صكوك سلف؛ ابزاري مناسب براي تامين ماي و پوشش ريسك

Salafʹ Sukuk; an Appropriate Instrument for Provision of Finance of Risk Coverage

Latest studies in Finance show that it is possible to design various instruments, with a variety of uses, with the help of the [jurisprudentially] legal contracts. One of those financial instruments is the Salaf bonds designed on the basis of the Salaf contract. This instrument has the ability to fill-in the deficit in the governmentʹs budget, provide for the financial needs of the firms, become an appropriate instrument for risk coverage and be used as an instrument of monetary management by the Central Banks. In this article it has been strived that, through a descriptive-analytical approach and utilizing the experiences of other Islamic countries, a feasible model of these financial papers in line with the Imamia jurisprudence and the laws and rules of the capital market be presented. The current study shows that the primary market transactions of Salaf bonds are absolutely valid. However the secondary market transactions though can be amended and validated based on the Islamic laws and general principles governing the contracts, according to the view popular among the jurists, have some flaws and faults. To get rid of these flaws, techniques have been recommended.