ﻧﺠﺎت از درون (Bail-in): اﻣﮑﺎن ﺳﻨﺠﯽ ﺣﻘﻮﻗﯽ و اﻗﺘﺼﺎدي ﺑﮑﺎرﮔﯿﺮي اﺑﺰار »ﻧﺠﺎت از درون« در ﻧﻈﺎم ﺑﺎﻧﮑﺪاري ﺑﺪون رﺑﺎ اﯾﺮان

Bail-in: Legal and Economic Feasibility Study of Applying Bail-in Tool in Iran Usury-free Banking

اﻣﺮوزه ﺑﺎزار ﭘﻮﻟﯽ و ﻣﺎﻟﯽ ﮐﺸﻮر ﺑﺎ ﻣﻔﻬﻮﻣﯽ ﺟﺪﯾﺪ ﺑﺎ ﻧﺎم »ﮔﺰﯾﺮ« ﻣﻮاﺟﻪ ﺷـﺪه اﺳـﺖ ﮐـﻪ ﺑـﻪ ﻟﺤـﺎظ ﻓﻨـﯽ،ﺟﺎﯾﮕﺰﯾﻦ ﻓﺮاﯾﻨﺪ ﻋﺎدي ورﺷﮑﺴﺘﮕﯽ در ﻣﻮاﺟﻬﻪ ﺑﺎ ﺑﺎﻧﮏ ﻫﺎ و ﻣﺆﺳﺴﺎت اﻋﺘﺒـﺎري ﻣﺘﻮﻗـﻒ ﯾـﺎ در ﻣﻌـﺮض ﺗﻮﻗﻒ ﺧﻮاﻫﺪ ﺷﺪ. ﻧﺎرﺿﺎﯾﺘﯽ ﺳﯿﺎﺳﺖ ﮔﺬاران از ﻓﺮاﯾﻨﺪ ﻋﺎدي ورﺷﮑﺴﺘﮕﯽ ﻧﺴﺒﺖ ﺑﻪ ﺑﺎﻧﮏ ﻫﺎ و ﻣﺆﺳﺴـ ﺎت اﻋﺘﺒﺎري ﺳﺒﺐ ﺷﺪه اﺳﺖ ﮐﻪ ﻧﻈﺎم ﺟﺪﯾﺪ اﻟﺘﺄﺳﯿﺲ »ﮔﺰﯾﺮ« روزﺑﻪ روز ﺟﻠﻮه و اﻫﻤﯿـﺖ وﯾـﮋه اي ﭘﯿـﺪا ﮐﻨـﺪ. ﯾﮑﯽ از ﭘﺮﭼﺎﻟﺶ ﺗﺮﯾﻦ و در ﻋﯿﻦ ﺣﺎل ﻣﻔﯿﺪﺗﺮﯾﻦ اﺑﺰارﻫﺎي ﻧﻈﺎم »ﮔﺰﯾﺮ«، »ﻧﺠﺎت از درون« اﺳﺖ؛ ﻣﻔﻬـﻮﻣﯽ ﺟﺪﯾﺪ در ﺗﻘﺎﺑﻞ ﺑﺎ »ﻧﺠﺎت از ﺑﯿﺮون«. اﺑﺰاري ﮐﻪ ﺑﺎ دو روﯾﮑﺮد ﺑﻪ ﻧﺤﻮ ﻣﺴﺘﻘﻞ ﯾـﺎ ﺗﮑﻤﯿﻠـﯽ در ﮐﻨـﺎر ﺳـﺎﯾﺮ اﺑﺰارﻫﺎي »ﮔﺰﯾﺮ« ﻗﺎﺑﻞ ﺗﻌﻘﯿﺐ و اﺳﺘﻔﺎده اﺳﺖ. »ﻧﺠﺎت از درون« ﻋﺒﺎرت اﺳﺖ از : »اﻋﻄﺎء اﺧﺘﯿﺎر ﺑـﻪ ﻣﻘـﺎم ﻣﺴﺌﻮل ﮔﺰﯾﺮ ﻣﺒﻨﯽ ﺑﺮ ﺣﻖ ﮐﺎﻫﺶ ارزش دﯾﻮن ﯾﺎ ﺗﺒﺪﯾﻞ ﺑﺪﻫﯽ ﻫﺎي ﺑﺎﻧﮏ ﺑﻪ ﺳﻬﺎم«. ﭼﻨﺎﻧﭽﻪ از اﯾﻦ ﺗﻌﺮﯾﻒ ﺑﺮﻣﯽ آﯾﺪ، ﻓﺮاﯾﻨﺪ »ﻧﺠﺎت از درون« ﻣﺸﺘﻤﻞ ﺑﺮ دو ﻣﺮﺣﻠﻪ ﻣﯽ ﺑﺎﺷﺪ؛ ﺟﺬب زﯾـﺎن ﺑـﻪ ﻣﻨﻈـﻮر ﮐـﺎﻫﺶ ارزش دﯾﻦ و ﺗﺒﺪﯾﻞ دﯾﻦ ﺑﻪ ﺳﻬﺎم. ﻗﺮﯾﺐ ﺑﻪ اﺗﻔﺎق ﮐﺸﻮرﻫﺎي ﭘﺬﯾﺮﻧﺪه »ﻧﺠﺎت از درون« ﺑﺪواً اﯾـﻦ اﺑـﺰار را در ﺗﻘﺎﺑـﻞ ﺑـﺎ ﻗﻮاﻋـﺪ ﺣﻘـﻮق ﺧﺼﻮﺻﯽ داﻧﺴﺘﻪ اﻧﺪ اﻣﺎ ﺑﺎ ﻣﺪاﻗﻪ ﻻزم ﻣﻮاﻧﻊ ﭘﯿﺶ روي ﺑﮑﺎرﮔﯿﺮي اﯾﻦ اﺑﺰار را ﻣﺮﺗﻔـﻊ ﻧﻤـﻮده اﻧـﺪ. در ﻧﻈـﺎم ﺣﻘﻮﻗﯽ اﯾﺮان ﻧﯿﺰ، ﻣﻨﺒﻌﺚ از ﻓﻘﻪ اﻣﺎﻣﯿﻪ، اﻋﻤﺎل اﯾﻦ اﺑﺰار ﺳﻠﯿﻢ از اﺷﮑﺎل ﻧﯿﺴﺖ. اﺻﻮل ﺑﺎﻧﮑﺪاري اﺳـﻼﻣﯽ، ﻗﻮاﻋﺪ ﻓﻘﻪ اﻣﺎﻣﯿﻪ، ﺑﻪ وﯾﮋه ﻣﻔﺎﻫﯿﻢ »اﺑﺮاء« و »ﺗﺒﺪﯾﻞ ﺗﻌﻬﺪ« و ﻧﺒﻮد زﯾﺮﺳﺎﺧﺖ ﻫﺎي اﻗﺘﺼﺎدي ﺟﻬـﺖ ﺗﻤﺴـﮏ ﺑﻪ اﯾﻦ اﺑﺰار از ﺟﻤﻠﻪ ﻣﻮاﻧﻊ اﺻﻠﯽ اﺳﺖ ﮐﻪ در اﯾﻦ ﻣﻘﺎﻟﻪ ﺑﺎ اﺗﺨﺎذ روش ﺗﻮﺻﯿﻔﯽ ـ ﺗﺤﻠﯿﻠﯽ در ﭘـﯽ ﺗﺒﯿـﯿﻦ ﻮﺿﯿﺢ و ﺣﻞ آن ﻫﺎ ﻣﯽ ﺑﺎﺷﯿﻢ

Nowadays, Iran monetary and financial market encounter a new concept, named “Resolution” that is going to be technically replaced with “Bankruptcy” system for facing failed or likely to fail banks and credit institutions. Dissatisfaction of policy and decision makers from bankruptcy system toward banks and credit institutions highlights the importance of “Resolution” in their eyes. Among all of the tools utilized under “Resolution” system, “Bail-in” is counted as one of the most challenging on the one hand, and the most useful tool on the other hands which is not only does open a new window in the realm of facing bank failure, but also comprehensively stands against “Bail-out”. This tool can be analyzed in two perspectives; an independent tool and the complementary one. “Bail-in” means “the mechanism for affecting the exercise by a resolution authority of the write-down and conversion powers in relation to liabilities of an institution under resolution”. As it is crystal clear, “Bail-in” includes two steps: loss absorption for “Write-down” and “Conversion” of liabilities to equity. Initially Considering “Bail-in” tool versus the rules of private law, most of the countries have carefully eliminates the impediments before applying this tool. In Iran legal system, originating from Shiite jurisprudence, this tool is not flawless. Islamic banking principles, Shiite jurisprudence rules, i.e. particularly “debt forgiveness” and “novation”, and lack of economic infrastructures are the major barriers before “Bail-in” tool, for which the authors have attempted to resolve them, in addition to explaining and clearing the issues, through descriptive-analyzing method.