93597

269

290

22

The growth of Ṣukūk market has been nothing short of phenomenal. Many countries and corporations are looking to raise funds using Ṣukūk. However, several countries face legal impediments and regulatory constraints. Muslim countries such as Algeria is still yet to develop unique regulation to implement Ṣukūk due to current con-ventional legal and regulatory hindrances. Thus, this paper aims to critically examine the feasibility of the current laws in issuing Ṣukūk. This research is an exploratory study that utilizes qualitative analysis for the review of commercial and financial laws to find out the key elements from the current legal system in Algeria and examine whether it can permit the introduction of Ṣukūk. The study finds that the legislative provisions in commercial law, civil law, and other regulations, which are general in nature, are facili-tative to the issuance of Ṣukūk. However, the current regulations in the capital market constitute an obstacle to the listing of Ṣukūk in the Algerian capital market. The re- search suggests initiating amendments to the current legal and regulatory provisions to allow the issuance of Ṣukūk as a preliminary step and then issuing a Ṣukūk law in the second phase. The contribution of this research is highly significant to the literature in the field of Ṣukūk regulation, and it can be a reference to policy makers to understand the modifications needed for the current Algerian legal system to pave the way for Ṣukūk issuance in the country.

Ṣukūk , Legal and regulatory framework , Algeria

2020

مجله الاسلام في آسيا

مجله الاسلام في آسيا