بررسي فقهي و حقوقي اوراق بهادار مضاربه

Jurisprudential and Legal Natire of Mudaraba Sukuks

يكي از ابزارهايي كه مي‌توان براساس قراردادهاي اصيل اسلامي طراحي كرد اوراق مضاربه است. عقد مضاربه به‌عنوان مبناي انتشار اوراق مضاربه و مفاهيم و روابط حقوقي بين اركان اوراق پيش‌گفته، به آن نظمي حقوقي داده و از آن نظام حقوقي با ويژگي‌هاي خاص خود ساخته است. روابط موجود در فرآيند انتشار و اجراي اوراق مضاربه براساس اين ماهيات و قواعد عام حقوقي تنظيم مي‌شود. به همين لحاظ نياز به بررسي حقوقي اين اوراق امري ضروري است. پژوهش پيش‌رو براساس روش توصيفي- تحليلي و مبتني بر اين پرسش اصلي است كه به لحاظ حقوقي تحليل ماهيت سازوكارها و روابط موجود در مدل‌هاي عملياتي انتشار اوراق مضاربه چگونه است؟ نتيجه‌هاي پژوهش نشان مي‌دهد كه فرايند انتشار اوراق پيش‌گفته از بُعد فقهي و حقوقي نقص نداشته و سازوكار اجرايي آن از جهت روابط حقوقي في مابين قابل تنظيم است. براي اجرايي‌كردن اوراق پيش‌گفته مي‌توان از ضمانت اجراهاي حقوقي و الزام به انجام تعهدهاي طرفين به‌وسيله به‌كارگيري قواعد و اصول حقوقي بهره گرفت.

One of the instruments which can be designed based on original Islamic contracts is Mudaraba Sukuk. As a basis for issuance of Mudaraba Sukuks and legal concepts and relations between elements of the said securities, Mudaraba contract has given it a particular legal discipline and has created a legal system with special features from it. The existing relations in the process of issuance and execution of Mudaraba papers are based on these legal natures and general legal principles. Due to this very fact, a legal analysis of these papers is a necessity. The current research which is based on the descriptive-analytic method, works on the primary question that from legal aspect, what does the analysis of nature of mechanism and relations existing in execution models of Mudaraba Sukuk’s issuance, say? The results achieved by researches show that the process of issuance of the said securities, from jurisprudential and legal aspect, is not defective at all and its executive mechanism can be organized from the aspect of legal mutual relations. In order to make them executable the legal performance guarantee and compulsion to perform the promises between two parties, can be brought in play through the use of legal rules and principles.