چالش‌هاي كاركردي و فقهي انتشار اوراق مشاركت ريالي در ايران

Associate Professor, Faculty of Islamic Studies and Economics, Imam Sadiq University

صكوك مشاركت، يكي از ابزارهاي تامين مالي طرح هاي بخش دولتي و خصوصي است كه انتشار آن در كشورهاي مختلفي رواج دارد. بنا به نظر برخي محققان، ايران اولين كشوري بود كه از صكوك براي تامين مالي پروژه ها و طرح ها استفاده كرد و اوراق مشاركت شهرداري تهران در سال 1373، اولين صكوكي بود كه در سيستم مالي و اقتصادي جهان انتشار يافت. از ابتداي انتشار اين اوراق تا به امروز، ساخت و ماهيت فقهي اوراق مشاركت از سويي و كاركردهاي اقتصادي اين اوراق از سوي ديگر، همواره مورد مناقشه صاحب نظران و اقتصاددانان بوده است. در پژوهش حاضر، سعي شده است تا با توجه به قوانين و آمارهاي موجود، مهم ترين چالش هاي فقهي و اقتصادي اوراق استخراج و ارائه گردد و در پايان، سياست هايي براي بهبود كارايي اين اوراق پيشنهاد شود

Mosharakah Sokok is one of the instruments to finance the public and private plans which are used widely in different countries. According to some researchers, Iran was the first country which used these Sokok for financing the projects and plans and the municipality bonds in 1373 were the first Sokok which were issued in the world economic and financial system. Since their initial issuance, their structure, jurisprudential nature as well as their economic applications were challenged by the economists. In this research, we tried to deduce the jurisprudential as well as the economic challenges of these bonds according to the available laws and data and finally, to give some policy recommendations to improve the efficiency of these financial instruments