مطالعه تطبيقي اوراق مشاركت منتشره در ايران و صكوك مشاركت

Comparative Study of Issued Participation Papers in Iran and Al-musharakah Sukuk

يكي از مهم‌ترين اركان نظام مالي در هر كشوري ابزارهاي مالي هستند. بدون وجود ابزارهاي مالي متنوع و كارآمد، تامين مالي در چرخه اقتصاد مختل مي‌گردد. در دهه 1980، ايده استفاده از ابزارهاي اسلامي قوت گرفت و انواع مختلف صكوك ابداع گرديد. ايران را مي‌توان نخستين كشوري قلمداد كرد كه اقدام به تامين مالي از طريق انتشار اوراق مشاركت نموده است. در اين پژوهش، تفاوت‌هاي هر دو گونه اوراق مشاركت منتشره در ايران با مجوز بانك مركزي و نيز سازمان بورس و اوراق بهادار و صكوك مشاركت منتشرشده در كشورهاي خارجي از ابعاد مختلفي چون آمار انتشار، تعاريف، اركان، ساز و كار انتشار و بررسي فقهي مورد واكاوي و تحليل قرار گرفته و پيشنهاداتي جهت انتشار صكوك مشاركت در ايران و رفع ضعف‌هاي ساختاري اوراق مشاركت فعلي ارايه گرديده است.

In any country, financial instruments are one of the most important components of financial system. Without varied and efficient financial instruments, financing disturbed in economic cycle. In 1980, after many years experiment of Riba-based financial instruments, there was increasing emphasis on implementation of Islamic financial instruments idea, then different kinds of Sukuk invented to introduce financial institutions appropriate alternative instead of financing through Riba-based instruments. All over the world, al-musharakah sukuk had significant favorite between investors continuously. In some cases, the amount of issuance increased due to unexpected investors demand. Iran is the first country which has issued participation papers. In Iran, participation papers are published with permission of two authorities: central bank of Islamic republic of Iran and securities and exchange organization. participation papers which are issued in Iran and al-musharakah sukuk which is issued in foreign countries have similarities and differences that prominence each of them from different aspects. In this article, we have analysis both kinds of participation papers in Iran and al-musharakah sukuk in foreign countries from different points of view: issuance statistics, definitions, components, issuance mechanisms and sharia compliance; furthermore, we offer suggestions for issuance of al-musharakah sukuk in Iran and improvement in weaknesses and flaws of participation papers current structure.