑﺒﻴﻊ ﻛﻤﱠﻴﺔ ﻣﺤﱠﺪدة ﻣﻦ ﺗﻠﻚ اﻟﻤﻮﺟﻮدات ﻟﻠﻐﻴﺮ )ﻣﺸﱰي‬
return distribution period. In most cases, the
originator undertakes to purchase the remainder of ‫ واﻟﻐﺎﻟﺐ أن‬.‫اﻟﺘﺠﺰﺋﺔ أو اﻟﺠﻤﻠﺔ( ﰲ ﻛﱢﻞ ﻓﱰة ﺗﻮزﻳﻊ ﻋﻮاﺋﺪ‬
the underlying assets from the certificateholders at
the end of the term of Sukuk. The certificateholders ‫ﺗ ﺘ ﻌ ﻬ ﺪ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺸ ﺮ اء اﻟ ﻤ ﺘ ﺒ ﻘ ﻲ ﻣ ﻦ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﻣ ﻦ‬
own, in common, the underlying assets and their
returns along with the rewards and liability [of the ‫ وﻳﻤﻠﻚ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬.‫ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﰲ ﳖﺎﻳﺔ ﻣﱠﺪﲥﺎ‬
underlying assets], on the basis of the partnership
between them, and it’s a joint enterprise (shirkat ‫ و ذ ﻟ ﻚ‬, ‫ ﺑﻐ ﻨ ﻤ ﻬ ﺎ و ﻏ ﺮ ﻣ ﻬ ﺎ‬, ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت و ﻋ ﻮ ا ﺋ ﺪ ﻫ ﺎ ﻋ ﻠ ﻰ اﻟ ﺸ ﻴﻮ ع‬
Ꜥaqd).
. ‫ و ﻫ ﻲ ﺷ ﺮ ﻛ ﺔ ﻋ ﻘ ﺪ‬, ‫ﻋ ﻠ ﻰ أﺳ ﺎ س اﻟ ﺸ ﺮ ﻛ ﺔ ﺑ ﻴ ﻨ ﻬ ﻢ‬
8-1-1-3-c. General provisions for Wakala Sukuk: :‫أﺣﻜﺎم ﻋﺎﻣﺔ ﻟﺼﻜﻮك اﻟﻮﻛﺎﻟﺔ‬ .‫ج‬-3-1-1-8
8-1-1-3-c-1. It is not permitted for the originator to ‫ﻻ ﻳﺠ ﻮ ز أن ﺗ ﻀ ﻤ ﻦ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ر أ س‬ .1-‫ج‬-3-1-1-8

guarantee the capital or the value of the
underlying assets in the Wakala Sukuks, ‫اﻟ ﻤ ﺎ ل أ و ﻗ ﻴ ﻤ ﺔ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﰲ ﺻ ﻜ ﻮ ك‬
and it is a [form of] guarantee to provide
an undertaking of stabilization of the ‫ وﻣﻦ اﻟﻀﻤﺎن اﻟﱠﺘﻌﻬﺪ ﺑﺒﻘﺎء ﻗﻴﻤﺔ‬,‫اﻟﻮﻛﺎﻟﺔ‬
value of the underlying assets at a
certain amount, see s. (6-2-1-2-a), ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻤﻮﺟﻮدات ﻋﻨﺪ ﻣﻘﺪاٍر ﻣﻌﱠﻴﻦ‬
except if the originator is a third party in
the Service Agency Sukuk as per the ‫ إ ﻻ أن ﺗ ﻜ ﻮ ن اﻟ ﺠ ﻬ ﺔ‬. ( ‫ أ‬- ٢ - ١ - ٢ - ٦ )
rules given in s. (4-3-2) of Shari’ah
Standard No. (56): Liability of the ‫ ﰲ ﺻ ﻜ ﻮ ك اﻟﻮ ﻛ ﺎﻟ ﺔ‬- ‫ ﺛ ﺎﻟ ﺜ‬- ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻃ ﺮ ﻓ‬
Investment Manager, and with due
compliance with s. (5-2) of Shari’ah ‫ﺑ ﺎ ﻟ ﺨ ﺪ ﻣ ﺎ ت ﺑ ﺎ ﻟ ﻀ ﻮ ا ﺑ ﻂ اﻟ ﻤ ﺬ ﻛ ﻮ ر ة ﰲ اﻟ ﺒ ﻨ ﺪ‬
Standard No. (23): Agency and the Act of
Uncommissioned Agent (Fodooli). (٥٦) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢-٣-٤)
‫ ﻣ ﻊ ﻣ ﺮ اﻋ ﺎ ة‬, ‫ﺑ ﺸ ﺄ ن ﺿ ﻤ ﺎ ن ﻣ ﺪ ﻳ ﺮ ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢-٥) ‫اﻟﺒﻨﺪ‬
.‫( ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ ﺗﺼﺮف اﻟﻔﻀﻮﻟﻲ‬٢٣)
8-1-1-3-c-2. Neither in the base prospectus nor in ‫ﻻ ﻳﺠ ﻮ ز أن ﺗ ﻀ ﻤ ﻦ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ أر ﺑﺎ ح أ و‬ .2-‫ج‬-3-1-1-8
the contract regulating the relationship
between the certificateholders and the ‫ﻋ ﻮ ا ﺋ ﺪ ﺻ ﻜ ﻮ ك اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﻤ ﺒ ﻠ ﻎ أ و ﺑ ﻨ ﺴ ﺒﺔ ﻣ ﻦ‬
originator or in any other document, it is
not permitted for the originator to ‫ ﺳ ﻮ اء ﰲ ﻧ ﺸ ﺮ ة‬, ‫ر أ س اﻟﻤ ﺎ ل أ و ﺑﻤ ﺆ ﺷ ﺮ‬
guarantee the profits or returns of
Wakala Sukuk either by an amount, a ‫اﻹﺻﺪار أو ﰲ اﻟﻌﻘﺪ اﻟﻤﻨﻈﻢ ﻟﻠﻌﻼﻗﺔ ﺑﻴﻦ‬
percentage of the principal amount or
an index. It is permitted to mention [the ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌ ﺔ أ و ﰲ أ ي‬
profits or returns] as a matter of
78
expectation. It is required that the ‫ و ﻳﺠ ﻮ ز أن ﻳ ﺬ ﻛ ﺮ ذ ﻟ ﻚ ﻋ ﻠ ﻰ‬, ‫ﻣ ﺴ ﺘﻨ ﺪ آﺧ ﺮ‬

profits and the returns are generated
from the activities or the underlying ‫ و ﻳﺠ ﺐ أن ﺗﻜ ﻮ ن اﻷ ر ﺑﺎ ح أ و‬, ‫ﺳ ﺒﻴﻞ اﻟﺘﻮ ﻗﻊ‬
assets of Sukuk. See: See: s. (6-2-1-2-a),
s. (7-3-2-5), s. (7-3-2-11), s. (8-1-1-3-a-3) ‫اﻟﻌﻮاﺋﺪ ﻧﺎﺗﺠًﺔ ﻣﻦ ﻧﺸﺎط أو ﻣﻮﺟﻮدات‬
and s. (11-2-4). An exception [to this
provision] is that the originator would (‫ أ‬-٢ -١ -٢ -٦ ) ‫ و ﻳ ﻨ ﻈﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫اﻟ ﺼ ﻜ ﻮ ك‬
be a third party to Service Agency Sukuk,
in that case it is permitted [for the -٢-٣-٧) ‫( واﻟﺒﻨﺪ‬٥-٢-٣-٧) ‫واﻟﺒﻨﺪ‬
originator] to commit to reparation of
the shortfall (jabr al-naqṣ) in the profits ‫( واﻟﺒﻨﺪ‬٣-‫أ‬-٣-١-١-٨) ‫( واﻟﺒﻨﺪ‬١٢
or returns as per the rules given in s. (3-
4) of Shari’ah Standard No. (56): Liability ‫ وﯾﺴﺘﺜﻨﻰ ﻣﻦ ذﻟﻚ أن ﺗﻜﻮن‬.(٤-٢-١١)
of the Investment Manager, and with
due compliance with s. (5-2) of Shari’ah ‫ ﰲ ﺻ ﻜ ﻮ ك‬- ‫ ﺛ ﺎﻟ ﺜ‬- ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻃ ﺮ ﻓ‬
‫ ﺣ ﻴ ﺚ ﻳ ﺠ ﻮ ز ﻟﻬ ﺎ أن‬, ‫اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت‬
‫ﺗﻠﺘﺰم ﺑﺠﱪ اﻟﻨﱠﻘﺺ ﰲ اﻷرﺑﺎح أو اﻟﻌﻮاﺋﺪ‬
‫( ﻣﻦ‬٣-٤) ‫ﺑﺎﻟﻀﻮاﺑﻂ اﻟﻤﺬﻛﻮرة ﰲ اﻟﺒﻨﺪ‬
‫( ﺑﺸﺄن ﺿﻤﺎن‬٥٦) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
‫( ﻣﻦ‬٢-٥) ‫ وﺑﻤﺮاﻋﺎة اﻟﺒﻨﺪ‬,‫ﻣﺪﻳﺮ اﻻﺳﺘﺜﻤﺎر‬
‫( ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ‬٢٣) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
. ‫و اﻟ ﺘ ﺼ ﺮ ف اﻟ ﻔ ﻀ ﻮ ﻟ ﻲ‬
a Shari’ah compliant security for ‫اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺗﻘﺪﻳﻢ ﺿﻤﺎن ﻣﺸﺮوٍع ﻟﺮد‬
repayment of the capital of the Sukuk or
substitute its underlying assets in the ‫ر أ س ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك أ و ﺑ ﺪ ل ﻣ ﻮ ﺟ ﻮ د اﲥ ﺎ ﰲ‬
event of misconduct, negligence, or
breach of the conditions. See: s. (2-2-1) ‫ﺣ ﺎ ل اﻟ ﺘﻌ ﺪ ي أ و اﻟ ﺘ ﻘ ﺼ ﻴ ﺮ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺔ‬
of Shari’ah Standard No. (5) Guarantees,
and s. (3-1-4-2) of Shari’ah Standard No. ‫( ﻣﻦ‬١-٢-٢) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬,‫اﻟﺸﺮوط‬
(12): Sharikah (Musharaka) and Modern
Companies, and s. 6 of Shari’ah ,‫( ﺑﺸﺄن اﻟﻀﻤﺎﻧﺎت‬٥) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
Standard No. (13): Mudaraba.
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٢-٤-١-٣) ‫واﻟﺒﻨﺪ‬
(‫( ﺑﺸﺄن اﻟﺸﺮﻛﺔ )اﻟﻤﺸﺎرﻛﺔ‬١٢) ‫رﻗﻢ‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٦) ‫ واﻟﺒﻨﺪ‬,‫واﻟﺸﺮﻛﺎت اﻟﺤﺪﻳﺜﺔ‬
79

8-1-1-3-c-4. At the time of subscription to Wakala ‫ﻳﺠﻮز اﺷﱰاط ﻣﻼءة اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬ .4-‫ج‬-3-1-1-8
Sukuk and to prevent [the originator]
from specific actions that are prejudice ‫ﺑﻤ ﺴ ﺘﻮ ى ﻣ ﻌ ﻴ ﻦ ﻋ ﻨ ﺪ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﰲ ﺻ ﻜ ﻮ ك‬
[to Wakala Sukuk], it is permitted to
stipulate the solvency of the originator ‫اﻟﻮ ﻛ ﺎﻟ ﺔ و ﻣ ﻨﻌ ﻬ ﺎ ﻣ ﻦ ﺗ ﺼ ﺮ ﻓ ﺎ ت ﻣ ﺤ ﺪ د ة ﺗ ﺨ ﻞ‬
at a certain level. Hence, if [the
originator] claimed a certain level of ‫ ﻓ ﺈ ن ا د ﻋ ﺖ ﻋ ﻨ ﺪ إ ﺻ ﺪ ا ر اﻟ ﺼ ﻜ ﻮ ك‬, ‫ﲠ ﺎ‬
solvency and later it was revealed that it
was contrary to what it claimed or ‫ﺑﻤﺴﺘﻮىً ﻣﻌﱠﻴﻦ ﻣﻦ اﻟﻤﻼءة ﺛﻢ ﻇﻬﺮ أﳖﺎ‬
committed an act that was prohibited in
the contract, the certificateholders ‫ﻛ ﺎﻧﺖ ﻋ ﻠ ﻰ ﺧ ﻼ ف ﻣ ﺎ اد ﻋ ﺘﻪ أ و ﺗ ﺼ ﺮ ﻓ ﺖ‬
resolved dissolution of the Sukuk due to
that reason and the capital was short; so ‫ و ﻗ ﺮ ر ﺣ ﻤ ﻠ ﺔ‬, ‫ ﰲ اﻟﻌ ﻘ ﺪ‬- ‫ ﻣ ﻤ ﻨﻮ ﻋ‬- ‫ﺗ ﺼ ﺮ ﻓ‬
[the originator] shall guarantee the
shortfall [in the capital]. ‫ و ﻧ ﻘ ﺺ‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﺗ ﺼ ﻔ ﻴ ﺘﻬ ﺎ ﺑ ﺴ ﺒ ﺐ ذ ﻟ ﻚ‬
. ‫ر أ س ا ﻟ ﻤ ﺎ ل ; ﻓ ﺈﳖ ﺎ ﺗ ﻀ ﻤ ﻦ اﻟ ﻨ ﻘ ﺺ‬
8-1-1-3-c-5. It is permitted for the originator to use ‫ﻳﺠﻮز ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أن ﺗﺴﺘﺨﺪم اﻟﻮﺳﺎﺋﻞ‬ .5-‫ج‬-3-1-1-8
Shari’ah compliant means to hedge
against risks related to the capital, ‫اﻟ ﻤ ﺸ ﺮ و ﻋ ﺔ ﻟ ﻠ ﺘ ﺤ ﻮ ط ﻣ ﻦ اﻟ ﻤ ﺨ ﺎ ﻃ ﺮ اﻟ ﻤ ﺘﻌ ﻠ ﻘ ﺔ‬
underlying assets or returns, with an
agreement with the certificateholders. If ‫ﺑﺮأس اﻟﻤﺎل أو اﻟﻤﻮﺟﻮدات أو اﻟﻌﻮاﺋﺪ‬
the originator used these means
without agreement with the ‫ ﻓ ﺈن‬. ‫ﺑﺎﻻ ﺗﻔﺎق ﻣ ﻊ ﺣ ﻤ ﻠﺔ اﻟﺼ ﻜ ﻮ ك‬
certificateholders and with no
customary practice of applying them; ‫اﺳ ﺘﺨ ﺪ ﻣ ﺖ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﻫ ﺬ ه اﻟﻮ ﺳ ﺎ ﺋﻞ‬
then it is not permitted to entail any
financial obligation upon [the ‫دون اﺗﻔﺎق ﻣﻊ ﺣﻤﻠﺔ اﻟﺼﻜﻮك ودون أن‬
certificateholders]. See: s. (6-1-2) of this
Standard, and Shari’ah Standard No. ‫ﻳﺠﺮي ﻋﺮف اﻟﺘﻌﺎﻣﻞ ﺑﺬﻟﻚ; ﻓﻼ ﻳﺠﻮز أن‬
(45): Protection of Capital and
Investments, and Shari’ah Standard No. ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻳﺮﺗﺐ ﻋﻠﻴﻬﻢ أي اﻟﺘﺰام ﻣﺎﻟﻲ‬
(56): Liability of the Investment
Manager.
‫ وﻳﻨﻈﺮ اﻟﻤﻌﻴﺎر‬,‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٢-١-٦)
‫( ﺑﺸﺄن ﺣﻤﺎﻳﺔ رأس‬٤٥) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
‫ و اﻟ ﻤ ﻌ ﻴ ﺎ ر اﻟ ﺸ ﺮ ﻋ ﻲ‬, ‫اﻟ ﻤ ﺎ ل و ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ا ت‬
.‫( ﺑﺸﺄن ﺿﻤﺎن ﻣﺪﻳﺮ اﻻﺳﺘﺜﻤﺎر‬٥٦) ‫رﻗﻢ‬
8-1-1-3-c-6. Wakala Sukuk are required to be time- ‫ﻳﺠﺐ أن ﺗﻜﻮن ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ ﻣﺆﻗﺘًﺔ ﺗﻨﺘﻬﻲ‬ .6-‫ج‬-3-1-1-8
bound that end by a specified period or
by sale of its underlying assets. It is not ‫ ﻓﻼ ﻳﺠ ﻮ ز‬,‫ﺑﻤ ﺪ ة ﻣ ﺤ ﺪ د ة أ و ﺑﺒﻴﻊ ﻣﻮ ﺟ ﻮ د اﲥ ﺎ‬
80
permitted to have Wakala Sukuk that .‫أن ﺗﻜ ﻮ ن ﻣ ﺴ ﺘﻤ ﺮ ة ﺑﺎﺳ ﺘﻤ ﺮ ار اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬
are perpetual with the continuance of
the originator. See: s. (8-3-1-2-b). . ( ‫ ب‬- ٢ - ١ - ٣ - ٨ ) ‫و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬
8-1-1-3-d. Special provisions for types of Wakala :‫أﺣﻜﺎم ﺧﺎﺻﺔ ﺑﺄﻧﻮاع ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ‬ .‫د‬-3-1-1-8
Sukuks:
Wakala Sukuks are subject to special provisions for ‫ﺗﺨﻀﻊ ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ ﻷﺣﻜﺎم ﺧﺎﺻﺔ ﺑﻜﻞ ﻧﻮٍع ﻣﻨﻬﺎ‬
each type, according to the contract between the
certificateholders and the originator, as follows: ‫ و ﻓ ﻖ ﻣ ﺎ‬, ‫ﺑﺤ ﺴ ﺐ اﻟﻌ ﻘ ﺪ ﺑﻴﻦ ﺣ ﻤ ﻠﺔ اﻟ ﺼ ﻜ ﻮ ك و اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬
: ‫ﻳﺄ ﰐ‬
8-1-1-3-d-1. Special Provisions related to ‫اﻟﻮﻛﺎﻟﺔ‬ ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك‬ .1-‫د‬-3-1-1-8
Investment Agency Sukuk:
:‫ﺑﺎﻻﺳﺘﺜﻤﺎر‬
8.1.1.3.d.1.1. It is required that the Investment ‫ﻳﺠﺐ اﻟﺘﻘﻴﺪ ﰲ ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬ .1 - 1 - ‫ د‬-3 - 1 -1 -8
Agency Sukuk must adhere to the
Shari’ah guidelines mentioned in ‫ﺑﺎﻟﻀ ﻮ اﺑﻂ اﻟﺸ ﺮ ﻋ ﻴﺔ اﻟﻮ ار د ة ﰲ اﻟﻤ ﻌ ﻴﺎر‬
Shari’ah Standard No. (46): Al-
Wakala bi Al-Istithmar (Investment ‫( ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ‬٤٦) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
Agency).
.‫ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر‬
8.1.1.3.d.1.2. It is permitted if Investment Agency ‫ﻳﺠﻮز أن ﺗﻜﻮن ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬ .2 - 1 - ‫ د‬-3 - 1 -1 -8
Sukuk is unrestricted. Also, it is
permitted if it is restricted to a ‫ ﻛ ﻤ ﺎ ﻳﺠ ﻮ ز أن ﺗﻜ ﻮ ن ﻣ ﻘ ﻴ ﺪ ة ﺑﻤ ﺸ ﺮ و ع‬, ‫ﻣ ﻄ ﻠ ﻘ ﺔ‬
specific project or restricted to
investment in the general pool of ‫ أو ﻣﻘﻴﺪة ﺑﺎﻻﺳﺘﺜﻤﺎر ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم‬,‫ﻣﻌﱠﻴﻦ‬
the originator.
8.1.1.3.d.1.3. It is permitted to use the capital of ‫ﻳﺠﻮز اﺳﺘﺨﺪام رأس ﻣﺎل ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ‬ .3 - 1 - ‫ د‬-3 - 1 -1 -8
Investment Agency Sukuk, that is
invested in the general pool of the ‫ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر اﻟﻤ ﺴ ﺘﺜﻤ ﺮ ﰲ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم ﻟ ﻠﺠ ﻬ ﺔ‬
originator, to meet the obligations
of the general pool, provided that ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﰲ اﻟﻮ ﻓ ﺎء ﺑﻤ ﺎ ﻋ ﻠ ﻰ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم ﻣ ﻦ‬
this is done after the
certificateholders own a share in ‫ ﺑ ﺸ ﺮ ط أن ﻳ ﺘﻢ ذ ﻟ ﻚ ﺑﻌ ﺪ أن ﻳ ﻤ ﻠ ﻚ‬, ‫اﻟ ﺘ ﺰ ا ﻣ ﺎ ت‬
the general pool in proportion to
their capital. See: s. (12-2) of ‫ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﺣﺼًﺔ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﺑﻨﺴﺒﺔ‬
Shari’ah Standard No. (46): Al-
Wakala bi Al-Istithmar (Investment ‫( ﻣﻦ‬٢-١٢) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫رأس ﻣﺎﻟﻬﻢ‬
Agency). If the investment of the
capital of Sukuk is restricted to a ‫( ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ‬٤٦) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
81
specific project, then it is not ‫ ﻓ ﺈن ﻛ ﺎن اﺳ ﺘﺜﻤ ﺎر ر أ س ﻣ ﺎل‬.‫ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر‬

permitted to include it in the
general pool, and it is not ‫ ﻓﺈﻧﻪ ﻻ‬,‫اﻟﺼﻜﻮك ﻣﻘﻴﺪًا ﺑﻤﺸﺮوع ﻣﻌﻴﻦ‬
permitted for the originator to use
it to settle the obligations of the ‫ وﻻ ﻳﺠﻮز‬,‫ﻳﺠﻮز إدﺧﺎﻟﻪ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم‬
general pool or other obligations of
[the originator] other than what ‫ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻨ ﺪ ﺋ ﺬ أن ﺗ ﺴ ﺘ ﺨ ﺪ ﻣ ﻪ ﰲ‬
arises out of the obligations of that
project. ‫اﻟﻮ ﻓ ﺎء ﺑﻤ ﺎ ﻋ ﻠ ﻰ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم ﻣ ﻦ اﻟ ﺘ ﺰ ا ﻣ ﺎ ت أ و‬
‫ﺑ ﻤ ﺎ ﻋ ﻠ ﻴ ﻬ ﺎ ﻣ ﻦ ا ﻟ ﺘ ﺰ ا ﻣ ﺎ ت أ ﺧ ﺮ ى ﻏ ﻴ ﺮ اﻟ ﺘ ﺰ ا ﻣ ﺎ ت‬
. ‫ذ ﻟ ﻚ اﻟ ﻤ ﺸ ﺮ و ع‬
8.1.1.3.d.1.4. It is not permitted to link returning ‫ﻻ ﻳﺠ ﻮ ز ر ﺑ ﻂ ر د ر أ س ﻣ ﺎ ل ﺻ ﻜ ﻮ ك اﻟﻮ ﻛ ﺎﻟﺔ‬ .4 - 1 - ‫ د‬-3 - 1 -1 -8
the capital of Investment Agency
Sukuk or the distribution of its ‫ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر أ و ﺗﻮ ز ﻳﻊ أر ﺑﺎﺣ ﻬ ﺎ ﺑﺄ ﺣ ﻮ ال‬
profits to the conditions of the
originator’s investments that are ‫اﺳ ﺘ ﺜﻤ ﺎر ا ت اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ اﻟﺨ ﺎر ﺟ ﺔ ﻋ ﻦ‬
beyond the activity in which the
capital was invested. This includes ‫ وﻣﻦ‬,‫اﻟﻨﺸﺎط اﻟﻤﺴﺘﺜَﻤﺮ ﻓﻴﻪ رأس اﻟﻤﺎل‬
the settlement by originator’s
debtors of their obligations that did ‫ذ ﻟ ﻚ و ﻓ ﺎء ﻣ ﺪ ﻳ ﻨ ﻲ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺎﻟ ﺘ ﺰ ا ﻣ ﺎ ﲥ ﻢ‬
not arise from the investment of
the Sukuk capital. ‫اﻟ ﺘﻲ ﻟﻢ ﺗ ﻨ ﺸ ﺄ ﻋ ﻦ اﺳ ﺘ ﺜ ﻤ ﺎ ر ر أ س ﻣ ﺎ ل‬
8-1-1-3-d-2. Special Provisions related to Service ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﻮﻛﺎﻟﺔ‬ .2-‫د‬-3-1-1-8
Agency Sukuk
:‫ﺑﺎﻟﺨﺪﻣﺎت‬
8.1.1.3.d.2.1. In general, the following provisions ‫ﺗ ﻄ ﺒ ﻖ ﻋ ﻠ ﻰ ﺻ ﻜ ﻮ ك اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت ﺑﻮ ﺟ ﻪ‬ .1 - 2 - ‫ د‬-3 - 1 -1 -8
apply to Service Agency Sukuk:
: ‫ﻋ ﺎم اﻷ ﺣ ﻜ ﺎم اﻵ ﺗﻴﺔ‬
8.1.1.3.d.2.1.1. In Service Agency Sukuk, it is ‫ﻳﺠﺐ اﻟﱠﺘﻘﻴﺪ ﰲ ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ‬ .1-1-2-‫د‬-3-1-1-8
required to adhere to the Shari’ah
rules of agency mentioned in ‫ﺑﺎﻟﺨﺪﻣﺎت ﺑﺎﻟﱠﻀﻮاﺑﻂ اﻟﱠﺸﺮﻋﻴﺔ ﻟﻠﻮﻛﺎﻟﺔ‬
and the Act of Uncommissioned (٢٣) ‫اﻟﻮاردة ﰲ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
Agent (Fodooli) and Shari’ah
Standard No. (56): Liability of the ,‫ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ وﺗﺼﱡﺮف اﻟﻔﻀﻮﻟﻲ‬
Investment Manager.
‫( ﺑﺸﺄن‬٥٦) ‫واﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
82
.‫ﺿ ﻤ ﺎن ﻣ ﺪ ﻳﺮ اﻻ ﺳ ﺘﺜﻤ ﺎر‬

8.1.1.3.d.2.1.2. It is required that the services ‫ﻳﺠﺐ أن ﺗﻘﺘﺼﺮ اﻟﺨﺪﻣﺎت اﻟﺘﻲ ﻳﻘﱢﺪﻣﻬﺎ‬ .2-1-2-‫د‬-3-1-1-8
provided by the service agent are
limited to services that do not carry ‫اﻟﻮ ﻛ ﻴﻞ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت ﻋ ﻠ ﻰ اﻟ ﺨ ﺪ ﻣ ﺎ ت اﻟ ﺘﻲ‬
on the investment nature, as stated
in s. (8-1-1-3-b-2-1-1). ‫ ﻣﻦ ﻧﺤﻮ ﻣﺎ‬,‫ﻻ ﺗﺄﺧﺬ ﺻﻔًﺔ اﺳﺘﺜﻤﺎرﻳًﺔ‬
-١-٢-‫ب‬-٣-١-١-٨) ‫ﺗﻘﱠﺪم ﰲ اﻟﺒﻨﺪ‬
.(١
8.1.1.3.d.2.1.3. If it is stated that the service agent ‫ﺺ ﻋ ﻠ ﻰ أن اﻟﻮ ﻛ ﻴﻞ ﺑﺎﻟﺨ ﺪ ﻣ ﺎ ت ﻳ ﺪ ﻳﺮ‬
‫إن ُﻧ ﱠ‬ .3-1-2-‫د‬-3-1-1-8
manages the underlying assets
according to an investment plan, ‫اﻟﻤﻮﺟﻮدات وﻓﻖ ﺧﱠﻄﺔ اﺳﺘﺜﻤﺎرﻳﺔ‬
that features independence in
terms of taking investment ‫ﺗ ﺘ ﻀ ﻤ ﻦ ا ﻻ ﺳ ﺘ ﻘ ﻼ ل ﰲ اﺗ ﺨ ﺎ ذ ه ﻗ ﺮ ا ر ا ت‬
decisions regarding [the underlying
assets] so that the underlying ‫ﻓﻴﻬ ﺎ‬ ‫ﺗﻘ ﻠﺐ‬ , ‫ﺑ ﺸ ﺄﳖ ﺎ‬ ‫اﺳ ﺘ ﺜﻤ ﺎر ﻳﺔ‬
assets can turned around (taqlīb),
substituted with other assets, or ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت أ و ﺗ ﺴ ﺘ ﺒ ﺪ ل ﻣ ﻊ ﻏ ﻴ ﺮ ﻫ ﺎ أ و‬
sold for the purpose of dissolution,
and [it is] not just a plan for the ‫ وﻟﻢ ﺗﻜﻦ ﻣﺠﱠﺮد‬,‫ﺗﺒﺎع ﺑﻐﺮض اﻟﺘﺼﻔﻴﺔ‬
service, so [the service agent] turns
into an investment agent and its ‫ ﻓﺈﻧﻪ ﻳﺼﻴﺮ‬,‫ﺧﱠﻄﺔ ﻟﻠﺨﺪﻣﺎت اﻟﺘﻲ ﻳﻘﱢﺪﻣﻬﺎ‬
[respective] provisions shall apply
to it. See: s. (4-3-1) of Shari’ah . ‫و ﻛ ﻴ ﻼ ً ﺑ ﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﺗ ﻄ ﺒ ﻖ ﻋ ﻠ ﻴﻪ أ ﺣ ﻜ ﺎ ﻣ ﻪ‬
Investment Manager.
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬١-٣-٤) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
‫( ﺑﺸﺄن ﺿﻤﺎن ﻣﺪﻳﺮ‬٥٦) ‫اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
8.1.1.3.d.2.1.4. The Service Agent shall be a third -‫ ﺛﺎﻟﺜ‬-‫ﻳﻜﻮن وﻛﻴﻞ اﻟﺨﺪﻣﺎت ﻃﺮﻓ‬ .4-1-2-‫د‬-3-1-1-8
party according to the conditions
stated in s. (4-3) of Shari’ah ‫( ﻣﻦ‬٣-٤) ‫ﺑﺎﻟﺸﺮوط اﻟﻮاردة ﰲ اﻟﺒﻨﺪ‬
Investment Agent and with due ‫( ﺑﺸﺄن‬٥٦) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
compliance with s. (5-2) of Shari’ah
Standard No. (23): Agency and the ‫ ﻣﻊ ﻣ ﺮ اﻋ ﺎة ﻣﺎ‬, ‫ﺿ ﻤ ﺎن ﻣ ﺪ ﻳﺮ اﻻ ﺳ ﺘﺜﻤ ﺎر‬
Act of Uncommissioned Agent
(Fodooli). ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٢-٥) ‫ﺟﺎء ﰲ اﻟﺒﻨﺪ‬
‫( ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ‬٢٣) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
. ‫و ﺗ ﺼ ﺮ ف اﻟ ﻔ ﻀ ﻮ ﻟﻲ‬
83
8.1.1.3.d.2.1.5. If it is stipulated that the service ‫إن ﻧﺺ ﻋ ﻠ ﻰ أن اﻟﻮ ﻛ ﻴﻞ ﺑﺎﻟﺨ ﺪ ﻣ ﺎ ت‬ .5-1-2-‫د‬-3-1-1-8

agent invests whatever surplus
liquidity may arise for the benefit of ‫َﻳﺴﺘﺜﻤﺮ ﻣﺎ ﻗﺪ ﻳﻄﺮأ ﻣﻦ ﻓﺎﺋﺾ ﺳﻴﻮﻟٍﺔ‬
the certificateholders, then [the
agent] becomes an investment ‫ ﻓﺈﻧﻪ ﻳﻨﻘﻠﺐ‬,‫ﻟﺼﺎﻟﺢ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
agent in the amount of the surplus
that is actually invested. If [the ‫و ﻛ ﻴ ﻼ ً ﺑ ﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﰲ ﻣ ﺒ ﻠ ﻎ اﻟ ﻔ ﺎ ﺋ ﺾ‬
agent] undertakes to buy the
underlying assets of the Sukuk, it is ‫ ﻓﺈن ﺗﻌﻬﺪ ﺑﺸﺮاء‬,ً‫اﻟﻤﺴﺘﺜَﻤﺮ ﻓﻌﻼ‬
not permitted to have its
undertaking to buy the underlying ‫ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك ﻓﻼ ﻳﺠﻮز أن ﻳﻜﻮن‬
assets of the surplus for a price
agreed upon ab initio if investment ‫ﺗ ﻌ ﻬ ﺪ ه ﺑ ﺸ ﺮ اء ﻣ ﻮ ﺟ ﻮ د ا ت ﻫ ﺬ ا اﻟ ﻔ ﺎ ﺋﺾ‬
of the surplus was existing at the
time of excreting the purchase ‫ﺑﺜﻤٍﻦ ﻣﱠﺘَﻔٍﻖ ﻋﻠﻴﻪ اﺑﺘﺪاًء إن ﻛﺎن اﺳﺘﺜﻤﺎر‬
undertaking. See: s. 5-3 of Sharia
Standard No. (45) Protection of
‫اﻟﻔﺎﺋﺾ ﻗﺎﺋًﻤﺎ وﻗﺖ ﺗﻨﻔﻴﺬ اﻟﱠﺘﻌﻬﺪ‬
Capital and Investments.
‫( ﻣﻦ‬٣-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﺑﺎﻟﱢﺸﺮاء‬
‫( ﺑﺸﺄن‬٤٥) ‫اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
. ‫ﺣ ﻤ ﺎ ﻳ ﺔ ر أ س اﻟﻤ ﺎ ل و اﻻ ﺳ ﺘ ﺜﻤ ﺎ ر ا ت‬
8.1.1.3.d.2.1.6. The agent remains a service agent, ‫ و ﻻ‬, ‫ﯾ ﺒ ﻘ ﻰ اﻟﻮ ﻛ ﻴﻞ و ﻛ ﻴ ﻼ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت‬ .6-1-2-‫د‬-3-1-1-8
and does not turn into an
investment agent, if its role is ‫ﻳ ﻨ ﻘ ﻠ ﺐ و ﻛ ﻴ ﻼ ﺑ ﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر إ ذ ا اﻗ ﺘ ﺼ ﺮ ت‬
confined to inform the
certificateholders, at the time of ‫ﻣ ﻬ ﻤ ﺘﻪ ﰲ ﺣ ﺎ ل اﺳ ﺘ ﺒ ﺪ ا ل ﻣ ﻮ ﺟ ﻮ د ا ت‬
substituting the underlying assets,
if the need for the substitution, or ‫اﻟﺼﻜﻮك ﻋﻠﻰ إﻋﻼم ﺣَﻤﻠﺘﻬﺎ ﺑﺤﺎﺟﺘﻬﺎ‬
informing whoever manages the
issuer (representing the ‫ أو إﻋ ﻼ م ﻣﻦ ﻳ ﺪ ﻳﺮ‬, ‫إﻟﻰ اﻻ ﺳ ﺘﺒ ﺪ ال‬
certificateholders) of [the need of
substitution], so that the ‫اﻟﻤﺼﺪر اﻟﻤﻤﱢﺜﻞ ﻟﺤَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
certificateholders or the party
managing the issuer on their behalf ‫ ﻟﻴﱠﺘﺨﺬ ﺣﻤﻠﺔ اﻟﺼﻜﻮك أو ﻳﱠﺘﺨﺬ‬,‫ﺑﺬﻟﻚ‬
may take the substitution decision,
provided that the service agent, in ‫ ﻗﺮاَر‬,‫ﻣﻦ ﻳﺪﻳﺮ اﻟﻤﺼﺪر ﺑﺎﻟﻮﻛﺎﻟﺔ ﻋﻨﻬﻢ‬
the second case, is not the manager
of the issuer.
‫ ﺷﺮﻳﻄﺔ أن ﻻ ﻳﻜﻮن اﻟﻮﻛﻴﻞ‬,‫اﻻﺳﺘﺒﺪال‬
‫ﺑﺎﻟﺨ ﺪ ﻣ ﺎ ت ﰲ اﻟﺤ ﺎل اﻟﺜﺎﻧﻴﺔ ﻫ ﻮ اﻟﻤ ﺪ ﻳﺮ‬
.‫ﻟﻠﻤ ﺼ ﺪ ر‬
8.1.1.3.d.2.1.7. It is not permitted to stipulate that ‫ﻻ ﻳﺠ ﻮ ز ﻋ ﻨ ﺪ اﺷ ﱰ اط ﻗ ﻴﺎم اﻟﻮ ﻛ ﻴﻞ‬ .7-1-2-‫د‬-3-1-1-8
84
the service agent will [obtain the ‫ﺑ ﺎ ﻟ ﺨ ﺪ ﻣ ﺎ ت ﺑ ﺎ ﻟ ﺘ ﺄ ﻣ ﻴ ﻦ ﻋ ﻠ ﻰ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬

insurance] for the underlying asset
in a manner that will be difficult to ‫ اﻟﻨﱠﺺ ﻋﻠﻰ أن‬,‫ﺑﻨﺤﻮ ﻳﺘﻌﺬر ﻋﻠﻴﻪ ﺗﻨﻔﻴﺬه‬
perform it. [It is not permitted] to
stipulate that the agent shall pay, ‫اﻟﻮﻛﻴﻞ ﻳﺪَﻓﻊ ﻣﻦ ﻣﺎﻟﻪ ﻣﺒﻠﻎ ﻣﺰاﻳﺎ أو‬
out of its own funds, to the
certificateholders, the amount of ,‫ﺗﻌﻮﻳﻀﺎت اﻟﺘﺄﻣﻴﻦ ﻟﺤَﻤﻠﺔ اﻟﺼﻜﻮك‬
benefits or insurance
compensation and whatever ‫و أن ﻣ ﺎ ﺗ ﺪ ﻓﻌ ﻪ ﺷ ﺮ ﻛ ﺔ اﻟﺘﺄﻣ ﻴﻦ ﺑﻌ ﺪ ذﻟ ﻚ‬
amount paid [later on] by the
insurance company will be for [the ,‫ﻳﻜﻮن ﻟﻪ; ﻟﻤﺎ ﰲ ذﻟﻚ ﻣﻦ اﻟﻤﻘﺎﻣﺮة‬
agent], because this would be
gambling (qimār), since the ‫ و ﻗ ﺪ‬, - ‫ﻓ ﺸ ﺮ ﻛ ﺔ اﻟ ﺘ ﺄ ﻣ ﻴﻦ ﻗ ﺪ ﻻ ﺗ ﺪ ﻓ ﻊ ﺷ ﻴﺌ‬
insurance company may pay
nothing or pay full or part of what ‫ ﻓﻴﻜﻮن ﻣﺎ‬,‫ﺗﺪﻓﻊ ﻛﱠﻞ أو ﺑﻌﺾ ﻣﺎ َدَﻓﻊ‬
was [already] paid [by the agent],
so whatever paid by the service
‫ﻳﺪﻓﻌﻪ اﻟﻮﻛﻴﻞ ﺑﺎﻟﺨﺪﻣﺎت ﻟﺤَﻤﻠﺔ‬
agent to the certificateholders will
‫اﻟُﺼﻜﻮك ﻣﻦ ﻗﺒﻴﻞ ﻣﻌﺎوﺿِﺔ ﻣﺒﻠٍﻎ ﻧﻘﺪﱟي‬
be in the form of transacting a spot
cash amount against deferred cash ‫ﺣﺎﺿٍﺮ ﺑﻤﺒﻠٍﻎ ﻧﻘﺪﱟي ﻣﺆﱠﺟٍﻞ ﻣﺠﻬﻮِل‬
amount that is unknown in its
value. See: s. (6-2-1-4). .(٤-١-٢-٦) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻤﻘﺪار‬
8.1.1.3.d.2.1.8. It is not permitted for the service ‫ﻻ ﻳﺠﻮز أن ُﻳﺸﱰَط ﻋﻠﻰ اﻟﻮﻛﻴﻞ‬ .8-1-2-‫د‬-3-1-1-8
agent to provide the services of
stabilization of value of the ‫ﺑ ﺎ ﻟ ﺨ ﺪ ﻣ ﺎ ت ا ﻟ ﻤ ﺤ ﺎ ﻓ ﻈ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴﻤ ﺔ‬
underlying assets of Sukuk at a
specific value, such as the face ,‫ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك ﻋﻨﺪ ﻗﻴﻤٍﺔ ﻣﻌﱠﻴﻨﺔ‬
value. It is permitted to stipulate
upon [the service agent] that it will ‫ وﻳﺠﻮز أن ُﻳﺸﱰَط‬.‫ﻛﺎﻟﻘﻴﻤﺔ اﻻﺳﻤﱠﻴﺔ‬
not commit any act that will cause
decrease in the value of the ‫ﻋﻠﻴﻪ أن ﻻ ﻳﺘﺼﱠﺮف ﺑﻤﺎ ُﻳﻨﻘﺺ ﻣﻦ ﻗﻴﻤﺔ‬
underlying assets in a manner that
[the service agent] is not ‫اﻟﻤﻮﺟﻮدات ﺗﺼﺮًﻓﺎ ﻏﻴﺮ ﻣﺄذون ﻟﻪ ﻓﻴﻪ‬
authorized to do either
contractually or customarily. If [the -‫ ﻓﺈن ﻓﻌﻞ ﻛﺎن ﺿﺎﻣﻨ‬,‫ﺗﻌﺎﻗًﺪا أو ﻋﺮًﻓﺎ‬
service agent] does so, then it will
be liable for the shortfall. .‫ﻟﻠﻨﱠﻘﺺ‬
8.1.1.3.d.2.1.9. If the originator undertakes to ‫إ ذ ا ﺗ ﻌ ﻬ ﺪ ت اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺸ ﺮ اء‬ .9-1-2-‫د‬-3-1-1-8
purchase the underlying assets of
Sukuk from its certificateholders, , ‫ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻦ ﺣ ﻤ ﻠ ﺘ ﻬ ﺎ‬
and it is the party that sold [the
underlying assets] to [the ‫ ﻓ ﺈن ﻫ ﺬ ا‬, ‫و ﻛ ﺎﻧﺖ ﻫ ﻲ اﻟ ﺘﻲ ﺑﺎﻋ ﺘﻬ ﺎ ﻟﻬ ﻢ‬
certificateholders], then this is a
repurchase, and its rules apply to it. ‫ وﺗﻨﻄﺒﻖ ﻋﻠﻴﻪ‬,‫ﻳﻜﻮن ﻣﻦ إﻋﺎدة اﻟﺸﺮاء‬
85
See: Para. 3 of Shari’ah Standard ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٣) ‫ وﺗﻨﻈﺮ اﻟﻔﻘﺮة‬.‫ﺿﻮاﺑﻄﻪ‬

No. (58): Repurchase.
.‫( ﺑﺸﺄن إﻋﺎدة اﻟﺸﺮاء‬٥٨) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
8.1.1.3.d.2.2. Special Provisions to Service ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﻟﺼﻜﻮك اﻟﺘﻮﻛﻴﻞ‬ .2 -2 - ‫ د‬-3 - 1 -1 -8

Agency Sukuk for income-
generating assets: ‫ﺑﺘﻘﺪﻳﻢ ﺧﺪﻣﺎت ﻟﻤﻮﺟﻮدات ﻣﺪرٍة‬
:‫ﻟﻠﺪﺧﻞ‬
8.1.1.3.d.2.2.1. The underlying assets can be a ‫ﻳﻤﻜﻦ أن ﺗﻜﻮن اﻟﻤﻮﺟﻮدات ﻣﻔﺮَدًة أو‬ .1-2-2-‫د‬-3-1-1-8
single or a group of assets in a
portfolio, and they may be tangible ‫ وﻫﻲ ﻗﺪ ﺗﻜﻮن‬,‫ﻣﺠﻤﻮﻋًﺔ ﰲ ﻣﺤﻔﻈٍﺔ‬
leased or leasable assets, shares,
Sukuks, etc., or a combination of all ‫ ﻣﺆ ﺟ ﺮ ة أ و ﻗﺎﺑ ﻠﺔ ﻟ ﻠ ﺘﺄ ﺟ ﻴﺮ أ و‬-‫أﻋ ﻴﺎﻧ‬
of these, or [a combination] of
them and debts. If the assets are in ‫ أ و‬,‫ أ و ﻧﺤ ﻮ ﻫ ﺎ‬- ‫ أ و ﺻ ﻜ ﻮ ﻛ‬- ‫أﺳ ﻬ ﻤ‬
a portfolio owned by the originator
and the certificateholders has ‫ أ و ﻣ ﻨﻬ ﺎ و ﻣ ﻦ‬, ‫ﻣ ﺠ ﻤ ﻮ ﻋ ﺔ ﻣ ﻦ ﻫ ﺬ ه ﻛ ﻠﻬ ﺎ‬
purchased a share of the portfolio,
the originator undertakes to ‫ ﻓ ﺈن ﻛ ﺎﻧﺖ اﻟﻤ ﻮ ﺟ ﻮ د ات ﰲ‬. ‫د ﻳﻮ ن‬
provide some services for the share
of the certificateholders, then it ‫ﻣﺤﻔﻈٍﺔ ﻣﻤﻠﻮﻛﺔ ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
takes the status of a partner in the
joint enterprise (sharikat al-Ꜥaqd) ‫واﺷﺘﺮى ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﺣﺼًﺔ ﻣﻦ‬
regarding the provisions of the
liability and the purchase
‫ و ﺗﻮ ﻟ ﺖ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺗ ﻘ ﺪ ﻳﻢ‬, ‫اﻟ ﻤ ﺤ ﻔ ﻈ ﺔ‬
undertaking. A similar provision
‫ﺣ ﻤ ﻠﺔ‬ ‫ﻟﺤ ﺼ ﺔ‬ ‫اﻟﺨ ﺪ ﻣ ﺎ ت‬ ‫ﺑﻌ ﺾ‬
applies, if [the certificateholders]
purchased from the originator ‫ ﻓ ﺈﳖ ﺎ ﺗ ﺄ ﺧ ﺬ ﺣ ﻜ ﻢ اﻟ ﺸ ﺮ ﻳ ﻚ ﰲ‬, ‫اﻟ ﺼ ﻜ ﻮ ك‬
some of the shares, that are owned
by the partnership, the remaining ‫ﺷ ﺮ ﻛ ﺔ اﻟﻌ ﻘ ﺪ ﰲ أ ﺣ ﻜ ﺎم اﻟ ﻀ ﻤ ﺎن و اﻟ ﺘﻌ ﻬ ﺪ‬
portion. See: s. (5-1-3).
‫ و ﻣ ﺜ ﻠﻪ ﻣ ﺎ ﻟﻮ اﺷ ﱰ و ا ﻣﻦ اﻟﺠ ﻬ ﺔ‬.‫ﺑﺎﻟﺸ ﺮ اء‬
‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑﻌ ﺾ ا ﻷ ﺳ ﻬ ﻢ اﻟ ﺘﻲ ﺗ ﻤ ﻠ ﻜ ﻬ ﺎ ﰲ‬
. ‫ﺷ ﺮ ﻛ ﺔ و ا ﺣ ﺘﻔ ﻈ ﺖ ﻫ ﻲ ﺑﺎﻟ ﺒﻌ ﺾ اﻵ ﺧ ﺮ‬
.(٣-١-٥) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
8.1.1.3.d.2.2.2. It is required that the sale to the ‫ﻳﺠﺐ أن ﻳﻘﻊ اﻟﺒﻴﻊ إﻟﻰ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬ .2-2-2-‫د‬-3-1-1-8
certificateholders takes place on
the underlying assets themselves, ‫ وﻣﺎ ﻳﺘﻌﱠﻠﻖ ﲠﺎ‬,‫ﻋﻠﻰ اﻟﻤﻮﺟﻮدات ﻧﻔﺴﻬﺎ‬
including the rights and obligations
86
associated to them. It is not ‫ و ﻻ ﻳ ﺠ ﻮ ز أن‬, ‫ﻣ ﻦ ﺣ ﻘ ﻮ ق و اﻟ ﺘ ﺰ ا ﻣ ﺎ ت‬

permitted that [the sale contract]
takes place on the contracts of the ‫ ﻛﺄن ُﻳﻨ ﱠ‬,‫ﻳﻘﻊ ﻋﻠﻰ ﻋﻘﻮد اﻟﻤﻮﺟﻮدات‬
‫ﺺ‬
underlying assets, such as
stipulating about selling the Ijarah ‫ﻋ ﻠ ﻰ ﺑﻴﻊ ﻋ ﻘﻮ د اﻹ ﺟ ﺎر ة وﻟﻴﺲ اﻷ ﻋ ﻴﺎن‬
contracts and not the leased assets,
or [selling] only returns [of the ‫ و ﻫ ﻲ‬, ‫ أ و ﻋ ﻠ ﻰ ﻋ ﻮ ا ﺋ ﺪ ﻫ ﺎ ﻓ ﻘ ﻂ‬, ‫اﻟ ﻤ ﺆ ﺟ ﺮ ة‬
leased assets], which is referred as
a beneficial interest, an economic ‫اﻟﺘﻲ ُﻳﻌﱠﺒﺮ ﻋﻨﻬﺎ ﺑﺎﻟﻤﺼﻠﺤﺔ اﻟﻨﱠﻔﻌﱠﻴﺔ‬
benefit or any other term. See: s.
(8-1-1-1-d-4-3). ‫( أو ﺑﺎﻟﻤﻨﻔﻌﺔ‬Beneficial Interest)
‫( أو‬Economic Benefit) ‫اﻻﻗﺘﺼﺎدﻳﺔ‬
- ١ - ٨ ) ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫ﺑ ﺄ ي ا ﺻ ﻄ ﻼ ح آ ﺧ ﺮ‬
.(٣-٤-‫د‬-١-١
8.1.1.3.d.2.2.3. If the underlying assets are assets ‫ ﻣﺆَﺟﺮة‬-‫إن ﻛﺎﻧﺖ اﻟﻤﻮﺟﻮداٌت أﻋﻴﺎﻧ‬ .3-2-2-‫د‬-3-1-1-8
leased under Ijarah Muntaihia
Bittamleek, and the term of the ‫ وﻛﺎﻧﺖ ﻣﱠﺪة‬,‫إﺟﺎرة ﻣﻨﺘﻬﻴﺔ ﺑﺎﻟﱠﺘﻤﻠﻴﻚ‬
Ijarah, when the certificateholders
acquire the asset, is shorter than ‫اﻹﺟﺎرة ﻋﻨﺪ ﺗﻤﱡﻠﻚ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
the Sukuk period; the service agent
have the status of the investment ‫اﻷﻋﻴﺎَن أﻗﻞ ﻣﻦ ﻣﺪة اﻟﺼﻜﻮك; ﻓﺈن‬
agent if [the agent] was the one
who will solely take decisions ‫اﻟﻮ ﻛ ﻴﻞ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت ﻳ ﺄ ﺧ ﺬ ﺣ ﻜ ﻢ اﻟﻮ ﻛ ﻴﻞ‬
regarding buying new assets, but if
the term of the Ijarah is equal to or ‫ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر إن ﻛ ﺎن ﻳﻨﻔ ﺮ د ﺑﻘ ﺮ ار ﺷ ﺮ اء‬
longer than the term of the Sukuk
and the service agent needs to turn ‫ و إ ذ ا إ ذ ا ﻛ ﺎ ﻧ ﺖ ﻣ ﺪ ة‬. ‫أﻋ ﻴﺎن ﺟ ﺪ ﻳ ﺪ ة‬
around the liquidity that has
generated at its side; so it becomes ‫اﻹﺟﺎرة ﻣﺴﺎوﻳًﺔ أو أﻃﻮل ﻣﻦ ﻣﱠﺪة‬
an investment agent in that.
‫اﻟﱡﺼﻜﻮك واﺣﺘﺎج اﻟﻮﻛﻴﻞ ﺑﺎﻟﺨﺪﻣﺎت‬
‫إ ﻟ ﻰ ﺗ ﻘ ﻠ ﻴ ﺐ ﺳ ﻴﻮ ﻟ ﺔ ﻃ ﺮ أ ت ﻟ ﺪ ﻳﻪ ; ﻓ ﺈ ﻧﻪ‬
. ‫ﻳ ﺼ ﺒ ﺢ ﰲ ذ ﻟ ﻚ و ﻛ ﻴﻼ ً ﺑﺎ ﻻ ﺳ ﺘ ﺜﻤ ﺎر‬
8.1.1.3.d.2.2.4. If the assets are not legally -‫إن ﻛﺎﻧﺖ اﻷﻋﻴﺎن ﻏﻴﺮ ﻣﺴﱠﺠﻠﺔ ﻗﺎﻧﻮﻧ‬ .4-2-2-‫د‬-3-1-1-8
registered in the name of the
originator that leases them, with ‫ﺑﺎﺳ ﻢ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ اﻟﻤ ﺆ ﺟ ﺮ ة ﻟﻬ ﺎ ﻣ ﻊ‬
the law making a requirement to
carry registration for the transfer of ‫اﺷﱰاط اﻟﻘﺎﻧﻮن اﻟﱠﺘﺴﺠﻴﻞ ﻻﻧﺘﻘﺎل‬
the title, as if the assets were real
estate assets, then it is not ,‫ ﻋﻘﺎرﻳﺔ‬-‫ ﻛﻤﺎ ﻟﻮ ﻛﺎﻧﺖ أﻋﻴﺎﻧ‬,‫اﻟﻤﻠﻜﱠﻴﺔ‬
87
permitted to stipulate in the ‫ﻓﻼ ﻳﺠﻮز ﺣﻴﻨﺌﺬ أن ُﻳﺸﱰَط ﰲ ﻋﻘﺪ ﺑﻴﻊ‬

contract of sale of leased assets by
the originator to the -‫اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺣَﻤﻠَﺔ اﻟﱡﺼﻜﻮك أﻋﻴﺎﻧ‬
certificateholders that obligations
of the lessee will be legally ‫ﻣﺆَﺟﺮة أن ﺗﻜﻮن اﻟﺘﺰاﻣﺎت اﻟﻤﺴﺘﺄﺟﺮﻳﻦ‬
established, because such a
condition does not non-conform ‫ ﻷن ﻣﺜﻞ ﻫﺬا اﻟﱠﺸﺮط‬,-‫ﻟﻬﺎ ﻣﻌﺘﱪة ﻗﺎﻧﻮﻧ‬
from the very beginning of its
conclusion. .‫ﻳﺨﱡﻞ ﺑﻌﻘﺪ اﻟﺒﻴﻊ ﻣﻦ أﱠول إﺑﺮاﻣﻪ‬
8.1.1.3.d.2.2.5. It is not permitted for the service ‫ﻻ ﻳﺠ ﻮ ز أن ﻳ ﺘﻌ ﻬ ﺪ اﻟﻮ ﻛ ﻴﻞ ﺑﺎﻟﺨ ﺪ ﻣ ﺎ ت‬ .5-2-2-‫د‬-3-1-1-8
agent to undertake to substitute
the assets of its own against the ‫ﺑﺄن ﻳﺴ ﺘﺒﺪ ل ﻣﻮ ﺟ ﻮ د ات ﻣﻦ ﻋ ﻨﺪ ه‬
underlying assets of Sukuk that are
damaged, devalued, or that are no ‫ﺑﻤﻮﺟﻮدات اﻟﱡﺼﻜﻮك اﻟﺘﺎﻟﻔﺔ أو اﻟﺘﻲ‬
longer useful from economic point
of point, because that would be a ‫ﻧﻘﺼﺖ ﻗﻴﻤﺘﻬﺎ أو اﻟﺘﻲ ﻟﻢ ﺗﻌﺪ ﻣﺠﺪﻳًﺔ‬
form of a liability [imposed upon]
the agent that is prohibited by the ‫ ﻟﻤﺎ ﰲ ذﻟﻚ ﻣﻦ اﻟﱠﻀﻤﺎن‬-‫اﻗﺘﺼﺎدﻳ‬
virtue of Shari’ah, unless and until
[the agent] was a third party. If the ‫ ﻋ ﻠ ﻰ اﻟﻮ ﻛ ﻴﻞ إ ذ ا ﻟﻢ ﻳ ﻜ ﻦ‬- ‫اﻟ ﻤ ﻤ ﻨﻮ ع ﺷ ﺮ ﻋ‬
agent is under liability of those
assets because what happened to - ‫ ﻓ ﺈن ﻛ ﺎن اﻟﻮ ﻛ ﻴﻞ ﺿ ﺎ ﻣ ﻨ‬. - ‫ ﺛ ﺎﻟ ﺜ‬- ‫ﻃ ﺮ ﻓ‬
them is due to [service agent’s]
misconduct, negligence, or breach ‫ﻟ ﺘ ﻠ ﻚ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﺑ ﺴ ﺒ ﺐ أ ن ﻣ ﺎ ﻃ ﺮ أ ﻟ ﻬ ﺎ‬
of the terms of the contract, then
the certificateholders, or party
‫ﻳﺮ ﺟ ﻊ إﻟﻰ ﺗﻌ ﺪ ﻳﻪ أ و ﺗﻘ ﺼ ﻴﺮ ه أ و ﻣ ﺨ ﺎﻟﻔ ﺘﻪ‬
representing them, may oblige [the
‫ ﻓﺈن ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك أو‬,‫ﺷﺮوط اﻟﱠﺘﻌﺎﻗﺪ‬
agent] to compensate them with
similar assets at the time of the ‫ﺑ ﺘﻌ ﻮ ﻳ ﻀ ﻬ ﺎ‬ ‫إﻟ ﺰ ا ﻣ ﻪ‬ ‫ﻳﻤ ﺜﻠﻬﻢ‬ ‫ﻣﻦ‬
contingency, even if he was not a
third party. With due compliance ‫ﺑﻤ ﻮ ﺟ ﻮ د ات ﻣ ﺜ ﻠﻬ ﺎ و ﻗﺖ و ﻗﻮ ع اﻟﻄ ﺎر ئ‬
with the preceding s. (8-1-1-3-d-2-
1-2) of this Standard. ‫ و ﯾ ﺮ ا ﻋ ﻰ ﻣ ﺎ‬. - ‫ ﺛﺎﻟ ﺜ‬- ‫و ﻟﻮ ﻟﻢ ﻳ ﻜ ﻦ ﻃ ﺮ ﻓ‬
-١-٢-‫د‬-٣-١-١-٨) ‫ﺗﻘﱠﺪم ﰲ اﻟﺒﻨﺪ‬
.(٢
8.1.1.3.d.2.3. Special Provisions to Agency ‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﻟﺼﻜﻮك اﻟﺘﻮﻛﻴﻞ ﺑﺒﻴﻊ‬ .3 -2 - ‫ د‬-3 - 1 -1 -8
Sukuks for Selling the Underlying
Assets: :‫ﻣﻮﺟﻮدات‬
8.1.1.3.d.2.3.1. The underlying assets can be ,‫ﻳﻤﻜﻦ أن ﺗﻜﻮن اﻟﻤﻮﺟﻮدات أﻋﻴﺎًﻧﺎ‬ .1-3-2-‫د‬-3-1-1-8
tangible assets, such as
certificateholders buying real ‫ت‬ٍ ‫ﻛ ﺄ ن ﻳ ﺸ ﱰ ي ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و ﺣ ﺪ ا‬
88
estate units and authorizing the ‫ﻋﻘﺎرﻳﺔ وﻳﻮﱢﻛﻠﻮا اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺒﻴﻌﻬﺎ ﰲ‬
originator to sell them in the
market, or they can be services, ‫ ﻛ ﺄ ن‬, ‫ أ و أ ن ﺗ ﻜ ﻮ ن ﺧ ﺪ ﻣ ﺎ ت‬, ‫اﻟ ﺴ ﻮ ق‬
such as certificateholders buying
air travel services and authorizing ‫ﻳﺸﱰي ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﺧﺪﻣﺎت اﻟﻨﱠﻘﻞ‬
the originator to sell them in the
form of air tickets, or they can buy ‫اﻟﺠﻮي وﻳﻮﱢﻛﻠﻮا اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺒﻴﻌﻬﺎ‬
telecommunication services and
authorizing the originator to sell ‫ أو أن ﻳﺸﱰوا‬,‫ﰲ ﺻﻮرة ﺗﺬاﻛﺮ ﺳﻔﺮ‬
them to whoever uses them for
telephone calls. The underlying ‫ﺧﺪﻣﺎت اﻻﺗﺼﺎل وﻳﻮﻛﻠﻮا اﻟﺠﻬﺔ‬
assets may be shares that
certificateholders buy and ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺒ ﻴﻌ ﻬ ﺎ ﻟ ﻤ ﻦ ﻳ ﺴ ﺘ ﺨ ﺪ ﻣ ﻬ ﺎ ﰲ‬
authorize the originator to sell in
the market. ‫ﺗﻜ ﻮ ن‬ ‫وﻗﺪ‬ ,‫اﻟﻬﺎﺗﻔﻲ‬ ‫اﻻ ﺗﺼ ﺎل‬
‫ ﻳ ﺸ ﱰ ﻳﻬ ﺎ ﺣ ﻤ ﻠ ﺔ‬- ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت أﺳ ﻬ ﻤ‬
‫اﻟ ﺼ ﻜ ﻮ ك و ﻳﻮ ﻛ ﻠﻮ ا اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺒ ﻴﻌ ﻬ ﺎ‬
. ‫ﰲ اﻟ ﺴ ﻮ ق‬
8.1.1.3.d.2.3.2. The services (benefits) purchased ‫ُﻳﺸﱰَط ﰲ اﻟﺨﺪﻣﺎت )اﻟﻤﻨﺎﻓﻊ( اﻟﺘﻲ‬ .2-3-2-‫د‬-3-1-1-8
by certificateholders shall be
subject to the following: :‫ ﻣﺎ ﻳﻠﻲ‬,‫ﻳﺸﱰﻳﻬﺎ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
8.1.1.3.d.2.3.2.1. It should be Shari’ah compliant. If ‫ وإذا اﺷﺘﻤﻠﺖ‬.‫أن ﺗﻜﻮن ﻣﺒﺎﺣًﺔ ﺷﺮًﻋﺎ‬ .1-2-3-2-‫د‬-3-1-1-8
it contains prohibited
components, it is required to ‫ﻓ ﻴﺠ ﺐ‬ ‫ﻣﺤ ﺮﻣﺔ‬ ‫ﻣ ﻜ ﻮ ﻧﺎ ت‬ ‫ﻋﻠﻰ‬
exclude them from the services
owned by the certificateholders. ‫اﺳ ﺘ ﺜ ﻨﺎ ؤ ﻫ ﺎ ﻣ ﻦ اﻟﺨ ﺪ ﻣ ﺎ ت اﻟ ﺘﻲ ﻳﻤ ﻠ ﻜ ﻬ ﺎ‬
See: s. (5-1-2).
-١ -٥ ) ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
.(٢
8.1.1.3.d.2.3.2.2. It should have a reliable standard ‫أن ﻳﻜﻮن ﻟﻬﺎ ﻣﻘﻴﺎٌس ﻣﻌﻴﺎرﱞي ﻣﻌﺘﱞﺪ ﺑﻪ‬ .2-2-3-2-‫د‬-3-1-1-8
in its making, by which the
quantity sold is measured. ‫ ُﺗﻘﺎس ﺑﻪ اﻟﻜﻤﱠﻴﺔ اﻟﺘﻲ ُﺗﺒﺎع‬,‫ﰲ ﺻﻨﺎﻋﺘﻬﺎ‬
.‫ﻣ ﻨﻬ ﺎ‬
8.1.1.3.d.2.3.2.3. That the seller has the capability ‫أن ﻳﻜﻮن اﻟﺒﺎﺋﻊ ﻗﺎدرًا ﻋﻠﻰ ﺗﻘﺪﻳﻢ‬ .3-2-3-2-‫د‬-3-1-1-8
of providing the quantity of
services being delivered. .‫اﻟﻜﻤﱠﻴﺔ اﻟﻤﺒﻴﻌﺔ ﻣﻦ اﻟﺨﺪﻣﺎت‬
8.1.1.3.d.2.3.2.4. The quantity being sold to the ‫أن ﺗﻜﻮن اﻟﻜﻤﱠﻴﺔ اﻟﻤﺒﻴﻌﺔ ﻟﺤَﻤﻠﺔ‬ .4-2-3-2-‫د‬-3-1-1-8
89
certificateholders should not ‫اﻟﱡﺼﻜﻮك ﻻ ُﺗﺠﺎوز اﻟﻜﻤﱠﻴﺔ اﻟﻘﺼﻮى‬

exceed the maximum quantity
according to the capacity of ‫وﻓﻖ اﻟﱠﻄﺎﻗﺔ اﻻﺳﺘﻴﻌﺎﺑﻴﺔ اﻟﻤﺤﱠﺪدة‬
output of the seller as specified by
the licensing authority. ‫اﻟ ﻤ ﺎ ﻧﺤ ﺔ‬ ‫اﻟ ﺠ ﻬ ﺎ ت‬ ‫ﻣﻦ‬ ‫ﻟ ﻠ ﺒﺎ ﺋ ﻊ‬
.‫ﻟﻠﱠﺘﺮﺧﻴﺺ‬
8.1.1.3.d.2.3.3. If it is stipulated upon the agent to ‫إن اﺷُﺘِﺮط ﻋﻠﻰ اﻟﻮﻛﻴﻞ ﺑﻴﻊ اﻷﻋﻴﺎن أو‬ .3-3-2-‫د‬-3-1-1-8
sell the assets or the services at a
specified price, then it is not ‫ ﻓﻼ ﻳﺠﻮز ﻟﻪ‬,‫اﻟﺨﺪﻣﺎت ﺑﺜﻤٍﻦ ﻣﺤﱠﺪٍد‬
permitted [for the agent] to sell for
less than [the specified price]. If ‫ ﻓﺈن ﺑﺎع ﺑﺎﻷﻗﱢﻞ ﻓﺈﻧﻪ‬,‫اﻟﺒﻴﻊ ﺑﺄﻗﱠﻞ ﻣﻨﻪ‬
[the agent] sells for less, it will be
liable [to pay] the shortfall as a .‫ﻳﻀَﻤﻦ اﻟﻨﱠﻘﺺ ﻋﻠﻰ ﺳﺒﻴﻞ اﻟﱠﺘﻌﻮﻳﺾ‬
compensation. See: s. (7-2) of
Shari’ah Standard No. (56): Liability ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ‬٢-٧) ‫وُﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
of the Investment Manager. It is
permitted to stipulate that if [the ‫( ﺑﺸﺄن ﺿﻤﺎن ﻣﺪﻳﺮ‬٥٦) ‫رﻗﻢ‬
agent] sells for less than the
specified price, and it has a quantity ‫ وﻳﺠﻮز اﻟﻨﱠﺺ ﻋﻠﻰ أﻧﻪ إن‬.‫اﻻﺳﺘﺜﻤﺎر‬
of assets or services owned by it
that exceeds what the ‫ وﻛﺎن ﻟﺪﻳﻪ‬,‫ﺑﺎع ﺑﺄﻗﱠﻞ ﻣﻦ اﻟﱠﺜﻤﻦ اﻟﻤﺤﱠﺪد‬
certificateholders own, then [the
agent] shall be selling on its own
‫ﻛﻤﱠﻴﺔ ﻣﻦ اﻷﻋﻴﺎن أو اﻟﺨﺪﻣﺎت ﻣﻤﻠﻮﻛﺔ‬
behalf, not on behalf of the
‫ ﻓﺈﻧﻪ‬,‫ﻟﻪ ﻓﻮق ﻣﺎ ﻳﻤﻠﻜﻪ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
certificateholders.
‫ ﻻ ﻋﻦ ﺣَﻤﻠﺔ‬,‫ ﻋﻦ ﻧﻔِﺴﻪ‬-‫ﻳﻜﻮن ﺑﺎﺋﻌ‬
.‫اﻟﱡﺼﻜﻮك‬
8.1.1.3.d.2.3.4. If it is stipulated upon the agent to ‫إن اﺷُﺘِﺮط ﻋﻠﻰ اﻟﻮﻛﻴﻞ ﺑﻴﻊ اﻷﻋﻴﺎن أو‬ .4-3-2-‫د‬-3-1-1-8
sell the assets or services at a
specified price, then it is permitted ‫ ﻓﻴﺠﻮز اﻻﺗﻔﺎق‬,‫اﻟﺨﺪﻣﺎت ﺑﺜﻤٍﻦ ﻣﺤﱠﺪٍد‬
to have an agreement that
[agent’s] fee will be from the price ‫ﻋ ﻠ ﻰ أن ﻳﻜ ﻮ ن أ ﺟ ﺮ ه ﻣ ﺎ ﻳﺰ ﻳ ﺪ ﻣ ﻦ اﻟﺜﻤ ﻦ‬
at which the agent will sell
exceeding the specified price. See: ‫ ُﻳﻨﻈﺮ‬.‫اﻟﺬي ﻳﺒﻴﻊ ﺑﻪ ﻋﻦ اﻟﱠﺜﻤﻦ اﻟﻤﺤﱠﺪد‬
s. (4-2-5) of Shari’ah Standard No.
(23): Agency and the Act of ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ‬٥-٢-٤) ‫اﻟﺒﻨﺪ‬
‫( ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ وﺗﺼﱡﺮف‬٢٣) ‫رﻗﻢ‬
. ‫اﻟ ﻔ ﻀ ﻮ ﻟﻲ‬
8.1.1.3.d.2.3.5. If the agent is required to sell a ‫إن اﺷُﺘِﺮط ﻋﻠﻰ اﻟﻮﻛﻴﻞ ﺑﻴﻊ ﻛﻤﱠﻴﺔ ﻣﺤﱠﺪدة‬ .5-3-2-‫د‬-3-1-1-8
90
specified volume of assets or ‫ﻣﻦ اﻷﻋﻴﺎن أو اﻟﺨﺪﻣﺎت ﰲ ﻛﱢﻞ ﻓﱰة‬

services in each period of
distribution of returns, it is not ‫ ﻓ ﻼ ﻳﺠ ﻮ ز ﻟﻪ أن ﻳ ﺒ ﻴﻊ أﻛ ﺜﺮ‬, ‫ﺗﻮ ز ﻳﻊ ﻋ ﻮ ا ﺋ ﺪ‬
permitted to sell more than [the
specified volume] in one period. If ‫ ﻓ ﺈن ﺧ ﺎﻟﻒ و ﺑﺎع‬.‫ﻣ ﻨﻬ ﺎ ﰲ اﻟﻔ ﱰ ة اﻟﻮ اﺣ ﺪ ة‬
[the agent] violates and sells more,
then provisions of the sale by a ‫أﻛ ﺜﺮ أ ﺧ ﺬ أ ﺣ ﻜ ﺎم ﺑﻴﻊ اﻟﻔ ﻀ ﻮ ﻟﻲ ﰲ ﻛ ﻤ ﻴﺔ‬
negotiorum gestio (unauthorized
agent/Fodooli) shall apply in the ‫ ﻓﻴﺘﻮﻗﻒ ﻧﻔﺎذ ﺑﻴﻌﻬﺎ ﻋﻠﻰ‬,‫اﻟﻤﺒﻴﻊ اﻟﺰاﺋﺪة‬
excess quantity. Hence,
enforceability of the sale depends , ‫إ ﺟ ﺎ ز ة ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك أ و ﻣ ﻦ ﻳ ﻤ ﺜ ﻠ ﻬ ﻢ‬
on the authorization of the
certificateholders, or the party ‫ﻓﺈن أﺟﺎزوه ﻓﻌﻠﻴﻪ أن ﻳﻮِدع ﺛﻤﻦ اﻟﺒﻴﻊ ﰲ‬
representing them. If [the
certificateholders] approved the ‫ﺣ ﺴ ﺎب‬ ‫أو‬ ‫اﻟﱡﺼﻜﻮك‬ ‫ﺣ ﺴ ﺎب‬
sale, then the agent is supposed to
credit the sale price in the Sukuk
‫ و إن ﻟﻢ ﻳﻔﻌ ﻞ ﻓﺈﻧﻪ ﻳﻜ ﻮ ن‬, ‫اﻻ ﺣ ﺘﻴﺎﻃ ﻲ‬
[income] account or the reserve
‫ وإن ﻟﻢ ﻳﺠﻴﺰوه‬,‫ ﻟﻠﺜﻤﻦ ﰲ ذﱠﻣﺘﻪ‬-‫ﺿﺎﻣﻨ‬
account, and if it did not [deposit
the amount in the [respective ‫ و ﻻ‬.‫ﻛ ﺎن ﺑﻴﻌ ﻪ ﻟ ﻠ ﻜ ﻤ ﻴﺔ اﻟﺰ ا ﺋ ﺪ ة ﻋ ﻦ ﻧﻔ ﺴ ﻪ‬
account], so it will be liable for the
owed price. If [the ‫ﻣﺎﻧﻊ ﻣﻦ اﻟﻨﱠﺺ ﻋﻠﻰ أن اﻟﻮﻛﻴﻞ إذا ﺑﺎع‬
certificateholders] did not [approve
the sale], so the sale of the excess ‫ وﻛﺎن‬,‫أﻛﺜﺮ ﻣﻦ اﻟﻜﻤﱠﻴﺔ اﻟﻤﺤﱠﺪد ﻟﻪ ﺑﻴﻌﻬﺎ‬
volume will be [considered as]
carried by [the agent] on its own ‫ﻟﺪﻳﻪ ﻛﻤﱠﻴﺔ ﻣﻦ اﻷﻋﻴﺎن أو اﻟﺨﺪﻣﺎت‬
behalf. There is no [Shari’ah]
objection to stipulate that if the ‫ﻣﻤﻠﻮﻛﺔ ﻟﻪ ﻓﻮق ﻣﺎ ﻳﻤﻠﻜﻪ ﺣَﻤﻠﺔ‬
agent sells more than the volume
specified for it to sell and holds a .‫ ﻋﻦ ﻧﻔِﺴﻪ‬-‫ ﻓﺈﻧﻪ ﻳﻜﻮن ﺑﺎﺋﻌ‬,‫اﻟﱡﺼﻜﻮك‬
quantity of assets or services that
exceeds what is held by the ‫( ﻣﻦ‬٤-٨) ‫( واﻟﺒﻨﺪ‬٢-٨) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
certificateholders, then [the agent]
has sold on its own behalf. See: s. ‫( ﺑﺸﺄن‬٢٣) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
(8-2) and s. (8-4) of Shari’ah
Standard No. (23): Agency and the
. ‫اﻟﻮ ﻛ ﺎﻟ ﺔ و ﺗ ﺼ ﺮ ف اﻟ ﻔ ﻀ ﻮ ﻟﻲ‬
Act of Uncommissioned Agent
(Fodooli).
8.1.1.3.d.2.3.6. If the agent, selling assets or ‫إن ﻛ ﺎن اﻟﻮ ﻛ ﻴﻞ ﺑﺒﻴﻊ اﻷ ﻋ ﻴﺎن أ و‬ .6-3-2-‫د‬-3-1-1-8
services, is a third party, then it is
permitted for it to undertake to ‫اﻟﺨﺪﻣﺎت ﻃﺮًﻓﺎ ﺛﺎﻟًﺜﺎ ﻓﻴﺠﻮز ﻟﻪ أن ﻳﺘﻌﻬﺪ‬
purchase from certificateholders
what it was unable to sell during ‫ﺑﺎﻟﺸ ﺮ اء ﻣﻦ ﺣ ﻤ ﻠﺔ اﻟﺼ ﻜ ﻮ ك ﻟﻤ ﺎ ﻟﻢ‬
any period of distribution of returns
at the price specified for selling the ‫ﻳﺘﻤﱠﻜﻦ ﻣﻦ ﺑﻴﻌﻪ ﰲ أﱢي ﻓﱰة ﺗﻮزﻳﻊ ﻋﻮاﺋﺪ‬
91
unsold quantity. Regarding the ‫ وﯾﺮاﻋﻰ ﰲ‬.‫ﺑﺎﻟﱠﺜﻤﻦ اﻟﻤﺤﱠﺪد ﻟﻠﺒﻴﻊ ﺑﻪ‬

purchase undertaking, with due
compliance with s. (6-3-2). See: s. -٣-٦) ‫اﻟﱠﺘﻌﻬﺪ ﺑﺎﻟﱢﺸﺮاء ﻣﺎ ﺗﻘﱠﺪم ﰲ اﻟﺒﻨﺪ‬
(4-3) of Sharia Standard (56):
Liability of Investment Manager. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٣-٤) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.(٢
. ‫اﻻ ﺳ ﺘﺜﻤ ﺎ ر‬
8.1.1.3.d.2.3.7. If the agent, being a third party, ‫إ ذ ا ﺗ ﻌ ﻬ ﺪ اﻟﻮ ﻛ ﻴ ﻞ ﺑ ﺒ ﻴ ﻊ ا ﻷ ﻋ ﻴ ﺎ ن أ و‬ .7-3-2-‫د‬-3-1-1-8
undertakes to sell the assets or
services by purchasing the ‫اﻟ ﺨ ﺪ ﻣ ﺎ ت ﺑ ﺸ ﺮ اء اﻟ ﻤ ﺘ ﺒ ﻘ ﻲ ﻣ ﻨﻬ ﺎ ﰲ ﳖ ﺎ ﻳ ﺔ‬
remainder thereof at the end of the
Sukuk [term], for the aggregate ‫ ﺑﻜﱢﻞ اﻟﻘﻴﻤﺔ اﻻﺳﻤﻴﺔ‬,‫اﻟﱡﺼﻜﻮك‬
face value of the Sukuk,
irrespective of the remaining ‫ ﻛﺎﻧﺖ اﻟﻜﻤﻴﺔ اﻟﻤﺘﺒﻘﻴﺔ ﻣﻦ‬-‫ أﻳ‬,‫ﻟﻠﱡﺼﻜﻮك‬
quantity of the assets or services,
and the agent is then extending ‫ وﻛﺎن اﻟﻮﻛﻴﻞ‬,‫اﻷﻋﻴﺎن أو اﻟﺨﺪﻣﺎت‬
such an undertaking is permitted.
See: s. (4-3-2) of Shari’ah Standard ‫ وُﻳﻨﻈﺮ‬.‫ ﻓﺈن ﻫﺬا اﻟﱠﺘﻌﻬﺪ ﻳﺠﻮز‬,‫ﻃﺮًﻓﺎ ﺛﺎﻟًﺜﺎ‬
No. (56): Liability of the Investment
Manager. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ‬٢-٣-٤) ‫اﻟﺒﻨﺪ‬
‫( ﺑﺸﺄن ﺿﻤﺎن ﻣﺪﻳﺮ‬٥٦) ‫رﻗﻢ‬
8-1-1-4. Agricultural Investment Sukuks: :‫ﺻﻜﻮك اﻻﺳﺘﺜﻤﺎر اﻟﺰراﻋﻲ‬ .4-1-1-8
8-1-1-4-a. In this Standard, Agricultural Investment ‫ﻳﻘﺼﺪ ﺑﺼﻜﻮك اﻻﺳﺘﺜﻤﺎر اﻟﺰراﻋﻲ ﰲ ﻫﺬا‬ .‫أ‬-4-1-1-8
Sukuks mean Sukuks where the
relationship between the ‫اﻟ ﻤ ﻌ ﻴ ﺎ ر اﻟ ﺼ ﻜ ﻮ ك اﻟ ﺘﻲ ﺗ ﻘ ﻮ م اﻟﻌ ﻼ ﻗ ﺔ ﻓ ﻴﻬ ﺎ ﺑ ﻴﻦ‬
certificateholders and the originator is
based on one of the contracts of ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻠ ﻰ ﻋ ﻘ ﺪ ﻣ ﻦ‬
agricultural investments, which are
Musāqa, MuzāraꜤa, or Mughārasa, and ‫ وﻫﻲ ﻋﻘﺪ اﻟﻤﺴﺎﻗﺎة‬,‫ﻋﻘﻮد اﻻﺳﺘﺜﻤﺎر اﻟﺰراﻋﻲ‬
its most important characteristics are
the following: ‫ و ﻣ ﻦ أ ﻫ ﻢ ﺧ ﺼ ﺎ ﺋ ﺼ ﻬ ﺎ‬, ‫أ و اﻟ ﻤ ﺰ ار ﻋ ﺔ أ و اﻟ ﻤ ﻐ ﺎ ر ﺳ ﺔ‬
: ‫ﻣﺎ ﻳﺄﰐ‬
8-1-1-4-a-1. Each certificate represents a common ‫أﱠن ﻛﻞ ﺻﻚ ﻣﻨﻬﺎ ﻳﻤﺜﻞ ﺣﺼﺔ ﺷﺎﺋﻌﺔ ﰲ‬ .1-‫أ‬-4-1-1-8
share in the underlying assets of Sukuk
or its activity according to the ‫ﻣ ﻮ ﺟ ﻮ د ا ت أ و ﻧ ﺸ ﺎ ط اﻟ ﺼ ﻜ ﻮ ك ﺑ ﺤ ﺴ ﺐ‬
agricultural contract used in structuring
92
the Sukuk. ‫اﻟﻌ ﻘ ﺪ اﻟ ﺰ ر اﻋ ﻲ اﻟ ﻤ ﺴ ﺘ ﺨ ﺪ م ﰲ ﻫ ﻴ ﻜ ﻠ ﺔ‬

8-1-1-4-a-2. Its capital or underlying assets, and its ,‫ وﻋﻮاﺋﺪﻫﺎ‬,‫أﱠن رأس ﻣﺎﻟﻬﺎ أو ﻣﻮﺟﻮداﲥﺎ‬ .2-‫أ‬-4-1-1-8
returns, are not guaranteed to [party
acting as] the worker, and the worker ‫ وﻫﻮ ﻻ‬,‫ﻏﻴﺮ ﻣﻀﻤﻮﻧٍﺔ ﻋﻠﻰ اﻟﻌﺎﻣﻞ ﻓﻴﻬﺎ‬
does not guarantee the capital or the
underlying assets to the extent that it is ‫ﻳ ﻀ ﻤ ﻦ ر أ س اﻟ ﻤ ﺎ ل أ و اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﺑ ﺤ ﻴ ﺚ‬
not recognized as a debt owed by it
except in the event of misconduct, ‫ﺗﺜﺒﺖ دﻳﻨًﺎ ﰲ ذﻣﺘﻪ إﻻ ﰲ ﺣﺎل اﻟﺘﻌﺪي أو‬
negligence, or breach of conditions.
. ‫اﻟ ﺘ ﻘ ﺼ ﻴ ﺮ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺔ اﻟ ﺸ ﺮ و ط‬
8-1-1-4-a-3. It is exposed to investment risks arising ‫أﳖ ﺎ ﻣ ﻌ ﺮ ﺿ ﺔ ﻟﻤ ﺨ ﺎﻃ ﺮ اﻻ ﺳ ﺘ ﺜﻤ ﺎر اﻟ ﻨﺎﺷ ﺌﺔ ﻋ ﻦ‬ .3-‫أ‬-4-1-1-8
from the feasibility of the agricultural
activity and its ability or the ability of the ‫ﺟ ﺪ و ى اﻟ ﻨ ﺸ ﺎط اﻟ ﺰ ر اﻋ ﻲ و ﻗ ﺪ ر ﺗﻪ أ و ﻗ ﺪ ر ة‬
assets of the activity to achieve
expected returns. ‫ﻣﻮﺟﻮدات اﻟﻨﺸﺎط ﻋﻠﻰ ﺗﺤﻘﻴﻖ اﻟﻌﻮاﺋﺪ‬
. ‫اﻟ ﻤ ﺘﻮ ﻗ ﻌ ﺔ‬
8-1-1-4-a-4. Its profits and returns are only expected. .‫أﱠن أرﺑﺎﺣﻬﺎ وﻋﻮاﺋﺪﻫﺎ ﻻ ﺗﻜﻮن إﻻ ﻣﺘﻮﻗﻌﺔ‬ .4-‫أ‬-4-1-1-8
8-1-1-4-b. Types of Agricultural Investment :‫أﻧﻮاع ﺻﻜﻮك اﻻﺳﺘﺜﻤﺎر اﻟﺰراﻋﻲ‬ .‫ب‬-4-1-1-8

Sukuk:
There are many types of agricultural investment :‫ أﻫﻤﻬﺎ‬,‫ﺻﻜﻮك اﻻﺳﺘﺜﻤﺎر اﻟﺰراﻋﻲ أﻧﻮاٌع ﻣﺘﻌﺪدة‬
Sukuk, the most important of which are:
8-1-1-4-b-1. Musaqah (Plant Servicing) Sukuk: :‫ﺻﻜﻮك اﻟﻤﺴﺎﻗﺎة‬ .1-‫ب‬-4-1-1-8
It is a Sukuk that is issued to finance tree care, with ‫ ﻣ ﻊ‬, ‫ﻫ ﻲ اﻟ ﺼ ﻜ ﻮ ك اﻟﺘﻲ ﻳﺘﻢ إﺻ ﺪ ار ﻫ ﺎ ﻟﺘﻤ ﻮ ﻳﻞ ر ﻋ ﺎ ﻳﺔ ﺷ ﺠ ﺮ‬
participation in the output of the tree. The
certificateholders are the owners of the trees and , ‫ و ﻳ ﻜ ﻮ ن ﺣ ﻤ ﻠ ﺔ ا ﻟ ﺼ ﻜ ﻮ ك ﻣ ﺎ ﻟ ﻜ ﻴ ﻦ ﻟ ﻠ ﺸ ﺠ ﺮ‬.‫ا ﻻ ﺷ ﱰ ا ك ﰲ ﻧ ﺎ ﺗ ﺠ ﻬ ﺎ‬
the originator is the worker (musāqī). The
certificateholders own the underlying assets, which ‫ وﻳﻤﻠﻚ ﺣﻤﻠﺔ اﻟﺼﻜﻮك‬.‫واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﺴﺎﻗًﻴﺎ‬
are the plants, with a common share in the output
with the originator, as agreed upon. ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت و ﻫ ﻲ اﻟ ﺸ ﺠ ﺮ ﻣ ﻊ ﺣ ﺼ ﺔ ﺷ ﺎ ﺋﻌ ﺔ ﰲ اﻟ ﻨ ﺎﺗ ﺞ ﻣ ﻊ‬
. ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺣ ﺴ ﺐ ﻣ ﺎ اﺗ ﻔ ﻘ ﺎ ﻋ ﻠ ﻴﻪ‬
8-1-1-4-b-2. Muzara’a (Sharecropping) Sukuk: :‫ﺻﻜﻮك اﻟﻤﺰارﻋﺔ‬ .2-‫ب‬-4-1-1-8
It is a Sukuk that are issued to finance the cultivation ‫ ﻣ ﻊ‬, ‫ﻫ ﻲ اﻟ ﺼ ﻜ ﻮ ك اﻟﺘﻲ ﻳﺘﻢ إﺻ ﺪ ار ﻫ ﺎ ﻟﺘﻤ ﻮ ﻳﻞ ز ر اﻋ ﺔ أر ض‬
of land, with participation in its output. The
certificateholders are the owners of the land or its
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usufruct, and the originator is a farmer (muzāriꜤ). ‫ وﻳﻜﻮن ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻣﺎﻟﻜﻴﻦ ﻟﻸرض‬.‫اﻻﺷﱰاك ﰲ ﻧﺎﺗﺠﻬﺎ‬
The certificateholders own the underlying assets,
which are the land or the usufruct, with a common ‫ وﻳﻤﻠﻚ ﺣﻤﻠﺔ‬.‫ واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﺰارًﻋﺎ‬,‫أو ﻟﻤﻨﻔﻌﺘﻬﺎ‬
share in the output with the originator, as agreed
upon. ‫اﻟ ﺼ ﻜ ﻮ ك اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت و ﻫ ﻲ ا ﻷ ر ض أ و اﻟ ﻤ ﻨ ﻔ ﻌ ﺔ ﻣ ﻊ ﺣ ﺼ ﺔ‬
. ‫ﺷ ﺎ ﺋﻌ ﺔ ﰲ اﻟ ﻨﺎﺗ ﺞ ﻣ ﻊ اﻟ ﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌ ﺔ ﺣ ﺴ ﺐ ﻣ ﺎ اﺗ ﻔ ﻘ ﺎ ﻋ ﻠ ﻴﻪ‬
8-1-1-4-b-3. Mughrasa Sukuk: :‫ﺻﻜﻮك اﻟﻤﻐﺎرﺳﺔ‬ .3-‫ب‬-4-1-1-8
It is a Sukuk that is issued to finance the planting of ‫ و ﻳﻜ ﻮ ن‬. ‫ﻫ ﻲ اﻟ ﺼ ﻜ ﻮ ك اﻟﺘﻲ ﻳﺘﻢ إﺻ ﺪ ار ﻫ ﺎ ﻟﺘﻤ ﻮ ﻳﻞ ﻏ ﺮ س ﺷ ﺠ ﺮ‬
trees. The certificateholders are the owners of the
land and the originator is the planter. The .‫ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻣﺎﻟﻜﻴﻦ ﻟﻸرض واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﻐﺎرًﺳﺎ‬
certificateholders share in common, with the
originator, the plants or the land and the plant, ‫و ﻳ ﺸ ﱰ ك ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻊ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﰲ اﻟ ﻐ ﺮ ا س أ و ﰲ‬
according to what they agreed upon.
.‫اﻷرض واﻟﻐﺮاس ﻋﻠﻰ اﻟﺸﻴﻮع ﺣﺴﺐ ﻣﺎ اﺗﻔﻘﺎ ﻋﻠﻴﻪ‬
8-1-2. Composite Sukuks :‫ اﻟﺼﻜﻮك اﻟﻤﺮﻛﺒﺔ‬.2-1-8

8-1-2-1. These are the Sukuks in which the ‫وﻫﻲ اﻟﱡﺼﻜﻮك اﻟﺘﻲ ﺗﻘﻮم اﻟﻌﻼﻗﺔ ﻓﻴﻬﺎ ﺑﻴﻦ ﺣَﻤﻠﺔ‬ .1-2-1-8
relationship is established between the
certificateholders and the originator on ‫اﻟﱡﺼﻜﻮك واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻋﻠﻰ أﻛﺜﺮ ﻣﻦ ﻋﻘٍﺪ‬
more than one contract (financing mode),
in which the subject of each contract ,‫ َﻳﺨﺘﻠﻒ ﻓﻴﻬﺎ ﻣﺤﱡﻞ ﻛﱢﻞ ﻋﻘٍﺪ ﻋﻦ اﻵﺧﺮ‬,(‫)ﺻﻴﻐٍﺔ‬
differs from the other, it is issued through
one base prospectus, and periodic ‫ وﺗﺪﻓﻊ اﻟﺘﻮزﻳﻌﺎت‬,‫وَﺗﺼﺪر ﺑﻨﺸﺮة إﺻﺪار واﺣﺪة‬
distributions are paid on the basis of
those contracts. Examples are: : ‫ و ﻣ ﻦ أ ﻣ ﺜ ﻠ ﺘ ﻬ ﺎ‬. ‫اﻟ ﺪ و ر ﻳ ﺔ ﻋ ﻠ ﻰ أ ﺳ ﺎ س ﺗ ﻠ ﻚ ا ﻟ ﻌ ﻘ ﻮ د‬
8-1-2-1-a. Composite Sukuk of Murabaha and ‫ أ و‬, ‫ا ﻟ ﺼ ﻜ ﻮ ك ا ﻟ ﻤ ﺮ ﻛ ﺒ ﺔ ﻣ ﻦ ا ﻟ ﻤ ﺮ ا ﺑ ﺤ ﺔ و اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ‬ .‫أ‬-1-2-1-8
Mudaraba, Investment Agency, Ijarah,
or Service Agency, where the originator ‫ أ و ا ﻹ ﺟ ﺎ ر ة أ و اﻟﻮ ﻛ ﺎﻟ ﺔ‬, ‫اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
is a Murabaha buyer, a Mudarib, an
investment agent, a lessee, or a service -‫ ﺣ ﻴﺚ ﺗﻜ ﻮ ن اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ ﻣ ﺸ ﱰ ﻳ‬, ‫ﺑﺎﻟﺨ ﺪ ﻣ ﺎ ت‬
agent.
‫ أ و و ﻛ ﻴ ﻼ ً ﺑ ﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر أ و‬- ‫ﺑ ﺎﻟ ﻤ ﺮ ا ﺑ ﺤ ﺔ و ﻣ ﻀ ﺎ ر ﺑ‬
.‫ﻣﺴﺘﺄﺟﺮًا أو وﻛﻴﻼً ﺑﺎﻟﺨﺪﻣﺎت‬
8-1-2-1-b. Composite Sukuk of Service Agency and ‫اﻟ ﺼ ﻜ ﻮ ك اﻟ ﻤ ﺮ ﻛ ﺒ ﺔ ﻣ ﻦ اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت‬ .‫ب‬-1-2-1-8
Mudaraba, or Investment Agency or
Ijarah, where the originator is a service , ‫و اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑ ﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر أ و ا ﻹ ﺟ ﺎ ر ة‬
agent, Mudarib, investment agent or a
lessee.
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‫ﺣ ﻴ ﺚ ﺗ ﻜ ﻮ ن اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ و ﻛ ﻴ ﻼ ً ﺑ ﺎ ﻟ ﺨ ﺪ ﻣ ﺎ ت‬
.‫ أو وﻛﻴﻼً ﺑﺎﻻﺳﺘﺜﻤﺎر أو ﻣﺴﺘﺄﺟﺮًا‬-‫وﻣﻀﺎرﺑ‬
8-1-2-1-c. Sukuk of Ijarah, Investment Agency and ‫ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت‬ ‫و اﻟﻮ ﻛ ﺎﻟ ﺔ‬ ‫اﻹ ﺟ ﺎر ة‬ ‫ﺻ ﻜﻮ ك‬ .‫ج‬-1-2-1-8
Murabaha, where the originator is a
lessee and a service agent and a ‫ ﺣ ﻴ ﺚ ﺗ ﻜ ﻮ ن اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬, ‫و اﻟ ﻤ ﺮ ا ﺑ ﺤ ﺔ‬
Murabaha purchaser.
-‫و ﻣ ﺸ ﱰ ﻳ‬ ‫ﺑ ﺎﻟ ﺨ ﺪ ﻣ ﺎ ت‬ ً ‫و و ﻛ ﻴﻼ‬ ‫ﻣﺴﺘﺄﺟﺮًا‬
.‫ﺑﺎﻟﻤ ﺮ اﺑﺤ ﺔ‬
8-1-2-2. Characteristics of Composite Sukuk: :‫ﺧﺼﺎﺋﺺ اﻟﱡﺼﻜﻮك اﻟﻤﺮﱠﻛﺒﺔ‬ .2-2-1-8
Composite Sukuk, according to their nature, have :‫ أﻫﻤﻬﺎ‬,‫ﻟﻠﱡﺼﻜﻮك اﻟﻤﺮﱠﻛﺒﺔ ﺑﺤﺴﺐ ﻃﺒﻴﻌﺘﻬﺎ ﺧﺼﺎﺋﺺ‬
characteristics, the most important of which are:
8-1-2-2-a. The multiplicity of contracts is in the ‫أن اﻟﺘﻌﺪد ﰲ اﻟﻌﻘﻮد ﻳﻜﻮن ﰲ اﻟﻌﻼﻗﺔ ﺑﻴﻦ ﺣَﻤﻠﺔ‬ .‫أ‬-2-2-1-8
relationship between the
certificateholders and the originator. If ‫ ﻓﺈن اﻗﺘﺼﺮت ﻫﺬه‬,‫اﻟﱡﺼﻜﻮك واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
this relationship is limited to one
contract, then the originator invests the ‫ ﺛﻢ اﺳﺘﺜَﻤﺮت اﻟﺠﻬﺔ‬,‫اﻟﻌﻼﻗﺔ ﻋﻠﻰ ﻋﻘٍﺪ واﺣٍﺪ‬
proceeds of the Sukuk in more than one
contract or financing mode with another ‫اﻟﻤﻨﺸﺌﺔ ﺣﺼﻴﻠﺔ اﻟﱡﺼﻜﻮك ﺑﺄﻛﺜﺮ ﻣﻦ ﻋﻘٍﺪ أو‬
party, then [such] Sukuk is not a
composite Sukuk. See: s. (4-2-7) of ‫ ﻓﺈن اﻟﱡﺼﻜﻮك ﻻ ﺗﻜﻮن‬,‫ﺻﻴﻐٍﺔ ﻣﻊ ﺟﻬﺔ أﺧﺮى‬
Shari’ah Standard No. (45): Protection of
Capital and Investments. (٧-٢-٤) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻣﻦ اﻟﱡﺼﻜﻮك اﻟﻤﺮﱠﻛﺒﺔ‬
‫( ﺑﺸﺄن ﺣﻤﺎﻳﺔ‬٤٥) ‫ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
. ‫ر أ س اﻟﻤ ﺎ ل و اﻻ ﺳ ﺘ ﺜﻤ ﺎر‬
8-1-2-2-b. That the multiple contracts are joined by ‫أن اﻟﻌ ﻘﻮ د اﻟﻤ ﺘﻌ ﺪ د ة ﺗﺠ ﻤ ﻌ ﻬ ﺎ ﻧ ﺸ ﺮ ة إﺻ ﺪ ار‬ .‫ب‬-2-2-1-8
a base prospectus for Sukuk issuance,
and entering into all of them is a ‫ ﺷﺮٌط‬-‫ واﻟﱡﺪﺧﻮل ﻓﻴﻬﺎ ﺟﻤﻴﻌ‬,‫اﻟﱡﺼﻜﻮك‬
condition for the issuance, which cannot
be fully without it, and after offering the ‫ وﻟﻴﺲ ﻟﺤَﻤﻠﺔ‬,‫ ﻻ ﻳﺘﻢ إﻻ ﲠﺎ‬,‫ﻟﻺﺻﺪار‬
Sukuk for subscription, neither the
certificateholders nor the originator, or -‫اﻟﱡﺼﻜﻮك أو اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أو ﻟﻬﻤﺎ ﻣﻌ‬
both of them together, can limit
themselves to one or more contract by ‫اﻻﻗﺘﺼﺎر ﺑﻌﺪ َﻃﺮح اﻟﱡﺼﻜﻮك ﻟﻼﻛﺘﺘﺎب ﻋﻠﻰ‬
excluding the rest of the contracts.
.‫واﺣٍﺪ أو أﻛﺜﺮ ﻣﻨﻬﺎ دون ﺑﻘﱠﻴﺔ اﻟﻌﻘﻮد‬
95
8-1-2-2-c. Breach in one of the multiple contracts ‫أن اﺧﺘﻼل أﺣﺪ اﻟﻌﻘﻮد اﻟﻤﺘﻌﱢﺪدة ﻳﺆﱢﺛﺮ ﰲ‬ .‫ج‬-2-2-1-8
(ikhtilāl al-Ꜥaqd) affects the issuance as a
whole, and its effect is not limited to the ‫ وﻻ َﻳﻘﺘﺼﺮ أﺛﺮه ﻋﻠﻰ اﻟﻌﻘﺪ‬,‫اﻹﺻﺪار ﻛﻜﻞ‬
contract in which the breach happened,
as the Sukuk cannot continue with one ‫ إذ ﻻ ﻳﻤﻜﻦ أن ﺗﺴﺘﻤﱠﺮ‬,‫اﻟﺬي وَﻗﻊ ﻓﻴﻪ اﻻﺧﺘﻼل‬
or some of those contracts that are
required for the issuance. ‫اﻟﱡﺼﻜﻮك ﺑﺄﺣﺪ أو ﺑﻌﺾ ﺗﻠﻚ اﻟﻌﻘﻮد اﻟﻤﺸﱰَﻃﺔ‬
.‫ﻟﻺ ﺻ ﺪ ار‬
8-1-2-2-d. That the returns of the issuance, or the ‫ أ و ﺣ ﻮ اﻓ ﺰ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬, ‫أن ﻋ ﻮ ا ﺋ ﺪ اﻹ ﺻ ﺪ ار‬ .‫د‬-2-2-1-8
incentives of the originator, if any, are
calculated on the basis of the aggregate ‫ ُﺗﺤَﺴﺐ ﻋﻠﻰ أﺳﺎس إﺟﻤﺎﻟﻲ اﻟﻨﱠﺎﺗﺞ‬,‫إن وﺟﺪت‬
output of multiple contracts together,
without differentiation, as if the ‫ ﻛﻤﺎ‬,‫ دون ﺗﻤﻴﻴﺰ‬,‫ﻣﻦ اﻟﻌﻘﻮد اﻟﻤﺘﻌﱢﺪدة ﻣﺠﺘﻤﻌًﺔ‬
issuance is based on a single contract,
and the return or incentive from a ‫ وﻻ‬,‫ﻟﻮ أن اﻹﺻﺪار ﻗﺎﺋﻢ ﻋﻠﻰ ﻋﻘٍﺪ واﺣٍﺪ‬
contract is not independent of the
return or incentive from the other ‫ﻳﺴﺘﻘﱡﻞ اﻟﻌﺎﺋﺪ أو اﻟﺤﺎﻓﺰ ﻣﻦ ﻋﻘٍﺪ ﻋﻦ اﻟﻌﺎﺋﺪ أو‬
contract or contracts. In addition, the
list of final conditions in the base ‫ ﻛ ﻤ ﺎ أن‬. ‫ا ﻟ ﺤ ﺎ ﻓ ﺰ ﻣ ﻦ ا ﻟ ﻌ ﻘ ﺪ أ و ا ﻟ ﻌ ﻘ ﻮ د ا ﻷ ﺧ ﺮ ى‬
prospectus, on the basis of which the
Sukuks are listed in the financial ‫ اﻟ ﺘ ﻲ‬, ‫ﻗ ﺎ ﺋ ﻤ ﺔ اﻟ ﺸ ﺮ و ط اﻟ ﻨ ﻬ ﺎ ﺋ ﻴ ﺔ ﰲ ﻧ ﺸ ﺮ ة ا ﻹ ﺻ ﺪ ا ر‬
markets, shows the return as a return to
[the Sukuk] as a whole, without ‫ﻳﺘﻢ إدراج اﻟﱡﺼﻜﻮك ﰲ اﻷﺳﻮاق اﻟﻤﺎﻟﻴﺔ ﻋﻠﻰ‬
distinction or [giving] detail as to what is
[realized] or is expected from each
‫ َﻳﻈﻬﺮ ﻓﻴﻬﺎ اﻟﻌﺎﺋﺪ ﻋﻠﻰ أﻧﻪ ﻋﺎﺋٌﺪ ﻟﻬﺎ‬,‫أﺳﺎﺳﻬﺎ‬
contract [separately].
‫ دون ﺗﻤﻴﻴٍﺰ أو ﺗﻔﺼﻴٍﻞ ﻟﻤﺎ ﻳﻜﻮن أو ﻳﺘﻮﱠﻗﻊ‬,‫ﻛﻜﻞ‬
.‫ﻣﻦ ﻛﱢﻞ ﻋﻘﺪ‬
8-1-2-3. The purpose of using Composite Sukuk: :‫اﻟﻐﺮض ﻣﻦ اﺳﺘﺨﺪام اﻟﱡﺼﻜﻮك اﻟﻤﺮﱠﻛﺒﺔ‬ .3-2-1-8
More than one contract is used in a single issuance ‫ ﺑﺠﻌﻠﻬﺎ‬,‫ُﻳﺴﺘﺨَﺪم أﻛﺜﺮ ﻣﻦ ﻋﻘٍﺪ ﰲ اﻹﺻﺪار اﻟﻮاﺣﺪ ﻟﻠﱡﺼﻜﻮك‬
of Sukuk, by making it a composite Sukuk, to achieve
one or more of the following purposes: :‫ ﻟﺘﺤﻘﻴﻖ واﺣٍﺪ أو أﻛﺜﺮ ﻣﻦ اﻷﻏﺮاض اﻵﺗﻴﺔ‬,‫ ﻣﺮﱠﻛﺒًﺔ‬-‫ﺻﻜﻮﻛ‬
8-1-2-3-a. Covering the entire value of the issue by ‫ ﺑﺈﺻﺪار اﻟﱡﺼﻜﻮك‬,‫ﺗﻐﻄﻴﺔ ﻛﻞ ﻗﻴﻤﺔ اﻹﺻﺪار‬ .‫أ‬-3-2-1-8
the issuance of Sukuk. If the originator
does not have tangible assets or other ‫وإن ﻟﻢ ﻳﻜﻦ ﻟﺪى اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أﺻﻮٌل ﻋﻴﻨﱠﻴﺔ أو‬
assets equal to the value of the issue,
then such assets are used exclusively to ‫ ﻓُﻴﻘﺘَﺼﺮ ﰲ ﻫﺬه‬,‫ﻏﻴﺮﻫﺎ ﻣﺴﺎوﻳﺔ ﻟﻘﻴﻤﺔ اﻹﺻﺪار‬
the contract that suits them, and
another contract is used to cover the ‫ وُﻳﺴﺘﺨﺪم‬,‫اﻷﺻﻮل ﻋﻠﻰ اﻟﻌﻘﺪ اﻟﺬي ﻳﻨﺎﺳﺒﻬﺎ‬
remainder of the value of the issue.
96
Examples of this are: Ijarah-cum- .‫ﻋﻘﺪ آﺧﺮ ﻟﺘﻐﻄﻴﺔ اﻟﻤﺘﺒﻘﻲ ﻣﻦ ﻗﻴﻤﺔ اﻹﺻﺪار‬
Murabaha Sukuk, Service Agency-cum-
Murabaha Sukuk. ,‫ ﺻﻜﻮك اﻹﺟﺎرة واﻟﻤﺮاﺑﺤﺔ‬:‫وﻣﻦ أﻣﺜﻠﺔ ذﻟﻚ‬
. ‫و ﺻ ﻜ ﻮ ك اﻟﻮ ﻛ ﺎ ﻟ ﺔ ﺑ ﺎ ﻟ ﺨ ﺪ ﻣ ﺎ ت و اﻟ ﻤ ﺮ ا ﺑ ﺤ ﺔ‬
8-1-2-3-b. Complying with the condition of ‫ﺗﺤﻘﻴﻖ ﺷﺮط ﺗﺪاول اﻟﱡﺼﻜﻮك دون اﻟﺤﺎﺟﺔ إﻟﻰ‬ .‫ب‬-3-2-1-8
negotiability of Sukuk without the need
to comply with the provisions of trading ‫ وﻣﻦ‬.‫اﻟﺘﻘﱡﻴﺪ ﺑﺄﺣﻜﺎم ﺗﺪاول اﻟﺪﻳﻮن اﻟﻨﻘﺪﻳﺔ ﺑﻨﻘﺪ‬
cash debts for cash. Examples of this:
Mudaraba or Investment Agency Sukuks ‫ ﺻ ﻜ ﻮ ك اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ‬: ‫أ ﻣ ﺜ ﻠ ﺔ ذ ﻟ ﻚ‬
with Murabaha, with the prerequisite
that the tangibility ratio being fulfilled ‫ ﻣ ﻊ اﺷ ﱰ اط ﺗﻮ اﻓﺮ‬, ‫ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر ﻣ ﻊ اﻟﻤ ﺮ اﺑﺤ ﺔ‬
for permitting the aforementioned
trading in the assets of Mudaraba or ‫اﻟﻨﱢﺴﺒﺔ اﻟﻤﻄﻠﻮﺑﺔ ﻣﻦ اﻟﻤﻮﺟﻮدات اﻟﻌﻴﻨﱠﻴﺔ ﻟﺠﻮاز‬
Investment Agency.
‫اﻟﱠﺘﺪاول اﻟﻤﺬﻛﻮر ﰲ ﻣﻮﺟﻮدات اﻟﻤﻀﺎرﺑﺔ أو‬
. ‫اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
8-1-2-3-c. Imposition of liability (taḍmīn) of ‫ﺗﻀﻤﻴﻦ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ رأَس ﻣﺎل اﻟﻤﻀﺎرﺑﺔ أو‬ .‫ج‬-3-2-1-8
Mudaraba or Investment Agency capital
upon the originator, or imposition of ‫ أ و ﺗ ﻀ ﻤ ﻴ ﻨﻬ ﺎ ر أ س اﻟ ﻤ ﺎ ل ﻣ ﻊ‬, ‫اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
liability of the capital, along with the
profit, upon the originator. Examples of ‫ ﺻ ﻜ ﻮ ك اﻟ ﻤ ﺮ ا ﺑ ﺤ ﺔ‬: ‫ و ﻣ ﻦ أ ﻣ ﺜ ﻠ ﺔ ذ ﻟ ﻚ‬. ‫ا ﻟ ﺮ ﺑ ﺢ‬
this are: Murabaha and Mudaraba
Sukuk or Investment Agency, with ‫ ﻣ ﻊ ﺟ ﻌ ﻞ‬, ‫و اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑ ﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
Murabaha profit being equal to the
capital of Mudaraba or Investment ‫ رأَس ﻣﺎل اﻟﻤﻀﺎرﺑﺔ أو‬-‫رﺑﺢ اﻟﻤﺮاﺑﺤﺔ ﻣﺴﺎوﻳ‬
Agency and the whole profit of the
issuance. .‫اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر وﺟﻤﻴَﻊ رﺑﺢ اﻹﺻﺪار‬
8-1-2-3-d. Combining more than one type of the ‫اﻟ ﺠ ﻤ ﻊ ﺑ ﻴﻦ أﻛ ﺜ ﺮ ﻣ ﻦ ﻧﻮ ع ﻣ ﻦ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﰲ‬ .‫د‬-3-2-1-8
underlying assets in the case that the
assets available with the originator are ‫اﻟ ﺤ ﺎ ل اﻟ ﺘﻲ ﻻ ﺗ ﻜ ﻮ ن ﻓ ﻴﻬ ﺎ ا ﻷ ﺻ ﻮ ل اﻟ ﻤ ﺘﻮ ا ﻓ ﺮ ة‬
not suitable in nature to be restricted to
one contract. Examples of this: Ijarah ‫ﻟ ﺪ ى اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﻨ ﺎﺳ ﺒ ﺔ ﺑ ﻄ ﺒ ﻴﻌ ﺘﻬ ﺎ ﻟ ﻼ ﻗ ﺘ ﺼ ﺎ ر‬
and Service Agency Sukuk, when some
of the assets are leased to the originator ‫ ﺻﻜﻮك‬:‫ وﻣﻦ أﻣﺜﻠﺔ ذﻟﻚ‬.‫ﻋﻠﻰ ﻋﻘٍﺪ واﺣٍﺪ‬
and are not leased to others.
‫ ﺣﻴﻦ ﺗﺆَﺟﺮ ﺑﻌﺾ‬,‫اﻹﺟﺎرة واﻟﻮﻛﺎﻟﺔ ﺑﺎﻟﺨﺪﻣﺎت‬
‫اﻷﻋﻴﺎن ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ وﻻ ﺗﻜﻮن ﻣﺆﺟﺮة‬
.‫ﻟﻐ ﻴﺮ ﻫ ﺎ‬
97
8-1-2-4. Provisions of Composite Sukuks: :‫أﺣﻜﺎم اﻟﱡﺼﻜﻮك اﻟﻤﺮﱠﻛﺒﺔ‬ .4-2-1-8
8-1-2-4-a. It is required that the combination of ‫ﻳﺠﺐ اﻟﺘﻘﱡﻴﺪ ﰲ اﻟﺠﻤﻊ ﺑﻴﻦ اﻟﻌﻘﻮد اﻟﻤﺘﻌﱢﺪدة ﰲ‬ .‫أ‬-4-2-1-8
multiple contracts in composite Sukuk
adhere to the Shari’ah rules mentioned ‫اﻟﱡﺼﻜﻮك اﻟﻤﺮﱠﻛﺒﺔ ﺑﺎﻟﱠﻀﻮاﺑﻂ اﻟﱠﺸﺮﻋﻴﺔ اﻟﻮاردة ﰲ‬
in Shari’ah Standard No. (25):
Combination of Contracts. ‫( ﺑﺸﺄن اﻟﺠﻤﻊ ﺑﻴﻦ‬٢٥) ‫اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
. ‫اﻟﻌ ﻘ ﻮ د‬
8-1-2-4-b. It is required that each of the multiple ‫ﻳﺠﺐ اﻟﺘﻘﱡﻴﺪ ﰲ ﻛﱢﻞ ﻋﻘٍﺪ ﻣﻦ اﻟﻌﻘﻮد اﻟﻤﺘﻌﱢﺪدة‬ .‫ب‬-4-2-1-8
contracts adhere to the provisions of the
Sukuk on the basis of which it is issued, ‫ﺑﺄﺣﻜﺎم اﻟﱡﺼﻜﻮك اﻟﺘﻲ ﻳﺘﱡﻢ إﺻﺪارﻫﺎ ﻋﻠﻰ‬
as if it was used alone in the issuance.
‫ و ﺣ ﺪ ه ﰲ‬- ‫ ﻛ ﻤ ﺎ ﻟﻮ ﻛ ﺎن ﻣ ﺴ ﺘﺨ ﺪ ﻣ‬, ‫أﺳ ﺎﺳ ﻪ‬
.‫اﻹ ﺻ ﺪ ار‬
8-1-2-4-c. It is required that the document of each ‫ﻳﺠﺐ أن ﺗﻜﻮن وﺛﻴﻘﺔ ﻛﻞ ﻋﻘﺪ ﻣﻦ اﻟﻌﻘﻮد‬ .‫ج‬-4-2-1-8
of the multiple contracts to be
completely independent from the other ً ‫اﻟﻤﺘﻌﱢﺪدة ﻣﺴﺘﻘﱠﻠﺔ اﺳﺘﻘﻼ‬
‫ ﻋ ﻦ اﻟ ﻌ ﻘ ﺪ أ و‬- ‫ﻻ ﺗ ﺎ ﻣ‬
contract or contracts, as if it were a
single contract alone. .‫ ﻛﻤﺎ ﻟﻮ ﻛﺎن ﻋﻘﺪًا ﻣﻔﺮَدًا وﺣﺪه‬,‫اﻟﻌﻘﻮد اﻷﺧﺮى‬
8-1-2-4-d. It is required that the breach in one of ‫ﻳ ﺠ ﺐ أ ن ﻻ ﻳ ﱰ ﺗ ﺐ ﻋ ﻠ ﻰ ا ﺧ ﺘ ﻼ ل أ ﺣ ﺪ اﻟ ﻌ ﻘ ﻮ د‬ .‫د‬-4-2-1-8
the multiple contracts should not result
in breach of the issuance as a whole. ‫ وﻻ ﻳﺠﻮز‬.‫اﻟﻤﺘﻌﱢﺪدة اﺧﺘﻼل اﻹﺻﺪار ﻛﻜﻞ‬
When the originator breaches its
obligations in any of these contracts, it is ‫ﻋﻨﺪ إﺧﻼل اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺎﻟﺘﺰاﻣﺎﲥﺎ ﰲ أﱟي ﻣﻦ‬
not permitted to entitle the
certificateholders to rescind the ‫ﺗﻠﻚ اﻟﻌﻘﻮد أن ﻳﺨﱢﻮل ذﻟﻚ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
contract or other contracts. The
certificateholders and the originator ‫ و ﻟ ﺤ ﻤ ﻠ ﺔ‬, ‫ﻓ ﺴ ﺦ اﻟﻌ ﻘ ﺪ أ و اﻟﻌ ﻘﻮ د اﻷ ﺧ ﺮ ى‬
may enter into an agreement that they
consider the deferred debts arising from ‫اﻟ ﺼ ﻜ ﻮ ك و اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ا ﻻ ﺗ ﻔ ﺎ ق ﻋ ﻠ ﻰ أ ن‬
the contract or other contracts as
payable immediately on spot. ‫ﻳﻌﺪوا اﻟﺪﻳﻮن اﻟﻤﺆﱠﺟﻠﺔ اﻟﻨﺎﺷﺌﺔ ﻋﻦ اﻟﻌﻘﺪ أو‬
.‫اﻟﻌﻘﻮد اﻷﺧﺮى ﺣﺎﻟًﺔ واﺟﺒﺔ اﻟﱠﺴﺪاد ﻓﻮرًا‬
8-1-2-4-e. It is not permitted that the combination ‫ﻻ ﻳﺠﻮز أن ُﻳﺨﱠﻞ اﻟﺠﻤﻊ ﺑﻴﻦ اﻟﻌﻘﻮد اﻟﻤﺘﻌﱢﺪدة‬ .‫ه‬-4-2-1-8
of multiple contracts will prejudice the
provisions and effects of any of them. It ‫ ﻓﺎﻟﻮاﺟﺐ أن ﺗﺒﻘﻰ‬,‫ﺑﺄﺣﻜﺎم وآﺛﺎر أﱢي ﻋﻘٍﺪ ﻣﻨﻬﺎ‬
is required that the provisions of each
contract remain, and its effects follow as ‫أ ﺣ ﻜ ﺎم ﻛ ﻞ ﻋ ﻘ ﺪ و ﺗ ﱰ ﺗ ﺐ آ ﺛ ﺎ ر ه ﻛ ﻤ ﺎ ﻟﻮ ﻟﻢ ﻳ ﻜ ﻦ‬
if it did not have another contract. See:
s. (7-2-7). Accordingly, it is not ‫ وﻋﻠﻴﻪ‬.(٧-٢-٧) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻣﻌﻪ ﻋﻘٌﺪ آﺧﺮ‬
98
permitted that the combination of ‫ﻻ ﻳﺠ ﻮ ز أن ﻳﺆ د ي اﻟﺠ ﻤ ﻊ ﺑﻴﻦ اﻟﻌ ﻘﻮ د اﻟﻤ ﺘﻌ ﺪ د ة‬

multiple contracts shall lead to the
imposition of liability on the originator ‫إ ﻟ ﻰ ﺗ ﻀ ﻤ ﻴﻦ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﺎ ﻻ ﻳ ﺠ ﻮ ز أن‬
of what it is not permitted to be held
liable by virtue of Shari’ah, such as: : ‫ و ذ ﻟ ﻚ ﻣ ﺜﻞ‬, - ‫ﺗ ﻀ ﻤ ﻨﻪ ﺷ ﺮ ﻋ‬
8-1-2-4-e-1. That the originator, being a Mudarib, ‫ وُﻳﺠَﻤﻊ‬-‫أن ﺗﻜﻮن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﻀﺎرﺑ‬ .1-‫ه‬-4-2-1-8
combines with the Mudaraba another
contract that leads to imposition of ‫ﻣ ﻊ ا ﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ ﻋ ﻘ ﺪ آ ﺧ ﺮ ﻳ ﺆ د ي إ ﻟ ﻰ ﺗ ﻀ ﻤ ﻴ ﻨﻬ ﺎ‬
liability of the Mudaraba capital, in
whole or in part, or leads to imposition ‫ أو‬,‫ ﻛﱠﻠﻪ أو ﺑﻌَﻀﻪ‬,‫رأس ﻣﺎل اﻟﻤﻀﺎرﺑﺔ‬
of liability of the capital and the profit,
as is the case in the Murabaha-cum- ,‫ﻳﺆدي إﻟﻰ ﺗﻀﻤﻴﻨﻬﺎ رأس اﻟﻤﺎل واﻟﱢﺮﺑﺢ‬
Mudaraba Sukuk by making the
Murabaha profit rate above the ‫ﻛ ﻤ ﺎ ﻫ ﻮ اﻟﺤ ﺎ ل ﰲ ﺻ ﻜ ﻮ ك اﻟﻤ ﺮ اﺑﺤ ﺔ‬
expected profit rate of the Sukuk or
making the Murabaha profit equal to ‫و اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ ﻣ ﻊ ﺟ ﻌ ﻞ ﻧ ﺴ ﺒ ﺔ ر ﺑ ﺢ اﻟ ﻤ ﺮ ا ﺑ ﺤ ﺔ‬
the Mudaraba capital and the entire
profit of the issuance. See: s. (8-4) of ‫ﻓﻮق ﻧﺴﺒﺔ اﻟﺮﺑﺢ اﻟﻤﺘﻮﱠﻗﻊ ﻟﻠﱡﺼﻜﻮك أو ﺟﻌِﻞ‬
Shari’ah Standard No. (59): Sale of Debt.
‫ ر أ س ﻣ ﺎ ل اﻟﻤ ﻀ ﺎر ﺑﺔ‬- ‫ر ﺑ ﺢ اﻟﻤ ﺮ اﺑﺤ ﺔ ﻣ ﺴ ﺎ و ﻳ‬
(٤-٨) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫وﺟﻤﻴَﻊ رﺑﺢ اﻹﺻﺪار‬
‫( ﺑﺸﺄن ﺑﻴﻊ‬٥٩) ‫ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
. ‫اﻟ ﺪ ﻳﻦ‬
8-1-2-4-e-2. The originator, being an investment ‫أ ن ﺗ ﻜ ﻮ ن اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ و ﻛ ﻴ ﻼ ً ﺑ ﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬ .2-‫ه‬-4-2-1-8
agent, combines another contract with
Investment Agency, as in the case of ,‫وُﻳﺠَﻤﻊ ﻣﻊ اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر ﻋﻘﺪ آﺧﺮ‬
Mudaraba in s. (8-1-2-4-e-1).
-٢ -١ -٨ ) ‫ﻛ ﻤ ﺎ ﰲ ﺣ ﺎ ل اﻟﻤ ﻀ ﺎر ﺑﺔ ﰲ اﻟ ﺒ ﻨ ﺪ‬
.(١-‫ﻫـ‬-٤
8-1-2-4-e-3. The originator, being a Mudarib or an ً ‫ أ و و ﻛ ﻴ ﻼ‬- ‫أ ن ﺗ ﻜ ﻮ ن اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﻀ ﺎ ر ﺑ‬ .3-‫ه‬-4-2-1-8
investment agent, combines with the
Mudaraba or Investment Agency the ‫ﺑﺎﻻﺳﺘﺜﻤﺎر وُﻳﺠَﻤُﻊ ﻣﻊ اﻟﻤﻀﺎرﺑﺔ أو اﻟﻮﻛﺎﻟﺔ‬
contract of Service Agency, so that the
price, included in the purchase ‫ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر ﻋ ﻘ ﺪ و ﻛ ﺎﻟﺔ ﺑﺎﻟﺨ ﺪ ﻣ ﺎ ت ﻣ ﻊ ﺟ ﻌ ﻞ‬
undertaking from the service agent (i.e.,
the originator being the Mudarib or ‫اﻟﱠﺜﻤﻦ ﰲ اﻟّﺘﻌﻬﺪ ﺑﺎﻟﱢﺸﺮاء ﻣﻦ اﻟﻮﻛﻴﻞ‬
investment agent), undertaken by the
service agent can be a specified price, ‫ و ﻫ ﻲ‬, ‫ﺑﺎﻟﺨ ﺪ ﻣ ﺎ ت ) أي اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬
which is inclusive of what is equal to the
capital of Mudaraba or Investment ‫اﻟ ﻤ ﻀ ﺎ ر ب أ و اﻟﻮ ﻛ ﻴﻞ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ( ﰲ اﻟ ﺤ ﺎ ل‬
99
Agency, all or part of it, or all of it with ‫اﻟ ﺘﻲ ﻳ ﺠ ﻮ ز ﻓ ﻴﻬ ﺎ ﻟﻮ ﻛ ﻴﻞ اﻟ ﺨ ﺪ ﻣ ﺎ ت أن ﻳ ﺘﻌ ﻬ ﺪ‬

the unpaid profits. It is not permitted to
have such a purchase undertaking, even ‫ ﺷ ﺎ ﻣ ﻼ ً ﻣ ﺎ ﻳ ﺴ ﺎ و ي ر أ س‬, ‫ﺑ ﺎ ﻟ ﺸ ﺮ اء ﺑ ﺜ ﻤ ﻦ ﻣ ﺤ ﺪ د‬
if it is stated that the originator
undertakes it in its capacity as a service ‫ ﻛﱠﻠﻪ أو‬,‫ﻣﺎل اﻟﻤﻀﺎرﺑﺔ أو اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
agent and not in its capacity as a
Mudarib or an investment agent. ‫ وﻻ‬.‫ أو ﻛﻠﻪ ﻣﻊ ﻣﺎ ﻟﻢ ُﻳﺪَﻓﻊ ﻣﻦ رﺑﺢ‬,‫ﺑﻌَﻀﻪ‬
‫ﻳﺠﻮز ﻣﺜُﻞ ﻫﺬا اﻟﱠﺘﻌﻬِﺪ ﺑﺎﻟﱢﺸﺮاء وإن ﺗﻢ‬
‫اﻟﱠﺘﺼﺮﻳﺢ ﺑﺄن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺗﺘﻌﻬﺪ ﺑﻪ‬
‫ﺑ ﺼ ﻔ ﺘﻬ ﺎ و ﻛ ﻴ ﻼ ً ﺑﺎﻟﺨ ﺪ ﻣ ﺎ ت ﻻ ﺑﺼ ﻔ ﺘﻬ ﺎ‬
. ‫ أ و و ﻛ ﻴﻼ ً ﺑﺎ ﻻ ﺳ ﺘ ﺜﻤ ﺎر‬- ‫ﻣ ﻀ ﺎر ﺑ‬
8-1-2-4-e-4. That the originator, being a lessee, ‫ و ﻳﺠ ﻤ ﻊ‬, ‫أن ﺗﻜ ﻮ ن اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﻣ ﺴ ﺘﺄ ﺟ ﺮ ة‬ .4-‫ه‬-4-2-1-8
combines another contract with the
Ijarah leading to the imposition of ‫ﻣﻊ اﻹﺟﺎرة ﻋﻘﺪ آﺧﺮ ﻳﺆدي إﻟﻰ ﺗﻀﻤﻴﻨﻬﺎ‬
leased assets’ liability on [the
originator], as is the case in Ijarah-cum- ‫ ﻛﻤﺎ ﻫﻮ اﻟﺤﺎل ﰲ ﺻﻜﻮك‬,‫اﻷﻋﻴﺎن اﻟﻤﺆﺟﺮة‬
Murabaha Sukuk, by making the
Murabaha profit inclusive of what is ‫اﻹﺟﺎرة واﻟﻤﺮاﺑﺤﺔ ﻣﻊ ﺟﻌﻞ رﺑﺢ اﻟﻤﺮاﺑﺤﺔ‬
equal to the value of the leased assets.
See: s. (7-2-7) of this Standard and s. (8- . ‫ﺷ ﺎ ﻣ ﻼ ً ﻣ ﺎ ﻳ ﺴ ﺎ و ي ﻗ ﻴ ﻤ ﺔ ا ﻷ ﻋ ﻴ ﺎ ن اﻟ ﻤ ﺆ ﺟ ﺮ ة‬
4) of Shari’ah Standard No. (59): Sale of
Debt. ,‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٧-٢-٧) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٤-٨) ‫واﻟﺒﻨﺪ‬
.‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﱠﺪﻳﻦ‬٥٩)
8-1-2-4-f. And if the composite Sukuk has an ‫إذا ﻛﺎن ﰲ اﻟﱡﺼﻜﻮك اﻟﻤﺮﱠﻛﺒﺔ ﺣﺎﻓٌﺰ ﻟﻠﺠﻬﺔ‬ .‫و‬-4-2-1-8
incentive for the originator, then it is
required that it should be in a contract ‫ ﻓ ﻴ ﺠ ﺐ أن ﻳ ﻜ ﻮ ن ﰲ اﻟﻌ ﻘ ﺪ اﻟ ﺬ ي ﻳ ﺠ ﻮ ز‬, ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
in which the incentive is permitted to be
stipulated, and not be contingent on the ‫ ﰲ‬-‫ ﻻ أن ﻳﻜﻮن ﻣﺸﺮوﻃ‬,‫اﺷﱰاُط اﻟﺤﺎﻓﺰ ﻓﻴﻪ‬
total proceeds of the issuance. It is
permitted that in Murabaha-cum- ‫ ﻓ ﻔ ﻲ ﺻ ﻜ ﻮ ك‬. ‫إ ﺟ ﻤ ﺎﻟ ﻲ ﻋ ﻮ ا ﺋ ﺪ ا ﻹ ﺻ ﺪ ا ر‬
Mudaraba (or Investment Agency)
Sukuk, the incentive to be stipulated , ‫اﻟ ﻤ ﺮ اﺑﺤ ﺔ و اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
exclusively in the Mudaraba or
Investment Agency [contract], and it is ‫ﻳﺠﻮز أن ُﻳﺸﱰَط اﻟﺤﺎﻓﺰ ﰲ اﻟﻤﻀﺎرﺑﺔ أو اﻟﻮﻛﺎﻟﺔ‬
not permitted to stipulate it in the
Murabaha [contract]. In Ijarah-cum- ‫ وﻻ ﻳﺠﻮز أن ُﻳﺸﱰَط ﰲ‬,‫ﺑﺎﻻﺳﺘﺜﻤﺎر ﺣﺼﺮًا‬
Service Agency Sukuk, it is permitted to
stipulate the incentive in the Service ‫ و ﰲ ﺻ ﻜ ﻮ ك ا ﻹ ﺟ ﺎ ر ة و اﻟﻮ ﻛ ﺎﻟ ﺔ‬. ‫اﻟ ﻤ ﺮ اﺑﺤ ﺔ‬
100
Agency alone without Ijarah. See: s. (6- ‫ ﻳﺠﻮز أن ُﻳﺸﱰَط اﻟﺤﺎﻓﺰ ﰲ اﻟﻮﻛﺎﻟﺔ‬,‫ﺑﺎﻟﺨﺪﻣﺎت‬
1-2-2-a-3).
‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫ﺑ ﺎ ﻟ ﺨ ﺪ ﻣ ﺎ ت و ﺣ ﺪ ﻫ ﺎ د و ن ا ﻹ ﺟ ﺎ ر ة‬
.(٣-‫أ‬-٢-٢-١-٦)
8-2. Types of Sukuk according to the mechanism of :‫ أﻧﻮاع اﻟﺼﻜﻮك ﺑﺎﻋﺘﺒﺎر آﻟﻴﺔ اﻹﻃﻔﺎء‬.2-8
cancelation:
8-2-1. Convertible Sukuks into shares: :‫ اﻟﱡﺼﻜﻮك اﻟﻘﺎﺑﻠﺔ ﻟﻠﱠﺘﺤﻮﻳﻞ إﻟﻰ أﺳﻬﻢ‬.1-2-8
8-2-1-1. These Sukuk are based on a structure that ‫ﺗﻘﻮم ﻫﺬه اﻟﱡﺼﻜﻮك ﻋﻠﻰ ﻫﻴﻜﻠﺔ ﺗﺠﻌﻠﻬﺎ ﻗﺎﺑﻠًﺔ‬ .1-1-2-8
enables it to be converted into shares
from the originator’s shares or shares ‫ﻷن ُﺗﺤﱠﻮل إﻟﻰ أﺳﻬٍﻢ ﻣﻦ أﺳﻬﻢ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
owned by this entity in another company,
so that the certificateholders own those ,‫أو أﺳﻬٍﻢ ﺗﻤﻠﻜﻬﺎ ﻫﺬه اﻟﺠﻬﺔ ﰲ ﺷﺮﻛﺔ أﺧﺮى‬
shares in consideration of the Sukuk upon
completion of the conversion by ‫ﺑﺤﻴﺚ ﻳﻤﻠﻚ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﺗﻠﻚ اﻷﺳﻬﻢ‬
exchange (commutative contract by sale
((muꜤāwaḍa bi al-bayꜤ)) between the ‫ ﻋﻦ اﻟﱡﺼﻜﻮك ﻋﻨﺪ ﺗﻤﺎم اﻟﱠﺘﺤﻮﻳﻞ‬-‫ﻋﻮﺿ‬
shares and Sukuk, so the underlying
assets of Sukuk become the property of ‫ﺑﺎﻟﻤ ﺒﺎدﻟﺔ ) اﻟﻤ ﻌ ﺎ و ﺿ ﺔ ﺑﺎﻟﺒﻴﻊ ( ﺑﻴﻦ اﻷ ﺳ ﻬﻢ‬
the originator, and thus the certificates of
Sukuk ends. -‫ ﻓﺘﺼﻴﺮ ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك ﻣﻠﻜ‬,‫واﻟﱡﺼﻜﻮك‬
.‫ وﺑﺬﻟﻚ ﺗﻨﺘﻬﻲ اﻟﱡﺼﻜﻮك‬,‫ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
8-2-1-2. The right to request a conversion may be ‫ﻳﻤﻜﻦ أن ﻳﻜﻮن اﻟﺤﱡﻖ ﰲ ﻃﻠﺐ اﻟﱠﺘﺤﻮﻳﻞ ﻟﺤَﻤﻠﺔ‬ .2-1-2-8
held by the certificateholders, or to the
originator, or to both of them. .-‫ أو ﻟﻬﻤﺎ ﻣﻌ‬,‫ أو ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬,‫اﻟﱡﺼﻜﻮك‬
8-2-1-3. The right to request a conversion is ‫ﻳﺜﺒﺖ اﻟﺤﱡﻖ ﰲ ﻃﻠﺐ اﻟﱠﺘﺤﻮﻳﻞ ﺑﻮﻋٍﺪ ﻣﻠﺰٍم‬
established by a binding promise from the
َ .3-1-2-8
other party to exchange the Sukuk with ‫ﺼﻜﻮك ﺑﺎﻷﺳﻬﻢ ﻋﻨﺪ اﻧﺘﻬﺎء ﻣﱠﺪة‬ ‫ﺑ ﻤ ﺒ ﺎ د ﻟ ﺔ اﻟ ﱡ‬
shares at the end of the certificates Sukuk
term, or before that at a specific time, or ‫ أو ﻋﻨﺪ‬,‫ﺤﺪٍد‬ ٍ
‫ أو ﻗﺒﻞ ذﻟﻚ ﰲ وﻗﺖ ﻣ ﱠ‬,‫اﻟﱡﺼﻜﻮك‬
upon the occurrence of a specific event,
or if the price of the shares hits a certain ‫ أو إذا ﺑﻠﻎ ﺳﻌﺮ اﻷﺳﻬﻢ‬,‫ﻦ‬ ٍ ‫و ﻗﻮ ع ﺣ ﺎ د‬
ٍ ‫ث ﻣﻌﱠﻴ‬
amount, or at the request of the
regulators, or otherwise, or absolutely at ‫ أو‬,‫ أو ﻋﻨﺪ ﻃﻠﺐ اﻟﺠﻬﺔ اﻟﺮﻗﺎﺑﻴﺔ‬,-‫ﻣﻘﺪارًا ﻣﻌﱠﻴﻨ‬
any time during the Sukuk term.
‫ﺖ ﺧﻼل ﻣﱠﺪة‬ ٍ ‫ ﰲ أي و ﻗ‬- ‫ أ و ﻣ ﻄ ﻠﻘ‬, ‫ﻏ ﻴﺮ ذﻟﻚ‬
.‫اﻟﱡﺼﻜﻮك‬
8-2-1-4. If the right to request a conversion is held ‫إذا ﻛﺎن اﻟﺤﱡﻖ ﰲ ﻃﻠﺐ اﻟﱠﺘﺤﻮﻳﻞ ﻟﺤَﻤﻠﺔ‬ .4-1-2-8
by the certificateholders and the
101
originator together, then the trigger for ‫ ﻓﻴﺠﺐ أن‬,-‫اﻟﱡﺼﻜﻮك واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﻌ‬
performing the binding promise issued by
the other party must be different from the ‫ﻳﻜﻮن ﻣﻮِرد ﺗﻨﻔﻴﺬ اﻟﻮﻋِﺪ اﻟﻤﻠِﺰم اﻟﱠﺼﺎدر ﻣﻦ‬
trigger for the binding promise issued in
its favour, in order to prevent a bilateral ‫ ﻋﻦ ﻣﻮِرد اﻟﻮﻋﺪ اﻟﻤﻠِﺰم‬-‫اﻟﺠﻬﺔ اﻷﺧﺮى ﻣﺨﺘﻠﻔ‬
binding agreement (muwāꜤada mulzima)
between the two parties. See: s. (9-4-3) of ‫ ﻟﻠﻤﻮاﻋﺪة اﻟﻤﻠﺰﻣﺔ‬-‫ ﻣﻨﻌ‬,‫اﻟﱠﺼﺎدر ﻟﺼﺎﻟﺤﻬﺎ‬
this Standard and s. (3-7) of Shari’ah
Standard No. (49): Unilateral and Bilateral ‫( ﻣﻦ ﻫﺬا‬٣-٤-٩) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻟﻠﱠﻄﺮﻓﻴﻦ‬
Promise.
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٧-٣) ‫ واﻟﺒﻨﺪ‬,‫اﻟﻤﻌﻴﺎر‬
.‫( ﺑﺸﺄن اﻟﻮﻋﺪ واﻟﻤﻮاﻋﺪة‬٤٩) ‫رﻗﻢ‬
8-2-1-5. It is required that the promise is [carried ‫ﻳﺠﺐ أن ﻳﻜﻮن اﻟﻮﻋﺪ ﺑﻤﺴﺘﻨٍﺪ ﻣﺴﺘﻘﱟﻞ ﻋﻦ اﻟﻌﻘﺪ‬ .5-1-2-8
through] a document separate from the
contract that establishes the relationship ‫اﻟﻤﻨﺸﺊ ﻟﻠﻌﻼﻗﺔ ﺑﻴﻦ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك واﻟﺠﻬﺔ‬
between the certificateholders and the
originator, provided that this contract is ‫ ﻣ ﻊ ﻋ ﺪ م ا ﺧ ﺘ ﻼ ل ﻫ ﺬ ا اﻟﻌ ﻘ ﺪ ﺑﺎ ﺧ ﺘ ﻼ ل‬, ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
not breached by breach of the promise or
repudiation (nukūl) in performing it. See: -٨) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻮﻋﺪ أو اﻟﻨﱡﻜﻮل ﻋﻦ ﺗﻨﻔﻴﺬه‬
s. (8-1) of Shari’ah Standard No. (9): Ijarah
and Ijarah Muntahia Bittamleek, and s. (5- ‫( ﺑﺸﺄن اﻹﺟﺎرة‬٩) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬١
1) of Shari’ah Standard No. (12): Sharikah
(Musharaka) and Modern Companies. ‫( ﻣﻦ‬١-٥) ‫ واﻟﺒﻨﺪ‬,‫واﻹﺟﺎرة اﻟﻤﻨﺘﻬﻴﺔ ﺑﺎﻟﱠﺘﻤﻠﻴﻚ‬
‫( ﺑﺸﺄن اﻟﺸﺮﻛﺔ‬١٢) ‫اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
.‫)اﻟﻤﺸﺎرﻛﺔ( واﻟﺸﺮﻛﺎت اﻟﺤﺪﻳﺜﺔ‬
8-2-1-6. The conversion price in the binding ‫ﻳﻤﻜﻦ أن ﻳﻜﻮن ﺳﻌﺮ اﻟﱠﺘﺤﻮﻳﻞ ﰲ اﻟﻮﻋﺪ اﻟﻤﻠِﺰم‬ .6-1-2-8
promise can be in the form of a number of
the certificates of Sukuk in return for each ,‫ﰲ ﺻﻮرة ﻋﺪٍد ﻣﻦ اﻟﱡﺼﻜﻮك ﻣﻘﺎﺑﻞ ﻛﱢﻞ ﺳﻬٍﻢ‬
share, provided that this does not lead to
a guaranteeing of what is not permitted to ‫ﺑ ﺸ ﺮ ط أن ﻻ ﻳﺆ د ي ذ ﻟ ﻚ إ ﻟ ﻰ ﺿ ﻤ ﺎ ن ﻣ ﺎ ﻻ ﻳ ﺠ ﻮ ز‬
be guaranteed by Shari’ah.
. - ‫ﺿ ﻤ ﺎ ﻧﻪ ﺷ ﺮ ﻋ‬
8-2-1-7. It is not permitted that the promised ,-‫ﻻ ﻳﺠﻮز أن ﻳﻘﻊ اﻟﱠﺘﺤﻮﻳﻞ اﻟﻤﻮﻋﻮد ﺑﻪ ﺗﻠﻘﺎﺋﻴ‬ .7-1-2-8
conversion to take place automatically,
rather it is required to carry offer and ‫وإﻧﻤﺎ ﻳﺠﺐ أن ﻳﺘﻢ ﺑﺈﻳﺠﺎب وﻗﺒﻮل ﺑﻴﻦ ﺣَﻤﻠﺔ‬
acceptance between the
certificateholders and the originator. See: (٨-٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﱡﺼﻜﻮك واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
s. (3-8) of Shari’ah Standard No. (49):
Unilateral and Bilateral Promise. Also, it is ‫( ﺑﺸﺄن اﻟﻮﻋﺪ‬٤٩) ‫ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
not permitted that conversion takes place
via transfer by a suspensive contract (Ꜥaqd ‫ ﻛﻤﺎ ﻻ ﻳﺠﻮز أن ﻳﻜﻮن اﻟﱠﺘﺤﻮﻳﻞ‬.‫واﻟﻤﻮاﻋﺪة‬
102
muꜤllaq) or effective from the future ٍ ‫ﺑﻌﻘٍﺪ ﻣﻌﱠﻠٍﻖ أو ﻣﻀﺎ‬

. ‫ف إ ﻟ ﻰ اﻟ ﻤ ﺴ ﺘ ﻘ ﺒﻞ‬
(muḍāf ilā al-mustaqbal).
8-2-1-8. If the promisor repudiates on its binding ‫ ﻓﺈن‬,‫إذا ﻧﻜﻞ اﻟﻮاﻋﺪ ﻋﻦ وﻋﺪه اﻟﻤﻠِﺰم ﺑﺎﻟﱠﺘﺤﻮﻳﻞ‬ .8-1-2-8
promise of conversion, the promissory
party has the right to claim compensation ‫ﻣﻦ ﺣﱢﻖ اﻟﻤﻮﻋﻮد ﻣﻄﺎﻟﺒﺘﻪ ﺑﺘﻌﻮﻳﻀﻪ ﻋﻦ اﻟﱠﻀﺮر‬
for the actual damage resulting from the
repudiation, and it is determined if the ‫ وﻫﻮ ﻳﺘﺤﱠﺪد إن ﻛﺎن‬,‫اﻟﻔﻌﻠﻲ اﻟﻨﺎﺗﺞ ﻋﻦ اﻟﻨﱡﻜﻮل‬
promisor is the originator by what the
certificateholders pay to buy the shares ‫اﻟﻮاﻋﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﻤﺎ ﻳﺪﻓﻌﻪ ﺣَﻤﻠﺔ‬
promised to be converted from the
market, at the time specified for the ‫اﻟﱡﺼﻜﻮك ﻟﺸﺮاء اﻷﺳﻬﻢ اﻟﻤﻮﻋﻮد ﺑﺎﻟﱠﺘﺤﻮﻳﻞ‬
performance of the promise, in excess of
the actual value of the underlying assets ‫ ﰲ اﻟﻮﻗﺖ اﻟﻤﺤﱠﺪد ﻟﺘﻨﻔﻴﺬ‬,‫إﻟﻴﻬﺎ ﻣﻦ اﻟﺴﻮق‬
of Sukuk corresponding to each share of
them, according to the conversion price in ‫ زﻳﺎدًة ﻋﻦ اﻟﻘﻴﻤﺔ اﻟﻔﻌﻠﻴﺔ ﻟﻤﻮﺟﻮدات‬,‫اﻟﻮﻋﺪ‬
the promise. However, if the promisor is
the certificateholders, the actual damage ‫ وﻓﻖ ﺳﻌﺮ‬,‫اﻟﱡﺼﻜﻮك اﻟﻤﻘﺎﺑﻠﺔ ﻟﻜﱢﻞ ﺳﻬٍﻢ ﻣﻨﻬﺎ‬
is determined by the decrease in the
selling price of the shares by the
‫ أﻣﺎ إن ﻛﺎن اﻟﻮاﻋﺪ ﺣَﻤﻠﺔ‬.‫اﻟﱠﺘﺤﻮﻳﻞ ﰲ اﻟﻮﻋﺪ‬
originator to which the conversion is
‫ ﻓﺈن اﻟﱠﻀﺮر اﻟﻔﻌﻠﻲ ﻳﺘﺤﱠﺪد ﺑﺎﻟﻨﱡﻘﺼﺎن‬,‫اﻟﱡﺼﻜﻮك‬
promised, at the time specified for the
performance of the promise, from the ‫ﰲ ﺛﻤ ﻦ ﺑﻴﻊ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ ﻟﻸ ﺳ ﻬ ﻢ اﻟﻤ ﻮ ﻋ ﻮ د‬
actual value of the underlying assets of
Sukuk corresponding to each share, ‫ ﰲ اﻟﻮﻗﺖ اﻟﻤﺤﱠﺪد ﻟﺘﻨﻔﻴﺬ‬,‫ﺑﺎﻟﱠﺘﺤﻮﻳﻞ إﻟﻴﻬﺎ‬
according to the conversion price in the
promise. See: s. (3-4) of Shari’ah Standard ‫ ﻋ ﻦ اﻟ ﻘ ﻴ ﻤ ﺔ اﻟ ﻔ ﻌ ﻠ ﻴ ﺔ ﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬, ‫اﻟﻮ ﻋ ﺪ‬
No. (49): Unilateral and Bilateral Promise
and s. (5-1-7) of Shari’ah Standard No. ‫ وﻓﻖ ﺳﻌﺮ‬,‫اﻟﱡﺼﻜﻮك اﻟﻤﻘﺎﺑﻠﺔ ﻟﻜﱢﻞ ﺳﻬﻢ‬
(58): Repurchase.
‫( ﻣﻦ‬٤-٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟّﺘﺤﻮﻳﻞ ﰲ اﻟﻮﻋٍﺪ‬
‫( ﺑﺸﺄن اﻟﻮﻋﺪ‬٤٩) ‫اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٧-١-٥) ‫ واﻟﺒﻨﺪ‬,‫واﻟﻤﻮاﻋﺪة‬
.‫( ﺑﺸﺄن إﻋﺎدة اﻟﱢﺸﺮاء‬٥٨) ‫اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
8-2-1-9. It is required that the shares to which the ‫ﻳﺠﺐ ﰲ اﻷﺳﻬﻢ اﻟﺘﻲ ﺗﻜﻮن اﻟﱡﺼﻜﻮك ﻗﺎﺑﻠﺔ‬ .9-1-2-8
Sukuk are convertible are from what is
permitted to be owned by virtue of ‫ وﻓﻖ‬,-‫ﻟﻠﱠﺘﺤﻮﻳﻞ إﻟﻴﻬﺎ ﻣﻤﺎ ﻳﺠﻮز ﺗﻤﱡﻠﻜﻪ ﺷﺮﻋ‬
Shari’ah, as per the conditions mentioned
in s. (3-4) of the Shari’ah Standard No. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٤-٣) ‫اﻟﺸﺮوط اﻟﻮاردة ﰲ اﻟﺒﻨﺪ‬
(21): Financial Papers (Shares and Bonds),
and that these conditions are met in the ‫( ﺑﺸﺄن اﻷوراق اﻟﻤﺎﻟﱠﻴﺔ‬٢١) ‫اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
shares, whether at the time of issuance of
Sukuk or at the time of conversion. And if
103
the conversion to a number of shares ‫ وأن ﺗﻜﻮن ﻫﺬه اﻟﺸﺮوط‬,(‫)اﻷﺳﻬﻢ واﻟﱠﺴﻨﺪات‬

gives the certificateholders the right to
influence the decisions of the company ‫ﻣﺘﻮاﻓﺮة ﰲ اﻷﺳﻬﻢ ﺳﻮاء ﻋﻨﺪ إﺻﺪار اﻟﱡﺼﻜﻮك‬
after acquiring it, then it is required that
the shares, after owning them, should be ‫ وإذا ﻛﺎن اﻟﱠﺘﺤﻮﻳﻞ إﻟﻰ ﻋﺪٍد‬.‫أو ﻋﻨﺪ اﻟﱠﺘﺤﻮﻳﻞ‬
free from any forbidden activity or
earning once [the certificateholders] are ‫ﻣﻦ اﻷﺳﻬﻢ ﻳﻌﻄﻲ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﺣﱠﻖ اﻟﺘﺄﺛﻴﺮ‬
enabled to do so. See: s. (3-3) of Shari’ah
Standard No. (21): Financial Papers ‫ ﻓﺈن اﻟﻮاﺟﺐ‬,‫ﰲ ﻗﺮار اﻟﺸﺮﻛﺔ ﺑﻌﺪ ﺗﻤﱡﻠﻜﻬﺎ‬
(Shares and Bonds), and s. (5-1-4) of this
Standard. ‫ﻋ ﻠ ﻴﻬ ﻢ اﻟ ﺘ ﺨ ﻠ ﺺ ﻣ ﻦ أ ي ﻧ ﺸ ﺎط أ و ﻛ ﺴ ﺐ ﻣ ﺤ ﺮ م‬
‫ و ﻳﻨﻈ ﺮ‬. ‫ﺑﻌ ﺪ ﺗﻤ ﻠ ﻜ ﻬ ﻢ ﻟﻬ ﺎ و ﺗﻤ ﻜ ﻨﻬ ﻢ ﻣ ﻦ ذﻟ ﻚ‬
(٢١) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬٣-٣) ‫اﻟﺒﻨﺪ‬
,(‫ﺑﺸﺄن اﻷوراق اﻟﻤﺎﻟﻴﺔ )اﻷﺳﻬﻢ واﻟﱠﺴﻨﺪات‬
.‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٤-١-٥) ‫واﻟﺒﻨﺪ‬
8-2-1-10. There is no [Shari’ah] objection if the ‫ﻻ ﻣﺎﻧﻊ ﻣﻦ أن ﻳﻜﻮن اﻟﻌﺎﺋﺪ أو اﻟﺮﺑﺢ اﻟﻤﺘﻮﱠﻗﻊ ﰲ‬ .10-1-2-8
expected return or profit in the Sukuk
convertible into shares being higher than ‫اﻟﱡﺼﻜﻮك اﻟﻘﺎﺑﻠﺔ ﻟﻠﱠﺘﺤﻮﻳﻞ إﻟﻰ أﺳﻬﻢ أﻋﻠﻰ ﻣﻤﺎ‬
if they were ordinary non-convertible
Sukuk, but it is not permitted to claim a ,‫ ﻋﺎدﻳﺔ ﻏﻴﺮ ﻗﺎﺑﻠﺔ ﻟﻠﱠﺘﺤﻮﻳﻞ‬-‫ﻟﻮ ﻛﺎﻧﺖ ﺻﻜﻮﻛ‬
consideration for the right of conversion,
such as the certificateholders paying a ‫وﻟﻜﻦ ﻻ ﺗﺠﻮز اﻟﻤﻌﺎوﺿﺔ ﻋﻠﻰ اﻟﺤﱢﻖ ﰲ‬
premium at the time of issuance in lieu of
this right. ‫ ﻛﺄن ﻳﺪﻓﻊ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﻋﻼوًة ﻋﻨﺪ‬,‫اﻟﱠﺘﺤﻮﻳﻞ‬
.‫اﻹﺻﺪار ﻣﻘﺎﺑﻼً ﻟﻬﺬا اﻟﺤﱢﻖ‬
8-2-1-11. It is required, at the time of conversion, ‫ﻳﺠﺐ ﻋﻨﺪ اﻟﱠﺘﺤﻮﻳﻞ أن ﺗﻜﻮن ﻣﻮﺟﻮدات‬ .11-1-2-8
that the underlying assets of Sukuk and
the assets of the shares are the ones that ‫اﻟﱡﺼﻜﻮك وﻣﻮﺟﻮدات اﻷﺳﻬﻢ ﻣﻤﺎ ﻳﺠﻮز‬
can be exchanged for each other without
being bound by the provisions of ‫ﻣﺒﺎدﻟﺘﻬﺎ ﺑﺒﻌﻀﻬﺎ دون اﻟﺘﻘﱡﻴﺪ ﺑﺄﺣﻜﺎم اﻟﱠﺼﺮف أو‬
exchange (ṣarf) or the provisions of the
disposal of debts, otherwise it is required ‫ وإﻻ وﺟﺐ اﻟﺘﻘﱡﻴﺪ‬,‫أﺣﻜﺎم اﻟﺘﺼﺮف ﰲ اﻟﺪﻳﻮن‬
to adhere to such provisions, as the case
may be. See: Shari’ah Standard No. (59): ‫ و ﻳ ﻨ ﻈ ﺮ ا ﻟ ﻤ ﻌ ﻴ ﺎ ر ا ﻟ ﺸ ﺮ ﻋ ﻲ‬. ‫ ﺑ ﺤ ﺴ ﺐ اﻟ ﺤ ﺎ ل‬, ‫ﲠ ﺎ‬
Sale of Debt.
8-2-1-12. If the right to conversion gives the ‫إذا ﻛﺎن اﻟﺤﱡﻖ ﰲ اﻟﱠﺘﺤﻮﻳﻞ ﻳﻌﻄﻲ اﻟﻮاﻋﺪ اﻟﺤﱠﻖ‬ .12-1-2-8
promisor the right to pay the price of the
shares or gives the promisee the right to ‫ﰲ دﻓﻊ ﺛﻤﻦ اﻷﺳﻬﻢ أو ﻳﻌﻄﻲ اﻟﻤﻮﻋﻮد ﺣﱠﻖ‬
104
demand this price, and not the shares to ‫ وﻟﻴﺲ اﻷﺳﻬﻢ اﻟﻤﻮﻋﻮد‬,‫ﻃﻠﺐ ﻫﺬا اﻟﱠﺜﻤﻦ‬
which the conversion is promised, so
what is paid then is the price of the -‫ ﻓﺈن ﻣﺎ ُﻳﺪَﻓﻊ ﻋﻨﺪﺋٍﺬ ﻳﻜﻮن ﺛﻤﻨ‬,‫ﺑﺎﻟﱠﺘﺤﻮﻳﻞ إﻟﻴﻬﺎ‬
underlying assets of Sukuk and is not
considered a conversion. The promise in ,ً‫ وﻻ ُﻳﻌﱡﺪ ﺗﺤﻮﻳﻼ‬,‫ﻟﻤﻮﺟﻮدات اﻟﱡﺼﻜﻮك‬
this case shall be subject to provisions of
promise to purchase or sale of the ‫و ﺗ ﻨ ﻄ ﺒ ﻖ ﻋ ﻠ ﻰ اﻟﻮ ﻋ ﺪ ﰲ ﻫ ﺬ ه اﻟ ﺤ ﺎ ل أ ﺣ ﻜ ﺎم اﻟﻮ ﻋ ﺪ‬
underlying assets, and what is carried will
be a standard redemption or cancelation. ‫ وﻳﻜﻮن ﻣﺎ‬,‫ﺑﺸﺮاء أو ﺑﻴﻊ ﻣﻮﺟﻮدات اﻟّﺼﻜﻮك‬
See: s. (6-3-2).
-٦) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.-‫ﻳﺘﻢ اﺳﱰدادًا أو إﻃﻔﺎًء ﻋﺎدﻳ‬
.(٢-٣
8-2-2. Non-convertible Sukuk into shares: :‫ اﻟﱡﺼﻜﻮك ﻏﻴﺮ اﻟﻘﺎﺑﻠﺔ ﻟﻠﱠﺘﺤﻮﻳﻞ إﻟﻰ أﺳﻬﻢ‬.2-2-8
These Sukuk are not based on a structure that ‫ﺗﻘﻮم ﻫﺬه اﻟﱡﺼﻜﻮك ﻋﻠﻰ ﻫﻴﻜﻠﺔ ﻻ ﺗﺠﻌﻠﻬﺎ ﻗﺎﺑﻠًﺔ ﻷن ُﺗﺤﱠﻮل‬
enable them to be converted into shares of the
originator’s own shares or shares owned by this ‫إﻟﻰ أﺳﻬٍﻢ ﻣﻦ أﺳﻬﻢ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻧﻔﺴﻬﺎ أو أﺳﻬٍﻢ ﺗﻤﻠﻜﻬﺎ‬
entity in another company. Rather, they are
cancelled by the originator’s purchase of the ‫ و إ ﻧﻤ ﺎ ﻳ ﺘﻢ إﻃ ﻔ ﺎ ؤ ﻫ ﺎ ﺑ ﺸ ﺮ اء اﻟ ﺠ ﻬ ﺔ‬, ‫ﻫ ﺬ ه ا ﻟ ﺠ ﻬ ﺔ ﰲ ﺷ ﺮ ﻛ ﺔ أ ﺧ ﺮ ى‬
underlying assets of such Sukuk or by winding up of
the underlying assets through selling them to a third ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻟ ﻤ ﻮ ﺟ ﻮ د ا ﲥ ﺎ أ و ﺑ ﺘ ﺼ ﻔ ﻴ ﺔ اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﺑ ﺒ ﻴﻌ ﻬ ﺎ ﻟ ﻠ ﻐ ﻴ ﺮ ﰲ‬
party in the market.
. ‫اﻟ ﺴ ﻮ ق‬
8-3. Types of Sukuk to raise core equity base: ‫ أﻧﻮاع اﻟﺼﻜﻮك ﺑﺎﻋﺘﺒﺎر ﺗﻌﺰﻳﺰﻫﺎ اﻟﻘﺎﻋﺪة اﻟﺮأس‬.3-8
:‫ﻣﺎﻟﱠﻴﺔ‬
It refers to Sukuks of raising core equity base. Those ‫ اﻟﺼﻜﻮك اﻟﺘﻲ‬,‫ﻳﻘﺼﺪ ﺑﺼﻜﻮك ﺗﻌﺰﻳﺰ اﻟﻘﺎﻋﺪة اﻟﺮأس ﻣﺎﻟﻴﺔ‬
Sukuks, issued by the originator, are subject to the
supervision of the regulators to increase [the ‫ﺗ ﺼ ﺪ ر ﻫ ﺎ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ اﻟ ﺨ ﺎ ﺿ ﻌ ﺔ ﻹ ﺷ ﺮ ا ف اﻟ ﺠ ﻬ ﺎ ت اﻟ ﺮ ﻗ ﺎ ﺑ ﻴ ﺔ‬
originator’s] statutory capital, by providing
additional capital or secondary capital, from the ِ ‫س ﻣﺎٍل إﺿﺎﰲﱟ أو رأ‬
‫س‬ ِ ‫ ﺑﺘﻮﻓﻴﺮ رأ‬,‫ﻟﺰﻳﺎدة رأس ﻣﺎﻟﻬﺎ اﻟﻨﱢﻈﺎﻣﻲ‬
proceeds of its subscription [to the Sukuks]. They
are of two types: Tier 1 Capital Sukuk and Tier 2 ‫ ﺻﻜﻮك‬:‫ وﻫﻲ ﻧﻮﻋﺎن‬.‫ ﻣﻦ ﺣﺼﻴﻠﺔ اﻻﻛﺘﺘﺎب ﻓﻴﻬﺎ‬,‫ﻣﺎٍل ﺛﺎﻧﻮﱟي‬
Capital Sukuk.
‫اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل وﺻﻜﻮك اﻟﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس‬
. ‫اﻟ ﻤ ﺎ ل‬
8-3-1. Tier 1 Capital Sukuk Tier 1 ) ‫ ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬.1-3-8
105
(Capital Sukuk
It is a Sukuk that is issued to provide additional ‫ﻳﺘﻢ إﺻﺪار ﻫﺬه اﻟﱡﺼﻜﻮك ﻟﺘﻮﻓﻴﺮ رأس ﻣﺎٍل إﺿﺎﰲﱟ‬
capital, which, along with the original capital,
constitutes the common equity of the shareholders ‫ ﻳﺸﱢﻜﻞ ﻣﻊ رأس اﻟﻤﺎل اﻷﺻﻠﻲ وﻫﻮ‬,(Additional Capital)
of the originator; The first tier (Tier 1 Capital) from
the capital of the originator. ‫( ﻟﻤﺴﺎﻫﻤﻲ اﻟﺠﻬﺔ‬Common Equity) ‫ﺣﻘﻮق اﻟﻤﻠﻜﱠﻴﺔ‬
‫( ﻣﻦ رأس ﻣﺎل اﻟﺠﻬﺔ‬Tier-1 Capital) ‫اﻟﻤﻨﺸﺌﺔ; اﻟﱢﺸَﻖ اﻷول‬
. ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
8-3-1-1. The regulatory characteristics of Tier 1 ‫اﻟﺨﺼﺎﺋﺺ اﻟﺮﻗﺎﺑﻴﺔ )اﻟﻨﻈﺎﻣﻴﺔ( ﻟﺼﻜﻮك‬ .1-1-3-8
Capital Sukuk:
:‫اﻟﱢﺸﻖ اﻷَول ﻣﻦ رأس اﻟﻤﺎل‬
In order to count the Sukuk as part of Tier 1 Capital, ‫ أن ﺗﺘﻮاﻓﺮ‬,‫ﻳﻠَﺰم ﻟﻌﱢﺪ اﻟﱡﺼﻜﻮك ﻣﻦ اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
it is necessary, from the supervisory point of view,
to have a number of characteristics, and the most : ‫ أ ﻫ ﻤ ﻬ ﺎ‬, ‫ﻓ ﻴﻬ ﺎ ﻣ ﻦ اﻟ ﻨﺎ ﺣ ﻴ ﺔ اﻟ ﺮ ﻗ ﺎ ﺑ ﻴ ﺔ ﺟ ﻤ ﻠ ﺔ ﺧ ﺼ ﺎ ﺋ ﺺ‬
important of which are:
8-3-1-1-a. It is perpetual in nature for the ‫ ﻏﻴﺮ‬,‫أﳖﺎ ﻣﺴﺘﻤﱠﺮة ﺑﺎﻟﻨﺴﺒﺔ ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬ .‫أ‬-1-1-3-8
certificateholders, not specified for a
period at which it is cancelled, and [the ‫ وﻟﻴﺲ ﻟﻬﻢ اﻟﻤﻄﺎﻟﺒﺔ‬,‫ﻣﺤﱠﺪدة ﺑﻤﱠﺪة ُﺗﻄﻔﺄ ﻋﻨﺪﻫﺎ‬
certificateholders] do not have the right
to claim its redemption (dissolution), so ‫ ﻓﺘﺴﺘﻤﱡﺮ ﰲ اﻷﺻﻞ إﻟﻰ‬,(‫ﺑﺎﺳﱰدادﻫﺎ )ﺗﺼﻔﻴﺘﻬﺎ‬
it continues normally until the
dissolution of the originator, as is the ‫ ﺷ ﺄﳖ ﺎ ﰲ ذﻟ ﻚ‬, ‫أن ﺗﺘﻢ ﺗ ﺼ ﻔ ﻴﺔ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬
case with the shares [of the originator],
and the originator has the right to cancel ‫ و ﻟ ﻠﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ إﻃ ﻔ ﺎ ؤ ﻫ ﺎ ﺑﻌ ﺪ‬,‫ﺷ ﺄن أﺳ ﻬ ﻤ ﻬ ﺎ‬
it after five years have surpassed from
the issuance [of the certificates], or ‫ أ و ﻗ ﺒﻞ‬,‫ﻣ ﻀ ﻲ ﺧ ﻤ ﺲ ﺳ ﻨﻮ ات ﻣﻦ إﺻ ﺪ ار ﻫ ﺎ‬
before that in specific events, if the
conditions specified by the regulators ‫ إن ﺗﻮاﻓﺮت ﺷﺮوٌط‬,‫ذﻟﻚ ﰲ ﺣﺎﻻت ﻣﺤﺪدة‬
are met.
.‫ُﺗﺤﱢﺪدﻫﺎ اﻟﺠﻬﺎت اﻟﺮﻗﺎﺑﻴﺔ‬
8-3-1-1-b. It is capable of absorbing originator’s ‫أﳖﺎ ﻗﺎدرة ﻋﻠﻰ اﻣﺘﺼﺎص ﺧﺴﺎﺋﺮ اﻟﺠﻬﺔ‬ .‫ب‬-1-1-3-8
losses, so it is subordinated to normal
and senior obligations of the originator ‫ ﻓﺘﺘﺄﱠﺧﺮ ﰲ اﻻﺳﺘﻴﻔﺎء ﻋﻨﺪ ﺗﺼﻔﻴﺔ اﻟﺠﻬﺔ‬,‫اﻟﻤﻨﺸﺌﺔ‬
at the time of its dissolution for reasons
of originator’s insolvency or bankruptcy. ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻟ ﻺ ﻋ ﺴ ﺎ ر أ و ا ﻹ ﻓ ﻼ س ﻋ ﻦ اﻟ ﺘ ﺰ ا ﻣ ﺎ ﲥ ﺎ‬
The normal obligations are of depositors
and unsecured creditors. Senior rank ‫ و ﻫ ﻲ ا ﻻ ﻟ ﺘ ﺰ ا ﻣ ﺎ ت اﻟ ﺘﻲ ﺗ ﻜ ﻮ ن ﻟ ﻠ ﻤ ﻮ د ﻋ ﻴﻦ‬, ‫اﻟﻌ ﺎ د ﻳ ﺔ‬
obligations are of the obligations of Tier-
2 capital Sukuk. The Sukuk has seniority ‫ وﻋﻦ اﻻﻟﺘﺰاﻣﺎت اﻷﻋﻠﻰ‬,‫واﻟﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ‬
to the common equity.
106
‫ﻣﻨﻬﺎ رﺗﺒﺔ )وﻫﻲ اﻻﻟﺘﺰاﻣﺎت اﻟﺘﻲ ﺗﻜﻮن ﻟﺤَﻤﻠﺔ‬

‫ وﺗﺘﻘﱠﺪم‬,(‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬
.‫ﻋ ﻠ ﻰ ﺣ ﻘﻮ ق اﻟﻤ ﻠ ﻜ ﻴﺔ‬
8-3-1-1-c. It grants the originator the right to ‫أﳖﺎ ﺗﻤﻨﺢ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺣﱠﻖ إﻟﻐﺎء دﻓِﻊ أرﺑﺎٍح‬ .‫ج‬-1-1-3-8
cancel the payment of profits to the
certificateholders on the dates specified ‫ﻟﺤَﻤﻠﺔ اﻟﺼﻜﻮك ﰲ اﻟﺘﻮارﻳﺦ اﻟﻤﺤﱠﺪدة‬
for their distribution, provided that
certificateholders are notified and no ‫ ﺑ ﺸ ﺮ ط إ ﻋ ﻼ م ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و ﻋ ﺪ م‬, ‫ﻟ ﺘﻮ ز ﻳ ﻌ ﻬ ﺎ‬
dividends are distributed to the holders
of equity. .‫ﺗﻮزﻳﻊ أرﺑﺎٍح ﻋﻠﻰ أﺻﺤﺎب ﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ‬
8-3-1-1-d. That its unpaid profits are not due in any ‫أن أرﺑﺎﺣﻬﺎ ﻏﻴﺮ اﻟﻤﺪﻓﻮﻋﺔ ﻻ ﺗﺴﺘﺤﻖ ﰲ أي ﻓﱰة‬ .‫د‬-1-1-3-8
subsequent period, as they are non-
cumulative. If [the profits] are not paid, Non-) ‫ ﻓﻬﻲ ﻏﻴﺮ ﺗﺮاﻛﻤﻴﺔ‬,‫ﻻﺣﻘﺔ‬
the certificateholders will not have the
right to demand payment of [profits], ‫ ﻓﺈذا ﻟﻢ ُﺗﺪَﻓﻊ ﻓﺈﻧﻪ ﻻ ﻳﻜﻮن‬,(Cumulative
and the originator may use [the unpaid
profit] to pay the obligations owed to it. ‫ وﻳﻜﻮن‬,‫ﺼﻜﻮك اﻟﻤﻄﺎﻟﺒﺔ ﺑﺪﻓﻌﻬﺎ ﻟﻬﻢ‬
‫ﻟ ﺤ ﻤ ﻠ ﺔ اﻟ ﱡ‬
‫ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ اﺳ ﺘ ﺨ ﺪ ا ﻣ ﻬ ﺎ ﰲ ﺳ ﺪ ا د ا ﻻ ﻟ ﺘ ﺰ ا ﻣ ﺎ ت‬
.‫اﻟﻤﺴﺘﺤﱠﻘﺔ ﻋﻠﻴﻬﺎ‬
8-3-1-1-e. It is not guaranteed and not covered by ‫ﻄﺎة ﺑﻜﻔﺎﻟٍﺔ ﻣﻦ اﻟﺠﻬﺔ‬
‫أﳖﺎ ﻏﻴﺮ ﻣﻀﻤﻮﻧٍﺔ وﻏﻴﺮ ﻣﻐ ﱠ‬ .‫ه‬-1-1-3-8
a guarantee from the originator, or from
any party related to it. .‫ أو ﻣﻦ أي ﺟﻬٍﺔ ذات ﻋﻼﻗﺔ ﲠﺎ‬,‫اﻟﻤﻨﺸﺌﺔ‬
8-3-1-1-f. When the originator reaches a point of ‫ أو ﺗﺤﻮﻳﻠﻬﺎ‬,-‫ أو ﺟﺰﺋﻴ‬-‫أﳖﺎ ﻳﻤﻜﻦ ﺷﻄﺒﻬﺎ ﻛﻠﱠﻴ‬ .‫و‬-1-1-3-8
non-viability or to protect it from
reaching this state, [Sukuk] can be ‫ ﺑﻘﺮار ﻣﻦ اﻟﺠﻬﺔ اﻟﺮﻗﺎﺑﻴﺔ ﻋﻨﺪ‬,‫إﻟﻰ أﺳﻬٍﻢ ﻋﺎدﱠﻳﺔ‬
written off in whole or in part, or
converted into ordinary shares, via a ‫و ﺻ ﻮ ل اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ إ ﻟ ﻰ ﺣ ﺎ ل ﻋ ﺪ م ا ﻟ ﻘ ﺪ ر ة‬
resolution by the regulator.
‫( أو‬Point of Non-Viability) ‫ﻋﻠﻰ اﻻﺳﺘﻤﺮار‬
.‫ﻟﺤﻤﺎﻳﺘﻬﺎ ﻣﻦ اﻟﻮﺻﻮل إﻟﻰ ﻫﺬه اﻟﺤﺎل‬
8-3-1-2. Provisions and rules for Tier-1 Sukuk: ‫أﺣﻜﺎم وﺿﻮاﺑﻂ ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ‬ .2-1-3-8
:‫رأس اﻟﻤﺎل‬
8-3-1-2-a. It is not permitted to use modes based ‫ﻻ ﻳﺠ ﻮ ز اﺳ ﺘﺨ ﺪ ام ﺻ ﻴﻎ اﻟﻤ ﻌ ﺎ و ﺿ ﺔ ﰲ إ ﺻ ﺪ ار‬ .‫أ‬-2-1-3-8
on commutative [contracts] in issuing
107
Tier-1 Sukuk, whether plain vanilla or ‫ ﺳـــﻮاء‬,‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
composite with any modes of
Musharaka, because commutative ‫ﻛﺎﻧﺖ ﻣﻔﺮدًة أو ﻣﺮﱠﻛﺒﺔ ﻣﻊ إﺣﺪى ﺻﻴﻎ‬
financing mode cannot be perpetual
with no specified maturities for the ‫ ﻷ ن ﺻ ﻴﻐ ﺔ اﻟ ﻤ ﻌ ﺎ و ﺿ ﺔ ﻻ ﻳ ﻤ ﻜ ﻦ‬, ‫اﻟ ﻤ ﺸ ـــــــــﺎ ر ﻛ ﺔ‬
settlements of its indebtedness
instalments, and because it is not ‫أن ﺗﻜﻮن ﻣﺴﺘﻤﱠﺮة دون آﺟﺎٍل ﻣﺤﱠﺪدٍة ﻟﺴﺪاد‬
permitted for the originator to decide
that by its own will that it will not to pay ‫ و ﻷ ﻧﻪ ﻻ ﻳﺠ ﻮ ز ﻟ ﻠ ﺠ ﻬ ﺔ‬, ‫أﻗ ﺴ ﺎط ﻣ ﺪ ﻳﻮ ﻧﻴ ﺘﻬ ﺎ‬
an instalment of the indebtedness
instalments within the specified ‫اﻟﻤﻨﺸﺌﺔ أن ﺗﻘﱢﺮر ﺑﺈرادﲥﺎ اﻟﻤﻨﻔﺮدة ﻋﺪَم دﻓﻊ‬
maturity for its payment, in which case ٍ ‫ﻗﺴ‬
the certificateholders lose their right to ‫ﻂ ﻣﻦ أﻗﺴﺎط اﻟﻤﺪﻳﻮﻧﻴﺔ ﰲ اﻷﺟﻞ اﻟﻤﺤﱠﺪد‬
claim [the instalment]. See: s. (8-1-1-1-
c-1). .‫ﻟﺪﻓﻌﻪ ﻓﻴﻔﻘﺪ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﺣﱠﻖ اﻟﻤﻄﺎﻟﺒﺔ ﺑﻪ‬
.(١-‫ج‬-١-١-١-٨) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
8-3-1-2-b. It is not permitted to use the financing ‫ﻻ ﻳﺠ ﻮ ز اﺳ ﺘﺨ ﺪ ام ﺻ ﻴﻐ ﺔ اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜﻤ ﺎر ﰲ‬ .‫ب‬-2-1-3-8
mode of the Investment Agency in
issuing Tier-1 Sukuk if it is for a fee, ‫إ ﺻ ﺪ ا ر ﺻ ﻜ ﻮ ك اﻟ ﺸ ﻖ ا ﻷ و ل ﻣ ﻦ ر أ س اﻟ ﻤ ﺎ ل إ ن‬
because it takes the status of hiring
people, so it is attached to the financing ‫ﻛ ﺎﻧﺖ ﺑﺄ ﺟ ﺮ ﻷ ﳖ ﺎ ﺗ ﺄ ﺧ ﺬ ﺣ ﻜ ﻢ إ ﺟ ﺎر ة اﻷ ﺷ ﺨ ﺎ ص‬
modes based on commutative
[contracts]. See: s. (4-2-2) of Shari’ah (٢-٢-٤) ‫ ﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻓﺘﻠﺤﻖ ﺑﺼﻴﻎ اﻟﻤﻌﺎوﺿﺔ‬
Uncommissioned Agent (Fodooli) and s. ‫( ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ‬٢٣) ‫ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
(2) of Shari’ah Standard No. (34): Hiring
of Persons. See: s. (8-1-1-1-c-6). ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٢) ‫ واﻟﺒﻨﺪ‬,‫وﺗﺼﱡﺮف اﻟﻔﻀﻮﻟﻲ‬
.‫( ﺑﺸﺄن إﺟﺎرة اﻷﺷﺨﺎص‬٣٤) ‫اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
.(٦-‫ج‬-٣-١-١-٨) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
8-3-1-2-c. It is not permitted for the originator of ‫ﻻ ﻳﺠ ﻮ ز أن ﺗﻜ ﻮ ن اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﰲ ﺻ ﻜ ﻮ ك‬ .‫ج‬-2-1-3-8
Tier-1 Sukuk to be a conventional entity,
even if the proceeds of the issuance are ‫اﻟ ﺸ ﻖ ا ﻷ و ل ﻣ ﻦ ر أ س اﻟ ﻤ ﺎ ل ﺟ ﻬ ﺔ ﺗ ﻘ ﻠ ﻴ ﺪ ﻳ ﺔ و ﻟﻮ‬
used in its underlying assets that are
acceptable by the virtue of Shari’ah; ‫ﻣ ﻊ اﺳ ﺘﺨ ﺪ ام ﺣ ﺼ ﻴ ﻠ ﺔ اﻹ ﺻ ﺪ ار ﻓ ﻴﻤ ﺎ ﻟ ﺪ ﻳﻬ ﺎ ﻣ ﻦ‬
because [such Sukuk] supports the
capital of this entity and is a guarantor ‫ ; ﻷ ﳖ ﺎ ﺗ ﺪ ﻋ ﻢ ر أ س ﻣ ﺎ ل‬- ‫ﻣ ﻮ ﺟ ﻮ د ا ت ﻣ ﻘ ﺒﻮ ﻟ ﺔ ﺷ ﺮ ﻋ‬
for the fulfilment of its conventional
liabilities that are senior in rank than ‫ و ﺗ ﻜ ﻮ ن ﺿ ﺎ ﻣ ﻨ ﺔ ﻟ ﻠﻮ ﻓ ﺎء ﺑﺎﻟ ﺘ ﺰ ا ﻣ ﺎ ﲥ ﺎ‬, ‫ﻫ ﺬ ه اﻟﺠ ﻬ ﺔ‬
Tier-1 Sukuk. See: s. (7-2-9).
. ‫ا ﻟ ﺘ ﻘ ﻠ ﻴ ﺪ ﻳ ﺔ ا ﻷ ﻋ ﻠ ﻰ ر ﺗ ﺒ ﺔ ﻣ ﻦ ﺻ ﻜ ﻮ ك اﻟ ﺸ ﻖ ا ﻷ و ل‬
.(٩-٢-٧) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
108
8-3-1-2-d. It is permitted to issue Tier-1 Sukuk by ‫ﻳﺠﻮز إﺻﺪار ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس‬ .‫د‬-2-1-3-8
applying the financing mode of
Mudaraba or partnership, in accordance ‫ وﻓًﻘﺎ‬,‫اﻟﻤﺎل ﺑﺼﻴﻐﺔ اﻟﻤﻀﺎرﺑﺔ أو اﻟﺸﺮﻛﺔ‬
with the following provisions and rules:
: ‫ﻟﻸ ﺣ ﻜ ﺎم و اﻟ ﻀ ﻮ اﺑﻂ اﻵ ﺗﻴﺔ‬
8-3-1-2-d-1. It is required that Tier-1 Sukuk based on ‫ﻳﺠﺐ اﻟﱠﺘﻘﻴﺪ ﰲ ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ‬ .1-‫د‬-2-1-3-8
the financing mode of Mudaraba or
partnership to adhere to the provisions ‫ر أ س ا ﻟ ﻤ ﺎ ل ا ﻟ ﻘ ﺎ ﺋ ﻤ ﺔ ﻋ ﻠ ﻰ ﺻ ﻴﻐ ﺔ اﻟﻤ ﻀ ﺎ ر ﺑ ﺔ أ و‬
of the Musharaka Sukuk given in s. (8-1-
1-2). ‫ﺻ ﻴﻐ ﺔ اﻟ ﺸ ﺮ ﻛ ﺔ ﺑ ﺄ ﺣ ﻜ ﺎم ﺻ ﻜ ﻮ ك اﻟﻤ ﺸ ﺎ ر ﻛ ﺎ ت‬
.(٢-١-١-٨) ‫اﻟﻮاردة ﰲ اﻟﺒﻨﺪ‬
8-3-1-2-d-2. The proceeds of subscription to Sukuk in ‫ﺗﻜﻮن ﺣﺼﻴﻠﺔ اﻻﻛﺘﺘﺎب ﰲ اﻟﱡﺼﻜﻮك ﰲ‬ .2-‫د‬-2-1-3-8
the financing mode of Mudaraba is the
Mudaraba capital, and the Mudaraba is ,‫ﺻﻴﻐﺔ اﻟﻤﻀﺎرﺑﺔ ﻫﻲ رأُس ﻣﺎل اﻟﻤﻀﺎرﺑﺔ‬
restricted to investing its capital in the
general pool of the originator on the ‫وﺗﻜﻮن اﻟﻤﻀﺎرﺑﺔ ﻣﻘﱠﻴﺪة ﺑﺎﺳﺘﺜﻤﺎر رأس‬
side of common equity, with the
permission of the certificateholders to ‫ﻣ ﺎﻟﻬ ﺎ ﰲ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﰲ‬
the originator to commingle the
Mudaraba capital with its funds ‫ ﻣﻊ إذن ﺣَﻤﻠﺔ‬,‫ﺟﺎﻧﺐ ﺣﻘﻮق اﻟﻤﻠﻜﱠﻴﺔ‬
(common equity) in its general pool. As
for the financing mode of partnership, ‫اﻟﱡﺼﻜﻮك ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺨﻠﻂ رأس ﻣﺎل‬
the company’s capital consists of the
proceeds of subscription to Sukuk, and ‫اﻟﻤﻀﺎرﺑﺔ ﺑﺄﻣﻮاﻟﻬﺎ )ﺣﻘﻮق اﻟﻤﻠﻜﱠﻴﺔ( ﰲ‬
the equity rights in the general pool of
the originator, with the value of these ‫ أﻣ ﺎ ﰲ ﺻ ﻴﻐ ﺔ اﻟ ﺸ ﺮ ﻛ ﺔ ﻓ ﻴﺘﻜ ﻮ ن‬. ‫و ﻋ ﺎ ﺋﻬ ﺎ اﻟﻌ ﺎم‬
‫رأس ﻣﺎل اﻟﺸﺮﻛﺔ ﻣﻦ ﺣﺼﻴﻠِﺔ اﻻﻛﺘﺘﺎب ﰲ‬
rights at the time of the start of the
partnership.
‫ وﺣﻘﻮِق اﻟﻤﻠﻜﱠﻴِﺔ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم‬,‫اﻟﺼﻜﻮك‬
‫ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﻘ ﻴ ﻤ ﺔ ﻫ ﺬ ه اﻟ ﺤ ﻘ ﻮ ق و ﻗ ﺖ‬
. ‫ﺑ ﺪ ء اﻟ ﺸ ﺮ ﻛ ﺔ‬
8-3-1-2-d-3. Mudaraba or partnership are perpetual ‫ﺗ ﻜ ﻮ ن اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟ ﺸ ﺮ ﻛ ﺔ ﻣ ﺴ ﺘ ﻤ ﺮ ة‬ .3-‫د‬-2-1-3-8
with the continuance of the originator,
and they will remain until the ‫ و ﺗ ﺒ ﻘ ﻰ إ ﻟ ﻰ أن ﺗﺘﻢ‬, ‫ﺑﺎﺳ ﺘﻤ ﺮ ار اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬
dissolution of this entity. See: s. (10-1-5)
of Shari’ah Standard No. (13): -١-١٠) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﺗﺼﻔﻴﺔ ﻫﺬه اﻟﺠﻬﺔ‬
Mudaraba.
‫( ﺑﺸﺄن‬١٣) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬٥
. ‫اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ‬
109
8-3-1-2-d-4. In the financing mode of Mudaraba, ‫ﺗﻨﺸﺄ ﻣﺸﺎرﻛﺔ اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل ﰲ‬ .4-‫د‬-2-1-3-8
partnership is created with Tier-1
Capital by commingle the Mudaraba ‫ﺻ ﻴﻐ ﺔ اﻟﻤ ﻀ ﺎ ر ﺑ ﺔ ﺑﺨ ﻠ ﻂ ر أ س ﻣ ﺎ ل اﻟﻤ ﻀ ﺎ ر ﺑ ﺔ‬
capital with the common equity at its
value. As for the financing mode of ‫ أﻣﺎ ﰲ ﺻﻴﻐﺔ‬,‫ﺑﺤﻘﻮق اﻟﻤﻠﻜﱠﻴﺔ ﺑﻘﻴﻤﺘﻬﺎ‬
Musharaka, the partnership arises by
concluding the contract of partnership, , ‫اﻟ ﺸ ﺮ ﻛ ﺔ ﻓ ﺘ ﻨ ﺸ ﺄ اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ ﺑ ﺈ ﺑ ﺮ ام ﻋ ﻘ ﺪ اﻟ ﺸ ﺮ ﻛ ﺔ‬
and in both cases, it is a joint enterprise
(sharikat al-Ꜥaqd) in which the ‫وﻫﻲ ﰲ اﻟﺤﺎﻟﻴﻦ ﺷﺮﻛﺔ ﻋﻘﺪ ﻳﺼﻴﺮ ﲠﺎ ﻟﺤَﻤﻠﺔ‬
certificateholders have a share in the
rights and obligations of the holders of ‫اﻟﱡﺼﻜﻮك ﺣﱠﺼٌﺔ ﻓﻴﻤﺎ ﻟﺤﻘﻮق اﻟﻤﻠﻜﱠﻴﺔ ﻣﻦ‬
equity, in proportion to their share in ٍ ‫ﺣﻘﻮٍق وﻣﺎ ﻋﻠﻴﻬﺎ ﻣﻦ اﻟﺘﺰاﻣﺎ‬
the partnership capital, after they have ‫ ﺑﻨﺴ ﺒﺔ‬, ‫ت‬
become partners with the shareholders
of the originator in the common equity. ‫ ﺑﻌﺪ أن‬,‫ﺣﱠﺼﺘﻬﻢ ﰲ رأس ﻣﺎل اﻟﻤﺸﺎرﻛﺔ‬
See: s. (8-9) of Shari’ah Standard No.
(13): Mudaraba, and s. (4-7) of Shari’ah
‫أ ﺻ ﺒ ﺤ ﻮ ا ﺷ ﺮ ﻛ ﺎء ﻣ ﻊ ﻣ ﺴ ﺎ ﻫ ﻤ ﻲ اﻟ ﺠ ﻬ ﺔ‬
Standard No. (40): Distribution of Profit
-٨) ‫ ﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻤﻨﺸﺌﺔ ﰲ ﺣﻘﻮق اﻟﻤﻠﻜﱠﻴﺔ‬
in Mudaraba-based Investment
Accounts. It implies the following: ‫( ﺑﺸﺄن‬١٣) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬٩
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٧-٤) ‫ واﻟﺒﻨﺪ‬,‫اﻟﻤﻀﺎرﺑﺔ‬
‫( ﺑﺸﺄن ﺗﻮزﻳﻊ اﻟﱢﺮﺑﺢ ﰲ‬٤٠) ‫اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
‫اﻟ ﺤ ﺴ ﺎ ﺑﺎ ت ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﻳ ﺔ ﻋ ﻠ ﻰ أ ﺳ ﺎ س‬
: ‫ و ﻳ ﱰ ﺗ ﺐ ﻋ ﻠ ﻰ ذ ﻟ ﻚ‬. ‫اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ‬
8.3.1.2.d.4.1. The originator, representing the ‫أن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﻤﱢﺜﻠًﺔ ﻟﻤﺸﺎرﻛﺔ اﻟﱢﺸﻖ‬ .1 - 4 - ‫ د‬-2 - 1 -3 -8
Tier-1 participation, becomes
committed as a liability for the ‫ ُﺗﺼﺒﺢ ﻣﻠﺘﺰﻣًﺔ ﰲ‬,‫اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
funds of this participation to fulfil
obligations of the originator arising ‫أ ﻣ ﻮ ا ل ﻫ ﺬ ه اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ ﺑ ﺎﻟﻮ ﻓ ﺎ ء ﺑ ﻤ ﺎ ﻋ ﻠ ﻰ ا ﻟ ﺠ ﻬ ﺔ‬
from the existing or new financing.
See: s. (8-1-1-2-c-7). ‫ت‬ٍ ‫ت ﻧﺎﺷ ﺌ ﺔ ﻣ ﻦ ﺗ ﻤ ﻮ ﻳ ﻼ‬ ٍ ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﻦ اﻟ ﺘ ﺰ ا ﻣ ﺎ‬
-١-١-٨) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻗﺎﺋﻤٍﺔ أو ﺟﺪﻳﺪٍة‬

.(٧-‫ج‬-٢
8.3.1.2.d.4.2. That this participation becomes the ‫أن ﻫﺬه اﻟﻤﺸﺎرﻛﺔ ُﺗﺼﺒﺢ ﻫﻲ اﻟﻤﻘﱰَِﺿُﺔ‬ .2 - 4 - ‫ د‬-2 - 1 -3 -8
borrower of the balances of the
current accounts, and these ‫ و ﺗ ﺼ ﻴﺮ ﻫ ﺬ ه‬, ‫ﻷ ر ﺻ ﺪ ة اﻟﺤ ﺴ ﺎﺑﺎ ت اﻟﺠ ﺎر ﻳﺔ‬
balances become guaranteed in the
funds of that participation. ‫اﻷرﺻﺪُة ﻣﻀﻤﻮﻧًﺔ ﰲ أﻣﻮال ﺗﻠﻚ‬
110
. ‫اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ‬
8.3.1.2.d.4.3. That this participation, represented ‫أ ن ﻫ ﺬ ه ا ﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ ﻣ ﻤ ﺜ ﻠ ﺔ ﺑﺎﻟ ﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌ ﺔ‬ .3 - 4 - ‫ د‬-2 - 1 -3 -8
by the originator, becomes the
Mudarib in Mudaraba-based ‫ُﺗﺼﺒﺢ ﻫﻲ اﻟﻤﻀﺎرب ﰲ ﺣﺴﺎﺑﺎت‬
investment accounts, and it is the
Investment Agent in the ‫ وﻫﻲ‬,‫اﻻﺳﺘﺜﻤﺎر اﻟﻘﺎﺋﻤﺔ ﻋﻠﻰ اﻟﻤﻀﺎرﺑﺔ‬
Investment Agency-based
accounts, and if [the originator] is ‫اﻟﻮ ﻛ ﻴﻞ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﰲ ﺣ ﺴ ﺎ ﺑﺎ ت ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
subject to a liability due to
misconduct, negligence, or breach ‫ و إ ذ ا ﻟ ﺰ ﻣ ﻬ ﺎ‬, ‫اﻟ ﻘ ﺎ ﺋﻤ ﺔ ﻋ ﻠ ﻰ اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
of the terms of the contract, then
[the originator] bears [such ‫اﻟﱠﻀﻤﺎن ﺑﺴﺒﺐ اﻟﱠﺘﻌﺪي أو اﻟﱠﺘﻘﺼﻴﺮ أو‬
liability] from the funds of that
partnership. Then the ‫ﻣﺨﺎﻟﻔﺔ ﺷﺮوط اﻟﱠﺘﻌﺎﻗﺪ ﻓﺈﳖﺎ ﺗﺘﺤﱠﻤﻠﻪ ﰲ‬
certificateholders of the Tier-1
Sukuk, in their capacity as Rab al- ‫ ﺛ ﻢ ﻳ ﺤ ﻖ ﻟ ﺤ ﻤ ﻠ ﺔ‬. ‫أ ﻣ ﻮ ا ل ﺗ ﻠ ﻚ اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ‬
Maal, have the right of recourse to
the originator, which is the
‫ﺻ ﻜ ﻮ ك اﻟ ﺸ ﻖ ا ﻷ و ل ﺑ ﺼ ﻔ ﺘﻬ ﻢ أ ر ﺑﺎ ب ﻣ ﺎ ل أن‬
Mudarib, because misconduct or
‫ﻳ ﺮ ﺟ ﻌ ﻮ ا ﻋ ﻠ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ اﻟ ﺘﻲ ﻫ ﻲ‬
negligence has occurred due to a
reason attributed to Mudarib. See: ‫ ﻷ ن اﻟ ﺘﻌ ﺪ ي أ و اﻟ ﺘ ﻘ ﺼ ﻴ ﺮ ﻗ ﺪ‬, ‫اﻟ ﻤ ﻀ ﺎ ر ب‬
s. (8-3-1-3-a-1).
‫ و ﻳ ﻨ ﻈ ﺮ‬. ‫ﺣ ﺪ ث ﺑ ﺴ ﺒ ﺐ ﻳ ﻌ ﻮ د إ ﻟ ﻰ اﻟ ﻤ ﻀ ﺎ ر ب‬
.(١-‫أ‬-٣-١-٣-٨) ‫اﻟﺒﻨﺪ‬
8.3.1.2.d.4.4. The share that the originator had in ‫أن اﻟﺤﱠﺼﺔ اﻟﺘﻲ ﻛﺎﻧﺖ ﻟﻠﺠﻬِﺔ اﻟﻤﻨﺸﺌﺔ ﰲ‬ .4 - 4 - ‫ د‬-2 - 1 -3 -8
the capital of the existing
partnership by commingling the ‫ر أ س ﻣ ﺎ ل اﻟﻤ ﺸ ﺎر ﻛ ﺔ اﻟﻘ ﺎ ﺋﻤ ﺔ ﺑﺎﻟﺨ ﻠ ﻂ ﺑﻴﻦ‬
funds of the originator with the
funds of the pool of the Mudaraba ‫أ ﻣ ﻮ ا ل اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ و أ ﻣ ﻮ ا ل و ﻋ ﺎ ء‬
accounts or the pool of Investment
Agency accounts, which are ‫ﺣ ﺴ ﺎﺑﺎت اﻟﻤ ﻀ ﺎر ﺑﺔ أ و و ﻋ ﺎء ﺣ ﺴ ﺎﺑﺎت‬
authorized to be commingled with
the funds of the originator, to ‫ اﻟﻤﺄذوِن ﺑﺨﻠﻄﻬﺎ‬,‫اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
which is added the amount of Tier-
1 Sukuk, and the total is the pool of ‫ ﻳ ﻀ ﺎ ف إﻟ ﻴ ﻬ ﺎ ﻣ ﻘ ﺪ ا ر‬, ‫ﺑ ﺄ ﻣ ﻮ ا ل اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
this new partnership, and the
originator manages this ,‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
partnership representing the
partnership of Tier-1 of the capital. ‫و ﻳ ﻜ ﻮ ن اﻟ ﻤ ﺠ ﻤ ﻮ ع و ﻋ ﺎ ء ﻫ ﺬ ه ا ﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ‬
See: s. (9-1-6-1) of Shari’ah
Standard No. (13): Mudaraba, and
‫ وُﺗﺪﻳﺮ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻫﺬه‬,‫اﻟﺠﺪﻳﺪة‬
s. (3-1-2-3) of Shari’ah Standard No.
‫اﻟﻤﺸﺎرﻛَﺔ ﻣﻤﱢﺜﻠﺔ ﻟﻤﺸﺎرﻛﺔ اﻟﱢﺸﻖ اﻷول ﻣﻦ‬
111
Modern Companies. ‫( ﻣﻦ‬١-٦-١-٩) ‫ ﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫رأس اﻟﻤﺎل‬

‫( ﺑﺸﺄن‬١٣) ‫اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
‫ ﻣ ﻦ اﻟ ﻤ ﻌ ﻴ ﺎ ر‬٣ - ٢ - ١ - ٣ ) ‫ و ا ﻟ ﺒ ﻨ ﺪ‬, ‫ا ﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ‬
‫( ﺑﺸﺄن اﻟﺸﺮﻛﺔ‬١٢) ‫اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
8-3-1-2-d-5. There is no [Shari’ah] objection to have ‫ﻻ ﻣ ﺎﻧﻊ ﻣ ﻦ اﻻ ﺗﻔ ﺎق ﰲ ﻋ ﻘ ﺪ اﻟﻤ ﻀ ﺎر ﺑﺔ أ و‬ .5-‫د‬-2-1-3-8
an agreement in the Mudaraba contract
or the partnership contract pursuant to ‫ﻋﻘﺪ اﻟﺸﺮﻛﺔ ﻋﻠﻰ أن ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ اﺧﺘﻴﺎَر‬
which the originator has the option of
not distributing the realized profits on ‫ﻋﺪم ﺗﻮزﻳﻊ اﻷرﺑﺎح اﻟﻤﺤﱠﻘﻘﺔ ﰲ اﻟﱠﺘﺎرﻳﺦ‬
the date specified for distribution if it
decides not to distribute profits to the ‫اﻟﻤﺤﱠﺪد ﻟﻠﱠﺘﻮزﻳﻊ إن ﻫﻲ ﻗﱠﺮرت ﻋﺪم ﺗﻮزﻳﻊ‬
holders of equity, and this is provided:
‫ وﻫﺬا‬,‫أرﺑﺎٍح ﻷﺻﺤﺎب ﺣﻘﻮق اﻟﻤﻠﻜﱠﻴﺔ‬
: ‫ﺑﺸ ﺮط‬
8.3.1.2.d.5.1. That these profits be added to the ‫أن ُﺗﻀﺎف ﻫﺬه اﻷرﺑﺎح إﻟﻰ اﺣﺘﻴﺎﻃﻲ‬ .1 - 5 - ‫ د‬-2 - 1 -3 -8
profits reserve of the
certificateholders whose balance is ‫ص ﺑﺤَﻤﻠﺔ اﻟﱡﺼﻜﻮك اﻟﺬي‬
‫ا ﻷ ر ﺑ ﺎ ح اﻟ ﺨ ﺎ ﱢ‬
invested on their behalf according to
the terms of investing the proceeds ‫ُﻳﺴﺘﺜَﻤﺮ رﺻﻴﺪه ﻟﺼﺎﻟﺤﻬﻢ ﺑﺸﺮوط اﺳﺘﺜﻤﺎر‬
of subscription to the Sukuk.
. ‫ﺣ ﺼ ﻴ ﻠﺔ اﻻ ﻛ ﺘﺘﺎب ﰲ اﻟﺼ ﻜ ﻮ ك‬
8.3.1.2.d.5.2. That the reserve balance remains the ‫ ﻟﺤ ﻤ ﻠﺔ‬- ‫أن ﯾ ﺒ ﻘ ﻰ ر ﺻ ﻴ ﺪ اﻻ ﺣ ﺘﻴﺎﻃ ﻲ ﻣ ﻠﻜ‬ .2 - 5 - ‫ د‬-2 - 1 -3 -8
property of the certificateholders
until the dissolution of the Sukuk. .‫اﻟﱡﺼﻜﻮك إﻟﻰ ﺗﺼﻔﻴﺘﻬﺎ‬
8.3.1.2.d.5.3. That the certificateholders be paid ‫أن ﻳﺘﻢ اﻟﱠﺪﻓﻊ ﻟﺤﻤﻠﺔ اﻟﱡﺼﻜﻮك ﻣﻦ رﺻﻴﺪ‬ .3 - 5 - ‫ د‬-2 - 1 -3 -8
from the balance of the reserve in
any subsequent profit distribution ‫اﻻﺣﺘﻴﺎﻃﻲ ﰲ أي ﻓﱰة ﺗﻮزﻳﻊ أرﺑﺎٍح ﻻﺣﻘٍﺔ‬
period if Mudaraba or the
partnership did not achieve the ‫إذا ﻟﻢ ﺗﺤﱢﻘﻖ اﻟﻤﻀﺎرﺑﺔ أو اﻟﺸﺮﻛﺔ اﻷرﺑﺎَح‬
expected profits for distribution.
.‫اﻟﻤﺘﻮﱠﻗﻌﺔ ﻟﻠﱠﺘﻮزﻳﻊ‬
8-3-1-2-d-6. There is no [Shari’ah] objection to have ‫ﻻ ﻣﺎﻧﻊ ﻣﻦ اﻻﺗﻔﺎق ﻋﻠﻰ أﻧﻪ ﻟﻴﺲ ﻟﺤَﻤﻠﺔ‬ .6-‫د‬-2-1-3-8
an agreement that the
certificateholders have no right to ‫اﻟﱡﺼﻜﻮك ﻣﻄﺎﻟﺒﺔ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺄن ﺗﺪﻓﻊ‬
request the originator to pay them the
reserve balance, mentioned in s. (8-3-1- -٨) ‫ﻟﻬﻢ رﺻﻴﺪ اﻻﺣﺘﻴﺎﻃﱢﻲ اﻟﻮارد ﰲ اﻟﺒﻨﺪ‬
112
2-d-5), if the Mudaraba or the ‫( إن ﺣﱠﻘﻘﺖ اﻟﻤﻀﺎرﺑﺔ أو‬٥-‫د‬-٢-١-٣

partnership achieves the expected
profits on the date specified for the ‫اﻟﺸﺮﻛﺔ اﻷرﺑﺎح اﻟﻤﺘﻮﱠﻗﻌﺔ ﰲ اﻟﺘﺎرﻳﺦ‬
distribution, while the reserve balance
remains owned by them. ‫ ﻣﻊ ﺑﻘﺎء رﺻﻴﺪ اﻻﺣﺘﻴﺎﻃﻲ‬,‫اﻟﻤﺤﱠﺪد ﻟﻠﱠﺘﻮزﻳﻊ‬
.‫ﻣﻤﻠﻮًﻛﺎ ﻟﻬﻢ‬
8-3-1-2-d-7. There is no [Shari’ah] objection to have ‫ﻻ ﻣ ﺎﻧﻊ ﻣ ﻦ اﻻ ﺗﻔ ﺎق ﻋ ﻠ ﻰ أن ﻟ ﻠﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬ .7-‫د‬-2-1-3-8
an agreement that the originator may
use the reserve balance, mentioned in s. ‫اﺳ ﺘﺨ ﺪ ام ر ﺻ ﻴ ﺪ اﻻ ﺣ ﺘ ﻴﺎﻃ ﻲ اﻟﻮ ار د ﰲ اﻟ ﺒ ﻨ ﺪ‬
(8-3-1-2-d-5), to pay off the obligations
of Tier-1 participation, and that what ‫( ﻟﺴﺪاد ﻣﺎ ﻋﻠﻰ‬٥-‫د‬-٢-١-٣-٨)
remains of it in excess of the expected
profits paid will belong to the originator ‫ﻣ ﺸ ﺎر ﻛ ﺔ اﻟﺸ ﻖ اﻷ و ل ﻣﻦ ر أ س اﻟﻤ ﺎل ﻣﻦ‬
when the Sukuk is dissolved. See: s. (2-
4) of Shari’ah Standard No. (46): Al- ‫ وأن ﻣﺎ ﯾﺒﻘﻰ ﻣﻨﻪ زاﺋﺪًا ﻋﻠﻰ‬,‫اﻟﺘﺰاﻣﺎت‬
Wakala bi Al-Istithmar (Investment
Agency). ‫اﻷرﺑﺎح اﻟﻤﺘﻮﱠﻗﻌﺔ اﻟﻤﺪﻓﻮﻋﺔ ﻳﻜﻮن ﻟﻠﺠﻬﺔ‬
‫ ﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻤﻨﺸﺌﺔ ﻋﻨﺪ ﺗﺼﻔﻴﺔ اﻟﱡﺼﻜﻮك‬
(٤٦) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬٤-١٢)
. ‫ﺑ ﺸ ﺄ ن اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑ ﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
8-3-1-2-d-8. There is no [Shari’ah] objection to have ‫ﻻ ﻣ ﺎﻧﻊ ﻣ ﻦ اﻻ ﺗﻔ ﺎق ﻋ ﻠ ﻰ أن ﻟ ﻠﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬ .8-‫د‬-2-1-3-8
an agreement that the originator may
dissolve the Sukuk after a specific period ‫ﺗﺼﻔﻴﺔ اﻟﱡﺼﻜﻮك ﺑﻌﺪ ﻣﱠﺪة ﻣﺤﱠﺪدة ﻣﻦ ﺗﺎرﻳﺦ‬
from its date of issuance or in specific
cases, with agreed-upon conditions, ٍ ‫ ﺑﺸﺮو‬,‫إﺻﺪارﻫﺎ أو ﰲ ﺣﺎﻻت ﻣﺤﱠﺪدة‬
‫ط‬
including making sure through
constructive liquidation (tanḍīḍ ḥukmī) ‫ ﻣﻨﻬﺎ اﻟﺘﺄﱡﻛﺪ ﺑﺎﻟﱠﺘﻨﻀﻴﺾ‬,‫ﻣﱠﺘﻔٍﻖ ﻋﻠﻴﻬﺎ‬
about securing only the capital of the
Sukuk or the securing its capital with the ‫اﻟُﺤﻜﻤﱢﻲ ﻣﻦ ﺳﻼﻣﺔ رأس ﻣﺎل اﻟﱡﺼﻜﻮك‬
realization of a specific amount of profit.
If it appears, via constructive liquidation, ‫ﻓﻘﻂ أو ﺳﻼﻣﺔ رأس ﻣﺎﻟﻬﺎ ﻣﻊ ﺗﺤﻘﻴﻖ ﻗﺪٍر‬
that there is a loss or that the specified
profit is not realized, then the originator ‫ ﻓﺈن ﻇﻬﺮ ﺑﺎﻟﱠﺘﻨﻀﻴﺾ‬.‫ﻣﺤﱠﺪٍد ﻣﻦ اﻟﱢﺮﺑﺢ‬
may continue the Mudaraba or the
partnership and not to dissolve the ‫اﻟﺤﻜﻤﻲ وﺟﻮد ﺧﺴﺎرة أو أن اﻟﱢﺮﺑﺢ‬
‫ ﻓﺈن ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أن‬,‫اﻟﻤﺤﱠﺪد ﻏﻴﺮ ﻣﺘﺤﱢﻘٍﻖ‬
Sukuk or opt for dissolution by
purchasing the underlying assets of the
certificateholders at a specified price
‫ﺗﺴﺘﻤﺮ ﰲ اﻟﻤﻀﺎرﺑﺔ أو اﻟﺸﺮﻛﺔ وﻻ ُﺗَﺼﻔﻲ‬
agreed upon. It is also permitted for the
certificateholders to make a binding ‫ أو أن ﺗﺨﺘﺎر اﻟﱠﺘﺼﻔﻴﺔ ﺑﺸﺮاﺋﻬﺎ‬,‫اﻟﱡﺼﻜﻮك‬
promise to the originator, pursuant to a
113
separate document, to sell them the ‫ﻣ ﻮ ﺟ ﻮ د ا ت ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺑ ﺜ ﻤ ﻦ ﻣ ﺤ ﺪ د‬

underlying assets of Sukuk after a
specified period from the date of ‫ وﻳﺠﻮز ﻛﺬﻟﻚ أن َﻳِﻌﺪ ﺣَﻤﻠﺔ‬.‫ﻣﺘﻔﻖ ﻋﻠﻴﻪ‬
issuance of Sukuk, or in specified cases,
at a specified price agreed upon. ,-‫اﻟﱡﺼﻜﻮك اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ وﻋﺪًا ُﻣﻠﺰﻣ‬
‫ ﺑﺒﻴﻌﻬﺎ ﻣﻮﺟﻮدات‬,‫ﺑﻤﺴﺘﻨٍﺪ ﻣﺴﺘﻘﱟﻞ‬
‫اﻟﱡﺼﻜﻮك ﺑﻌﺪ ﻣﱠﺪة ﻣﺤﱠﺪدة ﻣﻦ ﺗﺎرﻳﺦ‬
‫ ﺑﺜﻤٍﻦ‬,‫ أو ﰲ ﺣﺎﻻت ﻣﺤﺪدة‬,‫إﺻﺪارﻫﺎ‬
. ‫ﻣ ﺤ ﺪ د ﻣ ﺘﻔ ﻖ ﻋ ﻠ ﻴﻪ‬
8-3-1-2-d-9. It is permitted for the certificateholders ‫ﻳﺠﻮز أن ﻳِﻌﺪ ﺣﻤﻠﺔ اﻟﺼﻜﻮك اﻟﺠﻬﺔ‬
‫ﱡ‬ َ َ .9-‫د‬-2-1-3-8
to extend a binding promise to the
originator, pursuant to a separate ,‫ ﺑﻤﺴﺘﻨٍﺪ ﻣﺴﺘﻘﱟﻞ‬,-‫اﻟﻤﻨﺸﺌَﺔ وﻋﺪًا ﻣﻠﺰﻣ‬
ُ
document, to convert the Sukuk into
shares, by selling them new shares from ‫ ﺑﺒﻴﻌﻬﻢ‬,‫ﺼﻜﻮك إﻟﻰ أﺳﻬٍﻢ‬ ‫ﺑ ﺘ ﺤ ﻮ ﻳ ﻞ اﻟ ﱡ‬
[the originator’s] shares against the
Sukuk, if that entity reaches a point of ‫ إن‬,‫ﺼﻜﻮك‬ ‫ ﺟ ﺪ ﻳ ﺪ ة ﻣ ﻦ أﺳ ﻬ ﻤ ﻬ ﺎ ﺑ ﺎﻟ ﱡ‬- ‫أﺳ ﻬ ﻤ‬
non-viability, in accordance with the
rules set by the regulators. The ‫وﺻﻠﺖ ﺗﻠﻚ اﻟﺠﻬﺔ إﻟﻰ ﺣﺎل ﻋﺪم اﻟﻘﺪرة‬
conversion via sale will be at any fair
price to be agreed upon at the time, Point of Non-) ‫ﻋﻠﻰ اﻻﺳﺘﻤﺮار‬
provided that carrying conversion does
not lead to a guarantee from the ‫ ﻟﻠﱠﻀﻮاﺑﻂ اﻟﺘﻲ ﺗﻀﻌﻬﺎ‬-‫ وﻓﻘ‬,(Viability
originator of what it is not permitted for
it to guarantee it according to Shari’ah. ‫ وﻳﻜﻮن اﻟﱠﺘﺤﻮﻳﻞ ﺑﺎﻟﺒﻴﻊ‬.‫اﻟﺠﻬﺎت اﻟﺮﻗﺎﺑﻴﺔ‬
See: s. (6-3-1-6) of this Standard. In that
event, it is not permitted to have an
,‫ﺑﺄي ﺛﻤٍﻦ ﻋﺎدل ﻳﺘﻢ اﻻﺗﻔﺎق ﻋﻠﻴﻪ ﰲ ﺣﻴﻨﻪ‬
agreement to write-off the originator of
‫ﺑﺸﺮط أن ﻻ ﻳﺆدي ﺗﻨﻔﻴﺬ اﻟﱠﺘﺤﻮﻳﻞ إﻟﻰ‬
the Sukuk in whole or in part, and to
hold its underlying assets exclusively ‫ﺿﻤﺎن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﺎ ﻻ ﻳﺠﻮز ﻟﻬﺎ‬
and to include them in the common
equity with the forfeiture of the right of (٦-١-٢-٨) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.-‫ﺿﻤﺎﻧﻪ ﺷﺮﻋ‬
the certificateholders in these
underlying assets. ‫ و ﻻ ﻳ ﺠ ﻮ ز ا ﻻ ﺗ ﻔ ﺎ ق ﻋ ﻠ ﻰ‬. ‫ﻣ ﻦ ﻫ ﺬ ا اﻟ ﻤ ﻌ ﻴ ﺎ ر‬
‫إﻋﺪام )ﺷﻄﺐ( اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻟﻠﱡﺼﻜﻮك‬
‫ واﻻﺳﺘﺌﺜﺎر‬,‫ ﰲ ﺗﻠﻚ اﻟﺤﺎل‬,-‫ أو ﺟﺰﺋﻴ‬-‫ﻛﻠﱠﻴ‬
‫ﺑﻤﻮﺟﻮداﲥﺎ وﺿﱢﻤﻬﺎ إﻟﻰ ﺣﻘﻮق اﻟﻤﻠﻜﱠﻴﺔ ﻣﻊ‬
‫ﺳﻘﻮط ﺣﱢﻖ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﰲ ﻫﺬه‬
114
. ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬
8-3-1-2-d-10. Upon the dissolution of the originator, ‫ﻻ ﻳﺠﻮز اﻻﺗﻔﺎق ﻋﻠﻰ ﺗﻘﱡﺪم أﺻﺤﺎب‬ .10-‫د‬-2-1-3-8
in the event of insolvency or
bankruptcy, it is not permitted to have ‫ﺣ ﺴ ﺎﺑﺎت اﻻ ﺳ ﺘﺜﻤ ﺎر ﰲ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم ﻋ ﻠ ﻰ‬
an agreement to give the investment
accountholder in the general pool an ‫ﺣَﻤﻠﺔ ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
absolute priority over the
certificateholders of Tier-1 Sukuk in ‫ﰲ اﺳ ﺘﻴﻔ ﺎء أر ﺻ ﺪ ﲥ ﻢ ﻋ ﻨ ﺪ ﺗ ﺼ ﻔ ﻴﺔ اﻟﺠ ﻬ ﺔ‬
collecting their balances so that [the
investment accountholders] are given -‫ ﺗﻘﱡﺪﻣ‬,‫ ﺣﺎل اﻹﻋﺴﺎر أو اﻹﻓﻼس‬,‫اﻟﻤﻨﺸﺌﺔ‬
priority, even if the loss was not due to
misconduct, negligence, or breach by ‫ ﺑﺄن ﻳﺘﻘﺪﻣﻮا وإن ﻛﺎﻧﺖ اﻟﺨﺴﺎرة ﻻ‬,-‫ﻣﻄَﻠﻘ‬
the originator of the terms of the
contract. However, it is permitted to ‫ﺗ ﺮ ﺟ ﻊ إﻟﻰ ﺗﻌ ﺪ ي اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ أ و ﺗﻘ ﺼ ﻴﺮ ﻫ ﺎ‬
have an agreement for priority of [the
investment accountholders] in ‫ و إﻧﻤ ﺎ ﻳ ﺠ ﻮ ز‬, ‫أ و ﻣ ﺨ ﺎﻟ ﻔ ﺘﻬ ﺎ ﻟ ﺸ ﺮ و ط اﻟ ﺘﻌ ﺎﻗ ﺪ‬
claiming their rights established as per
the terms and conditions of those
‫اﻻﺗﻔﺎق ﻋﻠﻰ ﺗﻘﱡﺪﻣﻬﻢ ﰲ اﺳﺘﻴﻔﺎء ﺣﻘﻮﻗﻬﻢ‬
account, wherein the originator is not
‫اﻟﱠﺜﺎﺑﺘﺔ ﻟﻬﻢ ﺑﻤﻮﺟﺐ ﺷﺮوط وأﺣﻜﺎم ﺗﻠﻚ‬
liable for the loss, except in the event
of misconduct, negligence, or breach ‫اﻟ ﺤ ﺴ ﺎ ﺑﺎ ت اﻟ ﺘﻲ ﻻ ﺗ ﻜ ﻮ ن اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
of the terms of the contract.
‫ﺑﻤﻮﺟﺒﻬﺎ ﺿﺎﻣﻨًﺔ ﻟﻠﺨﺴﺎرة إﻻ ﺣﺎل اﻟﱠﺘﻌﺪي‬
.‫أو اﻟﱠﺘﻘﺼﻴﺮ أو ﻣﺨﺎﻟﻔﺔ ﺷﺮوط اﻟﱠﺘﻌﺎﻗﺪ‬
8-3-1-3. Dissolution of Tier-1 Sukuk (Priority of ‫ﺗﺼﻔﻴﺔ ﺻﻜﻮك اﻟﱢﺸﻖ اﻷ َول ﻣﻦ رأس اﻟﻤﺎل‬ .3-1-3-8
Payment) due to the insolvency or
bankruptcy of the originator: ‫)أوﻟﻮﻳﺔ اﻻﺳﺘﻴﻔﺎء( ﻹﻋﺴﺎر أو إﻓﻼس اﻟﺠﻬﺔ‬
:‫اﻟﻤﻨﺸﺌﺔ‬
8-3-1-3-a. If it was decided to go the dissolution of ‫ ﻹﻋﺴﺎرﻫﺎ أو‬,‫إذا ﺗﻘﱠﺮر ﺗﺼﻔﻴﺔ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬ .‫أ‬-3-1-3-8
the originator, due to its insolvency or
bankruptcy, a distinction is made in the ‫ ﻓﺈﻧﻪ ُﻳﻔﱠﺮق ﰲ ﺿـــــﻮاﺑﻂ اﻟﱠﺘﺼﻔﻴﺔ ﺑﻴﻦ‬,‫إﻓﻼﺳﻬﺎ‬
rules of dissolution whether the
originator being responsible for the loss ‫أن ﺗﻜ ﻮ ن اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﻣ ﺴ ﺆ و ﻟﺔ ﻋ ﻦ‬
and not being responsible for it.
.‫اﻟ ﺨ ﺴ ــــﺎ ر ة و ﺑ ﻴﻦ أن ﻻ ﺗ ﻜ ﻮ ن ﻣ ﺴ ﺆ و ﻟ ﺔ ﻋ ﻨﻬ ﺎ‬
8-3-1-3-a-1. If the loss is due to misconduct, ‫إذا ﻛﺎﻧﺖ اﻟﺨﺴﺎرة راﺟﻌًﺔ إﻟﻰ ﺗﻌﺪي اﻟﺠﻬﺔ‬ .1-‫أ‬-3-1-3-8
negligence or breach of the terms of the
contract, the dissolution shall be ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ أ و ﺗ ﻘ ﺼ ﻴ ﺮ ﻫ ﺎ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺘﻬ ﺎ ﻟ ﺸ ﺮ و ط‬
according to the following stages and
115
rules: ‫ ﻓﺈن اﻟﱠﺘﺼﻔﻴﺔ ﺗﻜﻮن وﻓﻖ اﻟﻤﺮاﺣﻞ‬,‫اﻟﱠﺘﻌﺎﻗﺪ‬

:‫واﻟﱠﻀﻮاﺑﻂ اﻵﺗﻴﺔ‬
8.3.1.3.a.1.1. The debt due to unsecured ‫ُﻳﺪَﻓﻊ ﻣﻦ اﻟﻮﻋﺎء اﻟﻌﺎم اﻟﱠﺪﻳﻦ اﻟﻤﺴﺘﺤﱡﻖ‬ .1-1-‫أ‬-3-1-3-8
creditors, the balances of current
accounts, and the balances of ‫ وأرﺻﺪة اﻟﺤﺴﺎﺑﺎت‬,‫ﻟﻠﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ‬
investment accounts are paid from
the general pool after these ‫ و أ ر ﺻ ﺪ ة ﺣ ﺴ ﺎ ﺑﺎ ت ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﺑﻌ ﺪ‬, ‫اﻟ ﺠ ﺎ ر ﻳ ﺔ‬
balances have become secured in
the funds of the Tier-1 Capital. And ‫أن ﺻﺎرت ﻫﺬه اﻷرﺻﺪة ﻣﻀﻤﻮﻧًﺔ ﰲ أﻣﻮال‬
if what is available in the general
pool is not sufficient to pay all those ‫ وإذا‬.‫ﻣﺸﺎرﻛﺔ اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
to whom the amounts are due,
then what is available is divided -‫ﻟﻢ ﻳﻜِﻦ اﻟﻤﻮﺟﻮد ﰲ اﻟﻮﻋﺎء اﻟﻌﺎﱢم ﻛﺎﻓﻴ‬
among them in proportion as
division among the creditors ‫ﻟﺪﻓﻊ ﺟﻤﻴﻊ اﻟﻤﺴﺘﺤﱢﻖ ﻟﻬﺆﻻء ﻓﺈن اﻟﻤﻮﺟﻮد‬
(qismat al-ghuramā’).
.‫ﻳﻘﱠﺴﻢ ﺑﻴﻨﻬﻢ ﺑﺎﻟﻨﱢﺴﺒﺔ واﻟﱠﺘﻨﺎﺳﺐ ﻗﺴﻤﺔ ﻏﺮﻣﺎء‬
8.3.1.3.a.1.2. What remains in the general pool ‫ُﻳﺪَﻓﻊ ﻣﻤﺎ ﺑﻘﻲ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﻟَﺤَﻤﻠﺔ‬ .2-1-‫أ‬-3-1-3-8
for certificateholders of Tier-1
Sukuk is paid to cover the capital of ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل ﻣﺎ‬
Sukuk, after it has become
guaranteed by the originator in the ‫ ﺑﻌﺪ أن ﺻﺎر‬,‫ُﻳَﻐﱢﻄﻲ رأس ﻣﺎل اﻟﱡﺼﻜﻮك‬
share of the holders of equity in the
participation of the Tier-1 of ‫ ﻣﻦ ﻗَﺒﻞ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﰲ ﺣﱠﺼﺔ‬-‫ﻣﻀﻤﻮﻧ‬
capital.
‫أﺻﺤﺎب ﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ ﰲ ﻣﺸﺎرﻛﺔ اﻟﱢﺸﻖ‬
.‫اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
8.3.1.3.a.1.3. What remains in the general pool is ‫ُﻳﺪَﻓﻊ ﻣﺎ ﯾﺒﻘﻰ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﻷﺻﺤﺎب‬ .3-1-‫أ‬-3-1-3-8
paid to the holders of equity,
whatever its amount. .‫ ﻛ ﺎن ﻣ ﻘ ﺪ ار ه‬- ‫ﺣ ﻘﻮ ق اﻟﻤ ﻠ ﻜ ﻴﺔ أ ﻳ‬
8.3.1.3.a.1.4. If it is not possible to pay, in whole ‫ ﻟﻠﱠﺪﻳﻦ‬-‫ﻛﻠًﻴﺎ أو ﺟﺰﺋًﻴﺎ‬- ‫إذا ﻟﻢ ﻳﻤﻜﻦ اﻟﺪﻓﻊ‬ .4-1-‫أ‬-3-1-3-8
or in part, the debt owed to
unsecured creditors, the balances ‫اﻟﻤﺴﺘﺤﱢﻖ ﻟﻠﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ وأرﺻﺪة‬
of current accounts and the
balances of investment accounts, ‫اﻟ ﺤ ﺴ ﺎ ﺑﺎ ت اﻟ ﺠ ﺎ ر ﻳ ﺔ و أ ر ﺻ ﺪ ة اﻟ ﺤ ﺴ ﺎ ﺑﺎ ت‬
or the capital of the Tier-1 Sukuk,
after paying the previous ones due ‫ أو ﻟﺮأس ﻣﺎل ﺻﻜﻮك اﻟﱢﺸﻖ‬,‫اﻻﺳﺘﺜﻤﺎرﻳﺔ‬
to the insufficiency of what is
[available] in the general pool after ‫ ﺑﻌﺪ اﻟﱠﺪﻓﻊ ﻟﻠﱠﺴﺎﺑﻘﻴﻦ‬,‫اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
the loss, then the provision of
limited liability company shall apply ‫ﺑ ﺴ ﺒ ﺐ ﻋ ﺪ م ﻛ ﻔ ﺎ ﻳ ﺔ اﻟ ﻤ ﻮ ﺟ ﻮ د ﰲ اﻟﻮ ﻋ ﺎء اﻟ ﻌ ﺎم‬
116
on the non-payment in this event. ‫ ﻓ ﺈن ﻋ ﺪ م اﻟ ﺪ ﻓ ﻊ ﰲ ﻫ ﺬ ه اﻟﺤ ﺎ ل‬, ‫ﺑﻌ ﺪ اﻟﺨ ﺴ ﺎر ة‬

See: s. (4-1-2-9) of Shari’ah
Standard No. (12): Sharikah ‫ﻳ ﻨ ﻄ ﺒ ﻖ ﻋ ﻠ ﻴﻪ ﺣ ﻜ ﻢ اﻟ ﺸ ﺮ ﻛ ﺔ ذ ا ت اﻟ ﻤ ﺴ ﺆ و ﻟ ﻴ ﺔ‬
(Musharaka) and Modern
Companies. ‫( ﻣﻦ‬٩-٢-١-٤) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻤﺤﺪودة‬
8-3-1-3-a-2. If the loss is not due to misconduct, ‫إ ذ ا ﻟ ﻢ ﺗ ﻜ ﻦ اﻟ ﺨ ﺴ ﺎ ر ة ر ا ﺟ ﻌ ﺔ إ ﻟ ﻰ ﺗ ﻌ ﺪ ي‬ .2-‫أ‬-3-1-3-8
negligence or breach of the terms of the
contract, the dissolution shall be ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ أ و ﺗ ﻘ ﺼ ﻴ ﺮ ﻫ ﺎ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺘﻬ ﺎ‬
rules: ‫ ﻓﺈن اﻟﱠﺘﺼﻔﻴﺔ ﺗﻜﻮن وﻓﻖ‬,‫ﻟﺸﺮوط اﻟﱠﺘﻌﺎﻗﺪ‬
:‫اﻟﻤﺮاﺣﻞ واﻟﱠﻀﻮاﺑﻂ اﻵﺗﻴﺔ‬
8.3.1.3.a.2.1. The Debt owed to unsecured ‫ُﻳﺪَﻓﻊ ﻣﻦ اﻟﻮﻋﺎء اﻟﻌﺎم اﻟﱠﺪﻳُﻦ اﻟﻤﺴﺘﺤﱡﻖ‬ .1-2-‫أ‬-3-1-3-8
creditors, current account
balances, and investment account ‫ وأرﺻﺪُة اﻟﺤﺴﺎﺑﺎت‬,‫ﻟﻠﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ‬
balances shall be paid from the
general pool after decreasing these ‫ وأرﺻﺪُة ﺣﺴﺎﺑﺎت اﻻﺳﺘﺜﻤﺎر ﺑﻌﺪ‬,‫اﻟﺠﺎرﻳﺔ‬
balances (i.e., investment account
balance) by the amount of their ‫أي أرﺻﺪة‬- ‫أن ُﺗﻨَﻘﺺ ﻫﺬه اﻷرﺻﺪة‬
share in the loss of the general
pool. And if what is available in the ‫ ﺑﻤﻘﺪار ﺣﱠﺼﺘﻬﺎ ﰲ‬-‫ﺣﺴﺎﺑﺎت اﻻﺳﺘﺜﻤﺎر‬
general pool is not sufficient to pay
all those to whom the amounts are ‫ وإذا ﻟﻢ ﻳﻜِﻦ اﻟﻤﻮﺟﻮد‬.‫ﺧﺴﺎرة اﻟﻮﻋﺎء اﻟﻌﺎم‬
due, then what is available is
distributed among them in ‫ ﻟﺪﻓﻊ ﺟﻤﻴﻊ اﻟﻤﺴﺘﺤﱢﻖ‬-‫ﰲ اﻟﻮﻋﺎء اﻟﻌﺎﱢم ﻛﺎﻓﻴ‬
proportion as per division among
the creditors. ‫ﻟﻬﺆﻻء ﻓﺈن اﻟﻤﻮﺟﻮد ﻳﻮﱠزع ﺑﻴﻨﻬﻢ ﺑﺎﻟﻨﱢﺴﺒﺔ‬
.‫واﻟﱠﺘﻨﺎﺳﺐ ﻗﺴﻤﺔ ﻏﺮﻣﺎء‬
8.3.1.3.a.2.2. What remains in the general pool ‫ُﻳﺪَﻓﻊ ﻣﻤﺎ ﺑﻘﻲ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﻟَﺤَﻤﻠﺔ‬ .2-2-‫أ‬-3-1-3-8
shall be paid to the
certificateholders of Tier-1 Sukuk ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل ﻣﺎ‬
that covers the capital of the Sukuk
after it is reduced by the amount of ‫ُﻳﻐﱢﻄﻲ رأس ﻣﺎل اﻟﱡﺼﻜﻮك ﺑﻌﺪ أن ُﻳﻨَﻘﺺ‬
its share in the loss of the general
pool. .‫ﺑﻤﻘﺪار ﺣﱠﺼﺘﻪ ﰲ ﺧﺴﺎرة اﻟﻮﻋﺎء اﻟﻌﺎم‬
117
8.3.1.3.a.2.4. If it is not possible to pay, in whole ‫ ﻟﻠﱠﺪﻳﻦ‬-‫ﻛﻠًﻴﺎ أو ﺟﺰﺋًﻴﺎ‬- ‫إذا ﻟﻢ ﻳﻤﻜﻦ اﻟﺪﻓﻊ‬ .4-2-‫أ‬-3-1-3-8
or in part, the debt owed to
unsecured creditors, the balances ‫اﻟﻤﺴﺘﺤﱢﻖ ﻟﻠﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ وأرﺻﺪة‬
of current accounts and the
balances of investment accounts ‫اﻟ ﺤ ﺴ ﺎ ﺑﺎ ت اﻟ ﺠ ﺎ ر ﻳ ﺔ و أ ر ﺻ ﺪ ة اﻟ ﺤ ﺴ ﺎ ﺑﺎ ت‬
after reducing them by the amount
of their share in the loss, or the ‫اﻻﺳﺘﺜﻤﺎرﻳﺔ ﺑﻌﺪ إﻧﻘﺎﺻﻬﺎ ﺑﻤﻘﺪار ﺣﱠﺼﺘﻬﺎ ﰲ‬
capital of Tier-1 Sukuk after
reducing it by the amount of their ‫ أو ﻟﺮأس ﻣﺎل ﺻﻜﻮك اﻟﱢﺸﻖ‬,‫اﻟﺨﺴﺎرة‬
share in the loss, after paying the
previous ones due to the ‫اﻷول ﻣﻦ رأس اﻟﻤﺎل ﺑﻌﺪ إﻧﻘﺎﺻﻪ ﺑﻤﻘﺪار‬
insufficiency of the existing
[amount] in the general pool after ‫ ﺑﻌﺪ اﻟﱠﺪﻓﻊ ﻟﻠﱠﺴﺎﺑﻘﻴﻦ‬,‫ﺣﱠﺼﺘﻪ ﰲ اﻟﺨﺴﺎرة‬
the loss, then the provision of
limited liability company shall apply ‫ﺑ ﺴ ﺒ ﺐ ﻋ ﺪ م ﻛ ﻔ ﺎ ﻳ ﺔ اﻟ ﻤ ﻮ ﺟ ﻮ د ﰲ اﻟﻮ ﻋ ﺎء اﻟ ﻌ ﺎم‬
on non-payment in this event. See:
s. (4-1-2-9) of Shari’ah Standard No.
‫ ﻓ ﺈن ﻋ ﺪ م اﻟ ﺪ ﻓ ﻊ ﰲ ﻫ ﺬ ه اﻟﺤ ﺎ ل‬, ‫ﺑﻌ ﺪ اﻟﺨ ﺴ ﺎر ة‬
‫ﻫ ﻮ ﺣ ﻜ ﻢ اﻟ ﺸ ﺮ ﻛ ﺔ ذ ا ت اﻟﻤ ﺴ ﺆ و ﻟ ﻴﺔ‬
Modern Companies.
‫( ﻣﻦ‬٩-٢-١-٤) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻤﺤﺪودة‬
8-3-1-4. Dissolution of Tier-1 Sukuk upon the ‫ﺗﺼﻔﻴﺔ ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬ .4-1-3-8
dissolution of the originator at the end of
its term: :‫ﻋﻨﺪ ﺗﺼﻔﻴﺔ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻻﻧﺘﻬﺎء ﻣﱠﺪﲥﺎ‬
If the term of the originator ends, and its ‫ وﻗﱠﺮر ﻣﺴﺎﻫﻤﻮﻫﺎ ﺗﺼﻔﻴﺘﻬﺎ‬,‫إذا اﻧﺘﻬﺖ ﻣﱠﺪة اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
shareholders decide its dissolution without
renewing it, without it being insolvent or bankrupt, ‫ ﻓﺈن ﺣَﻤﻠﺔ‬,‫ دون أن ﺗﻜﻮن ﻣﻌِﺴﺮًة أو ﻣﻔﻠﺴًﺔ‬,‫وﻋﺪم ﺗﺠﺪﻳﺪﻫﺎ‬
then the certificateholders of Tier-1 Sukuk will
recover the capital of Sukuk in full, and the realized ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل ﻳﺴﱰﱡدون رأس ﻣﺎل‬
profit will be paid to them according to their
common share in the profit of the Mudaraba or the ‫ وُﻳﺪَﻓﻊ ﻟﻬﻢ اﻟﱢﺮﺑﺢ اﻟﻤﺤﱠﻘﻖ وﻓﻖ ﺣﱠﺼﺘﻬﻢ‬,ً‫اﻟﱡﺼﻜﻮك ﻛﺎﻣﻼ‬
partnership, up to the amount specified in the
contract of Mudaraba or partnership for the ‫ إﻟﻰ اﻟﻘﺪر اﻟﻤﺤﱠﺪد ﰲ‬,‫اﻟﱠﺸﺎﺋﻌﺔ ﰲ رﺑﺢ اﻟﻤﻀﺎرﺑﺔ أو اﻟﺸﺮﻛﺔ‬
expected profit of the certificateholders. Whatever
surplus shall be for the holders of equity as an ,‫ﻋﻘﺪ اﻟﻤﻀﺎرﺑﺔ أو اﻟﺸﺮﻛﺔ ﻟﻠﱢﺮﺑﺢ اﻟﻤﺘﻮﱠﻗﻊ ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬
incentive [fee] to performance.
‫وﻣﺎ زاد ﻓﺈﻧﻪ ﻳﻜﻮن ﻷﺻﺤﺎب ﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ ﺣﺎﻓﺰًا ﻋﻠﻰ‬
.‫اﻷداء‬
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8-3-2. Tier 2 Capital Sukuk: Tier 2 ) ‫ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬.2-3-8
:(Capital Sukuk
It is a Sukuk that is issued to provide secondary ‫ﻳﺘﻢ إﺻﺪار ﻫﺬه اﻟﺼﻜﻮك ﻟﺘﻮﻓﻴﺮ رأس ﻣﺎٍل ﺛﺎﻧﻮي‬
‫ﱟ‬ ‫ﱡ‬
capital, which alone constitutes Tier-2 capital of the
statutory capital of the originator. Tier-2 ) ‫ ﻳﺸﱢﻜﻞ وﺣﺪه اﻟﱢﺸﻖ اﻟﺜﺎﲏ‬,(Secondary Capital)
.‫( ﻣﻦ رأس اﻟﻤﺎل اﻟﻨﱢﻈﺎﻣﻲ ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬Capital
8-3-2-1. The regulatory characteristics of Tier 2 ‫اﻟﺨﺼﺎﺋﺺ اﻟﺮﻗﺎﺑﻴﺔ )اﻟﻨﱢﻈﺎﻣﻴﺔ( ﻟﺼﻜﻮك‬

‫ﱠ‬ .1-2-3-8
Capital Sukuk:
:‫اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬
In order to count the Sukuk from the Tier 2 Capital, ‫ أن ﺗﺘﻮاﻓﺮ‬,‫ﻳﻠَﺰم ﻟﻌﱢﺪ اﻟﱡﺼﻜﻮك ﻣﻦ اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬
it is necessary for it to have a number of
characteristics, from the supervisory point of view, : ‫ أ ﻫ ﻤ ﻬ ﺎ‬, ‫ﻓ ﻴﻬ ﺎ ﻣ ﻦ اﻟ ﻨﺎ ﺣ ﻴ ﺔ اﻟ ﺮ ﻗ ﺎ ﺑ ﻴ ﺔ ﺟ ﻤ ﻠ ﺔ ﺧ ﺼ ﺎ ﺋ ﺺ‬
the most important of which are:
8-3-2-1-a. It is for a fixed period, not perpetual, and ‫ ﻳﺘﻢ‬,‫ ﻏﻴَﺮ ﻣﺴﺘﻤﱠﺮة‬,‫أﳖﺎ ﺗﻜﻮن ﻣﺤﱠﺪدة اﻟﻤﱠﺪة‬ .‫أ‬-1-2-3-8
are issued for a period of no less than
five years. .‫إﺻﺪارﻫﺎ ﻟﻤﱠﺪة ﻻ ﺗﻘﱡﻞ ﻋﻦ ﺧﻤﺲ ﺳﻨﻮات‬
8-3-2-1-b. It is capable of absorbing originator’s ‫أﳖﺎ ﺗﻜﻮن ﻗﺎدرة ﻋﻠﻰ اﻣﺘﺼﺎص ﺧﺴﺎﺋﺮ اﻟﺠﻬﺔ‬ .‫ب‬-1-2-3-8
losses, so it is delayed in payment, at the
time of insolvency or bankruptcy of the ‫ ﻓﺘﺘﺄﱠﺧﺮ ﰲ اﻻﺳﺘﻴﻔﺎء ﻋﻨﺪ ﺗﺼﻔﻴﺔ اﻟﺠﻬﺔ‬,‫اﻟﻤﻨﺸﺌﺔ‬
originator, against unsecured
obligations of the originator, which are ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻟ ﻺ ﻋ ﺴ ﺎ ر أ و ا ﻹ ﻓ ﻼ س ﻋ ﻦ اﻟ ﺘ ﺰ ا ﻣ ﺎ ﲥ ﺎ‬
the obligations to the depositors and
unsecured creditors. It has preference ‫ و ﻫ ﻲ ا ﻻ ﻟ ﺘ ﺰ ا ﻣ ﺎ ت اﻟ ﺘﻲ ﺗ ﻜ ﻮ ن ﻟ ﻠ ﻤ ﻮ د ﻋ ﻴﻦ‬, ‫اﻟﻌ ﺎ د ﻳ ﺔ‬
over the obligations of the
certificateholders of Tier-1 Sukuk and ‫ وﺗﺘﻘﱠﺪم ﻋﻠﻰ اﻻﻟﺘﺰاﻣﺎت‬,‫واﻟﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ‬
common equity.
‫اﻟﺘﻲ ﺗﻜﻮن ﻟﺤَﻤﻠﺔ ﺻﻜﻮك اﻟﱟﺸﻖ اﻷول ﻣﻦ‬
.‫ر أ س اﻟﻤ ﺎ ل و ﻋ ﻠ ﻰ ﺣ ﻘﻮ ق اﻟﻤ ﻠ ﻜ ﻴﺔ‬
8-3-2-1-c. The originator has no right to cancel the ‫أﻧﻪ ﻟﻴﺲ ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺣﻖ إﻟﻐﺎء دﻓﻊ اﻷرﺑﺎح‬ .‫ج‬-1-2-3-8
payment of profits on the dates
specified for their distribution, even if it ‫ﰲ اﻟﺘﻮارﻳﺦ اﻟﻤﺤﱠﺪدة ﻟﺘﻮزﻳﻌﻬﺎ ﺣﺘﻰ وإن ﻗﱠﺮرت‬
decided not to distribute profits to the
holders of equity. ‫ﻋﺪم ﺗﻮزﻳﻊ أرﺑﺎٍح ﻋﻠﻰ أﺻﺤﺎب ﺣﻘﻮق‬
. ‫اﻟ ﻤ ﻠ ﻜ ﻴ ﺔ‬
119
8-3-2-1-d. It is not guaranteed and is not backed by ‫أﳖﺎ ﺗﻜﻮن ﻏﻴَﺮ ﻣﻀﻤﻮﻧٍﺔ وﻏﻴَﺮ ﻣﻐﱠﻄﺎة ﺑﻜﻔﺎﻟٍﺔ ﻣﻦ‬ .‫د‬-1-2-3-8
a guarantee from the originator, or from
any of its related entities. .‫ أو ﻣﻦ أي ﺟﻬٍﺔ ﻣﱠﺘﺼﻠٍﺔ ﲠﺎ‬,‫اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
8-3-2-1-e. It can be written off, in whole or in part, ‫ أو ﺗﺤﻮﻳﻠﻬﺎ‬,-‫ أو ﺟﺰﺋﻴ‬-‫أﳖﺎ ﻳﻤﻜﻦ ﺷﻄﺒﻬﺎ ﻛﻠﱠﻴ‬ .‫ه‬-1-2-3-8
or converted into ordinary shares, via a
resolution of the supervisory authority ‫ ﺑﻘﺮار ﻣﻦ اﻟﺠﻬﺔ اﻟﺮﻗﺎﺑﻴﺔ ﻋﻨﺪ‬,‫إﻟﻰ أﺳﻬٍﻢ ﻋﺎدﱠﻳﺔ‬
when the originator reaches a point of
non-viability or to protect it from ‫و ﺻ ﻮ ل اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ إ ﻟ ﻰ ﺣ ﺎ ل ﻋ ﺪ م ا ﻟ ﻘ ﺪ ر ة‬
reaching this state.
‫( أو‬Point of Non- Viability) ‫ﻋﻠﻰ اﻻﺳﺘﻤﺮار‬
.‫ﻟﺤﻤﺎﻳﺘﻬﺎ ﻣﻦ اﻟﻮﺻﻮل إﻟﻰ ﻫﺬه اﻟﺤﺎل‬
8-3-2-2. Provisions and rules for Tier 2 capital ‫أﺣﻜﺎم وﺿﻮاﺑﻂ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ‬ .2-2-3-8
Sukuk:
:‫رأس اﻟﻤﺎل‬
8-3-2-2-a. It is permitted to use the financing ‫ﻳ ﺠ ﻮ ز اﺳ ﺘﺨ ﺪ ام ﺻ ﻴﻎ اﻟﻤ ﺸ ﺎر ﻛ ﺎ ت أ و اﻟﻮ ﻛ ﺎ ﻻ ت‬ .‫أ‬-2-2-3-8
modes of partnerships, Wakala
(agencies), or commutative contracts to ‫أو اﻟﻤﻌﺎوﺿﺎت ﰲ إﺻﺪار ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ‬
issue Tier-2 Sukuk, whether [the Sukuk
is] plain vanilla or composite. .‫ ﺳﻮاء ﻛﺎﻧﺖ ﻣﻔﺮدة أو ﻣﺮﱠﻛﺒﺔ‬,‫ﻣﻦ رأس اﻟﻤﺎل‬
8-3-2-2-b. It is not permitted if the originator of ‫ﻻ ﻳﺠ ﻮ ز أن ﺗﻜ ﻮ ن اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﰲ ﺻ ﻜ ﻮ ك‬ .‫ب‬-2-2-3-8
Tier-2 Sukuk is a conventional entity,
even if the proceeds of the issuance are ‫اﻟ ﺸ ﻖ اﻟ ﺜ ﺎ ﲏ ﻣ ﻦ ر أ س اﻟ ﻤ ﺎ ل ﺟ ﻬ ﺔ ﺗ ﻘ ﻠ ﻴ ﺪ ﻳ ﺔ و ﻟﻮ ﻣ ﻊ‬
used in its underlying assets that are
acceptable by the virtue of Shari’ah, ‫اﺳ ﺘﺨ ﺪ ام ﺣ ﺼ ﻴ ﻠ ﺔ اﻹ ﺻ ﺪ ار ﻓ ﻴﻤ ﺎ ﻟ ﺪ ﻳﻬ ﺎ ﻣ ﻦ‬
because [Sukuk] supports the capital of
this entity, and is a guarantor for the ‫ ; ﻷ ﳖ ﺎ ﺗ ﺪ ﻋ ﻢ ر أ س ﻣ ﺎ ل‬- ‫ﻣ ﻮ ﺟ ﻮ د ا ت ﻣ ﻘ ﺒﻮ ﻟ ﺔ ﺷ ﺮ ﻋ‬
fulfilment of its conventional obligations
that are senior in rank than Tier-1 Sukuk. ‫ و ﺗ ﻜ ﻮ ن ﺿ ﺎ ﻣ ﻨ ﺔ ﻟ ﻠﻮ ﻓ ﺎء ﺑﺎﻟ ﺘ ﺰ ا ﻣ ﺎ ﲥ ﺎ‬, ‫ﻫ ﺬ ه اﻟﺠ ﻬ ﺔ‬
. ‫ا ﻟ ﺘ ﻘ ﻠ ﻴ ﺪ ﻳ ﺔ ا ﻷ ﻋ ﻠ ﻰ ر ﺗ ﺒ ﺔ ﻣ ﻦ ﺻ ﻜ ﻮ ك اﻟ ﺸ ﻖ اﻟ ﺜ ﺎ ﲏ‬
.(٩-٢-٧) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
8-3-2-2-c. In the event of issuing Tier-2 Sukuk by ‫ﯾﺮاﻋﻰ ﰲ ﺣﺎل إﺻﺪار ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ‬ .‫ج‬-2-2-3-8
applying the financing mode of
Mudaraba, partnership, or Investment ‫ر أ س اﻟﻤ ﺎ ل ﺑ ﺼ ﻴﻐ ﺔ اﻟﻤ ﻀ ﺎر ﺑﺔ أ و اﻟ ﺸ ﺮ ﻛ ﺔ أ و‬
Agency, the following provisions and
rules should be taken into account: :‫ اﻷﺣﻜﺎُم واﻟﻀﻮاﺑُﻂ اﻵﺗﻴﺔ‬,‫اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
8-3-2-2-c-1. In the financing mode of Mudaraba, the ‫ﺗﻜﻮن ﺣﺼﻴﻠُﺔ اﻻﻛﺘﺘﺎب ﰲ اﻟﱡﺼﻜﻮك ﰲ‬ .1-‫ج‬-2-2-3-8
120
proceeds of subscription to Sukuk are ,‫ﺻﻴﻐﺔ اﻟﻤﻀﺎرﺑﺔ ﻫﻲ رأَس ﻣﺎل اﻟﻤﻀﺎرﺑﺔ‬

the capital of Mudaraba. In the financing
mode of Investment Agency, [the ‫و ﺗ ﻜ ﻮ ن ﰲ ﺻ ﻴﻐ ﺔ اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﻫ ﻲ‬
proceeds] are the amount of
investment. The Mudaraba or ‫ وﺗﻜﻮن اﻟﻤﻀﺎرﺑﺔ أو‬,‫ﻣﺒﻠَﻎ اﻻﺳﺘﺜﻤﺎر‬
Investment Agency will be restricted to
investing [the Mudaraba] capital or the ‫اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر ﻣﻘﱠﻴﺪًة ﺑﺎﺳﺘﺜﻤﺎر رأس‬
investment amount in the general pool
of the originator in the common equity, ‫ﻣ ﺎﻟﻬ ﺎ أ و ﻣ ﺒ ﻠ ﻎ ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﰲ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم‬
with the permission of the
certificateholders to the originator to ‫ ﰲ ﺟﺎﻧﺐ ﻣﻮﺟﻮدات اﻟﱢﺸﻖ‬,‫ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
commingle the capital of Mudaraba or
the investment amount with the assets ‫ ﻣﻊ إذن ﺣَﻤﻠﺔ‬,‫اﻷَول ﻣﻦ رأس اﻟﻤﺎل‬
of Tier-1 Capital in in its general pool. As
for the financing mode of partnership, ‫اﻟﱡﺼﻜﻮك ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺨﻠﻂ رأس ﻣﺎل‬
the capital of partnership comprises of
the proceeds of subscription to Sukuk,
‫اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و ﻣ ﺒ ﻠ ﻎ ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﺑﻤ ﻮ ﺟ ﻮ د ا ت‬
and the assets of Tier-1 Capital in the
‫اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل ﰲ وﻋﺎﺋﻬﺎ‬
general pool of the originator, with the
value of these assets at the time of the ‫ أ ﻣ ﺎ ﰲ ﺻ ﻴﻐ ﺔ اﻟ ﺸ ﺮ ﻛ ﺔ ﻓ ﻴ ﺘ ﻜ ﻮ ن ر أ س‬. ‫اﻟﻌ ﺎم‬
start of the partnership.
‫ﻣﺎل اﻟﺸﺮﻛﺔ ﻣﻦ ﺣﺼﻴﻠِﺔ اﻻﻛﺘﺘﺎب ﰲ‬
‫اﻟﺼﻜﻮك وﻣﻮﺟﻮدات اﻟﱢﺸﻖ اﻷول ﻣﻦ‬
, ‫ر أ س اﻟﻤ ﺎ ل ﰲ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم ﻟ ﻠ ﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬
.‫ﺑ ﻘ ﻴﻤ ﺔ ﻫ ﺬ ه اﻟﻤ ﻮ ﺟ ﻮ د ات و ﻗ ﺖ ﺑ ﺪ ء اﻟ ﺸ ﺮ ﻛ ﺔ‬
8-3-2-2-c-2. In the financing mode of Mudaraba or ‫ﺗﻨﺸﺄ ﻣﺸﺎرﻛﺔ اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل ﰲ‬ .2-‫ج‬-2-2-3-8
Investment Agency, partnership of Tier-
2 is created with Tier-1 Capital through ‫ﺻ ﻴﻐ ﺔ اﻟﻤ ﻀ ﺎ ر ﺑ ﺔ أ و ﺻ ﻴﻐ ﺔ اﻟﻮ ﻛ ﺎﻟ ﺔ‬
commingle the capital of Mudaraba or
the investment amount with the assets ‫ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر ﺑﺨ ﻠ ﻂ ر أ س ﻣ ﺎل اﻟﻤ ﻀ ﺎر ﺑﺔ أ و‬
of Tier-1 Capital [at their respective]
value. As for the financing mode of ‫ﻣﺒﻠﻎ اﻻﺳﺘﺜﻤﺎر ﺑﻤﻮﺟﻮدات اﻟﱢﺸﻖ اﻷول‬
partnership, the partnership arises by
concluding the partnership contract, ‫ و ﻫ ﻲ ﺗ ﻨ ﺸ ﺄ ﰲ ﺻ ﻴﻐ ﺔ‬, ‫ﻣ ﻦ ر أ س اﻟ ﻤ ﺎ ل ﺑ ﻘ ﻴ ﻤ ﺘﻬ ﺎ‬
and in both cases, it is a joint enterprise
(sharikat al-Ꜥaqd) in which the ‫ و ﻫ ﻲ ﰲ ﺟ ﻤ ﻴ ﻊ ﻫ ﺬ ه‬, ‫اﻟ ﺸ ﺮ ﻛ ﺔ ﺑ ﺈ ﺑ ﺮ ام اﻟﻌ ﻘ ﺪ‬
certificateholders have a share in the
rights and obligations of the assets of ‫اﻷﺣﻮال ﺷﺮﻛﺔ ﻋﻘﺪ ﻳﺼﻴﺮ ﲠﺎ ﻟﺤَﻤﻠﺔ‬
Tier-1, in proportion to their share in the
partnership capital, after they have ‫اﻟﱡﺼﻜﻮك ﺣﱠﺼٌﺔ ﻓﻴﻤﺎ ﻟﻤﻮﺟﻮدات اﻟﱢﺸﻖ‬
become partners with the holders of
equity and the certificateholders of Tier-
‫اﻷول ﻣﻦ رأس اﻟﻤﺎل ﻣﻦ ﺣﻘﻮق وﻣﺎ ﻋﻠﻴﻬﺎ‬
121
1 Sukuk (if any), and this shall be ‫ ﺑﻌ ﺪ أن أ ﺻ ﺒ ﺤ ﻮ ا ﺷ ﺮ ﻛ ﺎء ﻣ ﻊ‬, ‫ﻣ ﻦ اﻟ ﺘ ﺰ ا ﻣ ﺎ ت‬

partnership of Tier-1 and Tier-2 of
capital. It implies the following: ‫ﻣﺎﻟﻜﻲ اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل ـــ وﻫﻢ‬
‫أﺻﺤﺎب ﺣﻘﻮِق اﻟﻤﻠﻜﻴﺔ وﺣﻤﻠُﺔ ﺻﻜﻮك‬
‫اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل )إن وﺟﺪوا( ـــ‬
,‫ﺑﻨﺴﺒﺔ ﺣﱠﺼﺘﻬﻢ ﰲ رأس ﻣﺎل اﻟﻤﺸﺎرﻛﺔ‬
‫وﻫﻲ ﻣﺸﺎرﻛﺔ اﻟﱢﺸﻖ اﻷول واﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ‬
: ‫ و ﻳ ﱰ ﺗﺐ ﻋ ﻠ ﻰ ذ ﻟ ﻚ‬. ‫ر أ س اﻟﻤ ﺎ ل‬
8.3.2.2.c.2.1. The originator, representing the ‫أن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﻤﱢﺜﻠًﺔ ﻟﻤﺸﺎرﻛﺔ اﻟﱢﺸﻖ‬ .1 -2 - ‫ ج‬-2 - 2 -3 -8
participation of Tier-1 and Tier-2
(whether the original partnership ‫اﻷول واﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل )ﺳﻮاء‬
or the one created in the Mudaraba
and Investment Agency) created ‫اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ ا ﻷ ﺻ ﻠ ﻴ ﺔ أ و ﺗ ﻠ ﻚ اﻟ ﺘﻲ ﻧ ﺸ ﺄ ت‬
via commingling, becomes
obligated with the funds of this ‫ ﰲ اﻟﻤ ﻀ ﺎر ﺑﺔ أ و اﻟﻮ ﻛ ﺎﻟﺔ‬, ‫ﺑﺎﻟﺨ ﻠ ﻂ‬
partnership to fulfil the originator’s
obligations arising from the existing ‫ﺑﺎﻻﺳﺘﺜﻤﺎر( ُﺗﺼﺒﺢ ﻣﻠﺘﺰﻣًﺔ ﰲ أﻣﻮال ﻫﺬه‬
or the new financing.
‫اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ ﺑﺎﻟﻮ ﻓ ﺎء ﺑﻤ ﺎ ﻋ ﻠ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
‫ﻣ ﻦ اﻟ ﺘ ﺰ ا ﻣ ﺎ ت ﻧ ﺎﺷ ﺌ ﺔ ﻣ ﻦ ﺗ ﻤ ﻮ ﻳ ﻼ ت ﻗ ﺎ ﺋﻤ ﺔ أ و‬
.‫ﺟ ﺪ ﻳﺪ ة‬
8.3.2.2.c.2.2. That the originator, representing ,‫أن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﻤﱢﺜﻠًﺔ ﻟﻬﺬه اﻟﻤﺸﺎرﻛﺔ‬ .2 -2 - ‫ ج‬-2 - 2 -3 -8
this partnership, becomes the
borrower for the balances of the ‫ُﺗﺼﺒﺢ ﻫﻲ اﻟﻤﻘﱰَِﺿَﺔ ﻷرﺻﺪة اﻟﺤﺴﺎﺑﺎت‬
current accounts, and these
balances become guaranteed in the ‫ وﺗﺼﻴﺮ ﻫﺬه اﻷرﺻﺪة ﻣﻀﻤﻮﻧًﺔ ﰲ‬,‫اﻟﺠﺎرﻳﺔ‬
funds of that partnership.
. ‫أ ﻣ ﻮ ا ل ﺗ ﻠ ﻚ اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ‬
8.3.2.2.c.2.3. That the originator, representing ,‫أن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﻤﱢﺜﻠًﺔ ﻟﻬﺬه اﻟﻤﺸﺎرﻛﺔ‬ .3 -2 - ‫ ج‬-2 - 2 -3 -8
this partnership, becomes the
Mudarib in Mudaraba-based ‫ُﺗﺼﺒﺢ ﻫﻲ اﻟﻤﻀﺎرَب ﰲ ﺣﺴﺎﺑﺎت‬
investment accounts, and it is the
investment agent in the investment ‫ وﻫﻲ‬,‫اﻻﺳﺘﺜﻤﺎر اﻟﻘﺎﺋﻤﺔ ﻋﻠﻰ اﻟﻤﻀﺎرﺑﺔ‬
accounts based on the Investment
Agency, and if it is subject to a ‫اﻟﻮ ﻛ ﻴﻞ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﰲ ﺣ ﺴ ﺎ ﺑﺎ ت ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
liability, due to misconduct,
negligence, or breach of the terms ‫ و إ ذ ا ﻟ ﺰ ﻣ ﻬ ﺎ‬, ‫اﻟ ﻘ ﺎ ﺋﻤ ﺔ ﻋ ﻠ ﻰ اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
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of the contract, then [the ‫اﻟﱠﻀﻤﺎن ﺑﺴﺒﺐ اﻟﱠﺘﻌﺪي أو اﻟﱠﺘﻘﺼﻴﺮ أو‬

originator] bears [the liability] from
the funds of that partnership. ‫ﻣﺨﺎﻟﻔﺔ ﺷﺮوط اﻟﱠﺘﻌﺎﻗﺪ ﻓﺈﳖﺎ ﺗﺘﺤﱠﻤﻠﻪ ﰲ‬
. ‫أ ﻣ ﻮ ا ل ﺗ ﻠ ﻚ اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ‬
8.3.2.2.c.2.4. The share of the originator (either ‫أن ﺣﺼﺔ اﻟﺠﻬِﺔ اﻟﻤﻨﺸﺌﺔ )وﺣﺪﻫﺎ أو ﻣﻤﱢﺜﻠﺔ‬
‫ﱠ‬ .4 -2 - ‫ ج‬-2 - 2 -3 -8
held solely or in representation of
the partnership between Tier-1 ‫ﻟﻠﻤﺸﺎرﻛﺔ ﰲ اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
Sukuk if Sukuk existed in this tier) in
the capital of the existing ‫ﺣﺎل وﺟﻮد ﺻﻜﻮٍك ﻣﻦ ﻫﺬا اﻟﱢﺸﻖ( ﰲ رأس‬
partnership via commingling the
funds of the originator with the ‫ﻣ ﺎ ل اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ اﻟ ﻘ ﺎ ﺋﻤ ﺔ ﺑﺎﻟ ﺨ ﻠ ﻂ ﺑ ﻴﻦ أ ﻣ ﻮ ا ل‬
funds of the pool of the Mudaraba
accounts or the pool of the ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ و أ ﻣ ﻮ ا ل و ﻋ ﺎء ﺣ ﺴ ﺎ ﺑﺎ ت‬
Investment Agency accounts,
which are authorized to be ‫اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و و ﻋ ﺎء ﺣ ﺴ ﺎ ﺑﺎ ت اﻟﻮ ﻛ ﺎﻟ ﺔ‬
commingled with the funds of the
originator, will increase by the ,‫ اﻟﻤ ﺄذ و ن ﺑﺨ ﻠﻄ ﻬ ﺎ ﺑﺄﻣﻮ اﻟﻬ ﺎ‬, ‫ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر‬
value of the capital of Tier-2 Sukuk,
and the originator manages this ‫ﺗﺰﻳﺪ ﺑﻤﻘﺪار رأس ﻣﺎل ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ‬
partnership representing the
partnership of Tier-1 and Tier-2 of
‫ وُﺗﺪﻳﺮ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻫﺬه‬,‫ﻣﻦ رأس اﻟﻤﺎل‬
the capital, and will be liable for the
‫اﻟﻤﺸﺎرﻛﺔ ﻣﻤﱢﺜﻠﺔ ﻟﻤﺸﺎرﻛﺔ اﻟﱢﺸﻖ اﻟﺜﺎﲏ‬
loss in the pool of Mudaraba
accounts or Investment Agency ‫ وَﺗﻀَﻤﻦ‬,‫واﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
accounts of the funds of this
partnership, in the case of ‫اﻟﺨﺴﺎرَة ﻟﻮﻋﺎء ﺣﺴﺎﺑﺎت اﻟﻤﻀﺎرﺑﺔ أو وﻋﺎء‬
misconduct, negligence or breach
of terms and conditions. ‫ﺣ ﺴ ﺎﺑﺎت اﻟﻮ ﻛ ﺎﻟﺔ ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر ﰲ أﻣﻮ ال ﻫ ﺬ ه‬
‫اﻟﻤﺸﺎرﻛﺔ ﺣﺎل اﻟﱠﺘﻌﺪي أو اﻟﱠﺘﻘﺼﻴﺮ أو‬
.‫ﻣﺨﺎﻟﻔﺔ ﺷﺮوط اﻟﱠﺘﻌﺎﻗﺪ‬
8-3-2-2-c-3. It is permitted for the certificateholders ‫ﻳﺠﻮز أن ﻳِﻌﺪ ﺣﻤﻠﺔ اﻟﺼﻜﻮك اﻟﺠﻬَﺔ‬
‫ﱡ‬ َ .3-‫ج‬-2-2-3-8
originator, in a separate document, to ,‫ ﺑﻤﺴﺘﻨﺪ ﻣﺴﺘﻘﻞ‬,-‫اﻟﻤﻨﺸﺌﺔ وﻋﺪًا ﻣﻠﺰﻣ‬
ُ
convert [the certificates of] Sukuk into
shares, by selling to [the ‫ ﺑﺒﻴﻌﻬﻢ‬,‫ﺼﻜﻮك إﻟﻰ أﺳﻬٍﻢ‬ ‫ﺑ ﺘ ﺤ ﻮ ﻳ ﻞ اﻟ ﱡ‬
certificateholders] new shares held by
[the originator’s] shares against the ‫ إن‬,‫ﺼﻜﻮك‬ ‫ ﺟ ﺪ ﻳ ﺪ ة ﻣ ﻦ أﺳ ﻬ ﻤ ﻬ ﺎ ﺑ ﺎﻟ ﱡ‬- ‫أﺳ ﻬ ﻤ‬
Sukuk, if that entity reaches a point of
non-viability, in accordance with the ‫وﺻﻠﺖ ﺗﻠﻚ اﻟﺠﻬﺔ إﻟﻰ ﺣﺎل ﻋﺪم اﻟﻘﺪرة‬
rules set by the regulators. The
conversion via sale will be at any fair Point of Non-) ‫ﻋﻠﻰ اﻻﺳﺘﻤﺮار‬
123
price to be agreed upon at that time, ‫ ﻟﻠﱠﻀﻮاﺑﻂ اﻟﺘﻲ ﺗﻀﻌﻬﺎ‬-‫ وﻓﻘ‬,(Viability

provided that carrying conversion does
not lead to a guarantee from the ‫ وﻳﻜﻮن اﻟﱠﺘﺤﻮﻳﻞ ﺑﺎﻟﺒﻴﻊ‬.‫اﻟﺠﻬﺎت اﻟﺮﻗﺎﺑﻴﺔ‬
originator of what is not permitted to be
held liable according to Shari’ah. See: s. ‫ ﺑﺸﺮط أن‬,‫ﺑﺄي ﺛﻤٍﻦ ﻋﺎدل ﻳﺘﻢ اﻻﺗﻔﺎق ﻋﻠﻴﻪ‬
(8-2-1-6) of this Standard. It is not
permitted to have an agreement to ‫ﻻ ﻳﺆدي ﺗﻨﻔﻴﺬ اﻟﱠﺘﺤﻮﻳﻞ إﻟﻰ ﺿﻤﺎن اﻟﺠﻬﺔ‬
write off the originator of the Sukuk in
whole or in part, in that event, and to . - ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻣ ﺎ ﻻ ﻳ ﺠ ﻮ ز ﻟﻬ ﺎ ﺿ ﻤ ﺎ ﻧﻪ ﺷ ﺮ ﻋ‬
hold its underlying assets exclusively
and to include them in the common .‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٦-١-٢-٨) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
equity with the forfeiture of the right of
the certificateholders in its underlying ( ‫و ﻻ ﻳﺠ ﻮ ز اﻻ ﺗﻔﺎق ﻋ ﻠ ﻰ إﻋ ﺪ ام )ﺷ ﻄ ﺐ‬
assets.
‫ ﰲ‬,-‫ أو ﺟﺰﺋﻴ‬-‫اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻟﻠﱡﺼﻜﻮك ﻛﻠﱠﻴ‬
‫ واﻻﺳﺘﺌﺜﺎُر ﺑﻤﻮﺟﻮداﲥﺎ‬,‫ﺗﻠﻚ اﻟﺤﺎل‬
‫وﺿﱢﻤﻬﺎ إﻟﻰ ﺣﻘﻮق اﻟﻤﻠﻜﱠﻴﺔ ﻣﻊ ﺳﻘﻮط ﺣﱢﻖ‬
.‫ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﰲ ﻫﺬه اﻟﻤﻮﺟﻮدات‬
8-3-2-2-c-4. It is not permitted to have an agreement ‫ﻻ ﻳﺠﻮز اﻻﺗﻔﺎق ﻋﻠﻰ ﺗﻘﱡﺪم أﺻﺤﺎب‬ .4-‫ج‬-2-2-3-8
that gives an absolute priority to the
investment accountholder in the ‫ﺣ ﺴ ﺎﺑﺎت اﻻ ﺳ ﺘﺜﻤ ﺎر ﰲ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم ﻋ ﻠ ﻰ‬
general pool over the certificateholders
of Tier-2 Sukuk in collecting their ‫ﺣَﻤﻠﺔ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬
balances upon the dissolution of the
originator, in the event of insolvency or ‫ﰲ اﺳ ﺘﻴﻔ ﺎء أر ﺻ ﺪ ﲥ ﻢ ﻋ ﻨ ﺪ ﺗ ﺼ ﻔ ﻴﺔ اﻟﺠ ﻬ ﺔ‬
bankruptcy, so that [the investment
accountholders] are given priority, even -‫ ﺗﻘﱡﺪﻣ‬,‫ ﺣﺎَل اﻹﻋﺴﺎر أو اﻹﻓﻼس‬,‫اﻟﻤﻨﺸﺌﺔ‬
if the loss was not due to misconduct,
negligence, or breach by the originator ‫ ﺑﺄن ﻳ ﺘﻘ ﺪ ﻣﻮ ا و إن ﻛ ﺎﻧﺖ اﻟﺨ ﺴ ﺎر ة ﻻ‬, - ‫ﻣ ﻄ ﻠ ﻘ‬
in the terms of the contract. However, it
is permitted to have an agreement for ‫ﺗ ﺮ ﺟ ﻊ إﻟﻰ ﺗﻌ ﺪ ي اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ أ و ﺗﻘ ﺼ ﻴﺮ ﻫ ﺎ‬
giving priority to [the investment
accountholders] in claiming their rights ‫ و إﻧﻤ ﺎ ﻳ ﺠ ﻮ ز‬, ‫أ و ﻣ ﺨ ﺎﻟ ﻔ ﺘﻬ ﺎ ﻟ ﺸ ﺮ و ط اﻟ ﺘﻌ ﺎﻗ ﺪ‬
that established as per the terms and
conditions of those account, wherein
‫اﻻﺗﻔﺎق ﻋﻠﻰ ﺗﻘﱡﺪﻣﻬﻢ ﰲ اﺳﺘﻴﻔﺎء ﺣﻘﻮﻗﻬﻢ‬
the originator is not liable for the loss,
‫اﻟﺜﺎﺑﺘِﺔ ﻟﻬﻢ ﺑﻤﻮﺟﺐ ﺷﺮوط وأﺣﻜﺎم ﺗﻠﻚ‬
except in the event of misconduct,
negligence, or breach of the terms of the ‫اﻟ ﺤ ﺴ ﺎ ﺑﺎ ت اﻟ ﺘﻲ ﻻ ﺗ ﻜ ﻮ ن اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
contract.
‫ﺑﻤﻮﺟﺒﻬﺎ ﺿﺎﻣﻨﺔ ﻟﻠﺨﺴﺎرة إﻻ ﺣﺎل اﻟﱠﺘﻌﺪي‬
.‫أو اﻟﱠﺘﻘﺼﻴﺮ أو ﻣﺨﺎﻟﻔﺔ ﺷﺮوط اﻟﱠﺘﻌﺎﻗﺪ‬
124
8-3-2-2-c-5. It is not permitted to have an agreement ‫ﻻ ﻳﺠﻮز اﻻﺗﻔﺎق ﻋﻠﻰ ﺗﻘﱡﺪم ﺣَﻤﻠﺔ ﺻﻜﻮك‬ .5-‫ج‬-2-2-3-8
that gives an absolute priority to the
certificateholders of Tier-2 Sukuk over ‫اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل ﻋﻠﻰ ﺣَﻤﻠﺔ‬
the certificateholders of Tier-1 Sukuk (if
any) in giving the collection of their ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل )ﺣﺎل‬
capital of the [respective] Sukuks upon
the dissolution of the originator, in the , ‫و ﺟ ﻮ د ﻫ ﺎ ( أ و ﻋ ﻠ ﻰ أ ﺻ ﺤ ﺎ ب ﺣ ﻘ ﻮ ق اﻟ ﻤ ﻠ ﻜ ﻴ ﺔ‬
event of insolvency or bankruptcy, so
that [the certificateholders of Tier-2 ‫ﰲ اﺳ ﺘﻴﻔ ﺎء ر أ س ﻣ ﺎ ل ﺻ ﻜ ﻮ ﻛ ﻬ ﻢ ﻋ ﻨ ﺪ ﺗ ﺼ ﻔ ﻴﺔ‬
Sukuk] are given priority, even if the loss
was not due to misconduct, negligence, , ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻟ ﻺ ﻋ ﺴ ﺎ ر أ و ا ﻹ ﻓ ﻼ س‬
or breach by the originator in the terms
of the contract. However, it is permitted ‫ ﺑﺄن ﻳﺘﻘﺪﻣﻮا وإن ﻛﺎﻧﺖ‬,-‫ ﻣﻄﻠﻘ‬-‫ﺗﻘﱡﺪﻣ‬
to have an agreement for priority of [the
certificateholders of Tier-2 Sukuk] in ‫اﻟ ﺨ ﺴ ﺎ ر ة ﻻ ﺗ ﺮ ﺟ ﻊ إ ﻟ ﻰ ﺗ ﻌ ﺪ ي ا ﻟ ﺠ ﻬ ﺔ ا ﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
claiming their rights established as per
the terms and conditions of Mudaraba,
, ‫أ و ﺗ ﻘ ﺼ ﻴ ﺮ ﻫ ﺎ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺘﻬ ﺎ ﻟ ﺸ ﺮ و ط اﻟ ﺘﻌ ﺎﻗ ﺪ‬
partnership, or Investment Agency,
‫وإﻧﻤﺎ ﻳﺠﻮز أن ﻳﺘﻘﱠﺪﻣﻮا ﰲ اﺳﺘﻴﻔﺎء ﺣﻘﻮﻗﻬﻢ‬
wherein the originator is not liable for
the loss, except in the event of ‫اﻟ ﺜ ﺎ ﺑ ﺘ ﺔ ﻟﻬ ﻢ ﺑﻤ ﻮ ﺟ ﺐ ﺷ ﺮ و ط و أ ﺣ ﻜ ﺎم‬
misconduct, negligence, or breach to
the terms of the contract. ‫اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟ ﺸ ﺮ ﻛ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
‫ اﻟﺘﻲ ﻻ ﺗﻜﻮن‬,‫اﻟﺘﻲ ﺗﻘﻮم اﻟﱡﺼﻜﻮك ﻋﻠﻴﻬﺎ‬
‫اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﻤﻮﺟﺒﻬﺎ ﺿﺎﻣﻨًﺔ ﻟﻠﺨﺴﺎرة‬
‫إﻻ ﺣﺎل اﻟﱠﺘﻌﺪي أو اﻟﱠﺘﻘﺼﻴﺮ أو ﻣﺨﺎﻟﻔﺔ‬
.‫ﺷﺮوط اﻟﱠﺘﻌﺎﻗﺪ‬
8-3-2-2-d. In the event of issuing Tier-2 Sukuk by ‫ﯾﺮاﻋﻰ ﰲ ﺣﺎل إﺻﺪار ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ‬ .‫د‬-2-2-3-8
using one of the financing modes of
commutative contracts or the financing ‫ﺻ ﻴﻎ‬ ‫إﺣ ﺪ ى‬ ‫ﺑﺎﺳ ﺘﺨ ﺪ ام‬ ‫اﻟﻤ ﺎ ل‬ ‫رأس‬
mode of Service Agency, the following
provisions and rules should be taken , ‫اﻟ ﻤ ﻌ ﺎ و ﺿ ﺎ ت أ و ﺻ ﻴﻐ ﺔ اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت‬
into account:
ُ ‫اﻷﺣﻜﺎُم واﻟﻀﻮاﺑ‬
: ‫ﻂ اﻵ ﺗ ﻴﺔ‬
8-3-2-2-d-1. That the Sukuk issuance will be in favour ‫أن ﻳﺘﻢ إﺻﺪار اﻟﱡﺼﻜﻮك ﻟﺼﺎﻟﺢ اﻟﺠﻬﺔ‬ .1-‫د‬-2-2-3-8
of the originator representing the Tier-1
Capital, so that it is obliged to settle the ,‫اﻟﻤﻨﺸﺌﺔ ﻣﻤﱠﺜﻠًﺔ ﻟﻠﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
debt (the obligations) arising from the
Sukuk out of funds of the Tier-1 of its ‫ﺑﺤﻴﺚ ﺗﻜﻮن ﻣﻠﺘﺰﻣًﺔ ﺑﺎﻟﻮﻓﺎء ﺑﻤﺎ ﻳﻨﺸﺄ ﻋﻦ‬
capital, and not with all the assets of its
ٍ ‫اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻦ د ﻳ ﻦ ) اﻟ ﺘ ﺰ ا ﻣ ﺎ‬
‫ت ( ﰲ أﻣﻮ ال‬
general pool. َ ‫ﱡ‬
125
‫ ﻻ ﰲ ﺟﻤﻴﻊ‬,‫اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس ﻣﺎﻟﻬﺎ‬

. ‫ﻣ ﻮ ﺟ ﻮ د ا ت و ﻋ ﺎ ﺋ ﻬ ﺎ اﻟ ﻌ ﺎم‬
8-3-2-2-d-2. There is no [Shari’ah] objection to have ‫ﻻ ﻣﺎﻧﻊ ﻣﻦ اﻻﺗﻔﺎق ﺑﻴﻦ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬ .2-‫د‬-2-2-3-8
an agreement between the
certificateholders and the originator via ‫ ﺑﻤﺴﺘﻨٍﺪ ﻣﺴﺘﻘﱟﻞ ﻋﻦ ﻋﻘﺪ‬,‫واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
a document, separate from the
commutative contract or Service Agency ‫اﻟ ﻤ ﻌ ﺎ و ﺿ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت اﻟ ﺬ ي ﺗ ﻘ ﻮ م‬
contract on which the Sukuk is based,
that upon dissolution of the originator, ‫ ﻋﻠﻰ أﻧﻪ ﻋﻨﺪ ﺗﺼﻔﻴﺔ اﻟﺠﻬﺔ‬,‫اﻟﱡﺼﻜﻮك ﻋﻠﻴﻪ‬
due to insolvency or bankruptcy, the
certificateholders’ recovery of the debt ‫ ﻓ ﺈن اﺳ ﺘ ﻴ ﻔ ﺎء‬, ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻟ ﻺ ﻋ ﺴ ﺎ ر أ و ا ﻹ ﻓ ﻼ س‬
recognised to them by the originator
shall be postponed (delayed) beyond ‫ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﻟﻠﱠﺪﻳﻦ اﻟﺜﺎﺑﺖ ﻟﻬﻢ ﻋﻠﻰ‬
the normal obligations [of the
originator], which are the obligations ,‫اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻳﺘﺄﱠﺧﺮ ﻋﻦ اﻟﺘﺰاﻣﺎﲥﺎ اﻟﻌﺎدﻳﺔ‬
that are due to depositors and
unsecured creditors, and recognised for ‫وﻫﻲ اﻻﻟﺘﺰاﻣﺎت اﻟﺘﻲ ﺗﻜﻮن ﻟﻠﻤﻮدﻋﻴﻦ‬
them according to the terms and
conditions of the contract with them,
‫ اﻟﺜﺎﺑﺘُﺔ ﻟﻬﻢ ﺑﻤﻮﺟﺐ‬,‫واﻟﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ‬
and this is [carried] by priority of a debt
‫ وﻳﻜﻮن ذﻟﻚ‬,‫ﺷﺮوط وأﺣﻜﺎم اﻟﱠﺘﻌﺎﻗﺪ ﻣﻌﻬﻢ‬
on a debt with the consent of the
delayed creditor. ‫ﻣﻦ ﺗﻘﺪﻳﻢ َدﻳٍﻦ ﻋﻠﻰ َدﻳٍﻦ ﺑﻤﻮاﻓﻘﺔ اﻟﱠﺪاﺋﻦ‬
.‫اﻟﻤﺘﺄﱢﺧﺮ‬
8-3-2-2-d-3. If the certificateholders own tangible ‫إذا ﻛﺎن ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﻳﻤﻠﻜﻮن ﻣﻮﺟﻮدات‬ .3-‫د‬-2-2-3-8
assets, as if the Sukuk were based on
Ijarah or Service Agency, then there is no ‫ ﻛﻤﺎ ﻟﻮ ﻛﺎﻧﺖ اﻟﱡﺼﻜﻮك ﺗﻘﻮم ﻋﻠﻰ‬,‫ﻋﻴﻨﱠﻴﺔ‬
[Shari’ah] objection to have an
agreement between [the ‫ ﻓﺈﻧﻪ ﻻ ﻣﺎﻧﻊ‬,‫اﻹﺟﺎرة أو اﻟﻮﻛﺎﻟﺔ ﺑﺎﻟﺨﺪﻣﺎت‬
certificateholders] and the originator,
with a document separate from the , ‫ﻣ ﻦ ا ﻻ ﺗ ﻔ ﺎ ق ﺑ ﻴ ﻨﻬ ﻢ و ﺑ ﻴﻦ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
contract of Ijarah or Service Agency,
provided that the originator uses the ‫ﺑﻤﺴﺘﻨٍﺪ ﻣﺴﺘﻘﱟﻞ ﻋﻦ ﻋﻘﺪ اﻹﺟﺎرة أو اﻟﻮﻛﺎﻟﺔ‬
assets of Ijarah or Service Agency in
settling its obligations recognised for ‫ ﻋﻠﻰ أن ﺗﺴﺘﺨﺪم اﻟﺠﻬُﺔ‬,‫ﺑﺎﻟﺨﺪﻣﺎت‬
the depositors and unsecured creditors,
if the funds of Tier-1 Capital were not ‫اﻟﻤﻨﺸﺌُﺔ اﻷﺻﻮل اﻟﻤﺆﺟﺮة أو أﺻﻮل‬
sufficient to settle them, which is like
hypothecation (al-rahn al-mustaꜤār). By ‫اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت ﰲ اﻟﻮ ﻓ ﺎء ﺑﺎﻟ ﺘ ﺰ ا ﻣ ﺎ ﲥ ﺎ‬
‫اﻟﺜﺎﺑﺘِﺔ ﻟﻠﻤﻮدﻋﻴﻦ واﻟﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ إذا ﻟﻢ‬
using the assets, the Ijarah or Service
Agency ends. This shall apply when it is
not possible, due to insolvency or
‫ﺗﻜﻦ أﻣﻮال اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
bankruptcy, by the originator to
126
perform the binding promise to ‫ وﻫﻮ ﺑﻤﺜﺎﺑﺔ اﻟﱠﺮﻫﻦ‬,‫ﻛﺎﻓﻴﺔ ﻟﻠﻮﻓﺎء ﲠﺎ‬

purchase the underlying assets,
otherwise this promise is performed, ‫ و ﺑﺎﺳ ﺘ ﺨ ﺪ ام اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت ﺗ ﻨ ﺘﻬ ﻲ‬. ‫اﻟ ﻤ ﺴ ﺘﻌ ﺎ ر‬
and the price becomes a debt owed by
the originator, and then it will be subject ‫ وﻫﺬا إذا‬,‫اﻹﺟﺎرة أو اﻟﻮﻛﺎﻟﺔ ﺑﺎﻟﺨﺪﻣﺎت‬
to the agreement mentioned in (s. (8-3-
2-2-d-2). ‫ﺗﻌﱠﺬر ـــ ﺑﺴﺒﺐ اﻹﻋﺴﺎر أو اﻹﻓﻼس ـــ ﺗﻨﻔﻴُﺬ‬
‫اﻟﻮﻋﺪ اﻟﻤﻠِﺰم ﻣﻦ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺸﺮاء‬
,‫ وإﻻ ﻓﺈن ﻫﺬا اﻟﻮﻋﺪ ُﻳﻨﱠﻔﺬ‬,‫اﻟﻤﻮﺟﻮدات‬
,‫ ﻋﻠﻰ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬-‫وُﻳﺼﺒﺢ اﻟﱠﺜﻤﻦ دﻳﻨ‬
‫وﻳﺪﺧﻞ ﻋﻨﺪﺋٍﺬ ﰲ اﻻﺗﻔﺎق اﻟﻤﺬﻛﻮر ﰲ اﻟﺒﻨﺪ‬
.(٢-‫د‬-٢-٢-٣-٨)
8-3-2-2-d-4. It is permitted for the certificateholders ‫ﻳﺠﻮز أن ﻳِﻌﺪ ﺣﻤﻠﺔ اﻟﺼﻜﻮك اﻟﺠﻬﺔ‬
‫ﱡ‬ َ .4-‫د‬-2-2-3-8
originator to convert the Sukuk into ‫ﺼﻜﻮك إﻟﻰ‬ ‫ ﺑﺘﺤﻮﻳﻞ اﻟ ﱡ‬-‫اﻟﻤﻨﺸﺌﺔ وﻋﺪًا ُﻣﻠﺰﻣ‬
shares, by selling them new shares from
[the originator’s] shares against the ‫ ﺟﺪﻳﺪة ﰲ اﻟﻤﺆﱠﺳﺴﺔ‬-‫أﺳﻬٍﻢ ﺑﺒﻴﻌﻬﻢ أﺳﻬﻤ‬
Sukuk, if that entity reaches a point of
non-viability, in accordance with the ‫ إن وﺻﻠﺖ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ إﻟﻰ‬,‫ﺼﻜﻮك‬ ‫ﺑ ﺎﻟ ﱡ‬
rules set by the regulators. The
conversion via sale will be at any price as Point ) ‫ﺣﺎل ﻋﺪم اﻟﻘﺪرة ﻋﻠﻰ اﻻﺳﺘﻤﺮار‬
agreed, even [if agreed] in advance. It is
not permitted to have an agreement to ‫ ﻟﻠﱠﻀﻮاﺑﻂ اﻟﺘﻲ‬-‫ وﻓﻘ‬,(of Non-Viability
write off the originator of the Sukuk in
whole or in part, in that event, and to ‫ وﻳﻜﻮن اﻟﱠﺘﺤﻮﻳﻞ‬.‫ﺗﻀﻌﻬﺎ اﻟﺠﻬﺎت اﻟﺮﻗﺎﺑﻴﺔ‬
hold its underlying assets exclusively
ٍ
and to include them in the common ‫ وﻟﻮ‬,‫ﺑﺎﻟﺒﻴﻊ ﺑﺄي ﺛﻤﻦ ﻳﺘﻢ اﻻﺗﻔﺎق ﻋﻠﻴﻪ‬
equity with the forfeiture of the right of
the certificateholders in these
‫ وﻻ ﻳﺠﻮز اﻻﺗﻔﺎق ﻋﻠﻰ إﻋﺪام‬.-‫ﻣﻘﱠﺪﻣ‬
underlying assets, unless it will be to the
‫ أو‬-‫)ﺷﻄﺐ( اﻟﻤﺆﱠﺳﺴﺔ ﻟﻠﱡﺼﻜﻮك ﻛﻠﱠﻴ‬
extent that the originator fulfils its
obligations to depositors and unsecured ‫ واﻻﺳﺘﺌﺜﺎر‬,‫ ﰲ ﺗﻠﻚ اﻟﺤﺎل‬,-‫ﺟﺰﺋﻴ‬
creditors, this is in accordance with what
ُ
was mentioned in s. (8-3-2-2-d-2) and ‫ﺑﻤﻮﺟﻮداﲥﺎ وﺿﻤﻬﺎ إﻟﻰ ﺣﻘﻮق اﻟﻤﻠﻜﱠﻴﺔ ﻣﻊ‬
‫ﱢ‬
s.(8-3-2-2-d-3).
‫ﺳﻘﻮط ﺣﱢﻖ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﰲ ﻫﺬه‬
‫ إ ﻻ أن ﻳ ﻜ ﻮ ن ذ ﻟ ﻚ ﺑﺎﻟ ﻘ ﺪ ر‬, ‫اﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬
‫اﻟ ﺬ ي ﺗ ﻔ ﻲ ﺑﻪ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑﻤ ﺎ ﻋ ﻠ ﻴﻬ ﺎ ﻣ ﻦ‬
127
,‫اﻟﺘﺰاﻣﺎت ﻟﻠﻤﻮدﻋﻴﻦ واﻟﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ‬

-٨) ‫ ﻟﻤﺎ ﺗﻘﱠﺪم ﰲ اﻟﺒﻨﺪ‬-‫وﻳﻜﻮن ذﻟﻚ وﻓﻘ‬
-‫د‬-٢-٢-٣-٨) ‫( واﻟﺒﻨﺪ‬٢-‫د‬-٢-٢-٣
.(٣
8-3-2-3. Dissolution of Tier-2 Sukuk (priority of ‫ﺗﺼﻔﻴﺔ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬ .3-2-3-8
payment) due to the insolvency or
bankruptcy of the Institution: ‫)أوﻟﻮﻳﺔ اﻻﺳﺘﻴﻔﺎء( ﻹﻋﺴﺎر أو إﻓﻼس‬
:‫اﻟﻤﺆﱠﺳﺴﺔ‬
8-3-2-3-a. If Tier-2 Sukuk is based on one of the ‫إذا ﻛﺎﻧﺖ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬ .‫أ‬-3-2-3-8
financing modes of partnerships
(Mudaraba or partnership) or ‫ﻗﺎﺋﻤﺔ ﻋﻠﻰ ﺻﻴﻐٍﺔ ﻣﻦ ﺻﻴﻎ اﻟﻤﺸﺎرﻛﺎت‬
Investment Agency, and it is decided to
go for dissolution of its issuing ,‫)اﻟﻤﻀﺎرﺑﺔ أو اﻟﺸﺮﻛﺔ( أو اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
institution due to its insolvency or
bankruptcy, then a distinction is made in ,‫وﺗﻘﱠﺮر ﺗﺼﻔﻴﺔ اﻟﻤﺆﱠﺳﺴﺔ اﻟﻤﺼِﺪرة ﻟﻬﺎ‬
the dissolution rules between the
originator being responsible for the loss ‫ ﻓﺈﻧﻪ ُﻳﻔﱠﺮق ﰲ ﺿﻮاﺑﻂ‬,‫ﻹﻋﺴﺎرﻫﺎ أو إﻓﻼﺳﻬﺎ‬
and not being responsible for it.
‫اﻟﱠﺘﺼﻔﻴﺔ ﺑﻴﻦ أن ﺗﻜﻮن اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﺴﺆوﻟﺔ‬
.‫ﻋ ﻦ اﻟﺨ ﺴ ــــﺎر ة و ﺑﻴﻦ أن ﻻ ﺗﻜ ﻮ ن ﻣ ﺴ ﺆ و ﻟﺔ ﻋ ﻨﻬ ﺎ‬
8-3-2-3-a-1. If the loss is due to misconduct, ‫إ ذ ا ﻛ ﺎ ﻧ ﺖ اﻟ ﺨ ﺴ ﺎ ر ة ر ا ﺟ ﻌ ﺔ إ ﻟ ﻰ ﺗ ﻌ ﺪ ي ا ﻟ ﺠ ﻬ ﺔ‬ .1-‫أ‬-3-2-3-8
negligence, or breach of the terms of the
contract, the dissolution shall be ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ أ و ﺗ ﻘ ﺼ ﻴ ﺮ ﻫ ﺎ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺘﻬ ﺎ ﻟ ﺸ ﺮ و ط‬
rules: ‫ ﻓﺈن اﻟﱠﺘﺼﻔﻴﺔ ﺗﻜﻮن وﻓﻖ اﻟﻤﺮاﺣﻞ‬,‫اﻟﱠﺘﻌﺎﻗﺪ‬
:‫واﻟﱠﻀﻮاﺑﻂ اﻵﺗﻴﺔ‬
8.3.2.3.a.1.1. The debt owed to unsecured ‫ُﻳﺪَﻓﻊ ﻣﻦ اﻟﻮﻋﺎء اﻟﻌﺎم اﻟﱠﺪﻳﻦ اﻟﻤﺴﺘﺤﱠﻖ‬ .1-1-‫أ‬-3-2-3-8
creditors, the balances of current
accounts, and the balances of ‫ﻟﻠﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ وأرﺻﺪة اﻟﺤﺴﺎﺑﺎت‬
investment accounts are settled
from the general pool after these ‫ و أ ر ﺻ ﺪ ة ﺣ ﺴ ﺎ ﺑﺎ ت ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﺑﻌ ﺪ‬, ‫اﻟ ﺠ ﺎ ر ﻳ ﺔ‬
balances have become secured in
the funds of the Tier-2 and Tier-1 of ‫أن ﺻﺎرت ﻫﺬه اﻷرﺻﺪة ﻣﻀﻤﻮﻧًﺔ ﰲ أﻣﻮال‬
capital. And if what is available in
the general pool is not sufficient to ‫ﻣﺸﺎرﻛﺔ اﻟﱢﺸﻖ اﻟﺜﺎﲏ واﻟﱢﺸﻖ اﻷول ﻣﻦ رأس‬
pay all those to whom the amounts
128
are due, then what is available is ‫ وإذا ﻟﻢ ﻳﻜِﻦ اﻟﻤﻮﺟﻮد ﰲ اﻟﻮﻋﺎء‬.‫اﻟﻤﺎل‬

divided among them in proportion
as an allocation among the ‫ ﻟﺪﻓﻊ اﻟﻤﺴﺘﺤﱢﻖ ﻟﺠﻤﻴﻊ ﻫﺆﻻء‬-‫اﻟﻌﺎﱢم ﻛﺎﻓﻴ‬
creditors (qismat al-ghuramā’).
‫ ﻓﺈن اﻟﻤﻮﺟﻮد ﻳﻘﺴﻢ ﺑﻴﻨﻬﻢ ﺑﺎﻟﻨﱢﺴﺒﺔ‬,ً‫ﻛﺎﻣﻼ‬
.‫ ﻗﺴﻤﺔ ﻏﺮﻣﺎء‬,‫واﻟﱠﺘﻨﺎﺳﺐ‬
8.3.2.3.a.1.2. What remains in the general pool ‫ُﻳﺪَﻓﻊ ﻣﻤﺎ ﻳﺒﻘﻲ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﻟَﺤَﻤﻠﺔ‬ .2-1-‫أ‬-3-2-3-8
certificateholders of Tier-2 Sukuk ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل ﻣﺎ‬
that covers the capital of Sukuk
after it has become guaranteed by ‫ﻳﻐﻄﻲ رأس ﻣﺎل اﻟﱡﺼﻜﻮك ﺑﻌﺪ أن ﺻﺎر‬
the originator in the funds of Tier-1
Capital. ‫ ﻣﻦ ﻗ ﺒﻞ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ ﰲ أﻣﻮ ال‬-‫ﻣ ﻀ ﻤ ﻮ ﻧ‬
.‫اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
8.3.2.3.a.1.3. What remains in the general pool ‫ُﻳﺪَﻓﻊ ﻣﻤﺎ ﯾﺒﻘﻰ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﻟﺤَﻤﻠﺔ‬ .3-1-‫أ‬-3-2-3-8
certificateholders of Tier-1 Sukuk (if ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل )ﺣﺎل‬
any) that covers the capital of the
Sukuk after it has become ‫وﺟﻮدﻫﺎ( ﻣﺎ ﻳﻐﻄﻲ رأس ﻣﺎل اﻟﱡﺼﻜﻮك ﺑﻌﺪ‬
guaranteed from the originator in
the share of holders of equity in ‫ ﻣ ﻦ ﻗ ﺒﻞ اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ ﰲ‬-‫أن ﺻ ﺎر ﻣ ﻀ ﻤ ﻮ ﻧ‬
participating in Tier-1 Capital.
‫ﺣﱠﺼﺔ أﺻﺤﺎب ﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ ﰲ ﻣﺸﺎرﻛﺔ‬
.‫اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
8.3.2.3.a.1.5. After the occurrence of the loss, if ‫إ ذ ا ﻟ ﻢ ﻳ ﻜ ﻦ اﻟ ﻤ ﻮ ﺟ ﻮ د ﰲ اﻟﻮ ﻋ ﺎ ء اﻟ ﻌ ﺎ م ﺑ ﻌ ﺪ‬ .5-1-‫أ‬-3-2-3-8
[the amount] available in the
general pool, is not sufficient to pay ‫ ﻟﺪﻓﻊ ﻛﱢﻞ اﻟﱠﺪﻳﻦ اﻟﻤﺴﺘﺤﱢﻖ‬-‫اﻟﺨﺴﺎرة ﻛﺎﻓﻴ‬
the whole debt owed to unsecured
creditors, the balances of current ‫ﻟﻠﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ وأرﺻﺪة اﻟﺤﺴﺎﺑﺎت‬
accounts and the balances of
investment accounts, or [the , ‫اﻟ ﺠ ﺎ ر ﻳ ﺔ و أ ر ﺻ ﺪ ة اﻟ ﺤ ﺴ ﺎ ﺑﺎ ت ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﻳ ﺔ‬
amount] available was not
sufficient to pay the capital of Tier- ‫ ﻟ ﺪ ﻓ ﻊ ر أ س ﻣ ﺎ ل‬- ‫أ و ﻟﻢ ﻳ ﻜ ﻦ اﻟ ﻤ ﻮ ﺟ ﻮ د ﻛ ﺎ ﻓ ﻴ‬
2 Sukuk after paying the previous
parties, or [the amount] available ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل ﺑﻌﺪ‬
was not sufficient to pay the capital
of Tier-1 Sukuk after paying the -‫ أو ﻟﻢ ﻳﻜﻦ اﻟﻤﻮﺟﻮد ﻛﺎﻓﻴ‬,‫اﻟﱠﺪﻓﻊ ﻟﻠﱠﺴﺎﺑﻘﻴﻦ‬
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previous parties, then non- ‫ﻟﺪﻓﻊ رأس ﻣﺎل ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ‬
payment in this case shall be
subject to the provision of limited ,‫رأس اﻟﻤﺎل ﺑﻌﺪ اﻟﱠﺪﻓﻊ ﻟﺠﻤﻴﻊ اﻟﱠﺴﺎﺑﻘﻴﻦ‬
liability company. See: s. (4-1-2-9)
of Shari’ah Standard No. (12): ‫ﻓ ﺈن ﻋ ﺪ م اﻟ ﺪ ﻓ ﻊ ﰲ ﻫ ﺬ ه اﻟ ﺤ ﺎ ل ﻫ ﻮ ﺣ ﻜ ﻢ‬
Sharikah (Musharaka) and Modern
Companies. ‫ و ﻳ ﻨ ﻈ ﺮ‬. ‫اﻟ ﺸ ﺮ ﻛ ﺔ ذ ا ت اﻟ ﻤ ﺴ ﺆ و ﻟ ﻴ ﺔ اﻟ ﻤ ﺤ ﺪ و د ة‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٩-٢-١-٤) ‫اﻟﺒﻨﺪ‬
8-3-2-3-a-2. If the loss is not due to originator’s ‫إ ذ ا ﻟ ﻢ ﺗ ﻜ ﻦ اﻟ ﺨ ﺴ ﺎ ر ة ر ا ﺟ ﻌ ﺔ إ ﻟ ﻰ ﺗ ﻌ ﺪ ي‬ .2-‫أ‬-3-2-3-8
misconduct, negligence, or breach of
the terms of the contract, the ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ أ و ﺗ ﻘ ﺼ ﻴ ﺮ ﻫ ﺎ أ و ﻣ ﺨ ﺎﻟ ﻔ ﺘﻬ ﺎ‬
dissolution shall be according to the
following stages and rules: ‫ ﻓﺈن اﻟﱠﺘﺼﻔﻴﺔ ﺗﻜﻮن وﻓﻖ‬,‫ﻟﺸﺮوط اﻟﱠﺘﻌﺎﻗﺪ‬
:‫اﻟﻤﺮاﺣﻞ وﺑﺎﻟﱠﻀﻮاﺑﻂ اﻵﺗﻴﺔ‬
8.3.2.3.a.2.1. The debt owed to unsecured ‫ُﻳﺪَﻓﻊ ﻣﻦ اﻟﻮﻋﺎء اﻟﻌﺎم اﻟﱠﺪﻳُﻦ اﻟﻤﺴﺘﺤﱠﻖ‬ .1-2-‫أ‬-3-2-3-8
creditors, current account
balances, and investment account ‫ وأرﺻﺪُة اﻟﺤﺴﺎﺑﺎت‬,‫ﻟﻠﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ‬
balances shall be paid from the
general pool after decreasing these ‫ وأرﺻﺪُة ﺣﺴﺎﺑﺎت اﻻﺳﺘﺜﻤﺎر ﺑﻌﺪ‬,‫اﻟﺠﺎرﻳﺔ‬
balances by the amount of their
share in the loss of the general ‫أن ُﺗﻨَﻘﺺ ﻫﺬه اﻷرﺻﺪة ﺑﻤﻘﺪار ﺣﱠﺼﺘﻬﺎ ﰲ‬
pool. And if what is available in the
general pool is not sufficient to pay ‫ وإذا ﻟﻢ ﻳﻜِﻦ اﻟﻤﻮﺟﻮد‬.‫ﺧﺴﺎرة اﻟﻮﻋﺎء اﻟﻌﺎم‬
all those to whom the amounts are
due, then what is available is ‫ ﻟﺪﻓﻊ اﻟﻤﺴﺘﺤﱢﻖ‬-‫ﰲ اﻟﻮﻋﺎء اﻟﻌﺎﱢم ﻛﺎﻓﻴ‬
distributed among them on
proportion basis as per division ‫ ﻓﺈن اﻟﻤﻮﺟﻮد ﻳﻘﺴﻢ‬,ً‫ﻟﺠﻤﻴﻊ ﻫﺆﻻء ﻛﺎﻣﻼ‬
among the creditors (qismat al-
ghuramā’) .‫ ﻗﺴﻤﺔ ﻏﺮﻣﺎء‬,‫ﺑﻴﻨﻬﻢ ﺑﺎﻟﻨﱢﺴﺒﺔ واﻟﱠﺘﻨﺎﺳﺐ‬
8.3.2.3.a.2.2. What remains in the general pool ‫ُﻳﺪَﻓﻊ ﻣﻤﺎ ﯾﺒﻘﻰ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﻟَﺤَﻤﻠﺔ‬ .2-2-‫أ‬-3-2-3-8
certificateholders of Tier-2 Sukuk ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل ﻣﺎ‬
that covers the capital of the Sukuk
after it is reduced by the amount of ‫ﻳﻐﻄﻲ رأس ﻣﺎل اﻟﱡﺼﻜﻮك ﺑﻌﺪ أن ُﻳﻨَﻘﺺ‬
its share in the loss of the general
pool. .‫ﺑﻤﻘﺪار ﺣﱠﺼﺘﻪ ﰲ ﺧﺴﺎرة اﻟﻮﻋﺎء اﻟﻌﺎم‬
8.3.2.3.a.2.3. What remains in the general pool is ‫ُﻳﺪَﻓﻊ ﻣﻤﺎ ﻳﺒﻘﻲ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﻟَﺤَﻤﻠﺔ‬ .3-2-‫أ‬-3-2-3-8
130
paid to the certificateholders of ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل ﻣﺎ‬

Tier-1 Sukuk to cover the capital of
the Sukuk after it decreases by the ‫ﻳﻐﻄﻲ رأس ﻣﺎل اﻟﱡﺼﻜﻮك ﺑﻌﺪ أن ُﻳﻨَﻘﺺ‬
amount of its share in the loss of
the general pool. .‫ﺑﻤﻘﺪار ﺣﱠﺼﺘﻪ ﰲ ﺧﺴﺎرة اﻟﻮﻋﺎء اﻟﻌﺎم‬
8.3.2.3.a.2.5. If [the amount] available in the ‫إ ذ ا ﻟ ﻢ ﻳ ﻜ ﻦ اﻟ ﻤ ﻮ ﺟ ﻮ د ﰲ اﻟﻮ ﻋ ﺎ ء اﻟ ﻌ ﺎ م ﺑ ﻌ ﺪ‬ .5-2-‫أ‬-3-2-3-8
general pool after the loss is not
sufficient to pay all the debt due to ‫ ﻟﺪﻓﻊ ﻛﱢﻞ اﻟﱠﺪﻳﻦ اﻟﻤﺴﺘﺤﱢﻖ‬-‫اﻟﺨﺴﺎرة ﻛﺎﻓﻴ‬
unsecured creditors and the
balances of current accounts and ‫ﻟﻠﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ وأرﺻﺪة اﻟﺤﺴﺎﺑﺎت‬
balances of investment accounts
after decreasing them by the ‫اﻟ ﺠ ﺎ ر ﻳ ﺔ و أ ر ﺻ ﺪ ة اﻟ ﺤ ﺴ ﺎ ﺑﺎ ت ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﻳ ﺔ‬
amount of their share in the loss, or
if [the amount] is not sufficient, ,‫ﺑﻌﺪ إﻧﻘﺎﺻﻬﺎ ﺑﻤﻘﺪار ﺣﱠﺼﺘﻬﺎ ﰲ اﻟﺨﺴﺎرة‬
after paying the previous parties, to
pay the capital of Tier-2 Sukuk after ‫ ﺑﻌﺪ اﻟﱠﺪﻓﻊ‬-‫أو ﻟﻢ ﻳﻜﻦ اﻟﻤﻮﺟﻮد ﻛﺎﻓﻴ‬
reducing it by the amount of its
share in the loss, or if [the amount] ‫ﻟﻠﱠﺴﺎﺑﻘﻴﻦ ﻟﺪﻓﻊ رأس ﻣﺎل ﺻﻜﻮك اﻟﱢﺸﻖ‬
is not sufficient after paying all the
previous parties to pay the capital ‫اﻟﺜﺎﲏ ﺑﻌﺪ إﻧﻘﺎﺻﻪ ﺑﻤﻘﺪار ﺣﱠﺼﺘﻪ ﰲ‬
of Tier-1 Sukuk after decreasing
[the capital] by the amount of its
‫ ﺑﻌ ﺪ‬- ‫ أ و ﻟﻢ ﻳ ﻜ ﻦ اﻟ ﻤ ﻮ ﺟ ﻮ د ﻛ ﺎ ﻓ ﻴ‬, ‫اﻟ ﺨ ﺴ ﺎ ر ة‬
share of the loss, then non-
‫اﻟﱠﺪﻓﻊ ﻟﺠﻤﻴﻊ اﻟﱠﺴﺎﺑﻘﻴﻦ ﻟﺪﻓﻊ رأس ﻣﺎل‬
payment in this case shall be
subject to the provision of limited ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل ﺑﻌﺪ‬
liability company. See: s. (4-1-2-9)
of Shari’ah Standard No. (12): ‫ ﻓﺈن‬,‫إﻧﻘﺎﺻﻪ ﺑﻤﻘﺪار ﺣﱠﺼﺘﻪ ﰲ اﻟﺨﺴﺎرة‬
Sharikah (Musharaka) and Modern
Companies. ‫ﻋ ﺪ م اﻟ ﺪ ﻓ ﻊ ﰲ ﻫ ﺬ ه اﻟﺤ ﺎ ل ﻫ ﻮ ﺣ ﻜ ﻢ اﻟ ﺸ ﺮ ﻛ ﺔ‬
‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ذات اﻟﻤﺴﺆوﻟﻴﺔ اﻟﻤﺤﺪودة‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٩-٢-١-٤)
( ‫) اﻟﻤ ﺸ ﺎ ر ﻛ ﺔ‬ ‫اﻟ ﺸ ﺮ ﻛ ﺔ‬ ‫ﺑ ﺸ ﺄن‬ (١٢)
8-3-2-3-b. If Tier-2 Sukuk is based on a financing ‫إذا ﻛﺎﻧﺖ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬ .‫ب‬-3-2-3-8
mode of commutation contract or
Service Agency, and it was resolved to ‫ﻗﺎﺋﻤﺔ ﻋﻠﻰ ﺻﻴﻐٍﺔ ﻣﻦ ﺻﻴﻎ اﻟﻤﻌﺎوﺿﺎت أو‬
131
go for dissolution of the originator, due ‫ وﺗﻘﱠﺮر ﺗﺼﻔﻴﺔ اﻟﺠﻬﺔ‬,‫اﻟﻮﻛﺎﻟﺔ ﺑﺎﻟﺨﺪﻣﺎت‬

to its insolvency or bankruptcy, then the
liquidation shall be according to the ‫ ﻓﺈن اﻟﱠﺘﺼﻔﻴﺔ‬,‫ ﻹﻋﺴﺎرﻫﺎ أو إﻓﻼﺳﻬﺎ‬,‫اﻟﻤﻨﺸﺌﺔ‬
following stages and rules:
:‫ﺗﻜﻮن وﻓﻖ اﻟﻤﺮاﺣﻞ وﺑﺎﻟﱠﻀﻮاﺑﻂ اﻵﺗﻴﺔ‬
8-3-2-3-b-1. The debt owed to unsecured creditors, ‫ُﻳﺪَﻓﻊ ﻣﻦ اﻟﻮﻋﺎء اﻟﻌﺎم اﻟﱠﺪﻳﻦ اﻟﻤﺴﺘﺤﱠﻖ‬ .1-‫ب‬-3-2-3-8
current account balances, and owed to
investment account holders under the ‫ وأرﺻﺪة اﻟﺤﺴﺎﺑﺎت‬,‫ﻟﻠﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ‬
terms and conditions of the contract
with them shall be paid out of the ‫ واﻟﻤﺴﺘﺤﱡﻖ ﻷﺻﺤﺎب ﺣﺴﺎﺑﺎت‬,‫اﻟﺠﺎرﻳﺔ‬
general pool. The assets owned by the
certificateholders of Tier-2 Sukuk, such ‫اﻻﺳﺘﺜﻤﺎر ﺑﻤﻮﺟﺐ ﺷﺮوط وأﺣﻜﺎم اﻟﱠﺘﻌﺎﻗﺪ‬
as leased assets or assets of Service
Agency, can be used for settlement, if ‫ و ﻳ ﻤ ﻜ ﻦ أن ﺗ ﺴ ﺘ ﺨ ﺪ م ا ﻷ ﺻ ﻮ ل‬. ‫ﻣ ﻌ ﻬ ﻢ‬
there is an agreement on that, according
to the preceding s. (8-3-2-2-d-2), and s. ‫اﻟﻤﻤﻠﻮﻛﺔ ﻟﺤَﻤﻠﺔ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ‬
(8-3-2-2-d-3).
‫ ﻣ ﻦ ﻧﺤ ﻮ اﻷ ﺻ ﻮ ل اﻟﻤ ﺆ ﺟ ﺮ ة أ و‬, ‫ر أ س اﻟﻤ ﺎ ل‬
,‫ ﰲ اﻟﱠﺪﻓﻊ‬,‫ﻣﻮﺟﻮدات اﻟﻮﻛﺎﻟﺔ ﺑﺎﻟﺨﺪﻣﺎت‬
‫ وﻓﻖ ﻣﺎ ﺗﻘﱠﺪم ﰲ‬,‫إن وِﺟﺪ اﺗﻔﺎٌق ﻋﻠﻰ ذﻟﻚ‬
-٣-٨) ‫ واﻟﺒﻨﺪ‬,(٢-‫د‬-٢-٢-٣-٨) ‫اﻟﺒﻨﺪ‬
.(٣-‫د‬-٢-٢
8-3-2-3-b-2. The assets held by the certificateholders ‫ﻳﺘﻢ إرﺟﺎع اﻷﺻﻮل اﻟﻤﻤﻠﻮﻛﺔ ﻟﺤَﻤﻠﺔ‬ .2-‫ب‬-3-2-3-8
of Tier-2 Sukuk, such as leased assets or
assets of Service Agency, are returned or ‫ ﻣﻦ‬,‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬
return the remainder of them if the
originator needs them for payment, ‫ﻧﺤ ﻮ اﻷ ﺻ ﻮ ل اﻟﻤ ﺆ ﺟ ﺮ ة أ و ﻣﻮ ﺟ ﻮ د ات‬
according to the preceding s. (8-3-2-3-b-
1). ‫ أ و إ ر ﺟ ﺎع اﻟ ﺒ ﺎﻗ ﻲ ﻣ ﻨﻬ ﺎ‬, ‫اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت‬
,‫إن اﺣﺘﺎﺟﺖ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ إﻟﻴﻬﺎ ﰲ اﻟﱠﺪﻓﻊ‬
-‫ب‬-٣-٢-٣-٨) ‫ ﻟﻤﺎ ﺗﻘﱠﺪم ﰲ اﻟﺒﻨﺪ‬-‫وﻓﻘ‬
.(١
8-3-2-3-b-3. What remains in the general pool for the ‫ُﻳﺪَﻓﻊ ﻣﻤﺎ ﯾﺒﻘﻰ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﻟَﺤَﻤﻠﺔ‬ .3-‫ب‬-3-2-3-8
certificateholders of Tier-2 Sukuk is paid
to cover the debt they owe to the ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل ﻣﺎ‬
originator, and [the originator] is
committed to settle it from the funds of ,‫ﻳﻐﻄﻲ اﻟﱠﺪﻳﻦ اﻟﺬي ﻟﻬﻢ ﻋﻠﻰ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
132
the Tier-1 Capital. ‫وﻫﻲ ﻣﻠﺘﺰﻣٌﺔ ﺑﺎﻟﻮﻓﺎء ﺑﻪ ﻣﻦ أﻣﻮال اﻟﱢﺸﻖ‬

.‫اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
8-3-2-3-b-4. What remains in the general pool for the ‫ُﻳﺪَﻓﻊ ﻣﻤﺎ ﯾﺒﻘﻰ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﻟﺤَﻤﻠﺔ‬ .4-‫ب‬-3-2-3-8
certificateholders of Tier-1 Sukuk (if any)
shall be paid to cover the amount ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل )ﺣﺎل‬
recognised for them according to the
terms and conditions of the contract of ‫و ﺟ ﻮ د ﻫ ﺎ( ﻣ ﺎ ﻳﻐ ﻄ ﻲ اﻟ ﻘ ﺪ ر اﻟ ﺜ ﺎ ﺑ ﺖ ﻟ ﻬ ﻢ‬
Mudaraba or partnership on which the
Sukuk is based. ‫ﺑﻤ ﻮ ﺟ ﺐ ﺷ ﺮ و ط و أﺣ ﻜ ﺎم ﻋ ﻘ ﺪ اﻟﻤ ﻀ ﺎر ﺑﺔ أ و‬
.‫اﻟﺸﺮﻛﺔ اﻟﺬي ﺗﻘﻮم اﻟﱡﺼﻜﻮك ﻋﻠﻴﻪ‬
8-3-2-3-b-5. Whatever amount remains in the ‫ُﻳﺪَﻓﻊ ﻣﺎ ﯾﺒﻘﻰ ﰲ اﻟﻮﻋﺎء اﻟﻌﺎم ﻷﺻﺤﺎب‬ .5-‫ب‬-3-2-3-8
general pool shall be paid to the holders
of equity. .‫ ﻛ ﺎن ﻣ ﻘ ﺪ ار ه‬- ‫ﺣ ﻘﻮ ق اﻟﻤ ﻠ ﻜ ﻴﺔ أ ﻳ‬
8-3-2-3-b-6. If [the amount] that remains in the ‫إ ذ ا ﻟ ﻢ ﻳ ﻜ ﻦ اﻟ ﻤ ﻮ ﺟ ﻮ د ﰲ اﻟﻮ ﻋ ﺎ ء اﻟ ﻌ ﺎ م ﺑ ﻌ ﺪ‬ .6-‫ب‬-3-2-3-8
general pool, after the loss, is not
sufficient to pay all the debt owed to ‫ ﻟﺪﻓﻊ ﻛﱢﻞ اﻟﱠﺪﻳﻦ اﻟﻤﺴﺘﺤﱢﻖ‬-‫اﻟﺨﺴﺎرة ﻛﺎﻓﻴ‬
unsecured creditors and current
account balances and owed to ‫ﻟﻠﱠﺪاﺋﻨﻴﻦ اﻟﻌﺎدﻳﻴﻦ وأرﺻﺪِة اﻟﺤﺴﺎﺑﺎت‬
investment account holders, or if [the
amount] is not sufficient to pay the ‫اﻟﺠﺎرﻳﺔ واﻟﻤﺴﺘﺤﱢﻖ ﻷﺻﺤﺎب اﻟﺤﺴﺎﺑﺎت‬
entire debt owed to the
certificateholders of Tier-2 Sukuk after -‫ أو ﻟﻢ ﻳﻜﻦ اﻟﻤﻮﺟﻮد ﻛﺎﻓﻴ‬,‫اﻻﺳﺘﺜﻤﺎرﻳﺔ‬
paying the previous ones, or if [the
amount] is not sufficient to pay the due ‫ﻟﺪﻓﻊ ﻛﱢﻞ اﻟﱠﺪﻳﻦ اﻟﻤﺴﺘَﺤﱢﻖ ﻟﺤَﻤﻠﺔ ﺻﻜﻮك‬
to the certificateholders of Tier-1 Sukuk
after paying all the previous parties, ‫اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل ﺑﻌﺪ اﻟﱠﺪﻓﻊ‬
then provision of limited liability
company shall apply on non-payment in ‫ ﻟﺪﻓﻊ‬-‫ أو ﻟﻢ ﻳﻜﻦ اﻟﻤﻮﺟﻮد ﻛﺎﻓﻴ‬,‫ﻟﻠﱠﺴﺎﺑﻘﻴﻦ‬
this case. See: s. (4-1-2-9) of Shari’ah
Standard No. (12): Sharikah
‫اﻟﻤﺴﺘَﺤﱢﻖ ﻟﺤَﻤﻠﺔ ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ‬
(Musharaka) and Modern Companies.
,‫رأس اﻟﻤﺎل ﺑﻌﺪ اﻟﱠﺪﻓﻊ ﻟﺠﻤﻴﻊ اﻟﱠﺴﺎﺑﻘﻴﻦ‬
‫ﻓ ﺈن ﻋ ﺪ م اﻟ ﺪ ﻓ ﻊ ﰲ ﻫ ﺬ ه اﻟ ﺤ ﺎ ل ﻫ ﻮ ﺣ ﻜ ﻢ‬
‫ و ﻳ ﻨ ﻈ ﺮ‬. ‫اﻟ ﺸ ﺮ ﻛ ﺔ ذ ا ت اﻟ ﻤ ﺴ ﺆ و ﻟ ﻴ ﺔ اﻟ ﻤ ﺤ ﺪ و د ة‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٩-٢-١-٤) ‫اﻟﺒﻨﺪ‬
133
8-3-2-4. Dissolution of Tier-2 Sukuk upon the ‫ﺗﺼﻔﻴﺔ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬ .4-2-3-8
dissolution of the originator at the end of
its term: :‫ﻋﻨﺪ ﺗﺼﻔﻴﺔ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻻﻧﺘﻬﺎء ﻣﱠﺪﲥﺎ‬
Without being insolvent or bankrupt, if the term of ‫ وﻗﱠﺮر ﻣﺴﺎﻫﻤﻮﻫﺎ ﺗﺼﻔﻴﺘﻬﺎ‬,‫إذا اﻧﺘﻬﺖ ﻣﱠﺪة اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
the originator matures and its shareholders decide
its dissolution and not to renew it, the ‫ ﻓﺈن ﺣَﻤﻠﺔ‬,‫ دون أن ﺗﻜﻮن ﻣﻌﺴﺮًة أو ﻣﻔﻠﺴًﺔ‬,‫وﻋﺪم ﺗﺠﺪﻳﺪﻫﺎ‬
certificateholders of Tier-2 Sukuk will recover the
capital of Sukuk in full, and will be paid to realized ‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ َﻳﺴﱰدون رأس ﻣﺎل اﻟﱡﺼﻜﻮك ﻛﺎﻣﻼً إن‬
profit according to their common share in the profit
of Mudaraba, partnership or the entire realized , ‫ﻛ ﺎ ﻧ ﺖ ﻗ ﺎ ﺋ ﻤ ﺔ ﻋ ﻠ ﻰ اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟ ﺸ ﺮ ﻛ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
profit of Investment Agency will be paid up to the
amount specified in the contract of partnership, ‫ ﻟﺤﱠﺼﺘﻬﻢ اﻟﺸﺎﺋﻌﺔ ﰲ رﺑﺢ‬-‫وُﻳﺪَﻓﻊ ﻟﻬﻢ اﻟﱢﺮﺑﺢ اﻟﻤﺤﱠﻘﻖ وﻓﻘ‬
Mudaraba or Investment Agency for the expected
profit of the certificateholders. Whatever surplus is ‫ أو ﻳﺪﻓَﻊ ﻟﻬﻢ ﺟﻤﻴﻊ اﻟﱢﺮﺑﺢ اﻟﻤﺤﱠﻘﻖ‬,‫اﻟﺸﺮﻛﺔ أو رﺑﺢ اﻟﻤﻀﺎرﺑﺔ‬
for the owners of Tier-1 Capital as an incentive [fee].
If Tier-2 Sukuk is based on a financing mode of the ‫ وذﻟﻚ إﻟﻰ اﻟﻘﺪر اﻟﻤﺤﱠﺪد ﰲ ﻋﻘﺪ‬,‫ﰲ اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
commutative contract or Service Agency, then its
certificateholders, in the financing mode of ‫اﻟﻤﻀﺎرﺑﺔ أو اﻟﺸﺮﻛﺔ أو اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر ﻟﻠﱢﺮﺑﺢ اﻟﻤﺘﻮﱠﻗﻊ‬
commutative contract, will recover the debt of
Sukuk, being recognised for them and owed by the
‫ وﻣﺎ زاد ﻓﺈﻧﻪ ﻳﻜﻮن ﻟﻤﺎﻟﻜﻲ اﻟﱢﺸﻖ اﻷول ﻣﻦ‬,‫ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬
originator, in full, with the recovery of whatever
‫ وإذا ﻛﺎﻧﺖ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس‬.‫ ﺣﺎﻓﺰًا‬,‫رأس اﻟﻤﺎل‬
underlying assets they may hold, such as leased
assets, and in the form of Service Agency, they will ‫اﻟﻤﺎل ﻗﺎﺋﻤًﺔ ﻋﻠﻰ ﺻﻴﻐﺔ ﻣﻌﺎوﺿﺔ أو ﺻﻴﻐﺔ اﻟﻮﻛﺎﻟﺔ‬
recover the underlying assets owned by them. After
that, the certificateholders of Tier-1 Sukuk will ‫ ﻓﺈن ﺣَﻤﻠﺘﻬﺎ ﰲ ﺻﻴﻐﺔ اﻟﻤﻌﺎوﺿﺔ ﻳﺴﺘﻮﻓﻮن َدﻳﻦ‬,‫ﺑﺎﻟﺨﺪﻣﺎت‬
recover the capital of Sukuk in full, and the realized
profit will be paid to them according to their ‫اﻟﱡﺼﻜﻮك اﻟﺜﺎﺑﺖ ﻟﻬﻢ ﻋﻠﻰ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻛﺎﻣﻼً ﻣﻊ اﺳﱰﺟﺎع‬
common share in the profit of Mudaraba or
partnership, up to the amount specified in the ‫ﻣﺎ ﻗﺪ ﻳﻜﻮن ﻟﻬﻢ ﻣﻦ أﺻﻮٍل ﻣﻤﻠﻮﻛٍﺔ ﻣﻦ ﻧﺤﻮ اﻷﺻﻮل‬
Mudaraba or partnership contract [respectively] for
the expected profit of the certificateholders, and ‫ و ﰲ ﺻ ﻴﻐ ﺔ اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎﻟ ﺨ ﺪ ﻣ ﺎ ت ﻳ ﺴ ﱰ ﺟ ﻌ ﻮ ن‬, ‫اﻟ ﻤ ﺆ ﺟ ﺮ ة‬
whatever exceeds [that] will be an incentive [fee]
for the holders of equity. ‫ وﺑﻌﺪ ذﻟﻚ َﻳﺴﱰد ﺣَﻤﻠﺔ ﺻﻜﻮك‬.‫اﻟﻤﻮﺟﻮدات اﻟﻤﻤﻠﻮﻛﺔ ﻟﻬﻢ‬
,ً‫اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل رأس ﻣﺎل اﻟﱡﺼﻜﻮك ﻛﺎﻣﻼ‬
‫ ﻟﺤﱠﺼﺘﻬﻢ اﻟﺸﺎﺋﻌﺔ ﰲ رﺑﺢ‬-‫وُﻳﺪَﻓﻊ ﻟﻬﻢ اﻟﱢﺮﺑﺢ اﻟﻤﺤﱠﻘﻖ وﻓﻘ‬
‫ إﻟﻰ اﻟﻘﺪر اﻟﻤﺤﱠﺪد ﰲ ﻋﻘﺪ اﻟﻤﻀﺎرﺑﺔ أو‬,‫اﻟﻤﻀﺎرﺑﺔ أو اﻟﺸﺮﻛﺔ‬
‫ وﻣﺎ زاد ﻓﺈﻧﻪ ﻳﻜﻮن‬,‫اﻟﺸﺮﻛﺔ ﻟﻠﱢﺮﺑﺢ اﻟﻤﺘﻮﱠﻗﻊ ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬
.‫ ﺣﺎﻓﺰًا‬,‫ﻷﺻﺤﺎب ﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ‬
134
8-3-3. Stages of calculating and distributing the ‫ ﻣﺮاﺣﻞ ﺣﺴﺎب وﺗﻮزﻳﻊ رﺑﺢ اﻟﻮﻋﺎء اﻟﻌﺎم ﻟﻠﺠﻬﺔ‬.3-3-8
profit of the general pool for the originator
of Tier-1 Sukuk and Tier-2 Sukuk based on ‫ وﺻﻜﻮك اﻟﱢﺸﻖ‬,‫اﻟﻤﻨﺸﺌﺔ ﻟﺼﻜﻮك اﻟﱢﺸﻖ اﻷول‬
Partnership, Mudaraba, or Investment
Agency, ‫اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل اﻟﻘﺎﺋﻤﺔ ﻋﻠﻰ اﻟﺸﺮﻛﺔ أو‬
,‫اﻟﻤﻀﺎرﺑﺔ أو اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
with regard to these Sukuk: :‫ﺺ ﻫﺬه اﻟﱡﺼﻜﻮك‬
‫ﻓ ﻴﻤ ﺎ ﻳﺨ ﱡ‬
8-3-3-1. First: The realized profit is distributed ‫ ﻳﺘﻢ ﺗﻮزﻳﻊ اﻟﱢﺮﺑﺢ اﻟﻤﺤﱠﻘﻖ ﺑﻴﻦ وﻋﺎء‬:‫ﻻ‬
ً ‫أو‬ .1-3-3-8
between the Mudaraba pool or the
Investment Agency pool and participation ‫اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و و ﻋ ﺎء اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر و ﻣ ﺸ ﺎ ر ﻛ ﺔ‬
of Tier-2 and Tier-1 Capital, in proportion
to the share of each of them in the ,‫اﻟﱢﺸﻖ اﻟﺜﺎﲏ واﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
existing partnership capital based on
commingling. ‫ﺑﻨﺴﺒﺔ ﺣﺼﱢﺔ ﻛﱟﻞ ﻣﻨﻬﻤﺎ ﰲ رأس ﻣﺎل اﻟﻤﺸﺎرﻛﺔ‬
. ‫اﻟ ﻘ ﺎ ﺋﻤ ﺔ ﺑ ﻴ ﻨﻬ ﻤ ﺎ ﺑﺎﻟ ﺨ ﻠ ﻂ‬
8-3-3-2. Second: The profit related to the ‫ص ﺑﻤﺸﺎرﻛﺔ اﻟﱢﺸﻖ‬
‫ ﻳﺘﻢ ﺗﻮزﻳﻊ اﻟﱢﺮﺑﺢ اﻟﺨﺎ ﱢ‬:-‫ﺛﺎﻧﻴ‬ .2-3-3-8
participation of Tier-2 and Tier-1 Capital is
distributed between its two parties, i.e., ‫ ﺑﻴﻦ‬,‫اﻟﺜﺎﲏ واﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
between Tier-2 Sukuk and the
participation of Tier-1 Capital, in ‫ أي ﺑﻴﻦ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس‬,‫ﻃﺮﻓﻴﻬﺎ‬
proportion to the share of each of them in
the capital of the partnership (based on ,‫اﻟﻤﺎل وﻣﺸﺎرﻛﺔ اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
joint enterprise (sharikat al-Ꜥaqd) or by
way of commingling) if Tier-2 Sukuk is ‫ﺑﻨﺴﺒﺔ ﺣﱠﺼﺔ ﻛﱢﻞ ﻣﻨﻬﻤﺎ ﰲ رأس ﻣﺎل اﻟﻤﺸﺎرﻛﺔ‬
based on Mudaraba or Investment
Agency. ‫)اﻟﻘﺎﺋﻤﺔ ﺑﺎﻟﻌﻘﺪ أو ﺑﺎﻟﺨﻠﻂ( إن ﻛﺎﻧﺖ ﺻﻜﻮك‬
‫اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل ﻗﺎﺋﻤﺔ ﻋﻠﻰ‬
. ‫اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
8-3-3-3. Third: The distribution of profits of Tier-2 ‫ص ﺑﺼﻜﻮك اﻟﱢﺸﻖ‬
‫ ﻳﺘﻢ ﺗﻮزﻳﻊ اﻟﱢﺮﺑﺢ اﻟﺨﺎ ﱢ‬:-‫ﺛﺎﻟﺜ‬ .3-3-3-8
Sukuk is sourced from the capital,
according to the following scenarios: : ‫ و ﻓ ﻖ ا ﻷ ﺣ ﻮ ا ل ا ﻵ ﺗ ﻴ ﺔ‬, ‫اﻟ ﺜ ﺎ ﲏ ﻣ ﻦ ر أ س اﻟ ﻤ ﺎ ل‬
8-3-3-3-a. If the Sukuk are based on partnership, ‫ ﻓﺈن‬,‫إن ﻛﺎﻧﺖ اﻟﱡﺼﻜﻮك ﻗﺎﺋﻤﺔ ﻋﻠﻰ اﻟﺸﺮﻛﺔ‬ .‫أ‬-3-3-3-8
then the profit is distributed among its
certificateholders, up to the percentage ‫ إﻟﻰ اﻟﻨّﺴﺒﺔ اﻟﻤﺤﱠﺪدة‬,‫اﻟﺮﺑﺢ ﻳﻮﱠزع ﺑﻴﻦ ﺣﻤﻠﺘﻬﺎ‬
specified for their expected profit for
them, and what exceeds given to the ‫ وﻣﺎ زاد ﻓﺈﻧﻪ ﻳﻜﻮن ﻟﻠﺠﻬﺔ‬,‫ﻟﻠﱢﺮﺑﺢ اﻟﻤﺘﻮﱠﻗﻊ ﻟﻬﻢ‬
originator, representing Tier-1 Capital,
135
as an incentive [fee], or it is deposited in ‫اﻟﻤﻨﺸﺌﺔ ﻣﻤﱢﺜﻠﺔ ﻟﻠﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬

the profits reserve of the
certificateholders of Tier-2 Sukuk, ‫ أو أﻧﻪ ﻳﻮَدع ﰲ اﺣﺘﻴﺎﻃﻲ اﻷرﺑﺎح اﻟﺨﺎ ﱢ‬,‫ﺣﺎﻓﺰًا‬
‫ص‬
according to the agreement.
,‫ﺑﺤَﻤﻠﺔ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬
. ‫ﺣ ﺴ ﺐ اﻻ ﺗﻔﺎق‬
8-3-3-3-b. If the Sukuk is based on Mudaraba, then ‫ ﻓ ﺈ ﻧﻪ‬, ‫إ ن ﻛ ﺎ ﻧ ﺖ ا ﻟ ﺼ ﻜ ﻮ ك ﻗ ﺎ ﺋ ﻤ ﺔ ﻋ ﻠ ﻰ اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ‬ .‫ب‬-3-3-3-8
the profit is of Tier-2 Sukuk is distributed
between the certificateholders of the ‫ص ﺑﺼﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ‬
‫ﻳﺘﻢ ﺗﻮزﻳﻊ اﻟﱢﺮﺑﺢ اﻟﺨﺎ ﱢ‬
Tier-2 Sukuk (Rab al-Maal) and the
originator, representing the ‫ ﺑﻴﻦ ﺣَﻤﻠﺔ ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ‬,‫ﻣﻦ رأس اﻟﻤﺎل‬
participation of Tier-1 Capital (Mudarib),
as a common ratios agreed upon for the ‫ﻣ ﻦ ر أ س اﻟ ﻤ ﺎ ل ) أ ر ﺑ ﺎ ب اﻟ ﻤ ﺎ ل ( و اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
distribution of the Mudaraba profit, and
the certificateholders of Tier-2 Sukuk ‫ﻣﻤﺜﻠًﺔ ﻟﻤﺸﺎرﻛﺔ اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
have their share of the profit to the
specified percentage of the expected ‫ ﺑﺎﻟﻨﱢﺴﺐ اﻟﺸﺎﺋﻌﺔ اﻟﻤﱠﺘﻔﻖ ﻋﻠﻴﻬﺎ‬,(‫)اﻟﻤﻀﺎرب‬
profit. What exceeds is given to the
originator, representing Tier-1 Capital, ‫ وﻳﻜﻮن ﻟﺤَﻤﻠﺔ ﺻﻜﻮك‬,‫ﻟﺘﻮزﻳﻊ رﺑﺢ اﻟﻤﻀﺎرﺑﺔ‬
as an incentive [fee], or it is deposited in
the income reserve account held for the ‫اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل ﺣﱠﺼﺘﻬﻢ ﻣﻦ اﻟﱢﺮﺑﺢ‬
certificateholders of Tier-2 Sukuk, as per
the agreement.
‫ وﻣﺎ‬,‫إﻟﻰ اﻟﻨّﺴﺒﺔ اﻟﻤﺤﱠﺪدة ﻟﻠﱢﺮﺑﺢ اﻟﻤﺘﻮﱠﻗﻊ ﻟﻬﻢ‬
‫زاد ﻓﺈﻧﻪ ﻳﻜﻮن ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻣﻤﱢﺜﻠًﺔ ﻟﻠﱢﺸﻖ‬
‫ أو أﻧﻪ ﻳﻮَدع ﰲ‬,‫ ﺣﺎﻓﺰًا‬,‫اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
‫ص ﺑﺤَﻤﻠﺔ ﺻﻜﻮك اﻟﱢﺸﻖ‬
‫ا ﺣ ﺘ ﻴ ﺎ ﻃ ﻲ ا ﻷ ر ﺑ ﺎ ح اﻟ ﺨ ﺎ ﱢ‬
. ‫ ﺣ ﺴ ﺐ ا ﻻ ﺗ ﻔ ﺎ ق‬, ‫اﻟ ﺜ ﺎ ﲏ ﻣ ﻦ ر أ س اﻟ ﻤ ﺎ ل‬
8-3-3-3-c. If the Sukuk is based on Investment ‫إ ن ﻛ ﺎ ﻧ ﺖ ا ﻟ ﺼ ﻜ ﻮ ك ﻗ ﺎ ﺋ ﻤ ﺔ ﻋ ﻠ ﻰ اﻟﻮ ﻛ ﺎﻟ ﺔ‬ .‫ج‬-3-3-3-8
Agency, then the profit of Tier-2 Sukuk is
paid entirely to the certificateholders of ‫ص ﺑﺼﻜﻮك اﻟﱢﺸﻖ‬
‫ ﻓﺈن اﻟﱢﺮﺑﺢ اﻟﺨﺎ ﱠ‬,‫ﺑﺎﻻﺳﺘﺜﻤﺎر‬
this Sukuk (the Muwakkil of Investment)
up to the specified percentage of their ‫اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل ُﻳﺪﻓﻊ ﻛﻠﻪ إﻟﻰ ﺣَﻤﻠﺔ ﻫﺬه‬
expected profit for [the
certificateholders], and what exceeds is ‫اﻟﱡﺼﻜﻮك )اﻟﻤﻮﱢﻛﻠﻴﻦ ﺑﺎﻻﺳﺘﺜﻤﺎر( إﻟﻰ اﻟﻨّﺴﺒﺔ‬
given to the originator (the Investment
Agent), representing the Tier-1 Capital, ‫ وﻣﺎ زاد ﻓﺈﻧﻪ‬,‫اﻟﻤﺤﱠﺪدة ﻟﻠﱢﺮﺑﺢ اﻟﻤﺘﻮﱠﻗﻊ ﻟﻬﻢ‬
as an incentive [fee], or it is deposited in
the income reserve account held for the (‫ﻳﻜﻮن ﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ )اﻟﻮﻛﻴﻞ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
certificateholders of Tier-2 Sukuk,
according to the agreement. ‫ أو‬,‫ ﺣﺎﻓﺰًا‬,‫ﻣﻤﱢﺜﻠًﺔ ﻟﻠﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
136
‫ص ﺑﺤَﻤﻠﺔ‬
‫أﻧﻪ ﻳﻮَدع ﰲ اﺣﺘﻴﺎﻃﻲ اﻷرﺑﺎح اﻟﺨﺎ ﱢ‬
‫ ﺣﺴﺐ‬,‫ﺻﻜﻮك اﻟﱢﺸﻖ اﻟﺜﺎﲏ ﻣﻦ رأس اﻟﻤﺎل‬
. ‫اﻻ ﺗﻔﺎق‬
8-3-3-4. Fourth: The profit share of partnership of ‫ ﻳﺘﻢ ﺗﻮزﻳﻊ ﺣﱠﺼﺔ اﻟﱢﺮﺑﺢ اﻟﺨﺎﱠﺻﺔ‬:-‫راﺑﻌ‬ .4-3-3-8
Tier-1 Capital is distributed between its
two parties, which are Tier-1 Sukuk and ‫ ﺑﻴﻦ‬,‫ﺑﻤﺸﺎرﻛﺔ اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
common equity rights, in proportion to
the share of each of them in the capital of ‫ وﻫﻤﺎ ﺻﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس‬,‫ﻃﺮﻓﻴﻬﺎ‬
the partnership (based on joint enterprise
(sharikat al-Ꜥaqd) or commingling). ‫ ﺑﻨﺴﺒﺔ ﺣﱠﺼﺔ ﻛﱟﻞ ﻣﻨﻬﻤﺎ‬,‫اﻟﻤﺎل وﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ‬
‫ﰲ ر أ س ﻣ ﺎ ل اﻟﻤ ﺸ ﺎر ﻛ ﺔ ) اﻟﻘ ﺎ ﺋﻤ ﺔ ﺑﺎﻟﻌ ﻘ ﺪ أ و‬
.( ‫ﺑﺎﻟﺨ ﻠ ﻂ‬
8-3-3-5. Fifth: Distribution of tge profit share of ‫ ﻳﺘﱡﻢ ﺗﻮزﻳﻊ ﺣﱠﺼﺔ اﻟﱢﺮﺑﺢ اﻟﺨﺎﱠﺻﺔ‬:-‫ﺧﺎﻣﺴ‬ .5-3-3-8
Tier 1 Sukuk is sourced from the capital,
according to the following conditions: ‫ وﻓﻖ‬,‫ﺑﺼﻜﻮك اﻟﱢﺸﻖ اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
: ‫اﻷ ﺣ ﻮ ال اﻵ ﺗﻴﺔ‬
8-3-3-5-a. If the Sukuk is based on joint enterprise , ‫إ ذ ا ﻛ ﺎ ﻧ ﺖ اﻟ ﺼ ﻜ ﻮ ك ﻗ ﺎ ﺋ ﻤ ﺔ ﻋ ﻠ ﻰ ا ﻟ ﺸ ﺮ ﻛ ﺔ ﺑ ﺎ ﻟ ﻌ ﻘ ﺪ‬ .‫أ‬-5-3-3-8
(sharkiat al-Ꜥaqd), then the profit
belongs to the certificateholders up to ‫ﻓﺈن اﻟﺮﺑﺢ ﻳﻜﻮن ﻟﺤﻤﻠﺔ اﻟﱡﺼﻜﻮك إﻟﻰ اﻟﻨّﺴﺒﺔ‬
the specified percentage of their
expected profit, and what exceeds is ‫ وﻣﺎ زاد ﻓﺈﻧﻪ‬,‫اﻟﻤﺤﱠﺪدة ﻟﻠﱢﺮﺑﺢ اﻟﻤﺘﻮﱠﻗﻊ ﻟﻬﻢ‬
given to the originator, i.e., the holders
of equity, as an incentive [fee], or it is ‫ أ ي أ ﺻ ﺤ ﺎ ب ﺣ ﻘ ﻮ ق‬, ‫ﻳ ﻜ ﻮ ن ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
deposited in the profits (income)
reserve held for the certificateholders, ‫ أو أﻧﻪ ﻳﻮَدع ﰲ اﺣﺘﻴﺎﻃﻲ‬,‫ ﺣﺎﻓﺰًا‬,‫اﻟﻤﻠﻜﻴﺔ‬
as per to the agreement. It is deposited
in this reserve if the originator decides ‫ ﺣﺴﺐ‬,‫ص ﺑﺤَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
not to distribute the profit to the
holders of equity. ‫ وﻫﻮ ﻳﻮَدع ﰲ ﻫﺬا اﻻﺣﺘﻴﺎﻃﻲ إن‬.‫اﻻﺗﻔﺎق‬
‫ﻗﱠﺮرت اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻋﺪم ﺗﻮزﻳﻊ رﺑٍﺢ ﻋﻠﻰ‬
. ‫أ ﺻ ﺤ ﺎ ب ﺣ ﻘ ﻮ ق اﻟ ﻤ ﻠ ﻜ ﻴ ﺔ‬
8-3-3-5-b. If the Sukuk is based on Mudaraba, the ‫ ﻓ ﺈ ن‬, ‫إ ذ ا ﻛ ﺎ ﻧ ﺖ اﻟ ﺼ ﻜ ﻮ ك ﻗ ﺎ ﺋ ﻤ ﺔ ﻋ ﻠ ﻰ ا ﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ‬ .‫ب‬-5-3-3-8
profit is distributed between the ‫اﻟﺮﺑﺢ ﻳﻮزع ﺑﻴﻦ ﺣَﻤﻠﺔ ﻫﺬه اﻟﱡﺼﻜﻮك )أرﺑﺎب‬
certificateholders of this Sukuk (Rab al-
Maal) and the originator (Mudarib), ‫ ﺑﺎﻟﻨﱢﺴﺐ‬,(‫اﻟﻤﺎل( واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ )اﻟﻤﻀﺎرب‬
137
according to the common ratios agreed ,‫اﻟﺸﺎﺋﻌﺔ اﻟﻤﱠﺘﻔﻖ ﻋﻠﻴﻬﺎ ﻟﺘﻮزﻳﻊ رﺑﺢ اﻟﻤﻀﺎرﺑﺔ‬
upon for the distribution of the profit of
Mudaraba, up to the specified ‫ وﻣﺎ‬,‫إﻟﻰ اﻟﻨّﺴﺒﺔ اﻟﻤﺤﱠﺪدة ﻟﻠﱢﺮﺑﺢ اﻟﻤﺘﻮﱠﻗﻊ ﻟﻬﻢ‬
percentage of their expected profit, and
what exceeds is given to the originator, ‫ أ ي أ ﺻ ﺤ ﺎ ب‬, ‫ز ا د ﻓ ﺈ ﻧﻪ ﻳ ﻜ ﻮ ن ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
i.e. the holders of equity, as an incentive
[fee], or it is credited to profits (income) ‫ أو أﻧﻪ ﻳﻮَدع ﰲ اﺣﺘﻴﺎﻃﻲ‬,‫ ﺣﺎﻓﺰًا‬,‫ﺣﻘﻮق اﻟﻤﻠﻜﻴﺔ‬
reserve account of the
certificateholders, as per to the ‫ ﺣﺴﺐ‬,‫ص ﺑﺤَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
agreement. It is deposited in this reserve
if the originator decides not to distribute ‫ وﻫﻮ ﻳﻮَدع ﰲ ﻫﺬا اﻻﺣﺘﻴﺎﻃﻲ إن‬.‫اﻻﺗﻔﺎق‬
the profit to the holders of equity.
‫ﻗﱠﺮرت اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻋﺪم ﺗﻮزﻳﻊ رﺑٍﺢ ﻋﻠﻰ‬
. ‫أ ﺻ ﺤ ﺎ ب ﺣ ﻘ ﻮ ق اﻟ ﻤ ﻠ ﻜ ﻴ ﺔ‬
9. Trading, Redemption and Cancellation of : ‫ ﺗ ﺪ ا و ل ا ﻟ ﺼ ﻜ ﻮ ك و ا ﺳ ﱰ د ا د ﻫ ﺎ و إ ﻃ ﻔ ﺎ ؤ ﻫ ﺎ‬.9

Sukuk:
Trading of Sukuk means selling [its certificates] to a ‫ ﺑﻴﻌﻬﺎ ﻟﻐﻴﺮ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﰲ‬,‫ُﻳﻘﺼﺪ ﺑﺘﺪاول اﻟﱡﺼﻜﻮك‬
party than the originator in the subsequent stage of
subscribing to Sukuk upon issuance. . ‫اﻟ ﻤ ﺮ ﺣ ﻠ ﺔ اﻟ ﺘ ﺎﻟ ﻴ ﺔ ﻟ ﻼ ﻛ ﺘ ﺘ ﺎ ب ﻓ ﻴﻬ ﺎ ﻋ ﻨ ﺪ ا ﻹ ﺻ ﺪ ار‬
9-1. General Provisions of Trading [the certificates :‫ اﻷﺣﻜﺎم اﻟﻌﺎﱠﻣﺔ ﻟﻠﱠﺘﺪاول‬.1-9
of] Sukuk:
9-1-1. Trading of Sukuk is subject to the conditions ‫ﻳﺨﻀﻊ ﺗﺪاول اﻟﱡﺼﻜﻮك ﻟﺸﺮوط ﺗﺪاول ﻣﺎ ﺗﻤﱢﺜﻠﻪ ﻣﻦ‬ .1-1-9
of trading (negotiability) of the underlying
assets they represent. . ‫ﻣﻮ ﺟ ﻮ د ات‬
9-1-2. Trading of the certificates of Sukuk is not ‫ﻻ ﻳﺠﻮز ﺗﺪاول اﻟﱡﺼﻜﻮك ﺑﻌﺪ اﻻﻛﺘﺘﺎب ﻓﻴﻬﺎ‬ .2-1-9
permitted after subscribing to them when
the [underlying assets] are still cash, and ‫ وﻛﺬﻟﻚ إن ﺗﻤﱠﺤﻀﺖ‬,‫وﻣﻮﺟﻮداُﺗﻬﺎ ﻣﺎ ﺗﺰال ﻧﻘﻮدًا‬
also if its underlying assets comprise
entirely of cash at any of the stages, except ‫ إﻻ‬,‫ﻣﻮﺟﻮداﲥﺎ ﻧﻘﻮدًا ﰲ أي ﻣﺮﺣﻠﺔ ﻣﻦ اﻟﻤﺮاﺣﻞ‬
by complying the provisions of currency
exchanging (ṣarf), including trading of ‫ وﻣﻦ ذﻟﻚ ﺗﺪاول‬,‫ﺑﻤﺮاﻋﺎة أﺣﻜﺎم اﻟﱠﺼﺮف‬
Sukuk after the subscription and allotment
and before actually commencing the ‫اﻟ ﺼ ﻜ ﻮ ك ﺑﻌ ﺪ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب و اﻟ ﺘ ﺨ ﺼ ﻴ ﺺ و ﻗ ﺒﻞ اﻟ ﺸ ﺮ و ع‬
investment of its capital.
.ً‫ﰲ اﺳﺘﺜﻤﺎر رأس ﻣﺎﻟﻬﺎ ﻓﻌﻼ‬
9-1-3. If the proceeds of the issuance are ‫إن ﺗﻢ إﻳ ﺪ اع ﺣ ﺼ ﻴ ﻠ ﺔ اﻹ ﺻ ﺪ ار ﺑﻌ ﺪ اﻻ ﻛ ﺘﺘﺎ ب ﰲ‬ .3-1-9
deposited after the subscription in the
investment accounts held with Islamic ‫ ُﺗﺴﺘﺜَﻤﺮ ﰲ‬,‫ﺣﺴﺎﺑﺎت اﺳﺘﺜﻤﺎرﻳﺔ ﻟﺪى ﺑﻨﻮك إﺳﻼﻣﻴﺔ‬
banks, which are invested in their general
pools in which the assets are turned around
138
(taqlīb), and whose assets include tangible ‫ وَﺗﺸﺘﻤﻞ ﰲ‬,‫أوﻋﻴﺘﻬﺎ اﻟﻌﺎﱠﻣﺔ اﻟﺘﻲ ُﺗﻘﱠﻠﺐ ﻓﻴﻬﺎ اﻷﻣﻮال‬
assets, usufructs, or rights, or a
commingled set of them or some of them, ‫ أو‬,‫ﺟﻤﻠﺔ ﻣﻮﺟﻮداﲥﺎ ﻋﻠﻰ أﻋﻴﺎٍن أو ﻣﻨﺎﻓﻊ أو ﺣﻘﻮق‬
then the underlying assets of Sukuk shall
not deemed in totality as cash, and its ‫ ﻓﺈن ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬,‫ﺧﻠﻄﺔ ﻣﻨﻬﺎ أو ﻣﻦ ﺑﻌﻀﻬﺎ‬
trading is permitted at any price without
complying with the provisions of currency ‫ وﻳﺠﻮز ﺗﺪاوﻟﻬﺎ ﺑﺄي ﺳﻌﺮ دون‬,‫ﻻ ُﺗَﻌﱡﺪ ﻧﻘﻮدًا ﻣﺤَﻀﺔ‬
exchange (ṣarf).
.‫اﻟﺘﻘﱡﻴﺪ ﺑﺄﺣﻜﺎم اﻟﱠﺼﺮف‬
9-1-4. Trading of Sukuk is not permitted if its ‫ﻻ ﻳﺠﻮز ﺗﺪاول اﻟﱡﺼﻜﻮك إن ﺗﻤﱠﺤﻀﺖ ﻣﻮﺟﻮداﲥﺎ‬ .4-1-9
underlying assets are in totality debts, even
if debts arising from commentative ‫ ﻧﺎﺷ ﺌﺔ ﻣ ﻦ ﻣ ﻌ ﺎ و ﺿ ﺎ ت ﻣ ﺜﻞ‬-‫ و إن ﻛ ﺎﻧﺖ د ﻳﻮ ﻧ‬, -‫د ﻳﻮ ﻧ‬
contracts, such as Murabaha, unless and
until the provisions of sale of debt are . ‫ إ ﻻ ﺑﻤ ﺮ اﻋ ﺎ ة أ ﺣ ﻜ ﺎم ﺗ ﺪ ا و ل اﻟ ﺪ ﻳﻮ ن‬, ‫اﻟ ﻤ ﺮ اﺑﺤ ﺎ ت‬
complied with. See: s. (5) of Shari’ah
Standard No. (59): Sale of Debt. (٥٩) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٥) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
. ‫ﺑ ﺸ ﺄ ن ﺑ ﻴ ﻊ اﻟ ﺪ ﻳ ﻦ‬
9-1-5. If the certificates of Sukuk are among those ‫إذا ﻛﺎﻧﺖ اﻟﱡﺼﻜﻮك ﻣﻤﺎ ﻻ ﻳﺠﻮز ﺗﺪاوﻟﻬﺎ إﻻ ﺑﻤﺮاﻋﺎة‬ .5-1-9
that are not permitted to be traded except
by observing the provisions of currency ,‫أﺣﻜﺎم اﻟﱠﺼﺮف أو ﺑﻤﺮاﻋﺎة أﺣﻜﺎم ﺗﺪاول اﻟﺪﻳﻮن‬
exchange (ṣarf) or observing the provisions
of sale of debt, then it is not permitted to ‫ وﻟﻮ ﻣﻊ‬,‫ﻓﺈﻧﻪ ﻻ ﻳﺠﻮز إدراﺟﻬﺎ ﰲ اﻷﺳﻮاق اﻟﻤﺎﻟﱠﻴﺔ‬
list [such certificates] in the financial
markets, even If it is stated that their .‫اﻟﱠﺘﺼﺮﻳﺢ ﺑﺄن ﺗﺪاوﻟﻬﺎ ﻻ ﻳﻜﻮن إﻻ ﺑﻤﺮاﻋﺎة ذﻟﻚ‬
trading should be carried only by complying
to [those respective provisions]. See: s. (9- .(١-٣-٩) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
3-1).
9-1-6. If the underlying assets of Sukuk are the ‫إذا ﻛﺎﻧﺖ ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك ﻣﻮﺟﻮدات ﻛﻴﺎٍن‬ .6-1-9
assets being an existing entity, on which
Sukuk was issued, or on a common share ‫ ﺟﺮى إﺻﺪار اﻟﱡﺼﻜﻮك ﻋﻠﻴﻪ أو ﻋﻠﻰ ﺣﱠﺼﺔ‬,‫ﻗﺎﺋﻢ‬
thereof, and the entity has on-going
activities in which assets are turned around ‫ واﻟﻜﻴﺎن ﻟﻪ أﻧﺸﻄﺔ ﻣﺴﺘﻤﺮة ُﺗﻘﱠﻠﺐ ﻓﻴﻬﺎ‬,‫ﺷﺎﺋﻌﺔ ﻣﻨﻪ‬
(taqlīb), and its activities include dealing
with tangible asset, usufruct, or rights, or all ‫ وَﻳﺪﺧﻞ ﰲ أﻧﺸﻄﺘﻪ اﻟﱠﺘﻌﺎﻣُﻞ ﺑﺎﻷﻋﻴﺎن أو‬,‫اﻷﻣﻮال‬
or some of them, and debts or cash are
generated from this dealing, then it is , ‫ أ و ﺑ ﺒﻌ ﻀ ﻬ ﺎ‬- ‫اﻟ ﻤ ﻨ ﺎ ﻓ ﻊ أ و اﻟ ﺤ ﻘ ﻮ ق أ و ﲠ ﺎ ﺟ ﻤ ﻴﻌ‬
permitted to trade in [the certificates of]
Sukuk at any price, without the need to ‫ ﻓﺈﻧﻪ‬,‫وﺗﺘﱠﻮﻟﺪ ﻣﻦ ﻫﺬا اﻟﱠﺘﻌﺎﻣﻞ دﻳﻮن أو ﺗﻨﺘﺞ ﻋﻨﻪ ﻧﻘﻮد‬
comply with the provisions of sale of debt
or currency exchange provisions (ṣarf), ‫ دون ﻣﺮاﻋﺎة‬,‫ﻳﺠﻮز ﺗﺪاول اﻟﱡﺼﻜﻮك ﺑﺄي ﺳﻌٍﺮ‬
unless the assets of the entity turn in
totality into debts, cash, or both of them ‫ ﻣﺎ ﻟﻢ‬,‫أﺣﻜﺎم ﺗﺪاول اﻟﺪﻳﻮن أو أﺣﻜﺎم اﻟﱠﺼﺮف‬
together. See: s. (8-1) of Shari’ah Standard
139
No. (59): Sale of Debt. ‫ أو ﻧﻘﻮدًا أو‬-‫ﺗﺘﻤﱠﺤﺾ ﻣﻮﺟﻮدات اﻟﻜﻴﺎن دﻳﻮﻧ‬

‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬١-٨) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.-‫ﻣﻨﻬﻤﺎ ﻣﻌ‬
.‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﱠﺪﻳﻦ‬٥٩) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
9-1-7. If the underlying assets of the Sukuk include ‫إذا ﻛﺎﻧﺖ ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك ﺗﺸﺘﻤﻞ ﻋﻠﻰ دﻳﻮٍن أو‬ .7-1-9
debts or cash, along with tangible assets,
usufructs or rights, which the originator has ‫ أﻓﺮَزﲥﺎ اﻟﺠﻬﺔ‬,‫ ﻣﻌﻬﺎ أﻋﻴﺎن أو ﻣﻨﺎﻓﻊ أو ﺣﻘﻮق‬,‫ﻧﻘﻮٍد‬
segregated (ifrāz) among its assets in a
legally recognized entity with which the ‫اﻟﻤﻨﺸﺌﺔ ﻣﻦ ﺟﻤﻠﺔ ﻣﻮﺟﻮداﲥﺎ ﰲ ﻛﻴﺎٍن ﻗﺎﻧﻮﲏ ﻣﻌﺘَﺒﺮ‬
commingling is established by virtue of
Shari’ah, such as a special purpose vehicle, ‫ ﻣﺜﻞ ﻣﻨﺸﺄة ذات ﻏﺮض‬,-‫ﺗﺘﺤﱠﻘﻖ ﺑﻪ اﻟﺨﻠﻄﺔ ﺷﺮﻋ‬
or an investment portfolio licensed by the
competent authorities, with assets being ‫ أو ﻣﺤﻔﻈﺔ اﺳﺘﺜﻤﺎرﻳﺔ ﻣﺮﱠﺧﺼﺔ ﻣﻦ ﺟﻬﺎت‬,‫ﺧﺎص‬
turned around (taqlīb), as described in s.
(9-1-6), then for the permissibility of ‫ دون أن ﻳﻜﻮن ﺷﺄن ﺗﻠﻚ اﻟﻤﻮﺟﻮدات‬,‫ﻣﺨﺘﱠﺼﺔ‬
trading Sukuk at any price, without the
requirement to comply with the provisions ‫ﺐ ﺑ ﺸ ﻜ ﻞ ﻣ ﺴ ﺘ ﻤ ﺮ ﻋ ﻠ ﻰ ﻣ ﺎ ﻫ ﻮ ﻣ ﻮ ﺿ ﺢ ﰲ اﻟ ﺒ ﻨ ﺪ‬
َ ‫اﻟﱠﺘﻘﻠﻴ‬
of sale of debt or currency exchange (ṣarf),
it is required that the amount of debts or ‫ ﻓﺈﻧﻪ ﻳﺸﱰَط ﻟﺠﻮاز ﺗﺪاول اﻟﱡﺼﻜﻮك‬,(٦-١-٩)
cash or both at the time of issuance of
Sukuk is less than 50% of the value of the
‫ دون اﻟﺘﻘﱡﻴﺪ ﺑﺄﺣﻜﺎم ﺗﺪاول اﻟﺪﻳﻮن أو‬,‫ﺑﺄي ﺳﻌﺮ‬
entity’s assets. And if this percentage drops
‫ أن ﻳﻜﻮن ﻣﻘﺪار اﻟﺪﻳﻮن أو اﻟﻨﻘﻮد‬,‫أﺣﻜﺎم اﻟﱠﺼﺮف‬
due to a supervening matter after the
Sukuk issuance, then the provision of ‫ ﻣﻦ‬%٥٠ ‫ ﻋﻨﺪ إﺻﺪار اﻟﱡﺼﻜﻮك أﻗﻞ ﻣﻦ‬-‫أو ﻫﻤﺎ ﻣﻌ‬
trading shall not be different if the
percentage is not less than 33% of the value ‫ وإذا ﻧﺰﻟﺖ ﻫﺬه اﻟﻨﱢﺴﺒﺔ‬.‫ﻗﻴﻤﺔ ﻣﻮﺟﻮدات اﻟﻜﻴﺎن‬
of the underlying assets. If [the percentage]
goes below that, it is required to inform the ‫ ﻓﻼ ﻳﺨﺘﻠﻒ‬,‫ﻷﻣﺮ ﻃﺎرئ ﺑﻌﺪ إﺻﺪار اﻟﱡﺼﻜﻮك‬
certificateholders of Sukuk that [their
certificates] are no longer tradable ‫ ﻣﻦ ﻗﻴﻤﺔ‬٪٣٣ ‫ﺣﻜﻢ اﻟﺘﺪاول إن ﻟﻢ ﺗﻘﱠﻞ اﻟﻨﱢﺴﺒﺔ ﻋﻦ‬
(negotiable). If such certificates are listed
on a financial market, it is required to delist ‫ ﻓﺈن ﻗﱠﻠﺖ ﻋﻦ ذﻟﻚ وﺟﺐ إﻋﻼم‬,‫اﻟﻤﻮﺟﻮدات‬
them. See: s. (8-2) of Shari’ah Standard No.
(59): Sale of Debt. ‫ وإذا‬,‫ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﺑﺄﳖﺎ ﻟﻢ َﺗﻌﺪ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪاول‬
‫ﻛﺎﻧﺖ ﻣﺪرﺟﺔ ﰲ ﺳﻮق ﻣﺎﻟﱠﻴﺔ ﻓﺎﻟﻮاﺟﺐ ﺳﺤﺒﻬﺎ ﻣﻦ‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٢-٨) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻹدراج‬
.‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﱠﺪﻳﻦ‬٥٩) ‫رﻗﻢ‬
9-1-8. If the underlying assets of Sukuk include ‫إذا ﻛﺎن ﻣﻦ ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك أﺳﻬُﻢ ﺷﺮﻛﺎت أو‬ .8-1-9
shares of companies or other Sukuk, which
are permitted to be held and traded at any ‫ ﻣﻤﺎ ﻳﺠﻮز ﺗﻤﱡﻠﻜﻪ وﺗﺪاوﻟﻪ ﺑﺄي ﺳﻌﺮ‬,‫ﺻﻜﻮك أﺧﺮى‬
140
price, and debts were added to them, as -١-٩) ‫وﺿﻤﺖ إﻟﻴﻬﺎ دﻳﻮٌن ﺑﻨﺤﻮ ﻣﺎ ﺗﻘﺪم ﰲ اﻟﺒﻨﺪ‬
given in the preceding s. (9-1-6), then these
shares or Sukuk, despite being allowed to ‫ ﻓﺈن ﻫﺬه اﻷﺳﻬﻢ أو اﻟﺼﻜﻮك وإن ﺟﺎز ﺗﺪاوﻟﻬﺎ‬,(٦
be traded themselves at any price, as a
whole are not considered to be tangible ‫ ﻋﻨﺪ ﺣﺴﺎب‬-‫ﺑﻨﻔﺴﻬﺎ ﺑﺄي ﺳﻌﺮ ﻻ ُﺗﻌﱡﺪ ﺑﻜﺎﻣﻠﻬﺎ أﻋﻴﺎﻧ‬
asset while calculating the percentage of
tangible assets in the underlying assets of ‫ وإﻧﻤﺎ‬,‫ﻧﺴﺒﺔ اﻷﻋﻴﺎن ﰲ ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك‬
Sukuk, rather it is required to confine to the
tangibility ratio (and [the ratio (the like) ‫اﻟﻮ ا ﺟ ﺐ ا ﻻ ﻗ ﺘ ﺼ ﺎ ر ﻓ ﻴﻬ ﺎ ﻋ ﻠ ﻰ ﻧ ﺴ ﺒ ﺔ ا ﻷ ﻋ ﻴ ﺎ ن ) و ﻣ ﺎ ﰲ‬
assets) in the assets of the company or the
underlying assets of those Sukuk. ‫ُﺣﻜﻤﻬﺎ( ﰲ ﻣﻮﺟﻮدات اﻟﺸﺮﻛﺔ أو ﻣﻮﺟﻮدات ﺗﻠﻚ‬
9-1-9. It is not permitted to issue certificates of ‫ﻻ ﻳ ﺠ ﻮ ز إ ﺻ ﺪ ا ر ﺻ ﻜ ﻮ ك ﻋ ﻠ ﻰ اﻟ ﺪ ﻳﻮ ن ﺑﺤ ﻴ ﺚ ﻳ ﻀ ﻢ‬ .9-1-9
Sukuk based on debts in which tangible
assets, or the like, are included merely to ‫إﻟ ﻴﻬ ﺎ أﻋ ﻴﺎن أ و ﻣ ﺎ ﰲ ﺣ ﻜ ﻤ ﻬ ﺎ ﻟﻤ ﺠ ﺮ د ﺗ ﱪ ﻳ ﺮ اﻟ ﺘ ﺪ ا و ل‬
justify trading without segregating [the
underlying assets] into a legally valid entity ‫دون إﻓﺮازﻫﺎ ﰲ ﻛﻴﺎن ﻗﺎﻧﻮﲏ ﻣﻌﺘﱪ ﺗﺘﺤﻘﻖ ﺑﻪ اﻟﺨﻠﻄﺔ‬
wherein commingling is materialized by
virtue of Shari’ah. See: s. (8-2) and s. (8-3) ‫( ﻣﻦ‬٣-٨) ‫( واﻟﺒﻨﺪ‬٢-٨) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.-‫ﺷﺮﻋ‬
of Shari’ah Standard No. (59): Sale of
Debt(2). .( )‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﺪﻳﻦ‬٥٩) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
1
9-1-10. If the certificates of Sukuk are among those ‫ ﻓﺈﻧﻪ‬,‫إذا ﻛﺎﻧﺖ اﻟﱡﺼﻜﻮك ﻣﻤﺎ ﻳﺠﻮز ﺗﺪاوﻟﻪ ﺑﺄي ﺳﻌٍﺮ‬.10-1-9
that are permitted to be traded at any
price, then, at the time of selling them, ‫ﻻ ﻣﺎﻧﻊ ﻋﻨﺪ ﺑﻴﻌﻬﺎ ﻣﻦ اﻻﺗﻔﺎق ﻋﻠﻰ أن ُﻳﺤَﺴﺐ ﰲ‬
there is no [Shari’ah] objection to have an
agreement to include (or to add) in ‫ﺛﻤﻦ ﺑﻴﻌﻬﺎ )أو ُﻳﻀﺎف إﻟﻴﻪ( ﻣﺎ ُﻳﻐﻄﻲ رﺑﺢ اﻟﻤﱠﺪة اﻟﺘﻲ‬
calculating their the selling price what
covers the profit for the period that has ‫ وﻟﻮ ﻛﺎن اﻟﱢﺮﺑﺢ‬,‫ﻣﱠﺮت ﻣﻦ ﺗﺎرﻳﺦ آِﺧﺮ ﺗﻮزﻳٍﻊ ﻟﻸرﺑﺎح‬
surpassed since the last date of distribution
of profits, even if the profit is expected. .-‫ﻣﺘﻮﱠﻗﻌ‬
9-1-11. It is permitted to trade [the certificates of] ‫ﻳﺠﻮز ﺗﺪاول اﻟﺼﻜﻮك ﺑﺄي ﻃﺮﻳﻘﺔ ﻣﺘﻌﺎرف ﻋﻠﻴﻬﺎ‬.11-1-9
Sukuk in any way recognized and
acceptable by virtue of Shari’ah. .‫ﻣﻘﺒﻮﻟﺔ ﺷﺮًﻋﺎ‬
9-1-12. If one of the conditions for trading of ‫إذا اﺧﺘﻞ ﺷﺮط ﻣﻦ ﺷﺮوط ﺗﺪاول اﻟﱡﺼﻜﻮك ﺑﺄي‬.12-1-9
certificates of Sukuk at any price is
breached after subscription to them, there ‫ ﻓ ﻼ ﻣ ﺎ ﻧ ﻊ ﻣ ﻦ ا ﻻ ﺣ ﺘ ﻔ ﺎظ ﲠ ﺎ‬, ‫ﺳ ﻌ ﺮ ﺑﻌ ﺪ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﻓ ﻴﻬ ﺎ‬
is no [Shari’ah] objection to hold [the
.‫( ﻳﺘﻄﻠﻊ اﻟﻤﺠﻠﺲ اﻟﺸﺮﻋﻲ ﻣﻦ اﻟﺤﺎﺿﺮﻳﻦ اﻟﺸﺮﻋﻴﻴﻦ واﻟﻔﻨﻴﻴﻦ إﺑﺪاء رأﻳﻬﻢ ﰲ إﺑﻘﺎء أﺳﻬﻢ اﻟﺸﺮﻛﺎت‬1)
2 The Shari’ah Board is looking for the Sharia and technical attendees to express their opinion on keeping the companies’
shares.
141
certificates] until the cancellation, provided ‫ ﻋﻠﻰ أن ﻳﻜﻮن اﻹﻃﻔﺎء ﺑﺎﻟﱠﻀﻮاﺑﻂ‬,‫إﻟﻰ اﻹﻃﻔﺎء‬
that cancellation is carried in accordance
with the Shari’ah rules. .‫اﻟﱠﺸﺮﻋﻴﺔ‬
9-1-13. If Sukuk, whatever type, are pledged to ,‫ ﺗﻮﺛﻴًﻘﺎ ﻟﺪﻳٍﻦ‬,‫ﻳﺎ ﻛﺎن ﻧﻮﻋﻬﺎ‬°‫ أ‬,‫إذا ﺗﻢ رﻫﻦ اﻟﺼﻜﻮك‬.13-1-9
secure a debt (tawthīq dayn), then Shari’ah
provisions of trading must be adhered to at ‫ﻓ ﻴ ﺠ ﺐ اﻟ ﺘ ﻘ ﻴ ﺪ ﺑﺎ ﻷ ﺣ ﻜ ﺎم اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟ ﻠ ﺘ ﺪ ا و ل ﻋ ﻨ ﺪ‬
the time of enforcement [of pledge]
(tanfīdh al-rahn) for the discharge of debt (٤-٣) ‫ ﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﺘﻨﻔﻴﺬ ﻋﻠﻴﻬﺎ اﺳﺘﻴﻔﺎًء ﻟﻠﺪﻳﻦ‬
(istīfā’ al-dayn). See: s. (3-4) and s. (4-1) of
Shari’ah Standard No. (39): Pledge and Its (٣٩) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬١-٤) ‫واﻟﺒﻨﺪ‬
Contemporary Applications.
. ‫ﺑ ﺸ ﺄ ن اﻟ ﺮ ﻫ ﻦ و ﺗ ﻄ ﺒ ﻴ ﻘ ﺎﺗﻪ اﻟ ﻤ ﻌ ﺎ ﺻ ﺮ ة‬
9-2. Special provisions for trading (as per the ‫ اﻷﺣﻜﺎم اﻟﺨﺎﱠﺻﺔ ﻟﻠﱠﺘﺪاول )ﺑﺤﺴﺐ ﺻﻴﻐﺔ‬.2-9
financing mode of Sukuk):
:(‫اﻟﱡﺼﻜﻮك‬
9-2-1. Trading the certificates of Sukuk, that are ‫ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك اﻟﻤﻀﺎرﺑﺔ أو اﻟﺸﺮﻛﺔ أو‬ .1-2-9
based on Mudaraba, partnership or
Investment Agency is permitted at any ‫ إن ﻛ ﺎن ﻧ ﺸ ﺎ ﻃ ﻬ ﺎ‬, ‫ ﺑ ﺄ ي ﺳ ﻌ ﺮ‬, ‫اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
price, if the underlying activity [of the
Sukuk] is the acquisition of an existing ‫ ﻣﻦ ﻧﺤﻮ‬,‫ﺗﻤﱡﻠَﻚ ﻛﻴﺎٍن ﻗﺎﺋٍﻢ أو ﺣﱠﺼﺔ ﺷﺎﺋﻌﺔ ﻣﻨﻪ‬
entity, or a common share in it, such as the
entity given in s. (9-1-6), and that’s after ‫ وذﻟﻚ ﺑﻌﺪ‬,(٦-١-٩) ‫اﻟﻜﻴﺎن اﻟﻤﺒﱠﻴﻦ ﰲ اﻟﺒﻨﺪ‬
the acquisition has been materialized and
the entity does not represent in totality ‫ﺗﺤﱡﻘﻖ اﻟﺘﻤﱡﻠﻚ وﻋﺪم ﺗﻤﱡﺤﺾ اﻟﻜﻴﺎن ﰲ اﻟﺪﻳﻮن أو‬
debts, cash or both.
.-‫اﻟﻨﱡﻘﻮد أو ﻓﻴﻬﻤﺎ ﻣﻌ‬
9-2-2. Trading the certificates of Sukuk that are ‫ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك اﻟﻤﻀﺎرﺑﺔ أو اﻟﺸﺮﻛﺔ أو‬ .2-2-9
based on Mudaraba, partnership or
Investment Agency is permitted at any ‫ إن ﻛ ﺎن ﻧ ﺸ ﺎ ﻃ ﻬ ﺎ‬, ‫ ﺑ ﺄ ي ﺳ ﻌ ﺮ‬, ‫اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
price, if the underlying activity [of Sukuk] is
the acquisition of the entity, as referred in ‫( أو‬٧-١-٩) ‫ﺗﻤﱡﻠَﻚ اﻟﻜﻴﺎن اﻟﻤﺬﻛﻮر ﰲ اﻟﺒﻨﺪ‬
s. (9-1-7), or the acquisition of a common
share in it, after materializing [their] ‫ وذﻟﻚ ﺑﻌﺪ ﺗﺤﱡﻘﻖ اﻟﱠﺘﻤﱡﻠﻚ‬,‫ﺗﻤﱡﻠَﻚ ﺣﱠﺼﺔ ﺷﺎﺋﻌﺔ ﻣﻨﻪ‬
acquisition has and the rules provided in s.
(8-2) of Shari’ah Standard No. (59): Sale of ‫( ﻣﻦ‬٢-٨) ‫وﺗﻮاﻓﺮ اﻟﻀﻮاﺑﻂ اﻟﻮاردة ﰲ اﻟﺒﻨﺪ‬
Debt are fulfilled.
.‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﱠﺪﻳﻦ‬٥٩) ‫اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
9-2-3. Trading the certificates of Sukuks that are ‫ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك اﻟﻤﻀﺎرﺑﺔ أو اﻟﺸﺮﻛﺔ أو‬ .3-2-9
based on Modaraba, partnership or
Investment Agency is permitted at any ‫ ﺑﻌﺪ ﻣﺒﺎﺷﺮة اﻟﻨﱠﺸﺎط‬,‫ ﺑﺄي ﺳﻌٍﺮ‬,‫اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
price, after the commencement of the
142
investment activity, if this activity is trading ‫ إن ﻛﺎن ﻫﺬا اﻟﻨﱠﺸﺎُط ﻣﺘﺎﺟﺮًة ﰲ‬,‫اﻻﺳﺘﺜﻤﺎري‬
in tangible assets, usufructs or rights, or in
all or some of them with turning them over ‫ أو‬-‫ أو ﻓﻴﻬﺎ ﺟﻤﻴﻌ‬,‫اﻷﻋﻴﺎن أو اﻟﻤﻨﺎﻓﻊ أو اﻟﺤﻘﻮق‬
(taqlīb) even if the trading [of the assets]
generates debts or cash, unless the ‫ وإن ﺗﻮﱠﻟﺪت ﻋﻦ اﻟﻤﺘﺎﺟﺮة‬,‫ﰲ ﺑﻌﻀﻬﺎ ﻣﻊ ﺗﻘﻠﻴﺒﻬﺎ‬
underlying assets do not represent in
totality debts, cash or debts and cash -‫ ﻣﺎ ﻟﻢ ﺗﺘﻤﱠﺤﺾ اﻟﻤﻮﺟﻮدات دﻳﻮﻧ‬,‫دﻳﻮن أو ﻧﻘﻮد‬
together, then it is required to comply with
the provisions of currency exchange (ṣarf) ‫ ﻓﻴﻠﺰم ﻋﻨﺪﺋٍﺬ ﻣﺮاﻋﺎة‬,-‫أو ﻧﻘﻮدًا أو دﻳﻮًﻧﺎ وﻧﻘﻮًدا ﻣﻌ‬
or the provisions of disposal of debts, as the
case may be. ,‫أﺣﻜﺎم اﻟﱠﺼﺮف أو أﺣﻜﺎم اﻟﺘﺼﺮف ﰲ اﻟﺪﻳﻮن‬
. ‫ﺑﺤ ﺴ ﺐ اﻟﺤ ﺎل‬
9-2-4. Trading the certificates of Sukuks based on ‫ﻳ ﺄ ﺧ ﺬ ﺗ ﺪ ا و ل ﺻ ﻜ ﻮ ك اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟ ﺸ ﺮ ﻛ ﺔ أ و‬ .4-2-9
Mudaraba, partnership, Investment
Agency, whose capital investment is ‫ اﻟﺘﻲ ُﻳﻘﱠﻴﺪ اﺳﺘﺜﻤﺎر رأس ﻣﺎﻟﻬﺎ‬,‫اﻟﻮﻛﺎﻟﺔ ﺑﺎﻻﺳﺘﺜﻤﺎر‬
restricted to using one of the indebtedness
contracts, such as Murabaha, Istisna’ or ‫ ﻛﺎﻟﻤﺮاﺑﺤﺔ أو‬,‫ﺑﺎﺳﺘﺨﺪام ﻋﻘٍﺪ ﻣﻦ ﻋﻘﻮد اﻟﻤﺪاﻳﻨﺎت‬
Salam, will be subjected to the provision of
trading of Sukuk based on the debt contract ‫ ﺣﻜَﻢ ﺗﺪاول اﻟﱡﺼﻜﻮك‬,‫اﻻﺳﺘﺼﻨﺎع أو اﻟﱠﺴﻠﻢ‬
in which the investment is restricted.
.‫اﻟﻘﺎﺋﻤﺔ ﻋﻠﻰ ﻋﻘِﺪ اﻟﻤﺪاﻳﻨﺔ اﻟﺬي ُﻗﱢﻴﺪ اﻻﺳﺘﺜﻤﺎر ﺑﻪ‬
9-2-5. Trading the certificates of Murabaha Sukuk ‫ﻻ ﻳﺠ ﻮ ز ﺗ ﺪ ا و ل ﺻ ﻜ ﻮ ك اﻟﻤ ﺮ اﺑﺤ ﺔ ﺑﻌ ﺪ ﺑﻴﻊ ﺳ ﻠﻌ ﺔ‬ .5-2-9
is not permitted after selling the Murabaha
commodity except by complying to the ‫اﻟﻤﺮاﺑﺤﺔ إﻻ ﺑﻤﺮاﻋﺎة أﺣﻜﺎم اﻟﺘﺼﺮف ﰲ اﻟﱠﺪﻳﻮن أو‬
provisions of disposal of debts or the
provisions of currency exchange (ṣarf), as ‫ أﻣﺎ ﺑﻌﺪ ﺷﺮاء‬,‫ ﺑﺤﺴﺐ اﻟﺤﺎل‬,‫أﺣﻜﺎم اﻟﱠﺼﺮف‬
the case may be. However, trading is
permitted after purchasing the commodity ‫اﻟﺴﻠﻌﺔ وﺗﺴﻠﻤﻬﺎ ﺣﻘﻴﻘﺔ أو ﺣﻜًﻤﺎ وﻗﺒﻞ ﺑﻴﻌﻬﺎ‬
and receiving it actually or constructively
and prior to selling [the commodity] to the . ‫ﻟ ﻠ ﻤ ﺸ ﱰ ي ﻓ ﻴ ﺠ ﻮ ز اﻟ ﺘ ﺪ ا و ل ﺣ ﻴ ﻨﺌ ﺬ‬
buyer.
9-2-6. Trading the certificates of Salam Sukuk is ‫ﻻ ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك اﻟﺴﻠﻢ ﰲ ﻣﱠﺪة اﻟﱠﺴﻠﻢ ﻗﺒﻞ‬ .6-2-9
not permitted during the tenure of Salam
before receiving the Salam commodity, or ‫ أو ﺑﻌﺪ ﺑﻴﻊ ﺳﻠﻌﺔ اﻟﱠﺴﻠﻢ‬,‫ﺗﺴﱡﻠﻢ ﺳﻠﻌﺔ اﻟﱠﺴﻠﻢ‬
after selling the Salam commodity and
handing it over to its purchaser pursuant to ‫وﺗﺴﻠﻴﻤﻬﺎ ﻟﻤﺸﱰﻳﻬﺎ ﻣﻨﻬﻢ ﺑﻤﻮﺟﺐ ﻋﻘﺪ ﺳَﻠٍﻢ ﻣﻮاٍز‬
a parallel Salam contract with [the Salam
seller] , or after selling the commodity to ‫ أو ﺑﻌﺪ ﺑﻴﻊ اﻟﱢﺴﻠﻌﺔ ﻟﻤﻦ ﻳﺸﱰﻳﻬﺎ ﻣﻨﻬﻢ ﺑﻌﻘﺪ ﺑﻴِﻊ‬,‫ﻣﻌﻪ‬
those who buy it from [the Salam buyer]
pursuant to a sale contract [of specific ‫ﻣﻌﱠﻴٍﻦ إﻻ ﺑﻤﺮاﻋﺎة أﺣﻜﺎم اﻟﺘﺼﺮف ﰲ اﻟﺪﻳﻮن أو‬
commodity], except by complying with the
provisions of disposal of debts or the ‫ أﻣﺎ ﺑﻌﺪ ﺗﺴﱡﻠﻢ‬,‫ ﺑﺤﺴﺐ اﻟﺤﺎل‬,‫أﺣﻜﺎم اﻟﱠﺼﺮف‬
provisions of currency exchange (ṣarf), as
143
the case may be. However, the trading is -‫ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﺳﻠﻌﺔ اﻟﱠﺴﻠﻢ ﺣﻘﻴﻘًﺔ أو ُﺣﻜﻤ‬
permitted after receipt of the Salam
commodity, whether actually or .‫ﻓﻴﺠﻮز اﻟﺘﺪاول ﺣﻴﻨﺌٍﺬ‬
constructively, by the certificateholders.
9-2-7. Trading the certificates of Istisna’ Sukuk is ‫ﻻ ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك اﻻﺳﺘﺼﻨﺎع إن اﻗﺘﺼﺮ ﻣﻠُﻚ‬ .7-2-9
not permitted if the title of the
certificateholders is limited to a specified- ‫ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﻋﻠﻰ ﻣﻮﺻﻮف ﰲ اﻟﱢﺬﻣﺔ ﺑﻤﻮﺟﺐ‬
cum-unidentified [asset] pursuant to
Istisna’, or if the Istisna’ commodity, which ‫ أو ﺗﱠﻢ ﺗﺴﻠﻴﻢ ﺳﻠﻌﺔ اﻻﺳﺘﺼﻨﺎع اﻟﺘﻲ‬,‫اﻻﺳﺘﺼﻨﺎع‬
[the certificateholders] received, was
delivered to those who made [a request to ‫ﺗ ﺴ ﻠ ﻤ ﻮ ﻫ ﺎ ﻟ ﻤ ﻦ اﺳ ﺘ ﺼ ﻨ ﻊ ﻣ ﻌ ﻬ ﻢ ﺳ ﻠ ﻌ ﺔ ﻣ ﻤ ﺎ ﺛ ﻠ ﺔ ﺑﻌ ﻘ ﺪ‬
make on order] a similar commodity for
them under a parallel Istisna’ contract, or if ‫ أو ﺗﻢ ﺑﻴﻊ ﺳﻠﻌﺔ اﻻﺳﺘﺼﻨﺎع اﻟﺘﻲ‬,‫اﺳﺘﺼﻨﺎع ﻣﻮاٍز‬
the Istisna’ commodity that they have
taken its delivery was on-sold pursuant to ‫ إﻻ ﺑﻤﺮاﻋﺎة أﺣﻜﺎم‬,‫ﺗﺴﻠﻤﻮﻫﺎ ﺑﻌﻘﺪ ﺑﻴﻊ ﻣﻌﱠﻴﻦ‬
sale of specific (identified) contract, unless
by complying with the provisions of debt ‫ ﺑﺤ ﺴ ﺐ‬, ‫اﻟ ﺘ ﺼ ﺮ ف ﰲ اﻟ ﺪ ﻳﻮ ن أ و أ ﺣ ﻜ ﺎم اﻟ ﺼ ﺮ ف‬
disposal or the provisions of currency
exchange (ṣarf), as the case may be. It is ‫ و ﻳ ﺠ ﻮ ز اﻟ ﺘ ﺪ ا و ل ﺑ ﺄ ي ﺳ ﻌ ﺮ ﻟ ﺼ ﻜ ﻮ ك‬. ‫اﻟ ﺤ ﺎ ل‬
permitted to trade certificates of Istisna’
Sukuk at any price in the following two
:‫اﻻﺳﺘﺼﻨﺎع ﰲ اﻟﺤﺎﻟﺘﻴﻦ اﻵﺗﻴﺘﻴﻦ‬
cases:
9-2-7-1. That the trading takes place after the ‫أن ﻳﻜ ﻮ ن اﻟﺘ ﺪ ا و ل ﺑﻌ ﺪ ﺗ ﺴ ﻠﻢ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬ .1-7-2-9
certificateholders receive the entire or
most of the Istisna’ commodity according ‫ ﺑﺤ ﺴ ﺐ‬,‫ ﻛ ﻠﻬ ﺎ أو أﻛ ﺜﺮ ﻫ ﺎ‬, ‫ﺳ ﻠﻌ ﺔ اﻻ ﺳ ﺘﺼ ﻨﺎع‬
to the [its] value, and it is still held under
their ownership. . ‫ و ﻫ ﻲ ﻣ ﺎ ﺗ ﺰ ا ل ﰲ ﻣ ﻠ ﻜ ﻬ ﻢ‬, ‫اﻟ ﻘ ﻴ ﻤ ﺔ‬
9-2-7-2. That the trading takes place after the ‫أن ﻳﻜ ﻮ ن اﻟﺘ ﺪ ا و ل ﺑﻌ ﺪ ﺗﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬ .2-7-2-9
certificateholders own a specific
(identified) real estate and taken its ‫ وﻛﺎن ﻣﺤﻞ اﻟﺼﻜﻮك‬,‫ﻋﻘﺎرًا ﻣﻌﻴﻨًﺎ وﺗﺴﻠﻤﻪ‬
delivery, and the subject of Sukuk is
precise to that real estate, such as ‫ ﻣﻦ ﻧﺤﻮ ﺑﻨﺎء ﻋﻘﺎر ﺑﻌﻘﺪ‬,‫ﺧﺎًﺻﺎ ﺑﺬﻟﻚ اﻟﻌﻘﺎر‬
building a real estate with an Istisna’
contract on a specific land, and the value ٍ ‫اﺳ ﺘ ﺼ ﻨﺎع ﻋ ﻠ ﻰ أ ر‬
‫ وﻛﺎﻧﺖ ﻗﻴﻤﺔ اﻟﺠﺰء‬,‫ض ﻣﻌﱠﻴﻨﺔ‬
of the manufactured part is less than half
of the value of the total. . ‫اﻟ ﻤ ﺴ ﺘ ﺼ ﻨ ﻊ أﻗ ﻞ ﻣ ﻦ ﻧ ﺼ ﻒ ﻗ ﻴ ﻤ ﺔ اﻟ ﻤ ﺠ ﻤ ﻮ ع‬
9-2-8. Trading of certificates of Sukuk, that are ‫ﻳﺠﻮز اﻟﺘﺪاول ﺑﺄي ﺳﻌﺮ ﻟﺼﻜﻮك ﺗﻤﱡﻠﻚ ﻋﻴٍﻦ ﻣﻌﱠﻴﻨﺔ‬ .8-2-9
based on acquiring and leasing a specific
(identified) asset, is permitted at any price ,‫ ﻣﻦ وﻗﺖ ﺗﻤﱡﻠﻚ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﻟﻠﻌﻴﻦ‬,‫وﺗﺄﺟﻴﺮﻫﺎ‬
from the time the certificateholders
acquire the property and have taken its ‫ وﻳﺴﺘﻤﺮ ﻫﺬا‬,-‫وﺗﺴﱡﻠﻤﻬﻢ ﻟﻬﺎ ﺣﻘﻴﻘﺔ أو ُﺣﻜﻤ‬
delivery either actually or constructively.
This provision shall apply till the asset is ,‫ وإن ُأﺟﺮت‬,‫اﻟﺤﻜﻢ ﻣﺎ داﻣﺖ اﻟﻌﻴﻦ ﻣﻤﻠﻮﻛﺔ ﻟﻬﻢ‬
held [by the certificateholders], even if it
144
was leased, and whatever was its rent. .‫و ﻣﻬ ﻤ ﺎ ﻛ ﺎﻧﺖ أﺟ ﺮ ﲥ ﺎ‬

9-2-9. Trading the certificates of Sukuk, based on ‫ﻻ ﻳﺠ ﻮ ز ﺗ ﺪ ا و ل ﺻ ﻜ ﻮ ك ﺗﻤ ﻠ ﻚ ﻋ ﻴﻦ ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ‬ .9-2-9
acquiring and leasing specified-cum-
unidentified asset, is not permitted if the ‫اﻟﺬﻣﺔ وﺗﺄﺟﻴﺮﻫﺎ إن اﻗﺘﺼﺮ ﻣﻠُﻚ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
ownership of the certificateholders was
limited to the asset before taking its ‫ أ و ﺗﻢ ﺑ ﻴ ﻊ اﻟﻌ ﻴﻦ اﻟ ﺘﻲ‬, ‫ﻋ ﻠ ﻰ اﻟﻌ ﻴﻦ ﻗ ﺒﻞ ﺗ ﺴ ﻠ ﻤ ﻬ ﺎ‬
delivery, or the asset they have taken its
delivery was sold via a sale contract of ‫ إﻻ ﺑﻤﺮاﻋﺎة أﺣﻜﺎم‬,‫ﺗﺴﻠﻤﻮﻫﺎ ﺑﻌﻘﺪ ﺑﻴﻊ ﻣﻌﱠﻴﻦ‬
specific (identified) [asset], unless by
complying with the provisions of disposing ‫ ﺑﺤ ﺴ ﺐ‬, ‫اﻟ ﺘ ﺼ ﺮ ف ﰲ اﻟ ﺪ ﻳﻮ ن أ و أ ﺣ ﻜ ﺎم اﻟ ﺼ ﺮ ف‬
of debts or the provisions of currency
exchange [ṣarf], as the case may be. Trading ‫ و ﻳ ﺠ ﻮ ز اﻟ ﺘ ﺪ ا و ل ﺑ ﺄ ي ﺳ ﻌ ﺮ ﻟ ﺼ ﻜ ﻮ ك ﺗ ﻤ ﻠ ﻚ‬. ‫اﻟ ﺤ ﺎ ل‬
the certificates of Sukuk, based on
acquiring and leasing a specified-cum- ‫ﻋ ﻴ ﻦ ﻣ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ و ﺗ ﺄ ﺟ ﻴ ﺮ ﻫ ﺎ ﰲ اﻟ ﺤ ﺎﻟ ﺘ ﻴ ﻦ‬
unidentified asset, is permitted at any price
in the following two cases: : ‫اﻵ ﺗﻴﺘﻴﻦ‬
9-2-9-1. That the trading takes place after the ‫أن ﻳﻜ ﻮ ن اﻟﺘ ﺪ ا و ل ﺑﻌ ﺪ ﺗ ﺴ ﻠﻢ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬ .1-9-2-9
certificateholders of Sukuk of specified-
cum-unidentified asset have received , ‫ ﻛ ﻠ ﻬ ﺎ أ و أﻛ ﺜ ﺮ ﻫ ﺎ‬, ‫اﻟﻌ ﻴﻦ اﻟ ﻤ ﻮ ﺻ ﻮ ﻓ ﺔ ﰲ اﻟ ﺬ ﻣ ﺔ‬
whole or most of [the underlying asset],
according to [its] value, and it is still held . ‫ و ﻫ ﻲ ﻣ ﺎ ﺗﺰ ال ﰲ ﻣ ﻠﻜ ﻬ ﻢ‬, ‫ﺑﺤ ﺴ ﺐ اﻟﻘ ﻴﻤ ﺔ‬
by [the certificateholders].
9-2-9-2. That the trading takes place after the ‫أن ﻳﻜ ﻮ ن اﻟﺘ ﺪ ا و ل ﺑﻌ ﺪ ﺗﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬ .2-9-2-9
certificateholders own a specific real
estate and receive it, and the subject ‫ وﻛﺎن ﻣﺤﻞ اﻟﺼﻜﻮك‬,‫ وﺗﺴﻠﻤﻪ‬-‫ﻋﻘﺎًرا ﻣﻌﱠﻴﻨ‬
matter of the Sukuk is precise to that real
estate, such as constructing a specified- ‫ ﻣﺜﻞ إﻗﺎﻣﺔ ﺑﻨﺎء ﻣﻮﺻﻮف ﰲ‬,‫ﺧﺎًﺻﺎ ﺑﺬﻟﻚ اﻟﻌﻘﺎر‬
cum-unidentified building for the purpose
of leasing, and the value of the specified- ٍ ‫اﻟ ﺬ ﻣ ﺔ ﻋ ﻠ ﻰ أ ر‬
‫ وﻛﺎﻧﺖ ﻗﻴﻤﺔ‬,‫ض ﻣﻌﱠﻴﻨﺔ ﻟﺘﺄﺟﻴﺮه‬
cum-unidentified part is less than half the
value of the total. ‫اﻟ ﺠ ﺰ ء اﻟ ﻤ ﻮ ﺻ ﻮ ف ﰲ اﻟ ﺬ ﻣ ﺔ أﻗ ﻞ ﻣ ﻦ ﻧ ﺼ ﻒ ﻗ ﻴ ﻤ ﺔ‬
. ‫اﻟ ﻤ ﺠ ﻤ ﻮ ع‬
9-2-10. Trading the certificates of Sukuk, based on ‫ﻳﺠﻮز اﻟﺘﺪاول ﺑﺄي ﺳﻌﺮ ﻟﺼﻜﻮك اﺳﺘﺌﺠﺎر ﻋﻴٍﻦ‬.10-2-9
hiring and a leasing a specific (identified)
asset, is permitted at any price after the ‫ ﺑﻌﺪ اﺳﺘﺌﺠﺎر ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬,‫ﻣﻌﱠﻴﻨﺔ ﺛﻢ ﺗﺄﺟﻴﺮﻫﺎ‬
certificateholders have hired the asset and
have taken its delivery actually or ‫ ﻓﺈن أﺟﺮ ﺣَﻤﻠﺔ‬.-‫ وﺗﺴﱡﻠﻤﻬﺎ ﺣﻘﻴﻘﺔ أو ُﺣﻜﻤ‬,‫ﻟﻠﻌﻴﻦ‬
constructively. If the certificateholders
leased the asset for the entire, or most, ‫ ﻟﻜﺎﻣﻞ ﻣﱠﺪة اﺳﺘﺌﺠﺎرﻫﻢ ﻟﻬﺎ أو‬,‫اﻟﱡﺼﻜﻮك اﻟﻌﻴﻦ‬
period of their lease, then it is not
permitted to trade the certificates of Sukuk. ‫ أﻣﺎ إن أﺟﺮ ﺣَﻤﻠﺔ‬.‫ ﻟﻢ ﻳﺠﺰ ﺗﺪاول اﻟﱡﺼﻜﻮك‬,‫أﻛﺜﺮﻫﺎ‬
However, if the certificateholders leased
less than half of the [asset], or they leased
145
it for less than half of the period they hired ‫اﻟﱡﺼﻜﻮك أﻗﻞ ﻣﻦ ﻧﺼﻒ اﻟﻌﻴﻦ أو أﺟﺮوﻫﺎ ﻷﻗﱠﻞ ﻣﻦ‬
[the asset] for, and they held the usufruct
of the asset for the remaining period, then ‫ واﺣﺘﻔﻈﻮا ﺑﻤﻠﻚ ﻣﻨﻔﻌﺔ‬,‫ﻧﺼﻒ ﻣﱠﺪة اﺳﺘﺌﺠﺎرﻫﻢ ﻟﻬﺎ‬
it is permitted to trade the certificates of
Sukuk at any price. ‫ ﺟﺎز ﻋﻨﺪﺋٍﺬ ﺗﺪاول اﻟﱡﺼﻜﻮك‬,‫اﻟﻌﻴﻦ ﻟﻠﻤﱠﺪة اﻟﻤﺘﺒﻘﻴﺔ‬
.‫ﺑﺄي ﺳ ﻌ ﺮ‬
9-2-11. Trading the certificates of Sukuk, based on ‫ﻻ ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك اﺳﺘﺌﺠﺎر ﻋﻴٍﻦ ﻣﻮﺻﻮﻓﺔ ﰲ‬.11-2-9
hiring and leasing a specified-cum-
unidentified asset, is not permitted before ‫ إﻻ ﺑﻤﺮاﻋﺎة‬,‫ ﻗﺒﻞ ﺗﺴﱡﻠﻢ اﻟﻌﻴﻦ‬,‫اﻟﱢﺬﻣﺔ وﺗﺄﺟﻴﺮﻫﺎ‬
taking delivery of the asset, except by
complying to the provisions of the disposal ‫ ﻓﺈن ﺗﺴﱠﻠﻢ ﺣَﻤﻠﺔ‬.‫أﺣﻜﺎم اﻟﺘﺼﺮف ﰲ اﻟﺪﻳﻮن‬
of debts. If the certificateholders received
the asset, then it is permitted to trade the ‫ ﺟﺎز ﻋﻨﺪﺋٍﺬ ﺗﺪاول اﻟﱡﺼﻜﻮك ﺑﺄي‬,‫اﻟﱡﺼﻜﻮك اﻟﻌﻴﻦ‬
certificates of Sukuk at any price, unless
[the asset] is leased for the entire period of ‫ ﻣﺎ ﻟﻢ ﻳﺘﻢ ﺗﺄﺟﻴﺮﻫﺎ ﻟﻜﺎﻣﻞ ﻣﱠﺪة اﺳﺘﺌﺠﺎر ﺣﻤﻠﺔ‬,‫ﺳﻌﺮ‬
the certificateholders’ hiring of it. If the
certificateholders leased less than half of ‫ ﻓﺈن أﺟﺮ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك أﻗﻞ ﻣﻦ‬.‫اﻟﱡﺼﻜﻮك ﻟﻬﺎ‬
the asset, or they leased it for less than half
of the period they hired it, and they held ‫ﻧﺼﻒ اﻟﻌﻴﻦ أو أﺟﺮوﻫﺎ ﻷﻗﱠﻞ ﻣﻦ ﻧﺼﻒ ﻣﱠﺪة‬
the usufruct of the asset for the remaining
period, then it is permitted to trade the ‫ و ا ﺣ ﺘﻔ ﻈ ﻮ ا ﺑﻤ ﻠ ﻚ ﻣ ﻨﻔ ﻌ ﺔ اﻟﻌ ﻴﻦ‬, ‫اﺳ ﺘﺌﺠ ﺎر ﻫ ﻢ ﻟﻬ ﺎ‬
‫ ﺟﺎز ﻋﻨﺪﺋٍﺬ ﺗﺪاول اﻟﱡﺼﻜﻮك ﺑﺄي‬,‫ﻟﻠﻤﱠﺪة اﻟﻤﺘﺒﻘﻴﺔ‬
certificates of Sukuk at any price.
.‫ﺳ ﻌ ﺮ‬
9-2-12. Trading the certificates of Sukuk, based on ‫ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك ﺗﻤﱡﻠﻚ ﺧﺪﻣﺎت ﺟﻬﺔ ﻣﻌﱠﻴﻨﺔ‬.12-2-9
acquiring and selling the services of a
specific (identified) provider, is permitted ‫ ﻣﻦ وﻗﺖ ﺗﻤﱡﻠﻚ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬,‫ ﺑﺄي ﺳﻌﺮ‬,‫وﺑﻴُﻌﻬﺎ‬
at any price from the time the
certificateholders acquire the services, and ‫ ﺑﺈﺗﺎﺣﺔ اﻻﻧﺘﻔﺎع ﲠﺎ‬-‫ وﺗﺴﱡﻠﻤﻬﻢ ﻟﻬﺎ ُﺣﻜﻤ‬,‫ﻟﻠﺨﺪﻣﺎت‬
they take their delivery constructively by
allowing them to enjoy the [the service] ‫ وَﻳﺴﺘﻤﺮ ﻫﺬا‬,‫ﻟﻬﻢ وﺗﻤﻜﻴﻨﻬﻢ ﻣﻦ اﻟﺘﺼﺮف ﲠﺎ‬
and enabling (tamkīn) them to dispose of
[the service], and this provision applies as ‫اﻟ ﺤ ﻜ ﻢ ﻣ ﺎ د ام أﻛ ﺜ ﺮ ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻦ‬
long as most of the underlying assets of
Sukuk consist of services. Hence, if half or ‫ ﻓ ﺈن ﻛ ﺎن ﻧ ﺼ ﻒ ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك أ و‬, ‫اﻟ ﺨ ﺪ ﻣ ﺎ ت‬
most of the underlying assets of Sukuk is
cash, so it is not permitted to trade the ‫أﻛﺜﺮﻫﺎ ﻧﻘﺪًا ﻟﻢ ﻳﺠﺰ ﺗﺪاول اﻟﱡﺼﻜﻮك إﻻ ﺑﻤﺮاﻋﺎة‬
certificates of Sukuk, unless complying with
the provisions of currency exchange (ṣarf). ‫ وإن ﻛﺎن ﻧﺼﻒ ﻣﻮﺟﻮدات‬,‫أﺣﻜﺎم اﻟﱠﺼﺮف‬
However, if half or most of the underlying
assets of Sukuk are in debt, it is not
‫ ﻟﻢ ﻳﺠﺰ ﺗﺪاول اﻟﱡﺼﻜﻮك‬,-‫اﻟﺼﻜﻮك أو أﻛﺜﺮﻫﺎ دﻳﻨ‬
permitted to trade the certificates of Sukuk
‫ وﯾﺮاﻋﻰ ﻣﺎ‬.‫إﻻ ﺑﻤﺮاﻋﺎة أﺣﻜﺎم اﻟﺘﺼﺮف ﰲ اﻟﺪﻳﻮن‬
except by complying to the provisions of
146
disposal of debts. Taking into account what ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢-٨) ‫ﺟﺎء ﰲ اﻟﺒﻨﺪ‬
is stated in s. (8-2) of Shari’ah Standard No.
(59): Sale of Debt. .‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﺪﻳﻦ‬٥٩)
9-2-13. Trading the certificates of Sukuk, based on ‫ﻻ ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك ﺗﻤﱡﻠﻚ ﺧﺪﻣﺎت ﺟﻬﺔ‬.13-2-9
acquiring and selling specified-cum-
unidentified services offered by an entity, is ‫ ﻗﺒﻞ ﺗﻌﻴﻴﻦ ﻣﻦ ﻳﻘﺪم‬,‫ﻣﻮﺻﻮﻓﺔ ﰲ اﻟﱢﺬﻣﺔ وﺑﻴُﻌﻬﺎ‬
not permitted without complying with
provisions of disposal of debts. If the . ‫ إ ﻻ ﺑﻤ ﺮ اﻋ ﺎ ة أ ﺣ ﻜ ﺎم اﻟ ﺘ ﺼ ﺮ ف ﰲ اﻟ ﺪ ﻳﻮ ن‬, ‫اﻟ ﺨ ﺪ ﻣ ﺎ ت‬
identification (taꜤyyin) of the party that will
provide the services was made and [the ‫ وﺗﺴﱠﻠﻤﻬﺎ ﻣﻨﻪ‬,‫ﻓﺈن ﺗﻢ ﺗﻌﻴﻴﻦ ﻣﻦ ﻳﻘﺪم اﻟﺨﺪﻣﺎت‬
service] being received by the
certificateholders constructively through ‫ ﺑﺈﺗﺎﺣﺔ اﻻﻧﺘﻔﺎع ﲠﺎ ﻟﻬﻢ‬-‫ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ُﺣﻜﻤ‬
allowing them to enjoy the [the service] (al-
intifꜤā) and enabling [tamkīn] them to ‫ ﺟﺎز ﻋﻨﺪﺋٍﺬ ﺗﺪاول‬,‫وﺗﻤﻜﻴﻨﻬﻢ ﻣﻦ اﻟﺘﺼﺮف ﲠﺎ‬
dispose of [the service], in that case it is
permitted to trade the certificates of Sukuk ‫اﻟﱡﺼﻜﻮك ﺑﺄي ﺳﻌﺮ ﻣﺎ دام أن أﻛﺜﺮ ﻣﻮﺟﻮدات‬
at any price provided most of the
underlying assets of Sukuk are services. If ‫ ﻓ ﺈن ﻛ ﺎن ﻧ ﺼ ﻒ‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻦ اﻟ ﺨ ﺪ ﻣ ﺎ ت‬
half or most of the underlying assets of
Sukuk are in cash, so trading the certificates
‫ﻣﻮﺟﻮدات اﻟﺼﻜﻮك أو أﻛﺜﺮﻫﺎ ﻧﻘﺪًا ﻟﻢ ﻳﺠﺰ ﺗﺪاول‬
of Sukuk is not permitted without
‫ وإن ﻛﺎن‬,‫اﻟﱡﺼﻜﻮك إﻻ ﺑﻤﺮاﻋﺎة أﺣﻜﺎم اﻟﱠﺼﺮف‬
complying with provisions of currency
exchange (ṣarf). Taking into account with s. ‫ ﻟﻢ ﻳ ﺠ ﺰ‬, - ‫ﻧ ﺼ ﻒ ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك أ و أﻛ ﺜ ﺮ ﻫ ﺎ د ﻳ ﻨ‬
(8-2) of Shari’ah Standard No. (59): Sale of
Debt. ‫ﺗﺪاول اﻟﱡﺼﻜﻮك إﻻ ﺑﻤﺮاﻋﺎة أﺣﻜﺎم اﻟﺘﺼﺮف ﰲ‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٢-٨) ‫ وﯾﺮاﻋﻰ ﻣﺎ ﺟﺎء اﻟﺒﻨﺪ‬.‫اﻟﺪﻳﻮن‬
.‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﺪﻳﻦ‬٥٩) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
9-2-14. Trading the certificates of Sukuk, based on ‫ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك ﺗﻤﱡﻠﻚ اﻟﺤﻘﻮق اﻟﻤﻌﻨﻮﻳﺔ‬.14-2-9
acquiring and leasing the moral, is
permitted at any price from the time the ‫ ﻣﻦ وﻗﺖ ﺗﻤﱡﻠﻚ ﺣَﻤﻠﺔ‬,‫ ﺑﺄي ﺳﻌﺮ‬,‫وﺗﺄﺟﻴﺮﻫﺎ‬
certificateholders acquire the rights, and
they receive them constructively by taking ‫ ﺑﺘﺴﱡﻠﻢ ﻣﺎ‬-‫ وﺗﺴﱡﻠﻤﻬﻢ ﻟﻬﺎ ُﺣﻜﻤ‬,‫اﻟﱡﺼﻜﻮك ﻟﻠﺤﻘﻮق‬
hold of documents that represent them
which enables enjoying and disposing [of ‫ﻳﻤﱢﺜﻠﻬﺎ ﻣﻦ ﻣﺴﺘﻨﺪات ﺗﻤﱢﻜﻦ ﻣﻦ اﻻﻧﺘﻔﺎع واﻟﺘﺼﺮف‬
the moral rights]. This provision shall
continue as long as most of the underlying ‫ وَﻳﺴﺘﻤﺮ ﻫﺬا اﻟﺤﻜُﻢ ﻣﺎ دام أن أﻛﺜﺮ ﻣﻮﺟﻮدات‬,‫ﲠﺎ‬
assets of Sukuk are rights. If half or most of
the assets of the Sukuk are in cash, it is not ‫ ﻓ ﺈن ﻛ ﺎن ﻧ ﺼ ﻒ ﻣ ﻮ ﺟ ﻮ د ا ت‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻦ اﻟ ﺤ ﻘ ﻮ ق‬
permitted to trade the certificates of Sukuk
without complying with the provisions of ‫اﻟﺼﻜﻮك أو أﻛﺜﺮﻫﺎ ﻧﻘﺪًا ﻟﻢ ﻳﺠﺰ ﺗﺪاول اﻟﱡﺼﻜﻮك‬
currency exchange (ṣarf), and if half or most
of the assets of the Sukuk are in debt, it is ‫ وإن ﻛﺎن ﻧﺼﻒ‬,‫إﻻ ﺑﻤﺮاﻋﺎة أﺣﻜﺎم اﻟﱠﺼﺮف‬
147
not permitted to trade the certificates of ‫ ﻟﻢ ﻳ ﺠ ﺰ ﺗ ﺪ ا و ل‬, - ‫ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك أ و أ ﻛ ﺜ ﺮ ﻫ ﺎ د ﻳ ﻨ‬

Sukuk without complying with the
provisions of disposal of debts. Taking into .‫اﻟﱡﺼﻜﻮك إﻻ ﺑﻤﺮاﻋﺎة أﺣﻜﺎم اﻟﺘﺼﺮف ﰲ اﻟﺪﻳﻮن‬
account s. (8-2) of Shari’ah Standard No.
(59): Sale of Debt. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٢-٨) ‫وﯾﺮاﻋﻰ ﻣﺎ ﺟﺎء اﻟﺒﻨﺪ‬
9-2-15. It is permitted to trade at any price the ‫ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك ﺗﻤﱡﻠﻚ ﻣﻨﻔﻌﺔ ﻋﻴﻦ ﻣﻌﱠﻴﻨﺔ‬.15-2-9
certificates of Sukuk, based on acquiring
and selling a specific (identified) asset ‫ ﻣﻦ‬,‫ ﺑﺄي ﺳﻌﺮ‬,‫ﺗﺘﺠﱠﺪد ﻣﻨﻔﻌﺘﻬﺎ ﺑﺎﻻﺳﺘﻬﻼك وﺑﻴُﻌﻬﺎ‬
whose benefit is renewed by consumption
from the time the usufruct is acquired, and ‫ وﺗﺴﱡﻠﻤﻬﺎ ﺑﺘﺴﱡﻠﻢ اﻟﻌﻴﻦ اﻟﺘﻲ‬,‫وﻗﺖ ﺗﻤﱡﻠﻚ اﻟﻤﻨﻔﻌﺔ‬
delivered by delivery of the asset from
which the benefit is derived, and this ‫ و ﻳ ﺴ ﺘ ﻤ ﺮ ﻫ ﺬ ا اﻟ ﺤ ﻜ ﻢ ﻣ ﺎ د ام‬, ‫ﺗﺴ ﺘﻮ ﻓ ﻰ اﻟ ﻤ ﻨ ﻔ ﻌ ﺔ ﻣ ﻨﻬ ﺎ‬
provision continues as long as most of the
underlying assets of the Sukuk are from the , ‫أن أﻛ ﺜﺮ ﻣﻮ ﺟ ﻮ د ات اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻦ ﻣ ﻨﺎ ﻓ ﻊ ﺗ ﻠ ﻚ اﻟﻌ ﻴﻦ‬
usufructs of that asset. If half or most of the
underlying assets are in cash, it is not ‫ﻓﺈن ﻛﺎن ﻧﺼﻒ ﻣﻮﺟﻮدات اﻟﺼﻜﻮك أو أﻛﺜﺮﻫﺎ ﻧﻘﺪًا‬
permitted to trade certificates of Sukuk
without complying with provisions of ‫ﻟﻢ ﻳﺠﺰ ﺗﺪاول اﻟﱡﺼﻜﻮك إﻻ ﺑﻤﺮاﻋﺎة أﺣﻜﺎم‬
currency exchange (ṣarf). Whereas, if half
or most of the underlying assets of Sukuk ‫ وإن ﻛﺎن ﻧﺼﻒ ﻣﻮﺟﻮدات اﻟﺼﻜﻮك أو‬,‫اﻟﱠﺼﺮف‬
are in debt, it is not permitted to trade the
certificates of Sukuk without complying
‫ ﻟﻢ ﻳﺠﺰ ﺗﺪاول اﻟﱡﺼﻜﻮك إﻻ ﺑﻤﺮاﻋﺎة‬,-‫أﻛﺜﺮﻫﺎ دﻳﻨ‬
with the provisions of deposal of debts.
‫ و ﯾ ﺮ ا ﻋ ﻰ ﻣ ﺎ ﺟ ﺎ ء ا ﻟ ﺒ ﻨ ﺪ‬. ‫أ ﺣ ﻜ ﺎم اﻟ ﺘ ﺼ ﺮ ف ﰲ اﻟ ﺪ ﻳﻮ ن‬
Taking into account s. (8-2) of Shari’ah
Standard No. (59): Sale of Debt. ‫( ﺑﺸﺄن ﺑﻴﻊ‬٥٩) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢-٨)
. ‫اﻟ ﺪ ﻳﻦ‬
9-2-16. Trading the certificates of Service Agency ‫ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ ﺑﺎﻟﺨﺪﻣﺎت‬.16-2-9
Sukuk, based on income-generating
underlying assets, is permitted at any price ‫ ﻣﻦ وﻗﺖ‬,‫ ﺑﺄي ﺳﻌﺮ‬,‫ﻟﻤﻮﺟﻮدات ﻣﺪﱠرة ﻟﻠﱠﺪﺧﻞ‬
from the time the certificateholders
acquire the underlying assets, and taking ‫ وﺗﺴﱡﻠِﻤﻬﺎ‬,‫ﺗﻤﱡﻠﻚ ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك ﻟﻠﻤﻮﺟﻮدات‬
their delivery according to their respective
nature. Whether the assets are tangible -‫ ﺳ ﻮ اء أﻛ ﺎﻧﺖ اﻟﻤ ﻮ ﺟ ﻮ د ات أﻋ ﻴﺎﻧ‬.‫ﺑﺤ ﺴ ﺐ ﻃ ﺒﻴﻌ ﺘﻬ ﺎ‬
assets (and the like), or they are shares or
Sukuk that are permitted to be traded at ‫ ﻣﻤﺎ‬-‫ أو ﺻﻜﻮﻛ‬-‫ أم ﻛﺎﻧﺖ أﺳﻬﻤ‬,‫وﻣﺎ ﰲ ﺣﻜﻤﻬﺎ‬
any price, or they are an existing entity or a
common share of it, like the entity shown in ‫ أو‬- ‫ ﻗﺎ ﺋﻤ‬-‫ أم ﻛ ﺎﻧﺖ ﻛ ﻴﺎﻧ‬, ‫ﻳﺠ ﻮ ز ﺗ ﺪ اوﻟﻪ ﺑﺄي ﺳ ﻌ ﺮ‬
s. (9-1-6), as long as assets of the entity are
not in totality debts, cash or both, or it was ‫ﺣﺼﺔ ﺷﺎﺋﻌﺔ ﻣﻨﻪ ﻣﻦ ﻧﺤﻮ اﻟﻜﻴﺎن اﻟﻤﺒﱠﻴﻦ ﰲ اﻟﺒﻨﺪ‬
-‫( ﻣﺎ دام أن ﻣﻮﺟﻮداﺗِﻪ ﻟﻢ ﺗﺘﻤﺤﺾ دﻳﻮﻧ‬٦-١-٩)
an entity or a common share of it, like the
entity referred in s. (9-1-7) and taking into
148
account rules given in s. (8-2) of Shari’ah ‫ أو ﺣﺼﺔ‬-‫ أم ﻛﺎﻧﺖ ﻛﻴﺎﻧ‬,-‫أو ﻧﻘﻮدًا أو ﻣﻨﻬﻤﺎ ﻣﻌ‬
Standard No. (59): Sale of Debt. This
provision continues as long as the -١-٩) ‫ﺷﺎﺋﻌﺔ ﻣﻨﻪ ﻣﻦ ﻧﺤﻮ اﻟﻜﻴﺎن اﻟﻤﺒﱠﻴﻦ ﰲ اﻟﺒﻨﺪ‬
underlying assets are owned by [the
certificateholders]. ‫( ﻣﻦ‬٢-٨) ‫( وﺗﻮاﻓﺮت اﻟﻀﻮاﺑﻂ اﻟﻮاردة ﰲ اﻟﺒﻨﺪ‬٧
.‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﱠﺪﻳﻦ‬٥٩) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
‫وَﻳﺴﺘﻤﺮ ﻫﺬا اﻟﺤﻜُﻢ ﻣﺎ داﻣﺖ اﻟﻤﻮﺟﻮدات ﻣﻤﻠﻮﻛﺔ‬
. ‫ﻟﻬ ﻢ‬
9-2-17. Trading the certificates of Service Agency ‫ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك اﻟﻮﻛﺎﻟﺔ ﺑﺎﻟﺨﺪﻣﺎت ﺑﺒﻴﻊ‬.17-2-9
Sukuk, based on selling assets, is permitted
from the time the certificateholders ‫ ﻣﻦ وﻗﺖ ﺗﻤﱡﻠﻚ ﺣَﻤﻠﺔ‬,‫ ﺑﺄي ﺳﻌﺮ‬,‫ﻣﻮﺟﻮدات‬
acquire the assets and taken their delivery
according to their [respective] nature, ,‫ وﺗﺴﱡﻠﻤﻬﺎ ﺑﺤﺴﺐ ﻃﺒﻴﻌﺘﻬﺎ‬,‫اﻟﱡﺼﻜﻮك ﻟﻠﻤﻮﺟﻮدات‬
whether they are assets, usufructs, or
rights. This provision shall continue even if ‫ وﻳﺴﺘﻤﱡﺮ‬,-‫ أم ﻣﻨﺎﻓﻊ أم ﺣﻘﻮﻗ‬-‫ﺳﻮاء أﻛﺎﻧﺖ أﻋﻴﺎﻧ‬
the underlying assets diminished due to
frequent sale, even if cash and debts ‫ﻫ ﺬ ا اﻟﺤ ﻜ ﻢ و إن ﺗ ﻨﺎﻗ ﺼ ﺖ اﻟﻤ ﻮ ﺟ ﻮ د ا ت ﺑﺎﻟ ﺒ ﻴﻊ‬
generated from selling [the underlying
assets] because [sale proceeds] are ‫ ﻷﳖﺎ‬,‫ وإن ﻧﺘﺠﺖ ﻧﻘﻮٌد أو دﻳﻮٌن ﻣﻦ ﺑﻴﻌﻬﺎ‬,‫اﻟﻤﺘﻜﱢﺮر‬
ancillary to the remainder, unless and until
underlying asset did not become in totality ‫ ﻣﺎ ﻟﻢ ﺗﺘﻤﱠﺤﺾ ﻣﻮﺟﻮدات‬,‫ﺗﺎﺑﻌﺔ ﻟﻠﺒﺎﻗﻲ ﻣﻨﻬﺎ‬
cash, debts, or cash and debt, wherein
provisions of disposal of currency exchange ‫ ﺣﻴﺚ‬,-‫ أو ﻧﻘﻮدًا ودﻳﻮﻧ‬-‫اﻟﱡﺼﻜﻮك ﻧﻘﻮدًا أو دﻳﻮﻧ‬
‫ﻳﻠﺰم ﻋﻨﺪﺋٍﺬ ﻣﺮاﻋﺎة أﺣﻜﺎم اﻟﺘﺼﺮف ﰲ اﻟﻨﻘﻮد أو‬
(ṣarf) or disposal of debts, as the case may
be.
. ‫ ﺑ ﺤ ﺴ ﺐ اﻟ ﺤ ﺎ ل‬, ‫أ ﺣ ﻜ ﺎم اﻟ ﺘ ﺼ ﺮ ف ﰲ اﻟ ﺪ ﻳﻮ ن‬
9-2-18. Trading the certificates of Muzara’a Sukuk ‫ ﺑﺄي‬,‫ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك اﻟﻤﺰارﻋﺔ واﻟﻤﺴﺎﻗﺎة‬.18-2-9
and Musaqat Sukuk, is permitted at any
price if the certificateholders of Musaqah ‫ إن ﻛ ﺎ ن ﺣ ﺎ ﻣ ﻠ ﻮ ﺻ ﻜ ﻮ ك اﻟ ﻤ ﺰ ا ر ﻋ ﺔ ﻣ ﺎﻟ ﻜ ﻴ ﻦ‬, ‫ﺳ ﻌ ﺮ‬
Sukuk own the land or its usufruct, or the
certificateholders of the Musaqat Sukuk ‫ أ و ﻛ ﺎن ﺣ ﺎﻣ ﻠﻮ ﺻ ﻜ ﻮ ك‬,‫ﻟﻸ ر ض أ و ﻟﻤ ﻨﻔﻌ ﺘﻬ ﺎ‬
own the plants, from the time they own
them. ‫ وذﻟﻚ ﻣﻦ وﻗﺖ ﺗﻤﱡﻠﻜﻬﻢ‬,‫اﻟﻤﺴﺎﻗﺎة ﻣﺎﻟﻜﻴﻦ ﻟﻠﺸﺠﺮ‬
.‫ﻟﻬ ﺎ‬
9-2-19. Trading the certificates of Mughrasa Sukuk ‫ ﻣﺎ دام‬,‫ ﺑﺄي ﺳﻌﺮ‬,‫ﻳﺠﻮز ﺗﺪاول ﺻﻜﻮك اﻟﻤﻐﺎرﺳﺔ‬.19-2-9
is permitted at any price, as long as the
certificateholders own the land, and that is ‫ وذﻟﻚ ﻣﻦ‬,‫أن ﺣﺎﻣﻠﻲ اﻟﱡﺼﻜﻮك ﻣﺎﻟﻜﻴﻦ ﻟﻸرض‬
from the time they acquired [the land].
.‫وﻗﺖ ﺗﻤﱡﻠﻜﻬﻢ ﻟﻬﺎ‬
149
9-2-20. Trading Composite Sukuk is permitted at ‫ إن‬,‫ ﺑﺄي ﺳﻌﺮ‬,‫ﻳﺠﻮز ﺗﺪاول اﻟﱡﺼﻜﻮك اﻟﻤﺮﱠﻛﺒﺔ‬.20-2-9
any price if the tangible assets, usufruct or
rights in its underlying assets are more than ‫ﻛ ﺎﻧﺖ اﻷ ﻋ ﻴﺎن أ و اﻟﻤ ﻨﺎ ﻓ ﻊ أ و اﻟﺤ ﻘﻮ ق ﰲ ﻣ ﻮ ﺟ ﻮ د اﲥ ﺎ‬
half of the assets. The percentage is
calculated by value, with due compliance ‫ وُﺗﺤﺴﺐ اﻟﻨﺴﺒﺔ‬,‫أﻛﺜﺮ ﻣﻦ ﻧﺼﻒ اﻟﻤﻮﺟﻮدات‬
with s. (8-4) of Shari’ah Standard No. (59):
Sale of Debt. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٤-٨) ‫ وﯾﺮاﻋﻰ اﻟﻮارد ﰲ اﻟﺒﻨﺪ‬,‫ﺑﺎﻟﻘﻴﻤﺔ‬
.‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﱠﺪﻳﻦ‬٥٩) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
9-3. Listing of Sukuk in the Financial Markets: : ‫إ د ر ا ج اﻟ ﺼ ﻜ ﻮ ك ﰲ ا ﻷ ﺳ ﻮ ا ق اﻟ ﻤ ﺎﻟ ﻴ ﺔ‬ .3-9
9-3-1. In order to list the Sukuk in the financial ‫ُﻳﺸﱰَط ﻹدراج اﻟﱡﺼﻜﻮك ﰲ اﻷﺳﻮاق اﻟﻤﺎﻟﱠﻴﺔ أن‬ .1-3-9
markets, it is required that they belong to a
category which permitted to be traded by ‫ دون اﻟﺘﻘﱡﻴﺪ ﺑﺄﺣﻜﺎم‬-‫ﺗﻜﻮن ﻣﻤﺎ ﻳﺠﻮز ﺗﺪاوﻟﻪ ﺷﺮﻋ‬
virtue of Shari’ah without being bound by
the provisions of currency exchange (ṣarf) -٩) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﱠﺼﺮف أو أﺣﻜﺎم ﺗﺪاول اﻟﺪﻳﻮن‬
or the provisions of selling debts. See: s. (9-
1-5). .(٥-١
9-3-2. It is required that listing of Sukuk in the ‫ﻳﺠﺐ أن ﻳﻜﻮن إدراج اﻟﺼﻜﻮك ﰲ اﻷﺳﻮاق اﻟﻤﺎﻟﻴﺔ‬ .2-3-9
financial markets should be without
prejudice to the Shari’ah rulings specific to ‫ﻏ ﻴ ﺮ ﻣ ﺨ ﻞ ﺑ ﺎ ﻷ ﺣ ﻜ ﺎم اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ اﻟ ﺨ ﺎ ﺻ ﺔ ﺑ ﺘ ﻠ ﻚ‬
these Sukuk and the financing modes used
in them. See: s. (7-2-2) and s. (7-3-2-12). ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬.‫اﻟ ﺼ ﻜ ﻮ ك و اﻟ ﺼ ﻴ ﻎ اﻟ ﻤ ﺴ ﺘ ﺨ ﺪ ﻣ ﺔ ﻓ ﻴﻬ ﺎ‬
.(١٢-٢-٣-٧) ‫( واﻟﺒﻨﺪ‬٢-٢-٧)
9-3-3. If the underlying assets of Sukuk devolve ‫إذا آﻟﺖ ﻣﻮﺟﻮدات اﻟﺼﻜﻮك إﻟﻰ ﺣﺎل ﻻ ﻳﺠﻮز‬ .3-3-9
into a state whereby it is not permitted to
trade them for cash without complying with ‫ﻣ ﻌ ﻬ ﺎ ﺗ ﺪ ا و ﻟﻬ ﺎ ﺑ ﺎﻟ ﻨ ﻘ ﻮ د د و ن ﻣ ﺮ اﻋ ﺎ ة أ ﺣ ﻜ ﺎم اﻟ ﺼ ﺮ ف أ و‬
the provisions of currency exchange (ṣarf)
or disposal of debts, then it is required to ‫ ﻓ ﻴ ﺠ ﺐ ﻋ ﻨ ﺪ ﺋ ﺬ ﺳ ﺤ ﺐ‬, ‫اﻟ ﺘ ﺼ ﺮ ف ﰲ اﻟ ﺪ ﻳﻮ ن‬
delist the certificates of Sukuk. See: s. (5-1-
3) of this Standard and s. (8-2-3) of Shari’ah ‫( ﻣﻦ‬٣-١-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﺼﻜﻮك ﻣﻦ اﻹدراج‬
Standard No. (59): Sale of Debt.
‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ‬٣-٢-٨) ‫ﻫﺬا اﻟﻤﻌﻴﺎر واﻟﺒﻨﺪ‬
9-3-4. There is no [Shari’ah] objection in listing ‫ﻻ ﻣ ﺎﻧﻊ ﻣ ﻦ إد ر اج اﻟ ﺼ ﻜ ﻮ ك ﻏ ﻴﺮ اﻟﻘ ﺎﺑ ﻠ ﺔ ﻟ ﻠ ﺘ ﺪ ا و ل‬ .4-3-9
Sukuk certificates, which are non-
negotiable for cash, at the financial markets ‫ﺑﺎﻟﻨﻘﻮ د ﰲ اﻷ ﺳ ﻮ اق اﻟﻤ ﺎﻟﻴﺔ إن ﻛ ﺎن اﻟﻐ ﺮ ض ﻣﻦ‬
if the purpose of listing is to boost
confidence in the Sukuk among the ,‫اﻹدراج ﺗﻮﻓﻴﺮ اﻟﺜﻘﺔ ﺑﺎﻟﺼﻜﻮك ﻟﺪى اﻟﻤﺴﺘﺜﻤﺮﻳﻦ‬
investors, and to gain reputation by listing
them in those markets, without trading ‫ د و ن‬, ‫و ﻛ ﺴ ﺐ اﻟ ﺴ ﻤ ﻌ ﺔ ﺑﺈ د ر اﺟ ﻬ ﺎ ﰲ ﺗ ﻠ ﻚ اﻷ ﺳ ﻮ اق‬
150
them through the market, and this is on the ‫ و ﻫ ﺬ ا ﺑ ﺸ ﺮ ط اﻟ ﻨﺺ ﰲ‬, ‫ﺗ ﺪ ا و ﻟﻬ ﺎ ﻣ ﻦ ﺧ ﻼ ل اﻟ ﺴ ﻮ ق‬

condition that it is stipulated in the listing
documents that they are not traded against . ‫و ﺛ ﺎ ﺋ ﻖ إ د ر ا ﺟ ﻬ ﺎ ﻋ ﻠ ﻰ أﳖ ﺎ ﻻ ﺗ ﺘ ﺪ ا و ل ﺑﺎﻟ ﻨﻘﻮ د‬
cash.
9-3-5. There is no [Shari’ah] objection in paying ‫ﻻ ﻣﺎﻧﻊ ﻣﻦ دﻓﻊ رﺳﻮٍم ﻟﻸﺳﻮاق اﻟﻤﺎﻟﻴﺔ ﻣﻘﺎﺑﻞ‬ .5-3-9
fees to the financial markets for the listing
service, whether they are paid by the ‫ ﺳﻮاء دﻓﻌﻬﺎ ﺣﻤﻠﺔ اﻟﺼﻜﻮك أو‬,‫ﺧﺪﻣﺔ اﻹدراج‬
certificateholders or the originator.
. ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
9-3-6. It is required that the Shari’ah Board of ‫ﻳﺠﺐ أن ﺗﻌﺘﻤﺪ اﻟﻬﻴﺌﺔ اﻟﱠﺸﺮﻋﻴﺔ ﻟﻠﱡﺼﻜﻮك إﺟﺮاءات‬ .6-3-9
Sukuk should approve the procedures and
documents for listing, to ensure that they ‫ ﻟﻠﺘﺄﻛﺪ ﻣﻦ ﺗﻮاﻓﻘﻬﺎ ﻣﻊ‬,‫وﻣﺴﺘﻨﺪات اﻹدراج‬
comply with the Shari’ah terms and
conditions of Sukuk, and that they do not ‫ و ﻋ ﺪ م‬, ‫اﻟ ﺸ ﺮ و ط و ا ﻷ ﺣ ﻜ ﺎم اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟ ﻠ ﺼ ﻜ ﻮ ك‬
include what is prohibited by Shari’ah. See:
s. (13-1-1-1). ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.-‫اﺷﺘﻤﺎﻟﻬﺎ ﻋﻠﻰ ﻣﺎ ﻫﻮ ﻣﺤﱠﺮم ﺷﺮﻋ‬
.(١-١-١-١٣)
9-4. Redemption and Cancelation of Sukuk: :‫ اﺳﱰداد وإﻃﻔﺎء اﻟﺼﻜﻮك‬.4-9

9-4-1. The redemption will be carried by the ‫اﻻﺳﱰداد ﻳﺘﻢ ﺑﺸﺮاء اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﻌﺾ ﺻﻜﻮك‬ .1-4-9
originator through purchasing some of the
certificates of issuance of Sukuk at the ٍ ‫اﻹ ﺻ ﺪ ار ﺑﻄ ﻠ‬
‫ أ ﻣ ﺎ ا ﻹ ﻃ ﻔ ﺎء‬, ‫ﺐ ﻣ ﻨﻬ ﺎ أ و ﻣ ﻦ ﺣ ﻤ ﻠ ﺘﻬ ﺎ‬
request [of the originator] or by its
certificateholders. Whereas the ‫ﻓﻴﺘﻢ ﺑﺸﺮاء اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺟﻤﻴَﻊ ﺻﻜﻮك اﻹﺻﺪار‬
cancelation is carried by the originator
purchasing all the certificates of issuance of . ‫أ و ﺗ ﺼ ﻔ ﻴ ﺔ ﺟ ﻤ ﻴ ﻊ ﻣ ﻮ ﺟ ﻮ د ا ﲥ ﺎ ﺑ ﺒ ﻴﻌ ﻬ ﺎ ﻟ ﻠ ﻐ ﻴ ﺮ‬
Sukuk or dissolution of all its underlying
assets by selling them to a third party.
9-4-2. It is required that the redemption or the ‫ أن‬, ‫ﻳﺠ ﺐ ﰲ اﻻ ﺳ ﱰ د اد أو اﻹ ﻃ ﻔﺎء ﺑﺜﻤ ﻦ ﻧﻘ ﺪ ي‬ .2-4-9
cancelation [of the certificates] is carried
for a cash price, [which implies] the ‫ﺗ ﻜ ﻮ ن اﻟ ﺼ ﻜ ﻮ ك ﻗ ﺎ ﺑ ﻠ ﺔ ﻟ ﻠ ﺘ ﺪ ا و ل د و ن اﻟ ﺘ ﻘ ﻴ ﺪ ﺑ ﺄ ﺣ ﻜ ﺎم‬
certificates of Sukuk should be negotiable
(tradable) without being bound by the ‫ و إ ﻻ و ﺟ ﺐ‬, ‫اﻟ ﺼ ﺮ ف أ و أ ﺣ ﻜ ﺎم اﻟ ﺘ ﺼ ﺮ ف ﰲ اﻟ ﺪ ﻳﻮ ن‬
provisions of currency exchange (ṣarf) or
the provisions of disposal of debts, (١-٩) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﺘﻘﻴﺪ ﲠﺎ ﺑﺤﺴﺐ اﻟﺤﺎل‬
otherwise they must be comply to them, as
the case may be. See: s. (9-1) and s. (9-2) .(٢-٩) ‫واﻟﺒﻨﺪ‬
9-4-3. It is permitted for the originator to extend ‫ﻳﺠﻮز أن ﺗﻌﺪ اﻟﺠﻬُﺔ اﻟﻤﻨﺸﺌُﺔ ﺣﻤﻠَﺔ اﻟﺼﻜﻮِك وﻋًﺪا‬ .3-4-9
to the certificateholders a binding promise
to buy [the certificates of Sukuk] from ‫ ﻛﻠﻬﺎ )إﻃﻔﺎﺋﻬﺎ( أو ﺑﻌﻀﻬﺎ‬,‫ﻣﻠﺰًﻣﺎ ﺑﺸﺮاﺋﻬﺎ ﻣﻨﻬﻢ‬
them, either all [the certificates] (the case
151
of cancelation) or some of them (the case , ‫ ﰲ ﺣ ﺎ ﻻ ت ﺗ ﺤ ﺪ د ﰲ و ﺛﻴﻘ ﺔ اﻟﻮ ﻋ ﺪ‬, (‫) اﺳ ﱰ د اد ﻫ ﺎ‬

of redemption), in cases as specified in the
promise deed. Also, it is permitted for the ‫ﻛ ﻤ ﺎ ﻳﺠ ﻮ ز أن ﻳﻌ ﺪ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨ ﺸ ﺌﺔ‬
certificateholders to extend to the
originator a binding promise to sell to it the ‫وﻋًﺪا ﻣﻠﺰًﻣﺎ ﺑﺒﻴﻊ اﻟﺼﻜﻮك ﻟﻬﺎ ﰲ ﺣﺎﻻت ﺗﺤﺪد ﰲ‬
certificates of Sukuk in different events, as
specified in the promise deed which shall ‫وﺛﻴﻘﺔ اﻟﻮﻋﺪ وﺗﻜﻮن ﻣﻐﺎﻳﺮة ﻟﺤﺎﻻت ﺗﻨﻔﻴﺬ اﻟﻮﻋﺪ‬
be different from the trigger event of
exercising the promise made by the -٢ -٨ ) ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫اﻟ ﺼ ﺎ د ر ﻣ ﻦ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
originator. See: s. (8-2-1-4).
.(٤-١
9-4-4. It is permitted for the binding promise, ‫ﻳﺠﻮز أن ﻳﻜﻮن اﻟﻮﻋﺪ اﻟﻤﻠﺰم اﻟﺼﺎدر ﻣﻦ ﺣﻤﻠﺔ‬ .4-4-9
issued by the certificateholders, for sale at
any price, even if [the price] was specified. ‫ أﱠﻣﺎ‬,‫اﻟﺼﻜﻮك ﺑﺎﻟﺒﻴﻊ ﺑﺄي ﺛﻤٍﻦ وﻟﻮ ﻛﺎن ﻣﺤﺪًدا‬
As for the binding promise issued by the
originator to purchase, with due ‫اﻟﻮﻋﺪ اﻟُﻤﻠﺰم اﻟﺼﺎدر ﻣﻦ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺎﻟﺸﺮاء‬
compliance with the rules mentioned in s.
(6-3-2-1), s. (6-3-2-2), s. (8-1-1-3-d-2-3-6) (١-٢-٣-٦) ‫ﻓﺘﺮاﻋﻰ ﻓﻴﻪ اﻟﻀﻮاﺑﻂ اﻟﻮاردة ﰲ اﻟﺒﻨﺪ‬
and s. (8-1-1-3-d-2-3-7).
-٢-‫د‬-٣-١-١-٨) ‫( واﻟﺒﻨﺪ‬٢-٢-٣-٦) ‫واﻟﺒﻨﺪ‬
.(٧-٣-٢-‫د‬-٣-١-١-٨) ‫( واﻟﺒﻨﺪ‬٦-٣
9-4-5. It is not permitted to prevent the ‫ﻻ ﻳﺠ ﻮ ز ﻣ ﻨﻊ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺠ ﺘﻤ ﻌ ﻴﻦ ﻣ ﻦ ﺑﻴﻊ‬ .5-4-9
certificateholders collectively from selling
their Sukuk’s underlying assets to a party ٍ ‫ﻣﻮ ﺟ ﻮ د اﲥ ﺎ ﻟﻄ ﺮ‬
‫ف ﻏ ﻴ ﺮ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﰲ ﺣ ﺎ ل ﻧ ﻜ ﻮ ل‬
other than the originator in the event that
the originator repudiates to perform its . ‫ا ﻟ ﺠ ﻬ ﺔ ا ﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻋ ﻦ ﺗ ﻨ ﻔ ﻴ ﺬ و ﻋ ﺪ ﻫ ﺎ اﻟ ﻤ ﻠ ﺰ م ﺑ ﺎﻟ ﺸ ﺮ اء‬
binding promise to purchase. See: s. (5-2-2)
and s. (7-3-2-8). .(٨-٢-٣-٧) ‫( واﻟﺒﻨﺪ‬٢-٢-٥) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
9-4-6. If the term of Sukuk, based on the ‫إذا اﻧﺘﻬﺖ ﻣﺪة اﻟﺼﻜﻮك اﻟﻘﺎﺋﻤﺔ ﻋﻠﻰ اﻟﺸﺮﻛﺔ أو‬ .6-4-9
partnership, Mudaraba, or Investment
Agency, expires without [the underlying ‫اﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر د و ن أن ﺗ ﺸ ﱰ ﻳﻬ ﺎ‬
assets] being purchased by the originator,
then it is required that [originator] sells its ‫ ﻓ ﻴ ﺠ ﺐ أن ﺗ ﺒ ﻴ ﻊ ﻣ ﻮ ﺟ ﻮ د ا ﲥ ﺎ ﻟ ﻠ ﻐ ﻴ ﺮ‬, ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
underlying assets to a third party as a
dissolution, and the sale proceeds shall be ‫ وُﺗﺪﻓﻊ ﺣﺼﻴﻠﺔ اﻟﺒﻴﻊ ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬,‫ﺗﺼﻔﻴًﺔ ﻟﻬﺎ‬
paid to the certificateholders in proportion
to their shares in [the proceeds]. If the ‫ ﻓ ﺈ ن ا ﻣ ﺘ ﻨ ﻌ ﺖ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬, ‫ﺑ ﻨ ﺴ ﺒ ﺔ ﺣ ﺼ ﺼ ﻬ ﻢ ﻓ ﻴ ﻬ ﺎ‬
originator refrained from selling [the
underlying assets], the certificateholders .‫ﻋ ﻦ ﺑﻴﻌ ﻬ ﺎ ﻓ ﻠﺤ ﻤ ﻠﺔ اﻟﺼ ﻜ ﻮ ك اﻟﺤ ﻖ ﰲ ﺑﻴﻌ ﻬ ﺎ‬
have the right to sell them.
9-4-7. If the financing mode of Sukuk is based on ‫إ ذ ا ﻛ ﺎ ﻧ ﺖ ﺻ ﻴ ﻐ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺗ ﻘ ﻮ م ﻋ ﻠ ﻰ ﻣ ﺸ ﺎ ر ﻛ ﺔ ﺣ ﻤ ﻠ ﺔ‬ .7-4-9
the participation of certificateholders with
other depositors in the general pool of the
152
originator, it is not permitted for Sukuk to ‫اﻟ ﺼ ﻜ ﻮ ك ﻏ ﻴ ﺮ ﻫ ﻢ ﻣ ﻦ اﻟ ﻤ ﻮ د ﻋ ﻴﻦ ﰲ اﻟﻮ ﻋ ﺎء اﻟﻌ ﺎم‬

have financial characteristics that lead to
giving [the Sukuk] priority in recovering the ‫ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻓ ﻼ ﻳ ﺠ ﻮ ز أن ﻳ ﻜ ﻮ ن ﻟ ﻠ ﺼ ﻜ ﻮ ك‬
capital upon dissolution and cancelation of
Sukuk, in way that results in cessation of ‫ﺧ ﺼ ﺎ ﺋﺺ ﻣ ﺎﻟﻴﺔ ﺗﺆ د ي إﻟﻰ إﻋ ﻄ ﺎ ﺋﻬ ﺎ اﻷ و ﻟﻮ ﻳﺔ ﰲ‬
the partnership in the losses. See: s. (4-1-2-
14) of Shari’ah Standard No. (12): Sharikah ‫اﺳ ﱰ د اد ر أ س اﻟﻤ ﺎ ل ﻋ ﻨ ﺪ اﻟ ﺘ ﺼ ﻔ ﻴﺔ و إﻃ ﻔ ﺎء‬
(Musharaka) and Modern Companies and s.
(8-3-1-3) and s. (8-3-2-3) of this Standard. ‫ ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫ ﺑﻤ ﺎ ﻳ ﻘ ﻄ ﻊ اﻟ ﺸ ﺮ ﻛ ﺔ ﰲ اﻟ ﺨ ﺴ ﺎ ر ة‬, ‫اﻟ ﺼ ﻜ ﻮ ك‬
(١٢) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬١٤-٢-١-٤)
. ‫ﺑ ﺸ ﺄ ن اﻟ ﺸ ﺮ ﻛ ﺔ ) اﻟ ﻤ ﺸ ﺎ ر ﻛ ﺔ ( و اﻟ ﺸ ﺮ ﻛ ﺎ ت اﻟ ﺤ ﺪ ﻳ ﺜ ﺔ‬
(٣-٢-٣-٨) ‫( واﻟﺒﻨﺪ‬٣-١-٣-٨) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
. ‫ﻣ ﻦ ﻫ ﺬ ا اﻟ ﻤ ﻌ ﻴ ﺎ ر‬
10. Provisions of the Special Purpose Vehicle (SPV) :‫ أﺣﻜﺎم اﻟﻤﻨﺸﺄة ذات اﻟﻐﺮض اﻟﺨﺎص ﰲ اﻟﺼﻜﻮك‬.10
in Sukuk:
10-1. The special purpose vehicle (SPV) is a legal ‫ اﻟﻤﻨﺸﺄة ذات اﻟﻐﺮض اﻟﺨﺎص ﻛﻴﺎٌن ﻗﺎﻧﻮﲏ ﻳﺘﻢ ﺗﺄﺳﻴﺴﻪ‬.1-10
entity that is incorporated for the purpose of
issuing [the certificates] of Sukuk, and it is ‫ و ﺗﻜ ﻮ ن ﰲ اﻟﻌ ﺎد ة ﻫ ﻲ‬, ‫ﻟﻐ ﺮ ض إﺻ ﺪ ار اﻟ ﺼ ﻜ ﻮ ك‬
usually the issuer of [the certificates] and
represents the certificateholders of the ٍ ‫اﻟ ﻤ ﺼ ﺪ ر ﻟ ﻠ ﺼ ﻜ ﻮ ك و اﻟ ﻤ ﻤ ﺜ ﻠ ﺔ ﻟ ﺤ ﻤ ﻠ ﺘ ﻬ ﺎ ﺑ ﺘ ﻔ ﻮ ﻳ‬
. ‫ﺾ ﻣ ﻨﻬ ﻢ‬
Sukuk with their authorization.
10-2. For the issuance of Sukuk, presence of the ‫ ﻻ ﻳﻠﺰم ﻹﺻﺪار اﻟﺼﻜﻮك ﺷﺮًﻋﺎ وﺟﻮد اﻟﻤﻨﺸﺄة ذات‬.2-10
special purpose vehicle (SPV) within the
Sukuk structure is not necessary, as the ‫ إ ذ ﻳ ﻤ ﻜ ﻦ أن‬, ‫اﻟﻐ ﺮ ض اﻟ ﺨ ﺎ ص ﺿ ﻤ ﻦ ﻫ ﻴ ﻜ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
relationship can be direct between the
certificateholders and the originator. See: s. ‫ﺗ ﻜ ﻮ ن اﻟ ﻌ ﻼ ﻗ ﺔ ﻣ ﺒ ﺎ ﺷ ﺮ ة ﺑ ﻴ ﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك و اﻟ ﺠ ﻬ ﺔ‬
(7-2-8).
.(٨-٢-٧) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻤﻨﺸﺌﺔ‬
10-3. It is required that the Articles of Association ‫ ﻳﺠﺐ أن ﻳﻜﻮن ﻋﻘﺪ ﺗﺄﺳﻴﺲ اﻟﻤﻨﺸﺄة ذات اﻟﻐﺮض‬.3-10
for the Special Purpose Vehicle (SPV) is
acceptable by virtue of Shari’ah. See: s. (13- ً ‫اﻟ ﺨ ﺎ ص ﻣ ﻘ ﺒ ﻮ‬
.(١-١-١-١٣) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.-‫ﻻ ﺷﺮﻋ‬
1-1-1).
10-4. It is required that whichever party manages ‫ ﻳﺠﺐ أن ﻳﻠﺘﺰم ﻣﻦ ﻳﺪﻳﺮ اﻟﻤﻨﺸﺄة ذات اﻟﻐﺮض اﻟﺨﺎص‬.4-10
the special purpose vehicle must abide by the
rulings and principles of Shari’ah in its . ‫ﺑ ﺄ ﺣ ﻜ ﺎ م و ﻣ ﺒ ﺎ د ئ اﻟ ﺸ ﺮ ﻳ ﻌ ﺔ ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ﰲ أ ﻋ ﻤ ﺎ ل إ د ا ر ﲥ ﺎ‬
management work.
10-5. If the originator is the manager of the special ‫ إذا ﻛﺎﻧﺖ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻫﻲ اﻟﻤﺪﻳﺮ ﻟﻠﻤﻨﺸﺄة ذات‬.5-10
purpose vehicle, then it is required that it
does not carry the contract on behalf of both
153
sides of contracts by concluding the ‫ ﻓ ﺎ ﻟ ﻮ ا ﺟ ﺐ أ ن ﻻ ﺗ ﺘ ﻮ ﻟ ﻰ ﻃ ﺮ ﰲ اﻟﻌ ﻘ ﺪ‬, ‫ا ﻟ ﻐ ﺮ ض ا ﻟ ﺨ ﺎ ص‬

contracts with itself on behalf of the
certificateholders. See: s. (6-1-3) of Shari’ah . ‫ﻋ ﻨ ﺪ إ ﺑ ﺮ ام اﻟ ﻌ ﻘ ﻮ د ﻣ ﻊ ﻧ ﻔ ﺴ ﻬ ﺎ ﻧ ﻴ ﺎ ﺑ ﺔ ﻋ ﻦ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
Uncommissioned Agent (Fodooli), and s. (3- (٢٣) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٣-١-٦) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
1-3) and s. (3-1-4) and s. (3-1-5) of Shari’ah
Standard No. (8): Murabaha, and s. (8-1-1-1- (٣-١-٣) ‫ واﻟﺒﻨﺪ‬,‫ﺑﺸﺄن اﻟﻮﻛﺎﻟﺔ وﺗﺼﺮف اﻟﻔﻀﻮﻟﻲ‬
d-3-1) of this Standard.
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٥-١-٣) ‫( واﻟﺒﻨﺪ‬٤-١-٣) ‫واﻟﺒﻨﺪ‬
-١-١-٨) ‫ واﻟﺒﻨﺪ‬,‫( ﺑﺸﺄن اﻟﻤﺮاﺑﺤﺔ‬٨) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
.‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٣-١-‫د‬-١
10-6. As a basic norm, the special purpose vehicle ‫ اﻷﺻﻞ أن ﺗﻜﻮن اﻟﻤﻨﺸﺄة ذات اﻟﻐﺮض اﻟﺨﺎص‬.6-10
should be owned by a party other than the
originator. If it was owned by [the ‫ ﻓﺈن ﻛﺎﻧﺖ ﻣﻤﻠﻮﻛًﺔ ﻟﻬﺎ ﻟﻢ‬,‫ﻣﻤﻠﻮﻛًﺔ ﻟﻐﻴﺮ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
originator], then there is no difference
between the special purpose vehicle and the ‫ﻳﻜﻦ ﺣﻴﻨﺌﺬ ﻓﺮق ﺑﻴﻨﻬﺎ وﺑﻴﻦ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﰲ اﻟﻌﻼﻗﺎت‬
originator in terms of relationships and
Shari’ah provisions. See: s. (4-1-1) of Shari’ah ‫( ﻣﻦ‬١-١-٤) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫واﻷﺣﻜﺎم اﻟﺸﺮﻋﻴﺔ‬
Standard No. (56) Liability of the Investment
Manager. ‫( ﺑﺸﺄن ﺿﻤﺎن ﻣﺪﻳﺮ‬٥٦) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
10-7. It is required that the ownership held by the ‫ ﻳﺠﺐ أن ﺗﻜﻮن ﻣﻠﻜﻴﺔ ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻟﻤﻮﺟﻮدات‬.7-10
certificateholders of the underlying assets of
Sukuk, registered in the name of the special ‫ اﻟ ﻤ ﺴ ﺠ ﻠ ﺔ ﺑﺎﺳ ﻢ اﻟ ﻤ ﻨ ﺸ ﺄ ة ذ ا ت اﻟﻐ ﺮ ض‬- ‫اﻟ ﺼ ﻜ ﻮ ك‬
purpose vehicle representing the
certificateholders, is acceptable by virtue of ‫ ﻣﻠﻜﻴﺔ ﻣﻘﺒﻮﻟﺔ ﺷﺮًﻋﺎ‬-‫اﻟﺨﺎص اﻟﻤﻤﺜﻠﺔ ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬
law and Shari’ah, whether that is the
proceeds of subscription to Sukuk, the ‫ ﺳﻮاٌء ﻛﺎن ذﻟﻚ ﻟﺤﺼﻴﻠﺔ اﻻﻛﺘﺘﺎب ﰲ اﻟﱡﺼﻜﻮك‬,‫وﻗﺎﻧﻮًﻧﺎ‬
underlying assets that will be owned by [the
certificateholders] using the proceeds of ‫أ و ﻟ ﻤ ﺎ ﻳ ﺘ ﻤ ﻠ ﻜ ﻮ ﻧﻪ ﻣ ﻦ ﻣ ﻮ ﺟ ﻮ د ا ت ﺑﺎﺳ ﺘ ﺨ ﺪ ام ﺣ ﺼ ﻴ ﻠ ﺔ‬
subscription, or which is the outcome of the
Sukuk activity. It is necessary to record that ‫ وﻳﻠﺰم ﺗﻮﺛﻴﻖ‬,‫اﻻﻛﺘﺘﺎب أو ﻟﻤﺎ ﻳﻨﺘﺞ ﻣﻦ ﻧﺸﺎط اﻟﱡﺼﻜﻮك‬
in the documentation of Sukuk either
explicitly or implicitly in a way that result in ‫ ﺑ ﻤ ﺎ ﻳ ﻔ ﻴ ﺪ‬- ‫ أ و ﺗ ﻀ ﻤ ﻴ ﻨ‬- ‫ذ ﻟ ﻚ ﰲ و ﺛ ﺎ ﺋ ﻖ اﻟ ﺼ ﻜ ﻮ ك ﺗ ﺼ ﺮ ﻳ ﺤ‬
making the certificateholders of Sukuk, or
the party representing them, informed. See: ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫ﻋ ﻠﻢ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك أ و ﻣ ﻦ ﻳﻤ ﺜ ﻠ ﻬ ﻢ ﺑﻪ‬
s. (5-2-1), s. (5-2-2) and s. (5-2-3).
.(٣-٢-٥) ‫( واﻟﺒﻨﺪ‬٢-٢-٥) ‫( واﻟﺒﻨﺪ‬١-٢-٥)
10-8. In the event that the special purpose vehicle ‫ ﰲ ﺣﺎل إﻋﻼن اﻟﻤﻨﺸﺄة ذات اﻟﻐﺮض اﻟﺨﺎص اﻟﻌﻬﺪة‬.8-10
declares a trust over the underlying assets of
Sukuk owned by its certificateholders and is ‫( ﻋﻠﻰ ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك اﻟﻤﻤﻠﻮﻛﺔ ﻟﺤﻤﻠﺘﻬﺎ‬Trust)
154
legally registered in its name, then it is ‫ ﻓ ﺈن اﻟﻮ ا ﺟ ﺐ أن ﻻ ﻳﺆ ﺛ ﺮ‬, ‫ ﺑﺎﺳ ﻤ ﻬ ﺎ‬- ‫ﻣ ﻊ ﺗ ﺴ ﺠ ﻴ ﻠﻬ ﺎ ﻗ ﺎﻧﻮ ﻧ‬
required that this should not affect the
certificateholders’ ownership of those ‫ذﻟﻚ ﻋﻠﻰ ﻣﻠﻜﻴﺔ ﺣﻤﻠﺔ اﻟﱡﺼﻜﻮك ﻟﺘﻠﻚ اﻟﻤﻮﺟﻮدات‬
underlying assets in terms of them bearing
the risks and their right to dispose of [the .‫ﻣ ﻦ ﺣ ﻴ ﺚ ﺗ ﺤ ﻤ ﻠ ﻬ ﻢ ﻟ ﻤ ﺨ ﺎ ﻃ ﺮ ﻫ ﺎ و ﺣ ﻘ ﻬ ﻢ ﰲ اﻟ ﺘ ﺼ ﺮ ف ﲠ ﺎ‬
underlying assets]. See: s. (5-2-2) and s. (5-2-
6). .(٦-٢-٥) ‫( واﻟﺒﻨﺪ‬٢-٢-٥) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
10-9. It is not permitted to use a special purpose ‫ ﻻ ﻳﺠﻮز اﺳﺘﺨﺪام اﻟﻤﻨﺸﺄة ذات اﻟﻐﺮض اﻟﺨﺎص ﻟﻤﻨﻊ‬.9-10
vehicle to prevent the certificateholders
from assuming the legal obligations and ‫ﺗﺤﻤﻞ ﺣﻤﻠﺔ اﻟﺼﻜﻮك اﻻﻟﺘﺰاﻣﺎت واﻷﻋﺒﺎء اﻟﺸﺮﻋﻴﺔ‬
Shari’ah burdens of ownership of its
underlying assets. .‫ﻟﻤ ﻠﻜ ﻴﺔ ﻣﻮ ﺟ ﻮ د اﲥ ﺎ‬
10-10. If the financing mode of the Sukuk requires ‫ إذا اﻗﺘﻀﺖ ﺻﻴﻐﺔ اﻟﱡﺼﻜﻮك ﺷﺮاء اﻟﻤﻨﺸﺄة ذات‬.10-10
that the special purpose vehicle, which is the
issuer of the certificates of Sukuk, to ‫ ﻣﻨﺸﺄًة‬,‫ اﻟﺘﻲ ﻫﻲ اﻟﻤﺼِﺪر ﻟﻠﱡﺼﻜﻮك‬,‫اﻟﻐﺮض اﻟﺨﺎص‬
purchase another special purpose vehicle
whose assets include real estate (and the ‫أﺧ ﺮ ى ذ ا ت ﻏ ﺮ ض ﺧ ﺎ ص ﺗ ﺸ ﺘ ﻤ ﻞ ﻣ ﻮ ﺟ ﻮ د ا ﲥ ﺎ ﻋ ﻠ ﻰ‬
like) and debts, then the purchased special
purpose vehicle, along with its assets, shall ‫ ﻓ ﺈن اﻟﻤ ﻨﺸ ﺄة ذ ات‬, ‫أﻋ ﻴﺎن ) و ﻣ ﺎ ﰲ ﺣ ﻜ ﻤ ﻬ ﺎ( و د ﻳﻮ ن‬
constitute the underlying assets of Sukuk.
With due compliance with s. (9-1-7) of this ‫اﻟﻐ ﺮ ض اﻟ ﺨ ﺎ ص اﻟ ﻤ ﺸ ﱰ ا ة ﺗ ﻜ ﻮ ن ﺑﻤ ﻮ ﺟ ﻮ د ا ﲥ ﺎ ﻫ ﻲ‬
Standard, and s. (8-2-2) of Shari’ah Standard
No. (59): Sale of Debt. ‫ وﯾﺮاﻋﻰ‬.‫ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك أو ﻣﻦ ﺟﻤﻠﺔ ﻣﻮﺟﻮداﲥﺎ‬
-٨) ‫ واﻟﺒﻨﺪ‬,‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٧-١-٩) ‫ﻣﺎ ورد ﰲ اﻟﺒﻨﺪ‬
.‫( ﺑﺸﺄن ﺑﻴﻊ اﻟﱠﺪﻳﻦ‬٥٩) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٢-٢
10-11. It is required to prepare an annual balance ‫ﰲ اﻟﺤﺪ‬- ‫ﻳﺠﺐ أن ﺗﻌﱠﺪ ﻣﻴﺰاﻧﻴﺔ دورﻳﺔ ﺳﻨﻮﻳﺔ‬ .11-10
sheet for the special purpose vehicle at least
on annual basis, through which it is brought ‫ ُﻳﻌَﺮف ﲠﺎ ﻣﺎ‬,‫ ﻟﻠﻤﻨﺸﺄة ذات اﻟﻐﺮض اﻟﺨﺎص‬-‫اﻷدﻧﻰ‬
to the knowledge whether profit was
achieved, or loss was incurred, and [this ‫ ﺗﻌﺘﻤﺪﻫﺎ اﻟﻬﻴﺌﺔ‬,‫ﺗﺤﱠﻘﻖ ﻣﻦ رﺑٍﺢ أو ﺣﺼﻞ ﻣﻦ ﺧﺴﺎرة‬
balance sheet] should be approved by the
Shari’ah Board of Sukuk and should be made ‫ وﻳﻨﻈﺮ‬.‫ وﺗﻌﻠﻦ ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬,‫اﻟﱠﺸﺮﻋﻴﺔ ﻟﻠﱡﺼﻜﻮك‬
public to the certificateholders. See: s. (13-1-
1-4). .(٤-١-١-١٣) ‫اﻟﺒﻨﺪ‬
11. Expenses, Profits and Losses on Sukuk: :‫اﻟﻨﻔﻘﺎت واﻷرﺑﺎح واﻟﺨﺴﺎﺋﺮ ﰲ اﻟﺼﻜﻮك‬ .11
11-1. Expenses (Costs and Taxes): :(‫ اﻟﻨﻔﻘﺎت )واﻟﻤﺼﺮوﻓﺎت واﻟﻀﺮاﺋﺐ‬.1-11
11-1-1. When charging expenses, costs, taxes and ‫ﯾﺮاﻋﻰ ﰲ ﺗﺤﻤﻴﻞ اﻟﻨﻔﻘﺎت واﻟﻤﺼﺮوﻓﺎت‬.1-1-11
other financial burdens, the provisions
155
relating to the financing mode, according to ‫و اﻟ ﻀ ﺮ ا ﺋ ﺐ و ﻏ ﻴ ﺮ ﻫ ﺎ ﻣ ﻦ ا ﻷ ﻋ ﺒ ﺎء اﻟ ﻤ ﺎﻟ ﻴ ﺔ ا ﻷ ﺣ ﻜ ﺎم‬

the [respective] Shari’ah standard for that
financing mode (if any), on which the Sukuk ‫اﻟﺨﺎﺻﺔ ﺑﺎﻟﺼﻴﻐﺔ اﻟﺘﻲ ﺗﻘﻮم اﻟﺼﻜﻮك ﻋﻠﻴﻬﺎ وﻓًﻘﺎ‬
are based should be complied with.
‫ﻟ ﻠﻮ ار د ﰲ اﻟ ﻤ ﻌ ﻴﺎ ر اﻟ ﺸ ﺮ ﻋ ﻲ اﻟ ﺨ ﺎ ص ﺑ ﺘ ﻠ ﻚ اﻟ ﺼ ﻴﻐ ﺔ‬
.( ‫) إن و ﺟ ﺪ‬
11-1-2. Expenses, costs, taxes and other financial ‫ﺗﻜﻮن اﻟﻨﻔﻘﺎت واﻟﻤﺼﺮوﻓﺎت واﻟﻀﺮاﺋﺐ وﻏﻴﺮﻫﺎ‬.2-1-11
burdens related to the ownership of the
underlying assets of Sukuk are borne by ‫ﻣ ﻦ ا ﻷ ﻋ ﺒ ﺎء اﻟ ﻤ ﺎﻟ ﻴ ﺔ اﻟ ﻤ ﺘﻌ ﻠ ﻘ ﺔ ﺑﻤ ﻠ ﻜ ﻴ ﺔ ﻣ ﻮ ﺟ ﻮ د ا ت‬
their certificateholders [of Sukuk] to the
extent of their share therein. It is not ‫ و ﻻ‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻠ ﻰ ﺣ ﻤ ﻠ ﺘﻬ ﺎ ﺑ ﻘ ﺪ ر ﺣ ﺼ ﺘﻬ ﻢ ﻓ ﻴﻬ ﺎ‬
permitted to require the originator to bear
them. It is permitted to stipulate upon the ‫ أ ﻣ ﺎ اﻟ ﻨ ﻔ ﻘ ﺎ ت‬. ‫ﻳ ﺠ ﻮ ز ا ﺷ ﱰ ا ﻃ ﻬ ﺎ ﻋ ﻠ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
originator that the expenses and costs,
related to the enjoyment of the underlying , ‫و اﻟ ﻤ ﺼ ﺮ و ﻓ ﺎ ت اﻟ ﻤ ﺘﻌ ﻠ ﻘ ﺔ ﺑ ﺎ ﻻ ﻧ ﺘ ﻔ ﺎع ﺑ ﺎﻟ ﻤ ﻮ ﺟ ﻮ د ا ت‬
assets, shall be borne by [the originator] if
is the beneficiary thereof. ‫ﻓ ﻴ ﺠ ﻮ ز أن ﺗ ﺸ ﱰ ط ﻋ ﻠ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﰲ ﺣ ﺼ ﺔ‬
‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﰲ اﻟﻤ ﻮ ﺟ ﻮ د ا ت إن ﻛ ﺎ ﻧﺖ ﻫ ﻲ‬
.‫اﻟ ﻤ ﻨ ﺘ ﻔ ﻌ ﺔ ﲠ ﺎ‬
11-1-3. The certificateholders bear the currency ‫ﻳﺘﺤﻤﻞ ﺣﻤﻠﺔ اﻟﺼﻜﻮك ﻓﺮوق ﺻﺮف اﻟﻌﻤﻠﺔ‬.3-1-11
exchange differences related to the capital
of Sukuk or their returns or other financial ‫اﻟ ﺨ ﺎ ﺻ ﺔ ﺑ ﺮ أ س ﻣ ﺎ ل اﻟ ﺼ ﻜ ﻮ ك أ و ﻋ ﻮ ا ﺋ ﺪ ﻫ ﺎ أ و ﻏ ﻴ ﺮ ﻫ ﺎ‬
rights and burdens related to the
ownership of their underlying assets of ‫ﻣ ﻦ اﻟ ﺤ ﻘ ﻮ ق و ا ﻷ ﻋ ﺒ ﺎء اﻟ ﻤ ﺎﻟ ﻴ ﺔ اﻟ ﻤ ﺘ ﺼ ﻠ ﺔ ﺑﻤ ﻠ ﻜ ﻴ ﺔ‬
Sukuk, and it is not permitted to stipulate
them upon the originator unless it is related ‫ و ﻻ ﻳ ﺠ ﻮ ز‬, ‫ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك اﻟ ﺨ ﺎ ﺻ ﺔ ﲠ ﻢ‬
to the funds that stand due to the
certificateholders, such as Murabaha ‫اﺷ ﱰ اﻃ ﻬ ﺎ ﻋ ﻠ ﻰ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ إ ﻻ إ ذ ا ﻛ ﺎ ﻧ ﺖ ﻣ ﺘﻌ ﻠ ﻘ ﺔ‬
instalments, if the originator is the buyer, or
rent payments, if it is the lessee. See: s. (6- , ‫ﺑﻤ ﺎ ﺛﺒﺖ ﰲ ذ ﻣ ﺘﻬ ﺎ ﻣ ﻦ أﻣﻮ ال ﻟﺤ ﻤ ﻠﺔ اﻟ ﺼ ﻜ ﻮ ك‬
1-1-4).
‫ﻛﺄﻗﺴﺎط اﻟﻤﺮاﺑﺤﺔ إذا ﻛﺎﻧﺖ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﻫﻲ‬
‫اﻟ ﻤ ﺸ ﱰ ﻳ ﺔ أ و د ﻓ ﻌ ﺎ ت ا ﻷ ﺟ ﺮ ة إن ﻛ ﺎ ﻧ ﺖ ﻫ ﻲ‬
.(٤-١-١-٦) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬,‫اﻟﻤﺴﺘﺄﺟﺮة‬
11-1-4. There is no [Shari’ah] objection to add a ‫ ﻣﻦ إﺿﺎﻓﺔ ﻧﺴﺒﺔ ﻣﺤﱠﺪدة إﻟﻰ اﻟﻘﻴﻤﺔ‬-‫ﻻ ﻣﺎﻧﻊ ﺷﺮﻋ‬.4-1-11
specified percentage to the face value of
the Sukuk upon the subscription [of the ‫اﻻ ﺳ ﻤ ﻴﺔ ﻟﻠ ﺼ ﻜ ﻮ ك ﻋ ﻨ ﺪ اﻻ ﻛ ﺘﺘﺎب ﻟﺘﻐ ﻄ ﻴﺔ‬
certificates] to cover the expenses of
issuance, to be paid by the ‫ ﻳ ﺪ ﻓﻌ ﻬ ﺎ ﺣ ﻤ ﻠﺔ اﻟﺼ ﻜ ﻮ ك إﻟﻰ‬, ‫ﻣ ﺼ ﺮ و ﻓﺎت اﻹ ﺻ ﺪ ار‬
156
certificateholders to the originator, ‫ و ذ ﻟ ﻚ ﺑ ﺸ ﺮ ط أن ﺗ ﻜ ﻮ ن ﻫ ﺬ ه اﻟ ﻨ ﺴ ﺒ ﺔ‬, ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬

provided that this percentage is
appropriately estimated. .‫ﻣﻘﱠﺪرة ﺗﻘﺪﻳﺮًا ﻣﻨﺎﺳًﺒﺎ‬
11-2. Profits and losses: :‫ اﻷرﺑﺎح واﻟﺨﺴﺎﺋﺮ‬.2-11

11-2-1. Shari’ah rules for profit and loss are applied ‫ﺗﻄﺒﻖ اﻟﻀﻮاﺑﻂ اﻟﺸﺮﻋﻴﺔ ﻟﻠﺮﺑﺢ واﻟﺨﺴﺎرة وﻓًﻘﺎ‬.1-2-11
in accordance with the financing mode on
the basis of which the Sukuk is issued, as , ‫ﻟ ﻠ ﺼ ﻴﻐ ﺔ اﻟ ﺘﻲ ﻳ ﺘﻢ إ ﺻ ﺪ ار اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻠ ﻰ أ ﺳ ﺎ ﺳ ﻬ ﺎ‬
given in the particular Shari’ah standard for
that financing mode (if any), and what was ‫اﻟﻮ ار د ة ﰲ اﻟ ﻤ ﻌ ﻴ ﺎ ر اﻟ ﺸ ﺮ ﻋ ﻲ ﻟ ﺘ ﻠ ﻚ اﻟ ﺼ ﻴﻐ ﺔ ) إن‬
stated in Shari’ah Standard No. (40):
Distribution of Profit in Mudaraba-based (٤٠) ‫ وﻣﺎ ورد ﰲ اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬,(‫وﺟﺪ‬
Investment Accounts, and Shari’ah
Standard No. (45): Protection of Capital and ‫ﺑﺸﺄن ﺗﻮزﻳﻊ اﻟﱢﺮﺑﺢ ﰲ اﻟﺤﺴﺎﺑﺎت اﻻﺳﺘﺜﻤﺎرﻳﺔ ﻋﻠﻰ‬
Investments, and Shari’ah Standard No.
(47) Rules for Calculating Profit in the (٤٥) ‫ واﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬,‫أﺳﺎس اﻟﻤﻀﺎرﺑﺔ‬
Financial Transactions. See: s. (7-3-2-5) of
this Standard. ‫ و اﻟ ﻤ ﻌ ﻴ ﺎ ر‬, ‫ﺑ ﺸ ﺄ ن ﺣ ﻤ ﺎ ﻳ ﺔ ر أ س اﻟ ﻤ ﺎ ل و ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ا ت‬
‫( ﺑﺸﺄن ﺿﻮاﺑﻂ ﺣﺴﺎب رﺑﺢ‬٤٧) ‫اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
‫( ﻣﻦ ﻫﺬا‬٥-٢-٣-٧) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﻤﻌﺎﻣﻼت‬
11-2-2. It is permitted that the percentage of share ‫ﻳﺠﻮز أن ﺗﱠﺘﻔﻖ ﻧﺴﺒﺔ ﺣﱠﺼﺔ ﻛﱢﻞ ﺻﱟﻚ ﰲ اﻟﱢﺮﺑﺢ ﻣﻊ‬.2-2-11
in the profit for each certificate of Sukuk to
be in line with the percentage of its share in ‫ وﻳﺠﻮز أن‬,‫ﻧﺴﺒﺔ ﺣﱠﺼﺘﻪ ﰲ رأس ﻣﺎل اﻹﺻﺪار‬
the capital of issuance. It is permitted if [the
percentage of profit] is different from -٥-١-٣) ‫ﺗﺨﺘﻠﻒ ﻋﻨﻬﺎ ﺑﺎﻟﻀﺎﺑﻂ اﻟﻮارد ﰲ اﻟﺒﻨﺪ‬
[percentage of capital contribution] in
accordance with the rule mentioned in s. ‫( ﻣﻦ‬٥-٥) ‫( واﻟﺒﻨﺪ‬٤-٥-١-٣) ‫( واﻟﺒﻨﺪ‬٣
(3-1-5-3) and s. (3-1-5-4) and s. (5-5) of the
Shari’ah Standard No. (12): Sharikah ‫( ﺑﺸﺄن اﻟﺸﺮﻛﺔ‬١٢) ‫اﻟﻤﻌﻴﺎر اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
(Musharaka) and Modern Companies. As
far as the loss, it is not permitted that the ‫ أﻣﺎ اﻟﺨﺴﺎرة ﻓﻼ‬,‫)اﻟﻤﺸﺎرﻛﺔ( واﻟﺸﺮﻛﺎت اﻟﺤﺪﻳﺜﺔ‬
percentage of its bearing differs from the
percentage of the share in the capital. ‫ﻳﺠﻮز أن ﺗﺨﺘﻠﻒ ﻧﺴﺒﺔ ﺗﺤﱡﻤﻠﻬﺎ ﻋﻦ ﻧﺴﺒﺔ اﻟﺤﱠﺼﺔ ﰲ‬
. ‫ر أ س اﻟﻤ ﺎ ل‬
11-2-3. It is required that the base prospectus and ,‫ﻳﺠﺐ اﻟﻨﺺ ﰲ ﻧﺸﺮة اﻹﺻﺪار وﺷﺮوﻃﻪ وأﺣﻜﺎﻣﻪ‬.3-2-11
its terms and conditions should stipulate
that profits are paid from the returns of the ‫ﻋﻠﻰ أن اﻷرﺑﺎح ُﺗﺪﻓﻊ ﻣﻦ ﻋﻮاﺋﺪ ﻣﻮﺟﻮدات‬
underlying assets of the Sukuk that [will be]
157
due in accordance with the terms and ‫ ﻟﺸﺮوط وأﺣﻜﺎم اﻟﻌﻘﻮد‬-‫اﻟﱡﺼﻜﻮك اﻟﻤﺴﺘﺤﱠﻘﺔ وﻓﻘ‬
conditions of their contracts. It is not
permitted to separate the profits of the ‫ وﻻ ﻳﺠﻮز اﻟﻔﺼﻞ ﺑﻴﻦ أرﺑﺎح اﻟﱡﺼﻜﻮك‬,‫اﻟﺨﺎﱠﺻﺔ ﲠﺎ‬
Sukuk from the returns of its underlying
assets, such as that the originator cannot ‫ وﻣﻦ ذﻟﻚ أن َﺗﻠﺘﺰم اﻟﺠﻬﺔ‬,‫وﻋﻮاﺋﺪ ﻣﻮﺟﻮداﲥﺎ‬
under a direct obligation of the profits that
is independent of the returns of those ‫ ﻣﺴﺘﻘﻼً ﻋﻦ‬,‫ ﻣﺒﺎﺷﺮًا‬-‫اﻟﻤﻨﺸﺌﺔ ﺑﺎﻷرﺑﺎح اﻟﺘﺰاﻣ‬
underlying assets and their conditions of
entitlement and collection or not. With due ‫ﻋ ﻮ ا ﺋ ﺪ ﺗ ﻠ ﻚ اﻟﻤ ﻮ ﺟ ﻮ د ا ت و أ ﺣ ﻮ اﻟﻬ ﺎ ﻣ ﻦ اﻻ ﺳ ﺘﺤ ﻘ ﺎق‬
compliance with the following in s. (11-2-8).
-١١) ‫ وﻳﺮاﻋﻲ ﻣﺎ ﻳﺄﰐ ﰲ اﻟﺒﻨﺪ‬,‫واﻟﱠﺘﺤﺼﻴﻞ أو ﻋﺪﻣﻪ‬
.(٨-٢
11-2-4. It is required to state in the base ‫ وﺷﺮوﻃﻪ‬,‫ﻳﺠﺐ اﻟﻨﱠﺺ ﰲ ﻧﺸﺮة اﻹﺻﺪار‬.4-2-11
prospectus, in its terms and conditions, and
in the conditions on the basis of which ‫ واﻟﱡﺸﺮوط اﻟﺘﻲ ﻳﺘﻢ إدراج اﻟﱡﺼﻜﻮك ﻋﻠﻰ‬,‫وأﺣﻜﺎﻣﻪ‬
Sukuk are listed in the financial markets,
that the Sukuk profit is expected, not ‫ ﻋﻠﻰ أن رﺑﺢ اﻟﱡﺼﻜﻮك‬,‫أﺳﺎﺳﻬﺎ ﰲ اﻷﺳﻮاق اﻟﻤﺎﻟﻴﺔ‬
guaranteed. See: s. (7-3-2-5) and s. (7-3-2-
9). -٢-٣-٧) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.-‫ وﻟﻴﺲ ﻣﻀﻤﻮﻧ‬,‫ﻣﺘﻮﱠﻗﻊ‬
.(٩-٢-٣-٧) ‫( واﻟﺒﻨﺪ‬٥
11-2-5. If the realized amount of profit or return is ‫إذا ﻟﻢ ﻳﺘﻢ دﻓﻊ اﻟﻤﻘﺪار اﻟﻤﺘﺤﱢﻘﻖ ﻣﻦ اﻟﱢﺮﺑﺢ أو اﻟﻌﺎﺋﺪ‬.5-2-11
not paid on the date specified for periodic
distributions, and it is decided to deposit ‫ وﺗﻘﱠﺮر‬,‫ﰲ اﻟﺘﺎرﻳﺦ اﻟﻤﺤﺪد ﻟﻠﺘﻮزﻳﻌﺎت اﻟﺪورﻳﺔ‬
the profit or return in the Sukuk account or
reserve account, and that is in accordance ‫إﻳﺪاع اﻟﱢﺮﺑﺢ أو اﻟﻌﺎﺋﺪ ﰲ ﺣﺴﺎب اﻟﱡﺼﻜﻮك أو‬
with the conditions agreed upon, then
there is no [Shari’ah] objection in increasing ‫ وﻛﺎن ذﻟﻚ وﻓًﻘﺎ ﻟﻠﺸﺮوط‬,‫ﺣﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ‬
the distributed amount of profit or return
on the following date of distribution, if the ‫ ﻓ ﺈ ﻧﻪ ﻻ ﻣ ﺎ ﻧ ﻊ ﻣ ﻦ أن ﻳ ﺰ ا د اﻟ ﻤ ﻘ ﺪ ار‬, ‫اﻟ ﻤ ﺘ ﻔ ﻖ ﻋ ﻠ ﻴﻬ ﺎ‬
increase is paid from the Sukuk [income]
account or the reserve account. It is not ‫اﻟﻤﻮﱠزع ﻣﻦ اﻟﱢﺮﺑﺢ أو اﻟﻌﺎﺋﺪ ﰲ اﻟﺘﺎرﻳﺦ اﻟﻼﺣﻖ‬
permitted that the originator be obligated
to pay the increase from its own. See: s. (6- ‫ إن ﻛﺎﻧﺖ اﻟﱢﺰﻳﺎدة ُﺗﺪَﻓﻊ ﻣﻦ ﺣﺴﺎب‬,‫ﻟﻠﱠﺘﻮزﻳﻊ‬
1-2-2).
‫ وﻻ ﻳﺠﻮز أن ُﺗﻠَﺰم‬,‫اﻟﱡﺼﻜﻮك أو ﺣﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ‬
‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺪﻓﻊ اﻟﱢﺰﻳﺎدة ﻣﻦ ﻋﻨﺪﻫﺎ‬
.(٢-٢-١-٦)
11-2-6. The calculation of profits or returns of ‫ﻳﺒﺪأ ﺣﺴﺎب أرﺑﺎح أو ﻋﻮاﺋﺪ اﻟﱡﺼﻜﻮك اﻟﻤﺘﺤﻘﻘﺔ ﻣﻦ‬.6-2-11
Sukuk realized from their underlying assets
commences from the date of signing their , ‫ﻣ ﻮ ﺟ ﻮ د ا ﲥ ﺎ ﻣ ﻦ ﺗ ﺎ ر ﻳ ﺦ ﺗﻮ ﻗ ﻴ ﻊ ﻋ ﻘ ﻮ د ﻫ ﺎ و ﻣ ﺴ ﺘ ﻨ ﺪ ا ﲥ ﺎ‬
158
contracts and documents, after the ‫ وإذا ﺗﺄّﺧﺮ ﺗﻮﻗﻴﻊ اﻟﻌﻘﻮد‬.‫ﺑﻌﺪ اﻹﺻﺪار‬
issuance. If the signing of contracts and
documents is delayed, the period between ‫ ﻓ ﺈ ن اﻟ ﻔ ﱰ ة ﺑ ﻴ ﻦ ﺗ ﺎ ر ﻳ ﺦ إ ﺻ ﺪ ار‬, ‫و اﻟ ﻤ ﺴ ﺘ ﻨ ﺪ ا ت‬
the date of issuance of the Sukuk and the
date of signing of the contracts and ‫اﻟﱡﺼﻜﻮك وﺗﺎرﻳﺦ ﺗﻮﻗﻴﻊ اﻟﻌﻘﻮد واﻟﻤﺴﺘﻨﺪات ﺗﻜﻮن‬
documents shall have no profit calculation.
It is not permitted to oblige the originator ‫ وﻻ ﻳﺠﻮز أن ُﺗﻠَﺰم اﻟﺠﻬﺔ‬.‫دون اﺣﺘﺴﺎب أرﺑﺎح‬
to pay profits or returns for that period that
do not result from the underlying assets of ‫اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﺑ ﺪ ﻓ ﻊ أ ر ﺑﺎ ح أ و ﻋ ﻮ ا ﺋ ﺪ ﻋ ﻦ ﺗ ﻠ ﻚ اﻟ ﻔ ﱰ ة ﻻ‬
Sukuk in accordance with the terms and
conditions of its contracts after their ‫ ﻟﺸﺮوط‬-‫ﺗﻜﻮن ﻧﺎﺗﺠﺔ ﻣﻦ ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك وﻓﻘ‬
signing. See: s. (6-1-2-2-c-2).
-١ -٦ ) ‫ و ﻳ ﻨ ﻈ ﺮ ا ﻟ ﺒ ﻨ ﺪ‬. ‫و أ ﺣ ﻜ ﺎ م ﻋ ﻘ ﻮ د ﻫ ﺎ ﺑ ﻌ ﺪ ﺗ ﻮ ﻗ ﻴ ﻌ ﻬ ﺎ‬
.(٢-‫ج‬-٢-٢
11-2-7. In Sukuk based on partnership, Mudaraba, ‫َﻳﻠﺰم ﰲ اﻟﱡﺼﻜﻮك اﻟﻘﺎﺋﻤﺔ ﻋﻠﻰ اﻟﺸﺮﻛﺔ أو اﻟﻤﻀﺎرﺑﺔ‬.7-2-11
or Investment Agency, the underlying
assets of the Sukuk should be subject to de ‫ ﺗ ﻨ ﻀ ﻴ ﺾ ﻣ ﻮ ﺟ ﻮ د ا ت‬, ‫أ و اﻟﻮ ﻛ ﺎﻟ ﺔ ﺑﺎ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر‬
facto or constructive liquidation (tanḍīḍ) in
order to know the amount of distributable ‫ ﻟﻤﻌﺮﻓﺔ ﻣﻘﺪار اﻟﱢﺮﺑﺢ‬,-‫اﻟﱡﺼﻜﻮك ﺣﻘﻴﻘًﺔ أو ُﺣﻜَﻤ‬
realized profit. If the profit is distributed
without this liquidation, then it is paid ‫ ﻓﺈن ﺗﱠﻢ ﺗﻮزﻳﻊ رﺑٍﺢ دون‬.‫اﻟﻤﺘﺤﱢﻘﻖ اﻟﻘﺎﺑﻞ ﻟﻠّﺘﻮزﻳﻊ‬
under account, and is subject to settlement
(increase or decrease) at the time of ‫ ﺗﺤﺖ‬-‫ ﻓﺈﻧﻪ ﻳﻜﻮن ﻣﺪﻓﻮﻋ‬,‫ﻫﺬا اﻟﱠﺘﻨﻀﻴﺾ‬
liquidation. See: s. (8-8) of Shari’ah
Standard No. (13): Mudaraba. ‫( ﻋﻨﺪ‬-‫ وﻳﺨَﻀﻊ ﻟﻠﱠﺘﺴﻮﻳﺔ )زﻳﺎدًة أو ﻧﻘﺼ‬,‫اﻟﺤﺴﺎب‬
‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٨-٨) ‫ وُﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟّﺘﻨﻀﻴﺾ‬
.‫( ﺑﺸﺄن اﻟﻤﻀﺎرﺑﺔ‬١٣) ‫اﻟﱠﺸﺮﻋﻲ رﻗﻢ‬
11-2-8. It should be complied that the periodic ‫ﯾﺮاﻋﻰ أن ﺗﱠﺘﻔﻖ اﻟﱠﺘﻮزﻳﻌﺎت اﻟﱠﺪورﻳﺔ ﻷرﺑﺎح‬.8-2-11
distributions, in the base prospectus, of the
Sukuk profits are in line with the dividends ‫اﻟﱡﺼﻜﻮك ﰲ ﻧﺸﺮة اﻹﺻﺪار ﻣﻊ ﺗﻮزﻳﻌﺎت أرﺑﺎح‬
of the underlying assets of Sukuk or the
payments due under the existing contract ‫ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك أو اﻟﺪﻓﻌﺎت اﻟﻤﺴﺘﺤﱠﻘﺔ‬
between the issuer, representing the
certificateholders, and the originator. It is ‫ﺑﻤﻮﺟﺐ اﻟﻌﻘﺪ اﻟﻘﺎﺋﻢ ﺑﻴﻦ اﻟﻤﺼِﺪر ﻣﻤﺜﻼً ﻟﺤَﻤﻠﺔ‬
permitted that the distributions may differ
from each other according to the following ‫ وﻳﺠﻮز أن ﺗﺨﺘﻠﻒ‬.‫اﻟﱡﺼﻜﻮك واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
two cases:
:‫اﻟﱠﺘﻮزﻳﻌﺎت ﻋﻦ ﺑﻌﻀﻬﺎ وﻓﻖ اﻟﺤﺎﻟﺘﻴﻦ اﻵﺗﻴﺘﻴﻦ‬
11-2-8-1. That the date of the periodic distributions ‫أن ﻳﺘﺄﱠﺧﺮ ﺗﺎرﻳﺦ اﻟﱠﺘﻮزﻳﻌﺎت اﻟﱠﺪورﻳﺔ ﻷرﺑﺎح‬ .1-8-2-11
of Sukuk profits be later than the date of
the dividends of its underlying assets or ‫اﻟﱡﺼﻜﻮك ﻋﻦ ﺗﺎرﻳﺦ ﺗﻮزﻳﻌﺎت أرﺑﺎح ﻣﻮﺟﻮداﲥﺎ‬
159
the date of payments due under the ‫أ و ﺗﺎ ر ﻳ ﺦ اﺳ ﺘ ﺤ ﻘ ﺎ ق اﻟ ﺪ ﻓ ﻌ ﺎ ت ﺑﻤ ﻮ ﺟ ﺐ اﻟﻌ ﻘ ﺪ‬

contract between the issuer, representing
the certificateholders, and the originator, ‫اﻟﻘﺎﺋﻢ ﺑﻴﻦ اﻟﻤﺼِﺪر ﻣﻤﺜﻼً ﻟﺤَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
provided that the dividends of the assets
or the received payments are deposited in ‫ ﺑﺸﺮط أن ﻳﻮَدع ﻣﺎ ﻳﻮﱠزع ﻣﻦ‬,‫واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬
the Sukuk [income] account or the
reserve account. As for the advancement ‫أرﺑﺎح اﻟﻤﻮﺟﻮدات أو ﻣﺎ ُﻳﺪﻓﻊ ﻣﻦ دﻓﻌﺎت ﰲ‬
of the date of the periodic distributions of
the Sukuk profits over the ‫ أﻣﺎ‬.‫ﺣﺴﺎب اﻟﱡﺼﻜﻮك أو ﺣﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ‬
aforementioned dates, it is not permitted
if the payment is not recorded as being ‫ﺗﻘﱡﺪم ﺗﺎرﻳﺦ اﻟﱠﺘﻮزﻳﻌﺎت اﻟﱠﺪورﻳﺔ ﻷرﺑﺎح‬
from the available balance in the Sukuk
[income] account or the reserve account, ‫اﻟﱡﺼﻜﻮك ﻋﻠﻰ اﻟﱠﺘﻮارﻳﺦ اﻟﻤﺬﻛﻮرة ﻓﻼ ﻳﺠﻮز إذا‬
because non-restriction obliges the
originator to lend to the ‫ﻟﻢ ﻳﻘﱠﻴﺪ اﻟﱠﺪﻓﻊ ﺑﺄن ﻳﻜﻮن ﻣﻦ اﻟﱠﺮﺻﻴﺪ اﻟﻤﺘﻮاﻓﺮ ﰲ‬
certificateholders. The originator may
volunteer the payment at the time, and
‫ ﻟﻤﺎ ﰲ‬,‫ﺣﺴﺎب اﻟﱡﺼﻜﻮك أو ﺣﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ‬
the payment shall be an absolute
‫ﻋﺪم اﻟﱠﺘﻘﻴﻴﺪ ﻣﻦ إﻟﺰام اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺈﻗﺮاض‬
donation or will be an under-account
payment that is settled from the ‫ وﻟﻠﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ أن ﺗﺘﻄﱠﻮع‬.‫ﺣَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
instalments to be paid or from other
[resources] that are owned by the ‫ أو‬-‫ ﻣﻄَﻠﻘ‬-‫ وﻳﻜﻮن اﻟﱠﺪﻓﻊ ﺗﱪﱡﻋ‬,‫ﺑﺎﻟﱠﺪﻓﻊ ﰲ ﺣﻴﻨﻪ‬
certificateholders. See: s. (6-1-2-2-c-1).
‫ ﺗﺤﺖ اﻟﺤﺴﺎب ﺗﺘﻢ ﺗﺴﻮﻳﺘﻪ ﻣﻦ اﻷﻗﺴﺎط‬-‫دﻓﻌ‬
‫اﻟﺘﻲ ُﺗﺪﻓﻊ أو ﻣﻦ ﻏﻴﺮﻫﺎ ﻣﻤﺎ ﻫﻮ ﻣﻤﻠﻮك ﻟﺤَﻤﻠﺔ‬
.(١-‫ج‬-٢-٢-١-٦) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻟﱡﺼﻜﻮك‬
11-2-8-2. The method of calculating the periodic ‫أن ﺗﺨﺘﻠﻒ ﻃﺮﻳﻘﺔ ﺣﺴﺎب اﻟﱠﺘﻮزﻳﻌﺎت اﻟّﺪورﻳﺔ‬ .2-8-2-11
distributions of Sukuk profits differs from
the method of calculating the dividends of ‫ﻷرﺑﺎح اﻟﱡﺼﻜﻮك ﻋﻦ ﻃﺮﻳﻘﺔ ﺣﺴﺎب ﺗﻮزﻳﻌﺎت‬
the underlying assets of Sukuk or
calculating the payments due under the ‫أرﺑﺎح ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك أو ﺣﺴﺎب اﻟﺪﻓﻌﺎت‬
existing contract between the issuer,
representing the certificateholders, and ‫اﻟﻤﺴﺘﺤﱠﻘﺔ ﺑﻤﻮﺟﺐ اﻟﻌﻘﺪ اﻟﻘﺎﺋﻢ ﺑﻴﻦ اﻟﻤﺼِﺪر‬
the originator, such as calculating the
periodic distributions of Sukuk profits ‫ ﻛﺄن‬,‫ واﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ‬,‫ﻣﻤﱢﺜﻼً ﻟﺤَﻤﻠﺔ اﻟﱡﺼﻜﻮك‬
according to a variable index whereas the
dividends of underlying assets of Sukuk or ‫ُﺗﺤَﺴﺐ اﻟﱠﺘﻮزﻳﻌﺎت اﻟﱠﺪورﻳﺔ ﻷرﺑﺎح اﻟﱡﺼﻜﻮك‬
the calculation of the said payments is not
subject to change according to the same ‫ ﻟﻤﺆﱢﺷﺮ ﻣﺘﻐﱢﻴﺮ وﻻ ﺗﻜﻮن ﺗﻮزﻳﻌﺎت أرﺑﺎح‬-‫وﻓﻘ‬
index, and this is provided that the excess
amounts of the periodic distributions of ‫ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك أو ﻻ ﻳﻜﻮن ﺣﺴﺎب‬
the Sukuk profits are paid from the
balance of the Sukuk [income] account or
-‫ ﻟﻠﱠﺘﻐﻴﺮ وﻓﻘ‬-‫اﻟﺪﻓﻌﺎت اﻟﻤﺬﻛﻮرة ﺧﺎﺿﻌ‬
160
the reserve account accumulated from ‫ وﻫﺬا ﺑﺸﺮط أن ُﻳﺪَﻓﻊ اﻟﺰاﺋﺪ ﻣﻦ‬,‫ﻟﻠﻤﺆﱢﺷﺮ ﻧﻔﺴﻪ‬
the revenues of its assets, and that the
difference, if the periodic distributions are ‫ﻣﺒﺎﻟﻎ اﻟّﺘﻮزﻳﻌﺎت اﻟﱠﺪورﻳﺔ ﻷرﺑﺎح اﻟﱡﺼﻜﻮك ﻣﻦ‬
less, is deposited in the Sukuk [income]
account or the reserve account. See: s. (6- ‫رﺻﻴﺪ ﺣﺴﺎب اﻟﱡﺼﻜﻮك أو ﺣﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ‬
1-2-2). See: s. (6-1-2-2).
‫ وأن ُﻳﻮَدع‬,‫اﻟﻤﺘﺠﱢﻤﻊ ﻣﻦ إﻳﺮادات ﻣﻮﺟﻮداﲥﺎ‬
‫ ﰲ‬, ‫ إ ذ ا ﻛ ﺎ ﻧ ﺖ اﻟ ﺘﻮ ز ﻳﻌ ﺎ ت اﻟ ﺪ و ر ﻳ ﺔ أﻗ ﻞ‬, ‫اﻟ ﻔ ﺮ ق‬
. ‫ﺣ ﺴ ﺎب اﻟﺼ ﻜ ﻮ ك أ و ﺣ ﺴ ﺎب اﻻ ﺣ ﺘﻴﺎﻃ ﻲ‬
.(٢-٢-١-٦) ‫وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬
11-2-9. There is no [Shari’ah] objection of dividing ‫ﻻ ﻣﺎﻧﻊ ﻣﻦ ﺗﻘﺴﻴﻢ ﺻﻜﻮك اﻹﺻﺪار اﻟﻮاﺣﺪ إﻟﻰ‬.9-2-11
the certificates of Sukuk of one issue into
categories so that each category has a ‫ﻓﺌﺎت ﺑﺤﻴﺚ ﻳﻜﻮن ﻟﻜﻞ ﻓﺌﺔ ﺣّﺼﺔ )ﻧﺴﺒﺔ( ﻣﺨﺘﻠﻔﺔ‬
different share (percentage) from the total
profits of the underlying assets of Sukuk, or ,‫ﻋﻦ ﻏﻴﺮﻫﺎ ﻣﻦ إﺟﻤﺎﻟﻲ أرﺑﺎح ﻣﻮﺟﻮدات اﻟﱡﺼﻜﻮك‬
the dates of the periodic distributions of
the profits of each category differ, or the ‫أو أن ﺗﺨﺘﻠﻒ ﺗﻮارﻳﺦ اﻟﱠﺘﻮزﻳﻌﺎت اﻟﱠﺪورﻳﺔ ﻷرﺑﺎح‬
duration of the Sukuk of each category
differs from other categories and the share ‫ أو أن ﺗﺨﺘﻠﻒ ﻣﱠﺪة ﺻﻜﻮك ﻛﱢﻞ ﻓﺌﺔ ﻋﻦ‬,‫ﻛﻞ ﻓﺌﺔ‬
of each category of profit varies
accordingly, provided that this does not ‫اﻟ ﻔ ﺌﺎ ت ا ﻷ ﺧ ﺮ ى و ﺗ ﺨ ﺘ ﻠﻒ ﺣ ﺼ ﺔ ﻛ ﻞ ﻓﺌ ﺔ ﻣ ﻦ اﻟ ﺮ ﺑ ﺢ‬
cease the participation in the profit realized
between all categories, and provided that ‫ ﺑﺸﺮط أن ﻻ َﻳﻘَﻄﻊ ذﻟﻚ اﻟﻤﺸﺎرﻛﺔ ﰲ‬,‫ﺗﺒًﻌﺎ ﻟﺬﻟﻚ‬
the certificateholders of the Sukuk of the
higher profit share category do not pay a ‫ وﺑﺸﺮط أن ﻻ‬,‫اﻟﱢﺮﺑﺢ اﻟﻤﺘﺤﱢﻘﻖ ﺑﻴﻦ ﺟﻤﻴﻊ اﻟﻔﺌﺎت‬
consideration for that, such as they pay an
issuance premium or a higher price for
‫َﻳﺪﻓﻊ ﺣَﻤﻠﺔ ﺻﻜﻮك اﻟﻔﺌﺔ ذات ﺣﱠﺼﺔ اﻟﱢﺮﺑﺢ اﻷﻋﻠﻰ‬
purchasing Sukuk than the categories lower
- ‫ ﻛ ﺄن ﻳ ﺪ ﻓﻌ ﻮ ا ﻋ ﻼ و ة إ ﺻ ﺪ ار أ و ﺛﻤ ﻨ‬, ‫ ﻟ ﺬ ﻟ ﻚ‬- ‫ﻋ ﻮ ﺿ‬
than them in terms of profit share. See: s.
(5-1) of Shari’ah Standard No. (40): ‫ﻟﺸﺮاء اﻟﱡﺼﻜﻮك أﻋﻠﻰ ﻣﻦ اﻟﻔﺌﺎت اﻷﻗﻞ ﻣﻨﻬﻢ ﰲ‬
Distribution of Profit in Mudaraba-based
Investment Account. ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬١-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﺣﱠﺼﺔ اﻟﱢﺮﺑﺢ‬
‫( ﺑﺸﺄن ﺗﻮزﻳﻊ اﻟﺮﺑﺢ ﰲ‬٤٠) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
. ‫اﻟ ﺤ ﺴ ﺎ ﺑﺎ ت ا ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ر ﻳ ﺔ ﻋ ﻠ ﻰ أ ﺳ ﺎ س ا ﻟ ﻤ ﻀ ﺎ ر ﺑ ﺔ‬
12. Bankruptcy of Sukuk Issuances: :‫إﻓﻼس إﺻﺪارات اﻟﺼﻜﻮك‬ .12

12-1. The provisions contained in Shari’ah ‫ ﺗﻨﻄﺒﻖ ﻋﻠﻰ إﻓﻼس اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ اﻷﺣﻜﺎم اﻟﻮاردة ﰲ‬.1-12
Standard No. (43): Insolvency shall apply to
161
the bankruptcy of the originator. .‫( ﺑﺸﺄن اﻹﻓﻼس‬٤٣) ‫اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
12-2. The certificateholders have more right to the ‫ ﻳﻜﻮن ﺣﻤﻠﺔ اﻟﺼﻜﻮك أﺣﻖ ﺑﺎﻟﻤﻮﺟﻮدات اﻟﻤﻤﻠﻮﻛﺔ‬.2-12
underlying assets held by them, so other
creditors of the originator do not participate ‫ﻟﻬ ﻢ ﻓﻼ ﻳﺸ ﱰ ك ﻓ ﻴﻬ ﺎ ﻏ ﻴﺮ ﻫ ﻢ ﻣ ﻦ ﻏ ﺮ ﻣ ﺎء اﻟﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ‬
in [underlying assets], whether the assets
exist as specific (identified) tangible assets, -‫ﺳﻮاء وﺟﺪت اﻟﻤﻮﺟﻮدات ﺑﺄﻋﻴﺎﳖﺎ أو ﻛﺎﻧﺖ ﺣﺼﺼ‬
or they are shares in the underlying assets of
Mudaraba, partnership, or an Investment ‫ﰲ ﻣﻮ ﺟ ﻮ د ات ﻣ ﻀ ﺎر ﺑﺔ أ و ﻣ ﺸ ﺎر ﻛ ﺔ أ و و ﻛ ﺎﻟﺔ ﺑﺎﻻ ﺳ ﺘﺜﻤ ﺎر‬
Agency, even if those assets are recorded on
the balance sheet of the originator, unless ‫و ﻟﻮ ﻛ ﺎﻧﺖ ﺗ ﻠ ﻚ اﻟﻤ ﻮ ﺟ ﻮ د ات ﻣ ﺴ ﺠ ﻠ ﺔ د ا ﺧ ﻞ ﻣ ﻴﺰ اﻧﻴﺔ‬
the certificateholders are partners with the
originator in assuming its obligations, as in ‫ ﻣ ﺎ ﻟ ﻢ ﻳ ﻜ ﻦ ﺣ ﻤ ﻠ ﺔ ا ﻟ ﺼ ﻜ ﻮ ك ﻣ ﺸ ﺎ ر ﻛ ﻴ ﻦ‬,‫ا ﻟ ﺠ ﻬ ﺔ ا ﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬
the Tier-1 Sukuk, so they bear from the
obligations to the extent of their share. See: ‫ﻟ ﻠ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﰲ ﺗ ﺤ ﻤ ﻞ اﻟ ﺘ ﺰ ا ﻣ ﺎ ﲥ ﺎ ﻛ ﻤ ﺎ ﰲ ﺻ ﻜ ﻮ ك اﻟ ﺸ ﻖ‬
s. (8-3-4) and s. (9-2) of Shari’ah Standard No.
(43) Insolvency, s. (5-2-5-3) and s. (8-3-2-2-d- ‫ ﻓﻴﺘﺤﻤﻠﻮن ﻣﻦ ﺗﻠﻚ اﻻﻟﺘﺰاﻣﺎت‬,‫اﻷول ﻣﻦ رأس اﻟﻤﺎل‬
3) and s. (8-3-2-3-b-1) of this Standard.
(٢-٩) ‫( واﻟﺒﻨﺪ‬٤-٣-٨) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﺑﻘﺪر ﺣﺼﺘﻬﻢ‬
‫ واﻟﺒﻨﺪ‬,‫( ﺑﺸﺄن اﻹﻓﻼس‬٤٣) ‫ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
‫( واﻟﺒﻨﺪ‬٣-‫د‬-٢-٢-٣-٨) ‫( واﻟﺒﻨﺪ‬٣-٥-٢-٥)
.‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬١-‫ب‬-٣-٢-٣-٨)
12-3. If the originator has accounts for the Sukuk, ‫ إذا ﻛﺎن ﻟﺪى اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺣﺴﺎﺑﺎت ﻟﻠﺼﻜﻮك ﺳﻮاء‬.3-12
whether they are current or investment
accounts, then in bankruptcy [such accounts] ‫أﻛ ﺎﻧﺖ ﺣ ﺴ ﺎﺑﺎ ت ﺟ ﺎر ﻳﺔ أم اﺳ ﺘﺜﻤ ﺎر ﻳﺔ ﻓ ﺈن ﻟﻬ ﺎ ﰲ‬
has the same status as the current accounts
and pools of investment. See: s. (9-1-1) and ‫اﻹﻓﻼس ﺣﻜﻢ اﻟﺤﺴﺎﺑﺎت اﻟﺠﺎرﻳﺔ واﻷوﻋﻴﺔ‬
s. (9-2) of Shari’ah Standard No. (43)
Insolvency. (٢-٩) ‫( واﻟﺒﻨﺪ‬١-١-٩) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫اﻻﺳﺘﺜﻤﺎرﻳﺔ‬
.‫( ﺑﺸﺄن اﻹﻓﻼس‬٤٣) ‫ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬
12-4. It is not permitted that the price, mentioned ‫ ﻋﻠﻰ‬-‫ ﻻ ﻳﺠﻮز ﻋﱡﺪ اﻟﺜﻤﻦ اﻟﻮارد ﰲ اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء دﻳﻨ‬.4-12
in the purchase undertaking, to be
recognized as a debt owed by the originator -٣ -٦ ) ‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻗ ﺒﻞ ﺗ ﻨ ﻔ ﻴ ﺬ اﻟ ﺸ ﺮ اء‬
before the purchase is concluded. See: s. (6-
3-2-4), s. (6-3-3-7) of this Standard and s. (5- ‫ واﻟﺒﻨﺪ‬,‫( ﻣﻦ ﻫﺬا اﻟﻤﻌﻴﺎر‬٧-٣-٣-٦) ‫( واﻟﺒﻨﺪ‬٤-٢
3) of Shari’ah Standard No. (43) Insolvency.
‫( ﺑﺸﺄن‬٤٣) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬٣-٥)
. ‫اﻹ ﻓﻼ س‬
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13. Shari’ah Governance of Sukuk: :‫اﻟﺤﻮﻛﻤﺔ اﻟﺸﺮﻋﻴﺔ ﻟﻠﺼﻜﻮك‬ .13

13-1. The Shari’ah Board of Sukuk: :‫ اﻟﻬﻴﺌﺔ اﻟﺸﺮﻋﻴﺔ ﻟﻠﺼﻜﻮك‬.1-13
It is required that each issuance [of Sukuk] to have ‫ و ﻳﺠ ﺐ أن ﺗﺘﻮ اﻓﺮ‬, ‫ﻳﺠ ﺐ أن ﻳﻜ ﻮ ن ﻟﻜ ﻞ إﺻ ﺪ ار ﻫ ﻴﺌﺔ ﺷ ﺮ ﻋ ﻴﺔ‬
a Shari’ah Board, and the member of the [Shari’ah]
Board should fulfil the conditions stipulated in s. (5) ‫( ﻣﻦ اﻟﻤﻌﻴﺎر‬٥) ‫ﰲ ﻋﻀﻮ اﻟﻬﻴﺌﺔ اﻟﺸﺮوط اﻟﻮاردة ﰲ اﻟﺒﻨﺪ‬
of Shari’ah Standard No. (29): Stipulations and
Ethics of Fatwa in the Institutional Framework. ‫( ﺑﺸﺄن ﺿﻮاﺑﻂ اﻟﻔﺘﻮى وأﺧﻼﻗﻴﺎﲥﺎ ﰲ إﻃﺎر‬٢٩) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬
. ‫اﻟ ﻤ ﺆ ﺳ ﺴ ﺎ ت‬
13-1-1. Duties, powers and responsibilities of ‫ ﻣﻬﻤﺎت اﻟﻬﻴﺌﺔ اﻟﺸﺮﻋﻴﺔ ﻟﻠﺼﻜﻮك وﺻﻼﺣﻴﺎﲥﺎ‬.1-1-13
the Shari’ah Board of Sukuk:
:‫وﻣﺴﺆوﻟﻴﺎﲥﺎ‬
13-1-1-1. Endorsement of the Shari’ah Board of the ‫اﻋ ﺘﻤ ﺎد اﻟﻬ ﻴﺌﺔ اﻟ ﺸ ﺮ ﻋ ﻴﺔ ﻟ ﻠ ﺼ ﻜ ﻮ ك ﻫ ﻴﻜ ﻠ ﺔ‬ .1-1-1-13
structure of the issuance of Sukuk, all its
contracts and documents, and any ‫ وأي‬,‫اﻹﺻﺪار وﺟﻤﻴﻊ ﻋﻘﻮده وﻣﺴﺘﻨﺪاﺗﻪ‬
amendments thereto, whether they were
necessary for the issuance of Sukuk, the - ‫ ﺳ ﻮ اء ﻣ ﺎ ﻛ ﺎن ﻣ ﻨﻬ ﺎ ﻻ ز ﻣ‬,‫ﺗﻌ ﺪ ﻳﻼ ت ﻋ ﻠ ﻴﻬ ﺎ‬
establishment of a special purpose
vehicle, the implementation of Sukuk ‫ﻹ ﺻ ﺪ ار اﻟﺼ ﻜ ﻮ ك أ و ﻟﺘﺄﺳ ﻴﺲ اﻟﻤ ﻨﺸ ﺄة ذ ات‬
activities, or entering into contracts with
parties to organize and market the ‫اﻟﻐ ﺮ ض اﻟ ﺨ ﺎ ص أ و ﻟ ﺘ ﻨ ﻔ ﻴ ﺬ أ ﻧ ﺸ ﻄ ﺔ اﻟ ﺼ ﻜ ﻮ ك أ و‬
issuance of Sukuk, whatever their tasks,
along with granting approvals on the ‫ﻟﻠﱠﺘﻌﺎﻗﺪ ﻣﻊ أﻃﺮاف ﺗﻨﻈﻴﻢ وﺗﺴﻮﻳﻖ إﺻﺪار‬
procedures and documents for listing the
certificates of Sukuk in the financial ‫ ﻛﺎﻧﺖ ﻣﻬﻤﺎﲥﻢ ﻣﻊ اﻋﺘﻤﺎد‬-‫اﻟﱡﺼﻜﻮك أﻳ‬
markets.
‫إ ﺟ ﺮ اء ا ت و ﻣ ﺴ ﺘ ﻨ ﺪ ا ت إ د ر ا ج اﻟ ﺼ ﻜ ﻮ ك ﰲ‬
.‫اﻷﺳﻮاق اﻟﻤﺎﻟﻴﺔ‬
13-1-1-2. Endorsing the conformity of the existing ‫اﻋ ﺘﻤ ﺎد ﺻ ﻼ ﺣ ﻴﺔ اﻟﻤ ﻮ ﺟ ﻮ د ات اﻟﻘ ﺎ ﺋﻤ ﺔ ﻹ ﺻ ﺪ ار‬ .2-1-1-13
underlying assets for the issuance of
Sukuk on them from a Shari’ah point of ‫ و اﻟ ﺘ ﺄﻛ ﺪ‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﻋ ﻠ ﻴﻬ ﺎ ﻣ ﻦ اﻟ ﻨ ﺎ ﺣ ﻴ ﺔ اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ‬
view and making sure that their sources of
income for the certificateholders are ‫ﻣ ﻦ أن ﻣ ﺼ ﺎ د ر د ﺧ ﻠ ﻬ ﺎ ﻟ ﺤ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﺒ ﺎ ﺣ ﺔ‬
permissible by virtue of Shari’ah.
.- ‫ﺷ ﺮﻋ‬
13-1-1-3. If [the certificates] Sukuk are in the form ‫إ ذ ا ﻛ ﺎ ﻧ ﺖ اﻟ ﺼ ﻜ ﻮ ك ﰲ ﺻ ﻮ ر ة ﺑ ﺮ ﻧ ﺎ ﻣ ﺞ ﻳ ﺸ ﺘ ﻤ ﻞ‬ .3-1-1-13
of a program that includes repeated
issuances, then the Shari’ah Board of ‫ ﻓﺈن ﻋﻠﻰ اﻟﻬﻴﺌﺔ‬,‫ﻋﻠﻰ إﺻﺪارات ﻣﺘﻜﱢﺮرة‬
Sukuk should make sure that the
163
documentation of the repeated issuances ‫اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟ ﻠ ﺼ ﻜ ﻮ ك أن ﺗ ﺘ ﺄﻛ ﺪ أن و ﺛ ﺎ ﺋ ﻖ‬

is in conformity with what was previously
approved, otherwise it is required to get ‫اﻹﺻﺪارات اﻟﻤﺘﻜﺮرة ﻣﻄﺎﺑﻘﺔ ﻟﻤﺎ ﺳﺒﻖ‬
each issuance approved afresh.
.‫ و إﻻ و ﺟ ﺐ اﻋ ﺘﻤ ﺎد ﻛ ﻞ إ ﺻ ﺪ ار أ ﺻ ﺎﻟﺔ‬, ‫اﻋ ﺘﻤ ﺎد ه‬
13-1-1-4. Adopting the Shari’ah bases for ‫اﻋ ﺘﻤ ﺎد اﻷ ﺳ ﺲ اﻟ ﺸ ﺮ ﻋ ﻴﺔ ﻟﺤ ﺴ ﺎ ب ﻋ ﻮ ا ﺋ ﺪ‬ .4-1-1-13
calculating the returns of Sukuk, the
method of calculating expenses and costs, ‫اﻟ ﻨ ﻔ ﻘ ﺎ ت‬ ‫ﺗ ﺤ ﻤ ﻴﻞ‬ ‫وﻃ ﺮ ﻳﻘﺔ‬ , ‫اﻟ ﺼ ﻜ ﻮ ك‬
calculating the profits and the method of
their distribution, and what must be ‫ و ﺣ ﺴ ﺎ ب ا ﻷ ر ﺑ ﺎ ح و ﻃ ﺮ ﻳ ﻘ ﺔ‬, ‫و اﻟ ﻤ ﺼ ﺮ و ﻓ ﺎ ت‬
forfeited of prohibited income, if any.
Reviewing the financial statements and ‫ وﻣﺎ ﻳﻠﺰم ﺗﺠﻨﻴﺒﻪ ﻣﻦ دﺧﻞ ﻣﺤﱠﺮم إن‬,‫ﺗﻮزﻳﻌﻬﺎ‬
annexures of the special purpose vehicle,
at least once in every financial year. See: ‫ و ﻣ ﺮ ا ﺟ ﻌ ﺔ اﻟ ﻘ ﻮ ا ﺋﻢ اﻟ ﻤ ﺎﻟ ﻴ ﺔ و ا ﻹ ﻳ ﻀ ﺎ ﺣ ﺎ ت‬. ‫و ﺟ ﺪ‬
s. (10-11).
‫ﻟ ﻠ ﻤ ﻨ ﺸ ﺄ ة ذ ا ت اﻟﻐ ﺮ ض اﻟ ﺨ ﺎ ص ﺑ ﺸ ﻜ ﻞ د و ر ي ﻻ‬
‫ و ﻳ ﻨ ﻈ ﺮ اﻟ ﺒ ﻨ ﺪ‬. ‫ﻳ ﻘ ﻞ ﻋ ﻦ ﻣ ﺮ ة ﰲ ﻛ ﻞ ﺳ ﻨ ﺔ ﻣ ﺎ ﻟ ﻴ ﺔ‬
.(١١-١٠)
13-1-1-5. Approving a plan for periodic Shari’ah ‫اﻋﺘﻤﺎد ﺧﻄًﺔ ﻟﻠﺘﺪﻗﻴﻖ اﻟﺸﺮﻋﻲ اﻟﺪوري ﻋﻠﻰ‬ .5-1-1-13
audit of the issuance.
13-1-1-6. Issuance of an annual Shari’ah report with ‫إ ﺻ ﺪ ا ر ﺗ ﻘ ﺮ ﻳ ﺮ ﺷ ﺮ ﻋ ﻲ ﺳ ﻨﻮ ي ﺑ ﺨ ﻼ ﺻ ﺔ ر أ ﻳ ﻬ ﺎ‬ .6-1-1-13
a summary of [Shari’ah Board’s] opinion
regarding the issuance’s compliance with ‫ﺑ ﺎ ﻟ ﺘ ﺰ ا م ا ﻹ ﺻ ﺪ ا ر ﺑ ﺎ ﻟ ﻔ ﺘ ﻮ ى اﻟ ﺘﻲ أ ﺻ ﺪ ر ﲥ ﺎ و ﺑﻤ ﺎ‬
the Fatwa it issued and with what it
adopted, in light of the periodic Shari’ah ‫ ﰲ ﺿ ﻮ ء ﺗﻘ ﺎر ﻳﺮ اﻟ ﺘ ﺪ ﻗ ﻴﻖ اﻟ ﺸ ﺮ ﻋ ﻲ‬, ‫اﻋ ﺘﻤ ﺪ ﺗﻪ‬
audit reports, and it shall be made public
to certificateholders. . ‫ ﻟ ﺤ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬- ‫ و ﻳ ﻜ ﻮ ن ﻣ ﺘ ﺎ ﺣ‬, ‫اﻟ ﺪ و ر ي‬
13-1-1-7. Approving the implementation of ‫اﻋ ﺘﻤ ﺎد ﺗ ﻨﻔ ﻴ ﺬ إ ﺟ ﺮ اء ات اﺳ ﱰ د اد اﻟ ﺼ ﻜ ﻮ ك أ و‬ .7-1-1-13
procedures for redemption or cancelation
of the certificates of Sukuk and .‫ و ﺗﻮ ز ﻳﻊ ﻣ ﺎ ﻳﻨﺘ ﺞ ﻋ ﻦ أي ﻣ ﻨﻬ ﻤ ﺎ‬,‫إﻃ ﻔﺎ ﺋﻬ ﺎ‬
distributing what results from either of
them.
13-1-1-8. The Shari’ah Board of Sukuk has access to ‫ﻟ ﻠ ﻬ ﻴﺌ ﺔ اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟ ﻠ ﺼ ﻜ ﻮ ك ا ﻻ ﻃ ﻼ ع ﻋ ﻠ ﻰ ﻛ ﻞ ﻣ ﺎ‬ .8-1-1-13
all that it deems necessary to carry out its
tasks, such as records, documents or data, ‫ ﻟ ﻘ ﻴ ﺎ ﻣ ﻬ ﺎ ﺑ ﻤ ﻬ ﻤ ﺎ ﲥ ﺎ ﻣ ﻦ ﺳ ﺠ ﻼ ت‬- ‫ﺗ ﺮ اه ﺿ ﺮ و ر ﻳ‬
whatever they may be, whether with the
originator or with any of the parties of the ‫ ﺳﻮاًء ﻟﺪى‬,‫ﻳﺎ ﻛﺎﻧﺖ‬°‫ أ‬,‫وﻣﺴﺘﻨﺪات أو ﺑﻴﺎﻧﺎت‬
issuance.
ٍ ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ أ و ﻟ ﺪ ى أ ي ﻃ ﺮ‬
‫ف ﻣ ﻦ أﻃ ﺮ اف‬
164
13-1-1-9. View the credit rating scorning, the legal , ‫ا ﻻ ﻃ ﻼ ع ﻋ ﻠ ﻰ ﺷ ﻬ ﺎ د ة اﻟ ﺘ ﺼ ﻨ ﻴﻒ ا ﻻ ﺋ ﺘ ﻤ ﺎ ﲏ‬ .9-1-1-13
opinion document, and other documents
that help it verify that the documentation ‫و و ﺛ ﻴ ﻘ ﺔ اﻟ ﺮ أ ي اﻟ ﻘ ﺎ ﻧﻮ ﲏ و ﻧﺤ ﻮ ﻫ ﺎ ﻣ ﻦ اﻟ ﻤ ﺴ ﺘ ﻨ ﺪ ا ت‬
of Sukuk do not contain Shari’ah breach,
and figure out the core base of the Sukuk ‫اﻟﺘﻲ ﺗﻤﻜﻨﻬﺎ ﻣﻦ اﻟﺘﺤﻘﻖ ﺑﺄن وﺛﺎﺋﻖ اﻟﺼﻜﻮك ﻻ‬
from the credit and legal point of view,
and [the Shari’ah Board] may request a ‫ و اﻟﻮ ﻗﻮ ف ﻋ ﻠ ﻰ‬, ‫ﺗ ﺸ ﺘ ﻤ ﻞ ﻋ ﻠ ﻰ ﻣ ﺨ ﺎﻟ ﻔ ﺔ ﺷ ﺮ ﻋ ﻴﺔ‬
meeting with the credit rating agency or
the legal body of the Sukuk, to discuss ‫ﺣ ﻘ ﻴﻘ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻣ ﻦ اﻟ ﻨﺎ ﺣ ﻴﺔ اﻻ ﺋﺘﻤ ﺎﻧﻴﺔ‬
with them, if it deems a need for that.
‫ و ﻟ ﻬ ﺎ أن ﺗ ﻄ ﻠ ﺐ ا ﻻ ﺟ ﺘ ﻤ ﺎع ﺑﻮ ﻛ ﺎﻟ ﺔ‬, ‫و اﻟ ﻘ ﺎ ﻧﻮ ﻧ ﻴ ﺔ‬
‫اﻟ ﺘ ﺼ ﻨ ﻴﻒ ا ﻻ ﺋ ﺘ ﻤ ﺎ ﲏ أ و ﺑﺎﻟ ﺠ ﻬ ﺔ اﻟ ﻘ ﺎ ﻧﻮ ﻧ ﻴ ﺔ‬
. ‫ إن ر أ ت ﺣ ﺎ ﺟ ﺔ ﻟ ﺬ ﻟ ﻚ‬, ‫ ﻟ ﻤ ﻨﺎﻗ ﺸ ﺘﻬ ﻢ‬, ‫ﻟ ﻠ ﺼ ﻜ ﻮ ك‬
13-1-2. Fatwa Document of the Shari’ah Board of :‫ وﺛﻴﻘﺔ ﻓﺘﻮى اﻟﻬﻴﺌﺔ اﻟﺸﺮﻋﻴﺔ ﻟﻠﺼﻜﻮك‬.2-1-13
Sukuk:
13-1-2-1. It is required that the Shari’ah Board of ‫ﻳ ﺠ ﺐ ﻋ ﻠ ﻰ اﻟﻬ ﻴﺌ ﺔ اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟ ﻠ ﺼ ﻜ ﻮ ك أن ﺗ ﺼ ﺪ ر‬ .1-2-1-13
Sukuk to issue a detailed Shari’ah Fatwa
document, at the time of the issuance of ‫و ﺛ ﻴ ﻘ ﺔ ﻓ ﺘﻮ ى ﺷ ﺮ ﻋ ﻴ ﺔ ﻣ ﻔ ﺼ ﻠ ﺔ ﻋ ﻨ ﺪ إ ﺻ ﺪ ا ر‬
Sukuk, approving the issuance. It is
required that the Fatwa document to be ‫ و ﻳ ﺠ ﺐ أن ﺗ ﻜ ﻮ ن‬, ‫ ﺑﺎﻋ ﺘ ﻤ ﺎ د ا ﻹ ﺻ ﺪ ار‬, ‫اﻟ ﺼ ﻜ ﻮ ك‬
one of the legal documents for the
issuance, and an integral part of it, with ‫و ﺛ ﻴ ﻘ ﺔ ا ﻟ ﻔ ﺘ ﻮ ى ﻣ ﻦ اﻟ ﻤ ﺴ ﺘ ﻨ ﺪ ا ت اﻟ ﻘ ﺎ ﻧﻮ ﻧ ﻴ ﺔ‬
the obligation to stipulate in all contracts
and documents for issuance, whatever ‫ ﻣﻊ وﺟﻮب‬,‫ وﺟﺰءًا ﻻ ﻳﺘﺠﺰأ ﻣﻨﻬﺎ‬,‫ﻟﻺﺻﺪار‬
they are, that their terms and conditions
are interpreted in the light of what is - ‫ أ ﻳ‬, ‫اﻟ ﻨ ﺺ ﰲ ﺟ ﻤ ﻴ ﻊ ﻋ ﻘ ﻮ د و ﻣ ﺴ ﺘ ﻨ ﺪ ا ت ا ﻹ ﺻ ﺪ ار‬
stated in the Shari’ah Fatwa, and that the
will of the parties to Sukuk is interpreted ‫ ﻋ ﻠ ﻰ أن ﺷ ﺮ و ﻃ ﻬ ﺎ و أ ﺣ ﻜ ﺎﻣ ﻬ ﺎ ﺗﻔ ﺴ ﺮ ﰲ‬, ‫ﻛ ﺎﻧﺖ‬
in light of it as well. See: s. (7-3-2-13).
‫ و أن إ ر ا د ة‬, ‫ﺿ ﻮ ء ا ﻟ ﻮ ا ر د ﰲ ا ﻟ ﻔ ﺘ ﻮ ى اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ‬
‫ و ﻳ ﻨ ﻈ ﺮ‬. - ‫أﻃ ﺮ اف اﻟ ﺼ ﻜ ﻮ ك ﺗﻔ ﺴ ﺮ ﰲ ﺿ ﻮ ﺋﻬ ﺎ أﻳﻀ‬
.(١٣-٢-٣-٧) ‫اﻟﺒﻨﺪ‬
13-1-2-2. It is required that the Fatwa document is ‫ﻳﺠﺐ أن ﺗﻜﻮن وﺛﻴﻘﺔ اﻟﻔﺘﻮى ﺟﺰءًا ﻣﻦ ﻧﺸﺮة‬ .2-2-1-13
a part of the base prospectus of Sukuk,
with the originator providing a separate ‫ ﻣ ﻊ إﺗ ﺎ ﺣ ﺔ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ‬, ‫إ ﺻ ﺪ ا ر اﻟ ﺼ ﻜ ﻮ ك‬
copy of it to the certificateholders. See: s.
(7-3-2-13) of this Standard. ‫ و ﻳ ﻨ ﻈ ﺮ‬. ‫ﻧ ﺴ ﺨ ﺔ ﻣ ﺴ ﺘ ﻘ ﻠ ﺔ ﻣ ﻨﻬ ﺎ ﻟ ﺤ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك‬
165
.(١٣-٢-٣-٧) ‫اﻟﺒﻨﺪ‬
13-1-2-3. The Shari’ah Fatwa document must ‫ﻳ ﺠ ﺐ أ ن ﺗ ﺸ ﺘ ﻤ ﻞ و ﺛ ﻴ ﻘ ﺔ ا ﻟ ﻔ ﺘ ﻮ ى اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻋ ﻠ ﻰ ﻣ ﺎ‬ .3-2-1-13
include the following:
: ‫ﻳﺄ ﰐ‬
13-1-2-3-a.Statement of the general structure of ‫ﺑ ﻴ ﺎ ن اﻟ ﻬ ﻴ ﻜ ﻠ ﺔ اﻟ ﻌ ﺎ ﻣ ﺔ ﻟ ﻠ ﺼ ﻜ ﻮ ك و ﺗ ﻜ ﻴ ﻴ ﻔ ﻬ ﺎ‬ .‫أ‬-3-2-1-13
the Sukuk and their Shari’ah
characterization. . ‫اﻟ ﺸ ﺮ ﻋ ﻲ‬
13-1-2-3-b. A statement of the Sukuk contracts . ‫ﺑ ﻴ ﺎ ن ﻋ ﻘ ﻮ د اﻟ ﺼ ﻜ ﻮ ك و ﻣ ﺴ ﺘ ﻨ ﺪ ا ﲥ ﺎ‬ .‫ب‬-3-2-1-13
and their documents.
13-1-2-3-c. A summary of the Shari’ah rules for ‫ﺧ ﻼ ﺻ ﺔ اﻟ ﻀ ﻮ اﺑ ﻂ اﻟ ﺸ ﺮ ﻋ ﻴﺔ ﻟ ﻠ ﺼ ﻜ ﻮ ك‬ .‫ج‬-3-2-1-13
Sukuk and their trading rules.
.‫و ﺿ ﻮ اﺑﻂ ﺗﺪ اوﻟﻬ ﺎ‬
13-1-2-3-d. A summary of the opinion of the ‫ﺧ ﻼ ﺻ ﺔ ر أي اﻟﻬ ﻴﺌﺔ اﻟ ﺸ ﺮ ﻋ ﻴﺔ ﰲ ﺣ ﻜ ﻢ‬ .‫د‬-3-2-1-13
Shari’ah Board regarding the ruling on
the issuance and approving the Sukuk ‫اﻹﺻﺪار واﻋﺘﻤﺎد ﻫﻴﻜﻠﺔ اﻟﺼﻜﻮك وﻋﻘﻮدﻫﺎ‬
structure, contracts, and documents.
.‫و ﻣ ﺴ ﺘﻨﺪ اﲥ ﺎ‬
13-1-2-4. If the Fatwa was issued by the majority [of ‫إ ذ ا ﺻ ﺪ ر ت اﻟﻔ ﺘﻮ ى ﺑﺎﻷ ﻏ ﻠ ﺒﻴﺔ ﻓ ﻠ ﻴ ﺲ ﻟ ﻠﻤ ﺨ ﺎﻟﻒ‬ .4-2-1-13
Shari’ah Board members], the non-
approving [member] has no right to sign ‫ وُﻳﺼﱠﺮح ﰲ اﻟﻔﺘﻮى ﺑﺄﳖﺎ ﺻﺪرت‬,‫أن ﻳﻮﻗﻊ ﻋﻠﻴﻬﺎ‬
it, and it is stated in the Fatwa that it was
issued by the majority. .‫ﺑﺎﻷ ﻏ ﻠ ﺒﻴﺔ‬
13-2. Shari’ah Audit of Sukuk: :‫ اﻟﺘﺪﻗﻴﻖ اﻟﺸﺮﻋﻲ ﻟﻠﺼﻜﻮك‬.2-13

13-2-1. It is required that the issuance is subject to ‫ ﻳﺠﺐ اﻟﺘﺪﻗﻴﻖ اﻟﺸﺮﻋﻲ ﻋﻠﻰ اﻹﺻﺪار ﰲ ﺿﻮء‬.1-2-13
Shari’ah audit in the light of the Shari’ah
Board’s Fatwa issued endorsing it. . ‫ﻓ ﺘﻮ ى ا ﻟ ﻬ ﻴ ﺌ ﺔ ا ﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ا ﻟ ﺼ ﺎ د ر ة ﺑ ﺎ ﻋ ﺘ ﻤ ﺎ د ه‬
13-2-2. The scope of the Shari’ah audit includes all ‫ﻳﺸﻤﻞ ﻧﻄﺎق اﻟﺘﺪﻗﻴﻖ اﻟﺸﺮﻋﻲ ﺟﻤﻴﻊ ﻣﺎ ﻳﺪﺧﻞ ﰲ‬.2-2-13
that is included in the tasks of the Shari’ah
Board for issuance in the light of what it has ‫ﻣ ﻬ ﻤ ﺎ ت اﻟﻬ ﻴﺌ ﺔ ا ﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟ ﻺ ﺻ ﺪ ا ر ﰲ ﺿ ﻮ ء ﻣ ﺎ ﻗ ﺮ ر ﺗ ﻪ‬
decided in this regard.
.‫ﺑ ﺸ ﺄ ﳖ ﺎ‬
13-2-3. The periodic Shari’ah audit report shall be ‫ُﻳﺮﻓﻊ ﺗﻘﺮﻳﺮ اﻟﺘﺪﻗﻴﻖ اﻟﺸﺮﻋﻲ اﻟﺪوري إﻟﻰ اﻟﻬﻴﺌﺔ‬.3-2-13
submitted to the Shari’ah Board of Sukuk.
. ‫اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ ﻟ ﻠ ﺼ ﻜ ﻮ ك‬
166
14. The Governing Law of Sukuk: :‫اﻟﻘﺎﻧﻮن اﻟﺤﺎﻛﻢ ﻟﻠﺼﻜﻮك‬ .14

14-1. As a basic norm, the Islamic Shari’ah should ‫ اﻷﺻﻞ أن ﺗﻜﻮن اﻟﺸﺮﻳﻌﺔ اﻹﺳﻼﻣﻴﺔ ﻫﻲ اﻟﻘﺎﻧﻮن‬.1-14
be the governing law of the Sukuk, and from
that, the arbitration is based on a law derived ‫ و ﻣ ﻦ ذ ﻟ ﻚ أن ﻳ ﻜ ﻮ ن اﻟ ﺘ ﺤ ﺎﻛ ﻢ ﻟ ﻘ ﺎ ﻧﻮ ن‬, ‫اﻟ ﺤ ﺎﻛ ﻢ ﻟ ﻠ ﺼ ﻜ ﻮ ك‬
from the Islamic Shari’ah or Shari’ah
standards, issued by the Accounting and ‫ﻣ ﺴ ﺘ ﻤ ﺪ ﻣ ﻦ ا ﻟ ﺸ ﺮ ﻳ ﻌ ﺔ ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ أ و ﻟ ﻠ ﻤ ﻌ ﺎ ﻳ ﻴ ﺮ اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ‬
Auditing Organization for Islamic Financial
Institutions (AAOIFI). ‫اﻟ ﺼ ﺎ د ر ة ﻋ ﻦ ﻫ ﻴﺌ ﺔ اﻟ ﻤ ﺤ ﺎﺳ ﺒ ﺔ و اﻟ ﻤ ﺮ ا ﺟ ﻌ ﺔ ﻟ ﻠ ﻤ ﺆ ﺳ ﺴ ﺎ ت‬
. ‫اﻟ ﻤ ﺎﻟ ﻴ ﺔ ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ‬
14-2. If the basic norm stated in the preceding ‫ إذا ﺗﻌﺬر اﻻﺻﻞ اﻟﻤﻨﺼﻮص ﻋﻠﻴﻪ ﰲ اﻟﺒﻨﺪ )اﻟﺴﺎﺑﻖ‬.2-14
section is not possible, then resort to
arbitration subject to the rulings and ‫ﻓ ﻴ ﺠ ﺐ اﻟ ﻠ ﺠ ﻮ ء إ ﻟ ﻰ اﻟ ﺘ ﺤ ﻜ ﻴﻢ اﻟ ﺨ ﺎ ﺿ ﻊ ﻷ ﺣ ﻜ ﺎم و ﻣ ﺒ ﺎ د ئ‬
principles of Shari’ah.
. ‫اﻟ ﺸ ﺮ ﻳﻌ ﺔ ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ‬
14-3. If what was mentioned in the preceding two ‫ ﻓﻴﺠﺐ ﻣﺮاﻋﺎة ﻣﺎ‬,‫ إذا ﺗﻌﺬر ﻣﺎ ُذﻛﺮ ﰲ اﻟﺒﻨﺪﻳﻦ اﻟﺴﺎﺑﻘﻴﻦ‬.3-14
sections is not possible, the following is
required to comply with: : ‫ﻳﺄ ﰐ‬
14-3-1. A statement in the contract that the ‫اﻟﺘﺼﺮﻳﺢ ﰲ وﺛﺎﺋﻖ اﻟﺼﻜﻮك أن اﻟﻘﺎﻧﻮن اﻟﺤﺎﻛﻢ‬.1-3-14
governing law is applied in a manner that
does not contradict the rulings and ‫ﻳ ﻄ ﺒ ﻖ ﺑ ﻤ ﺎ ﻻ ﻳ ﺘ ﻌ ﺎ ر ض ﻣ ﻊ أ ﺣ ﻜ ﺎم و ﻣ ﺒ ﺎ د ئ اﻟ ﺸ ﺮ ﻳ ﻌ ﺔ‬
principles of Shari’ah, as determined by the
Shari’ah standards issued by the ‫ا ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ﺣ ﺴ ﺒ ﻤ ﺎ ﻗ ﺮ ر ﺗﻪ اﻟ ﻤ ﻌ ﺎ ﻳ ﻴ ﺮ اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ اﻟ ﺼ ﺎ د ر ة‬
Accounting and Auditing Organization for
Islamic Financial Institutions, and that the ‫ﻋ ﻦ ﻫ ﻴﺌﺔ اﻟﻤ ﺤ ﺎﺳ ﺒﺔ و اﻟﻤ ﺮ اﺟ ﻌ ﺔ ﻟ ﻠﻤ ﺆ ﺳ ﺴ ﺎ ت اﻟﻤ ﺎﻟﻴﺔ‬
terms of the contract are interpreted
accordingly. .‫ ﻟﻬﺎ‬-‫ وأن ﺗﻔﺴﺮ ﺑﻨﻮد اﻟﻌﻘﺪ وﻓﻘ‬,‫اﻹﺳﻼﻣﻴﺔ‬
14-3-2. A declaration in the Sukuk documentation ‫اﻟﺘﺼﺮﻳﺢ ﰲ وﺛﺎﺋﻖ اﻟﺼﻜﻮك ﰲ ﺑﻨﻮد اﻟﺘﺰاﻣﺎت‬.2-3-14
in the terms of the obligations of both
parties, other than the clause of the ‫ ﺑ ﺄن ﻫ ﺬ ا ﻣ ﺎ‬, ‫ ﻏ ﻴ ﺮ ﺑ ﻨ ﺪ اﻟ ﻘ ﺎ ﻧﻮ ن اﻟ ﺤ ﺎﻛ ﻢ‬, ‫اﻟ ﻄ ﺮ ﻓ ﻴﻦ‬
governing law, that this is what the parties
to the contract have committed themselves . ‫اﻟ ﺘ ﺰ ﻣ ﺖ ﺑﻪ أﻃ ﺮ اف اﻟ ﺘﻌ ﺎﻗ ﺪ‬
to.
14-3-3. It is a requirement to stipulate that the ‫وﺟﻮب اﻟﻨﺺ ﻋﻠﻰ أن اﻷﻃﺮاف ﻟﻦ ﻳﻄﺎﻟﺒﻮا‬.3-3-14
parties will not claim or accept the interest
amount as a result of judicial [award]. .‫ﺑﺎﻟﻔﻮاﺋﺪ وﻟﻦ ﻳﻘﺒﻠﻮا أن ُﻳﺤﻜﻢ ﲠﺎ‬
167

DRAFT AAOIFI SS 62 ArEn

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DRAFT AAOIFI SS 62 ArEn

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‫( ﺑﺸﺎن اﻟﺼﻜﻮك‬٦٢) ‫ﻣﺴﻮدة اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬

Exposure DRAFT of Shari’ah Standard No. (62): Sukuk

Exposure DRAFT (٦٢) :‫ﻣﺴﻮدة اﻟﻤﻌﻴﺎر اﻟﺸﺮﻋﻲ رﻗﻢ‬

Covering the shortfall in the -٢-١-٦) ‫ﺗﻐﻄﻴﺔ اﻟﻌﺠﺰ ﰲ اﻟﺤﺴﺎب اﻻﺣﺘﻴﺎﻃﻲ‬

Sukuk Issuance (7) (٧) ‫إﺻﺪار اﻟﺼﻜﻮك‬

Types of Commutative Sukuks (8-1-1-1-b) (‫ب‬-١‫ـ‬١-١-٨) ‫أﻧﻮاع ﺻﻜﻮك اﻟﻤﻌﺎوﺿﺎت‬

In the name of Allah, the Merciful, the Most Merciful

Only Allah the Exalted and Hallowed Guides to , , , ‫و اﷲ ﺳ ﺒ ﺤ ﺎ ﻧﻪ و ﺗ ﻌ ﺎ ﻟ ﻰ ا ﻟ ﻤ ﻮ ﻓ ﻖ‬

Text of the Standard ‫ﻧﺺ اﻟﻤﻌﻴﺎر‬

1. The Scope of the Standard ‫ ﻧ ﻄ ﺎ ق ا ﻟ ﻤ ﻌ ﻴ ﺎ ر‬.1

2. Definition of [Certificates of] Sukuks ‫ ﺗ ﻌ ﺮ ﻳ ﻒ ا ﻟ ﺼ ﻜ ﻮ ك‬.2

3. Characteristics of Sukuk : ‫ ﺧ ﺼ ﺎ ﺋ ﺺ ا ﻟ ﺼ ﻜ ﻮ ك‬.3

from conventional bonds, the most important of

4. Parties to the Issuance of Sukuk : ‫ أ ﻃ ﺮ ا ف إ ﺻ ﺪ ا ر ا ﻟ ﺼ ﻜ ﻮ ك‬.4

5. The Underlying Assets of Sukuk : ‫ ﻣ ﻮ ﺟ ﻮ د ا ت ا ﻟ ﺼ ﻜ ﻮ ك‬.5

is stated in Para. (8) of Shari’ah Standard ‫ ﻓ ﻴ ﻨ ﻄ ﺒ ﻖ ﻋ ﻠ ﻴ ﻬ ﺎ ﺑ ﺤ ﺴ ﺐ‬, ‫ﻋ ﻠ ﻴﻬ ﺎ ﺗ ﺸ ﺘﻤ ﻞ ﻋ ﻠ ﻰ د ﻳ ﻮ ن‬

5-2. Requirements of Ownership of the :‫ﻣﺘﻄﻠﺒﺎت ﻣﻠﻜﻴﺔ ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬ .2-5

or unenforceable. .‫ﻇﻬﺮ أﻧﻪ ﻋﻘﺪ ﻏﻴﺮ ﺻﺤﻴﺢ أو ﻏﻴﺮ ﻧﺎﻓﺬ‬

the following conditions must be fulfilled: : ‫ﺗ ﺘﻮ ا ﻓ ﺮ اﻟ ﺸ ﺮ و ط ا ﻵ ﺗ ﻴ ﺔ‬

principal amount, profits or returns a ‫ ﻣﺒﺎﺷًﺮا ﰲ‬-‫ ﻣﺎﻟﻴ‬-‫وأرﺑﺎﺣﻬﺎ أو ﻋﻮاﺋﺪﻫﺎ اﻟﺘﺰاﻣ‬

license, attributed to the originator, takes ‫ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻓ ﻴﺠ ﺐ ﻋ ﻠ ﻴﻬ ﺎ ﺿ ﻤ ﺎن اﻟﻤ ﻮ ﺟ ﻮ د ا ت‬

Title risks include the risks of loss of the underlying ‫ﺗ ﺸ ﺘ ﻤ ﻞ ﻣ ﺨ ﺎ ﻃ ﺮ اﻟ ﻤ ﻠ ﻜ ﻴ ﺔ ﻋ ﻠ ﻰ ﻣ ﺨ ﺎ ﻃ ﺮ ﻫ ﻼ ك ﻣ ﻮ ﺟ ﻮ د ا ت‬

6-1-1-2. Credit Risk :‫ﻣﺨﺎﻃﺮ اﻻﺋﺘﻤﺎن‬ .2-1-1-6

It is the risk of the exchange rate of the principal or ‫ أ و‬, ‫ﻫ ﻲ ﻣ ﺨ ﺎ ﻃ ﺮ ﺳ ﻌ ﺮ ﺻ ﺮ ف ر أ س ﻣ ﺎ ل أ و ﻋ ﻮ ا ﺋ ﺪ اﻟ ﺼ ﻜ ﻮ ك‬

It is the risk of inadequacy of returns of the ‫ﻫ ﻲ ﻣ ﺨ ﺎ ﻃ ﺮ ﻋ ﺪ م ﻛ ﻔ ﺎ ﻳﺔ ﻋ ﻮ ا ﺋ ﺪ ﻣ ﻮ ﺟ ﻮ د ا ت اﻟ ﺼ ﻜ ﻮ ك ﻟ ﺪ ﻓ ﻊ‬

deadlines. Certificateholders bear these risks. . ‫و ﻳ ﺘ ﺤ ﻤ ﻞ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﻫ ﺬ ه اﻟ ﻤ ﺨ ﺎ ﻃ ﺮ‬

formed to address a fall in their profits ‫ و ﻳ ﺘﻢ ﺗ ﻜ ﻮ ﻳ ﻨﻪ ﻟ ﻤ ﻮ ا ﺟ ﻬ ﺔ اﻧﺨ ﻔ ﺎ ض‬, ‫اﻟ ﺮ ﺑ ﺢ‬

principal amount or to make up for ‫ إ ذ ا ﻛ ﺎن اﻟﻐ ﺮ ض ﻣ ﻦ‬, ‫اﻟ ﺼ ﻜ ﻮ ك ﰲ ا ﻷ ر ﺑﺎ ح‬

owned by the certificateholders, will be ‫ﻟﻬ ﻢ ﻳﻜ ﻮ ن ﻟ ﻠﺠ ﻬ ﺔ اﻟﻤ ﻨﺸ ﺌﺔ ﺣ ﺎ ﻓ ﺰ ا ﺣ ﺴ ﺐ اﻻ ﺗﻔﺎق‬

requirement that the insurance company paying the ‫ و ﻻ ﻳﺠ ﻮ ز اﺷ ﱰ اط ﻣ ﺎ ﻳ ﺘﻌ ﺬ ر ﻋ ﻠ ﻴﻬ ﺎ‬. ‫ﻣ ﺨ ﺎﻟ ﻔ ﺔ ﻟ ﺸ ﺮ و ط اﻟ ﺘﻌ ﺎﻗ ﺪ‬

6-2-2. Third party Undertaking :‫ ﺗﻌﻬﺪ اﻟﻄﺮف اﻟﺜﺎﻟﺚ‬.2-2-6

6-3. Undertaking to Purchase the Underlying :‫ اﻟﺘﻌﻬﺪ ﺑﺸﺮاء ﻣﻮﺟﻮدات اﻟﺼﻜﻮك‬.3-6

6-3-1-7. Upon a change in the tax requirements, ‫ﻋ ﻨ ﺪ ﺗ ﻐ ﻴ ﺮ اﻟ ﻤ ﺘ ﻄ ﻠ ﺒ ﺎ ت اﻟ ﻀ ﺮ ﻳ ﺒ ﻴ ﺔ أ و اﻟ ﺘﻌ ﻠ ﻴ ﻤ ﺎ ت‬ .7-1-3-6

6-3-2. Provisions of the Purchase Undertaking: :‫ أﺣﻜﺎم اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء‬.2-3-6

Companies, and s. (3-5-1) of Shari’ah (١-٢-٢) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﺗﻤﺜﻞ ﺻﺎﰲ ﻗﻴﻤﺘﻬﺎ‬

6-3-3. Exercising the Purchase Undertaking: :‫ ﺗﻨﻔﻴﺬ اﻟﺘﻌﻬﺪ ﺑﺎﻟﺸﺮاء‬.3-3-6

6-3-4. Undertaking by the originator to ‫ ﺗﻌﻬﺪ اﻟﺠﻬﺔ اﻟﻤﻨﺸﺌﺔ ﺑﺎﺳﺘﺒﺪال ﻣﻮﺟﻮدات‬.4-3-6

7. Issuance of Sukuk Issuance: : ‫ إ ﺻ ﺪ ا ر ا ﻟ ﺼ ﻜ ﻮ ك‬.7

certificates. With due compliance with s. (8- ‫ و ﯾ ﺮ ا ﻋ ﻰ اﻟﻮ ار د ﰲ اﻟ ﺒ ﻨ ﺪ‬. ‫ﺣ ﻴ ﻦ ا ﺳ ﱰ د ا د ﻫ ﺎ أ و إ ﻃ ﻔ ﺎ ﺋ ﻬ ﺎ‬

(‫( ﺑﺸﺄن اﻟﺸﺮﻛﺔ )اﻟﻤﺸﺎرﻛﺔ‬١٢) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬

7-3. Base Prospectus: :‫ ﻧﺸﺮة اﻹﺻﺪار‬.3-7

the Sukuk” about the ownership risks of the ‫ﺑ ﺎ ﻟ ﺼ ﻜ ﻮ ك ﻋ ﻠ ﻰ ﻣ ﺨ ﺎﻃ ﺮ ﻣ ﻠ ﻜ ﻴﺔ ﻣ ﻮ ﺟ ﻮ د ا ت‬

See: s. (7-2-5) and s. (13-1-1-1). ً ‫ﻣ ﻘ ﺒﻮ‬

7-4. Underwriting the subscription: :‫ اﻟﺘﻌﻬﺪ ﺑﺘﻐﻄﻴﺔ اﻻﻛﺘﺘﺎب‬.4-7

8. 8. Types of Sukuk: : ‫ أ ﻧ ﻮ ا ع ا ﻟ ﺼ ﻜ ﻮ ك‬.8

8-1-1. Plain Vanilla Sukuks: :‫ اﻟﺼﻜﻮك اﻟﻤﻔﺮدة‬.1-1-8

is not affected by the factors of market ‫اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻨ ﺸ ﺌ ﺔ ﻻ ﻳ ﺘ ﺄ ﺛ ﺮ ﺑﻌ ﻮ ا ﻣ ﻞ ﺗ ﻘ ﻠ ﺒ ﺎ ت‬

8-1-1-1-b. Types of Commutative Sukuks :‫أﻧﻮاع ﺻﻜﻮك اﻟﻤﻌﺎوﺿﺎت‬ .‫ب‬-1-1-1-8

It is the Sukuk in which the proceeds of subscription ‫ﻫ ﻲ ا ﻟ ﺼ ﻜ ﻮ ك ا ﻟ ﺘ ﻲ ﺗ ﺴ ﺘ ﺨ ﺪ م ﻓ ﻴ ﻬ ﺎ ﺣ ﺼ ﻴ ﻠ ﺔ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﻟ ﺸ ﺮ اء‬

8-1-1-1-b-2. Salam Sukuk :‫ﺻﻜﻮك اﻟﺴﻠﻢ‬ .2-‫ب‬-1-1-1-8

It is the Sukuk in which the proceeds of subscription ‫ﻫ ﻲ ا ﻟ ﺼ ﻜ ﻮ ك ا ﻟ ﺘ ﻲ ﺗ ﺴ ﺘ ﺨ ﺪ م ﻓ ﻴ ﻬ ﺎ ﺣ ﺼ ﻴ ﻠ ﺔ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﻟ ﺸ ﺮ اء‬

8-1-1-1-b-3. Istisna’ Sukuk :‫ﺻﻜﻮك اﻻﺳﺘﺼﻨﺎع‬ .3-‫ب‬-1-1-1-8

It is the Sukuk in which the proceeds of subscription ‫ﻫ ﻲ ا ﻟ ﺼ ﻜ ﻮ ك ا ﻟ ﺘ ﻲ ﺗ ﺴ ﺘ ﺨ ﺪ م ﻓ ﻴ ﻬ ﺎ ﺣ ﺼ ﻴ ﻠ ﺔ ا ﻻ ﻛ ﺘ ﺘ ﺎ ب ﻟ ﺸ ﺮ اء‬

8-1-1-1-b-4. Ijarah Sukuk: :‫ﺻﻜﻮك اﻹﺟﺎرة‬ .4-‫ب‬-1-1-1-8

Ijarah Sukuk are of several types, the most : ‫ أ ﻫ ﻤ ﻬ ﺎ‬, ‫ﺻ ﻜ ﻮ ك ا ﻹ ﺟ ﺎ ر ة أ ﻧﻮ اع ﻣ ﺘﻌ ﺪ د ة‬

specific service [rendered by] a specific party after ‫ و ﻳ ﻤ ﻠ ﻚ ﺣ ﻤ ﻠ ﺔ اﻟ ﺼ ﻜ ﻮ ك ﺧ ﺪ ﻣ ﺔ اﻟ ﺠ ﻬ ﺔ اﻟ ﻤ ﻌ ﻴ ﻨ ﺔ ﺑ ﻌ ﺪ‬. ‫اﻟ ﺼ ﻜ ﻮ ك‬

8-1-1-1-c-1. The commutative contract Sukuks are ‫ﺗ ﻜ ﻮ ن ﺻ ﻜ ﻮ ك اﻟ ﻤ ﻌ ﺎ و ﺿ ﺎ ت ﻣ ﺤ ﺪ د ة اﻟ ﻤ ﺪ ة‬ .1-‫ج‬-1-1-1-8

distributions is identified, and it .‫ﻟﺤﻤﻠﺔ اﻟﺼﻜﻮك‬

In the case of Tawarruq, it is required ‫اﻟ ﺸ ﺮ ﻋ ﻴ ﺔ اﻟﻮ ار د ة ﰲ اﻟ ﻤ ﻌ ﻴ ﺎ ر اﻟ ﺸ ﺮ ﻋ ﻲ ر ﻗ ﻢ‬

See: s. (5-1-3). .(٣-١-٥) ‫ وﻳﻨﻈﺮ اﻟﺒﻨﺪ‬.‫ﻣﻌﻨﻮﻳﺔ‬

.‫( ﺑﺸﺄن اﻟﻤﺮاﺑﺤﺔ‬٨) ‫اﻟﺸﺮﻋﻲ رﻗﻢ‬

the rules given in s. (4-1-3-4) of Revolving " ‫ﺻ ﻴﻐ ﺔ اﻟﻤ ﺮ اﺑﺤ ﺔ اﻟ ﺪ و ار ة‬

8-1-1-1-d-2. Provisions of Salam Sukuk: :‫اﻷﺣﻜﺎم اﻟﺨﺎﺻﺔ ﺑﺼﻜﻮك اﻟﺴﻠﻢ‬ .2-‫د‬-1-1-1-8