‫‪Dr. Samer Kantakji‬‬
‫‪ Yamen Rasheed‬ﺑﺎﻟﻨﯿﺎﺑﺔ ﻋﻦ ‪[email protected]‬‬
‫]‪[[email protected]‬‬
‫ﺗﻤﻮز‪ ٠٤:٥٧ ٢٠١٠ ،‬م ‪04‬‬
‫‪[email protected]‬‬
‫‪Sukuk‬ﻓﻘﮫ اﻟﺼﻜﻮك ﺑﯿﻦ اﻟﻨﻈﺮﯾﺔ واﻟﻮاﻗﻊ‪ :‬رؤﯾﺔ ﻣﻘﺎﺻﺪﯾﺔ واﻗﺘﺼﺎدﯾﺔ ﺗﻄﺒﯿﻘﯿﺔ ]‪[Nidal_IslamicFinance:2729‬‬
‫‪:‬ﻣﻦ‬
‫‪:‬ﺗﺎرﯾﺦ اﻹرﺳﺎل‬
‫‪:‬إﻟﻰ‬
‫‪:‬اﻟﻤﻮﺿﻮع‬
‫رؤﯾﺔ ﻣﻘﺎﺻﺪﯾﺔ واﻗﺘﺼﺎدﯾﺔ ﺗﻄﺒﯿﻘﯿﺔ ‪:‬ﻓﻘﮫ اﻟﺼﻜﻮك ﺑﯿﻦ اﻟﻨﻈﺮﯾﺔ واﻟﻮاﻗﻊ‬
‫‪Sukuk Jurisprudence Practice vs. Theory: Maqasidic and Economic‬‬
‫‪Perspective‬‬
‫اﻟﻤﺒﺤﺚ اﻷول‬
‫ﺑﻘﻠﻢ اﻟﺒﺎﺣﺚ‪ :‬ﻧﻀﺎل ﻋﺒﺪ اﻟﺤﻤﯿﺪ اﻟﺴﯿﺪ‬
‫اﻷﻛﺎدﯾﻤﯿﺔ اﻟﺪوﻟﯿﺔ ﻟﻠﺒﺤﻮث اﻟﺸﺮﻋﯿﺔ ﻓﻲ اﻟﻤﺎﻟﯿﺔ اﻹﺳﻼﻣﯿﺔ‬
‫ﻛﻮاﻻﻟﻤﺒﻮر‪ -‬ﻣﺎﻟﯿﺰﯾﺎ‬
‫ﻟﻌﻠﻪ ﻳﻜﻮﻥ ﻓﻜﺮﺓ ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﲑ ﺃﻭ ﺩﻛﺘﻮﺭﺍﻩ ﻟﻠﺒﺎﺣﺜﲔ ﰲ ﻟﻘﺪ ﻗﻤﺖ ﺑﺎﻗﺘﺒﺎﺱ ﻫﺬﺍ ﺍﳉﺰﺀ ﻣﻦ ﲝﺚ ﻃﻮﻳﻞ ﻷﺳﺘﺎﺫﻧﺎ ﻧﻀﺎﻝ ﺍﻟﺴﻴﺪ‪ -‬ﺣﻔﻈﻪ ﺍﷲ‪،‬‬
‫ﻭﻫﻨﺎ ﻧﺒﺪﺃ ‪:‬ﺍﻟﺼﻜﻮﻙ‪ ،‬ﻭﻓﻘﻜﻢ ﺍﷲ‪...‬ﻭﺗﺄﻣﻠﻮﺍ‪ -‬ﻳﺎ ﺭﻋﺎﻛﻢ ﺍﷲ‪ -‬ﰲ ﺍﻟﻘﺮﺍﺀﺓ ﺃﺩﻧﺎﻩ‪...،‬ﻓﺮﺏ ﺣﺎﻣﻞ ﻓﻘﻪ ﳌﻦ ﻫﻮ ﺃﻓﻘﻪ ﻣﻨﻪ‪...‬ﻭﻓﻘﻜﻢ ﺍﷲ‬
‫ﺍﺣﺘﺪﻡ ﺍﻟﻨﻘﺎﺵ ﺍﻟﻔﻘﻬﻲ ﺣﻮﻝ ﺷﺮﻋﻴﺔ ﻋﺪﺩ ﻣﻦ ﺗﻄﺒﻴﻘﺎﺕ ﺍﻟﺼﻜﻮﻙ ﺍﻹﺳﻼﻣﻴﺔ ﻟﺪﻯ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺼﺮﻓﻴﺔ ﺍﻹﺳﻼﻣﻴﺔ ﰲ ﻛﺜﲑ ﻣﻦ ﺍ‪‬ﺎﻟﺲ‬
‫ﻟﻌﺪﻡ ﺑﺮﻭﺯ ﺍﻟﻔﺮﻭﻕ ﺍﳉﻮﻫﺮﻳﺔ ﺍﻟﱵ ﲤﻴﺰﻫﺎ ﻋﻦ ﺳﻨﺪﺍﺕ ﺍﻟﺪﻳﻦ ﺍﻟﺮﺑﻮﻳﺔ ﰲ ﺍﻟﻨﻈﺎﻡ ﺍﳌﺎﱄ ﻭﺍﳌﺼﺮﰲ ﺍﻟﺘﻘﻠﻴﺪﻱ‪ ،‬ﺍﻟﺸﺮﻋﻴﺔ ﺩﺍﺧﻞ ﻣﺎﻟﻴﺰﻳﺎ ﻭﺧﺎﺭﺟﻬﺎ‪،‬‬
‫ﻭﻟﻌﻞ ﺍﳌﺮﺣﻠﺔ ﺍﻟﻔﺎﺻﻠﺔ ﰲ ﺗﺎﺭﳜﻬﺎ ﺍﻟﺘﻄﺒﻴﻘﻲ ﺍﳌﻌﺎﺻﺮ ﻛﺎﻥ ﰲ ﻋﺎﻡ ‪ ،٢٠٠٧‬ﺑﻌﺪ ﺗﺼﺮﻳﺢ ﺭﺋﻴﺲ ﺍ‪‬ﻠﺲ ﺍﻟﺸﺮﻋﻲ ﳍﻴﺌﺔ ﺍﶈﺎﺳﺒﺔ ﻭﺍﳌﺮﺍﺟﻌﺔ‬
‫ﻟﻠﻤﺆﺳﺴﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻹﺳﻼﻣﻴﺔ ﺑﺄﻥ ‪ % ٨٥‬ﻣﻦ ﺻﻜﻮﻙ ﺍﳌﻀﺎﺭﺑﺔ ﻭﺍﳌﺸﺎﺭﻛﺔ ﳐﺎﻟﻔﺔ ﻷﺣﻜﺎﻡ ﺍﻟﺸﺮﻳﻌﺔ ﺍﻹﺳﻼﻣﻴﺔ‪ ،‬ﻭﻛﺎﻥ ﺃﻫﻢ ﺍﳌﻼﺣﻈﺎﺕ ﺍﻟﺸﺮﻋﻴﺔ‬
‫ﺁﻧﺬﺍﻙ‪ ،‬ﺿﻤﺎﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ‪ ،‬ﻭﺍﻟﺼﻮﺭﻳﺔ ﰲ ﻋﻘﻮﺩ ﺍﻹﺟﺎﺭﺓ ﺍﳌﻨﺘﻬﻴﺔ ﺑﺎﻟﺘﻤﻠﻴﻚ ﻭﻣﺎ ‪‬ﺎ ﻣﻦ ﺷﺒﻬﺔ ﺑﻴﻊ ﺍﻟﻮﻓﺎﺀ‪ ،‬ﻭﳐﺎﻟﻔﺔ ﻣﺴﺘﻨﺪ ﺍﻟﺼﻚ ﻭﺗﻄﺒﻴﻘﺎﺕ‬
‫ﻣﻘﺼﻮﺩ ﺍﺳﺘﺼﺪﺍﺭ ‪:‬ﺗﻘﻮﻡ ﻋﻠﻰ ﳏﺎﻭﺭ ﺛﻼﺛﺔ ﺍﻟﺼﻜﻮﻙ ﻟﻨﺺ ﻭﻓﺤﻮﻯ ﺍﻟﻔﺘﺎﻭﻯ ﰲ ﻫﺬﺍ ﺍﻟﺸﺄﻥ‪..‬ﻭﳌﺎ ﻛﺎﻧﺖ ﺃﺳﺲ ﺍﻟﺮﺅﻳﺔ ﺍﳌﻘﺎﺻﺪﻳﺔ ﻟﻠﺼﻜﻮﻙ‬
‫ﺍﻟﺼﻜﻮﻙ‪ ،‬ﻭﻫﻴﻜﻠﻬﺎ ﺍﻟﺘﺮﻛﻴﱯ ﻭﺍﻟﻮﻇﻴﻔﻲ‪ ،‬ﻭﺁﺛﺎﺭﻫﺎ ﻋﻠﻰ ﺍﻹﻗﺘﺼﺎﺩ ﺍﻟﻜﻠﻲ ‪،‬ﻭﺍﻟﱵ ﻣﻦ ﺧﻼﳍﺎ ﻳﻜﺘﻤﻞ ﺍﳊﻜﻢ ﺍﻟﺸﺮﻋﻲ ﻭﻳﻨﻀﺞ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ‬
‫ﺑﺎﺳﺘﺼﺪﺍﺭ ﺍﻟﺼﻜﻮﻙ ﺍﻹﺳﺘﺜﻤﺎﺭﻳﺔ‪ .‬ﻭﻟﺬﻟﻚ ﻓﺈﻥ ﺗﺮﺍﻛﻢ ﺍﻟﺪﻳﻦ ﻭﺗﻀﺎﻋﻔﻪ ﻋﻠﻰ ﺍﳌﺪﻳﻦ‪ ،‬ﻟﻴﺲ ﺍﳊﻜﻤﺔ ﺍﳌﻘﺼﻮﺩﺓ ﻣﻦ ﺍﻟﺘﺼﻜﻴﻚ‪ ،‬ﻭﺇﻻ ﺃﺻﺒﺤﺖ‬
‫ﺗﺮﻛﻴﺒﺎ ﺍﻭ ﺗﻌﻘﻴﺪﺍ ﰲ ﺍﺳﺘﺼﺪﺍﺭﻫﺎ ﻻ ﺿﺮﻭﺭﺓ ﻟﻪ‪ ،‬ﻭﻳﻌﻜﺲ ﲢﺎﻳﻼ ﺷﺮﻋﻴﺎ ﺑﺪﺭﺟﺎﺕ ﺗﻀﺎﻫﻲ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﺮﺑﻮﻳﺔ‪ ،‬ﻭﺃﻥﹼ ﻣﻦ ﳝﻌﻦ ﺍﻟﻨﻈﺮ ﻭﻳﺪﻗﻖ ﳚﺪ‬
‫ﻣﺘﻔﺎﻭﺗﺔ‪ ،‬ﻭﻛﻞ ﺫﻟﻚ ﻣﺼﺤﻮﺏ ﺑﺎﻹﺧﻼﻝ ﰲ ﺍﻟﺘﻮﺍﺯﻥ ﺍﳌﻘﺎﺻﺪﻱ ﻟﻠﻐﻨﻢ ﺑﺎﻟﻐﺮﻡ ﺃﻭ ﺍﳋﺮﺍﺝ ﺑﺎﻟﻀﻤﺎﻥ‬
‫ﻭﳌﺎ ﻛﺎﻧﺖ ﺃﻫﺪﺍﻑ ﺍﻟﻨﻈﺎﻡ ﺍﻹﻗﺘﺼﺎﺩﻱ ﺍﻹﺳﻼﻣﻲ‪ ،‬ﻗﺎﺋﻤﺔ ﻋﻠﻰ ﺗﻌﺰﻳﺰ ﺍﻫﺪﺍﻑ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻹﺟﺘﻤﺎﻋﻴﺔ‪ ،‬ﻭﺟﺐ ﺗﻮﺟﻴﻪ ﺍﻹﺳﺘﺜﻤﺎﺭ ﺑﺎﻟﺼﻜﻮﻙ‬
‫ﳓﻮ ﺍﳌﺸﺎﺭﻳﻊ ﺍﻟﱵ ﲢﻘﻖ ﺗﺴﻠﺴﻞ ﺣﺘﻤﻲ ﻭﻣﺜﻤﺮ ﻟﻨﻤﻮ ﺍﻟﺼﻨﺎﻋﺎﺕ ﺍﳌﻨﺘ‪‬ﺠﺔ ﺍﳌﺨﺘﻠﻔﺔ‪ ،‬ﻭﻣﻦ ﻫﺬﺍ ﲤﻮﻳﻞ ﺍﻹﻋﻼﻡ ﺍﳍﺎﺩﻑ ﻭﺍﳌﻤﻴﺰ‪ ،‬ﻭﲤﻮﻳﻞ ﺍﻹﺳﻜﺎﻥ‬
‫ﻷﺻﺤﺎﺏ ﺍﻟﺪﺧﻞ ﺍﳌﺘﻮﺳﻂ‪ ،‬ﻭﺗﻴﺴﲑ ﺍﻟﺰﻭﺍﺝ‪ ،‬ﻭﺳﻠﻊ ﺍﻟﺘﺼﺪﻳﺮ ﺍﻷﺟﻨﺒﻴﺔ ﺍﳌﺨﺘﻠﻔﺔ‪...‬ﻭﻟﻜﻲ ﻳﺘﺤﻘﻖ ﻫﺬﺍ‪ ،‬ﺍﺳﺘﻠﺰﻡ ﺍﻟﺒﺤﺚ ﰲ ﺍﳌﻌﺎﻳﲑ ﺍﳌﻘﺎﺻﺪﻳﺔ‬
‫ﻟﺘﻌﺰﻳﺰ ﺍﻷﺻﺎﻟﺔ ﺍﻟﺸﺮﻋﻴﺔ‪ ،‬ﺑﺄﺳﻠﻮﺏ ﺟﺪﻳﺪ ﻭﻣﺘﺠﺪﺩ‪ ،‬ﻧﺴﻌﻰ ﻣﻦ ﺧﻼﻟﻪ ﺗﻄﻮﻳﺮ ﺁﻟﻴﺔ ﻋﻤﻞ ﺍﶈﺎﻭﺭ ﺍﻟﺜﻼﺛﺔ ﺍﳌﺬﻛﻮﺭﺓ ﺃﻋﻼﻩ‪ ،‬ﻭﺍﻟﱵ ﺳﺘﺆﺩﻱ ﺣﺘﻤﺎ‪،‬‬
‫ﻭﺍﻹﺑﺘﻜﺎﺭ ﻭﺍﻟﺘﻤﻴﺰ ﻭﺍﻹﺳﺘﻘﻼﻟﻴﺔ‪ ،‬ﻭﻧﺘﻴﺠﺔ ﻟﺬﻟﻚ ﺗﻨﻀﺒﻂ ﺍﻟﺴﻴﺎﺳﺔ ﺍﻟﺸﺮﻋﻴﺔ ﰲ ﺍﺑﺘﻜﺎﺭ ﻣﻨﺘﺠﺎﺕ ﺍﺳﻼﻣﻴﺔ ﻭﺍﺳﺘﺼﺪﺍﺭ ﺻﻜﻮﻙ ﺣﻘﻴﻘﺔ ﻭﻏﲑ ﺗﻘﻠﻴﺪﻳﺔ‬
‫ﺷﻜﻼ ﻭﻣﻀﻤﻮﻧﺎ ﻭﺃﺛﺮﺍ‬
‫ﻛﺎﻣﻞ ﺍﻟﺒﺤﺚ ﳝﻜﻦ ﻃﻠﺒﻪ ﻣﻦ ﺍﳌﺆﻟﻒ ﻣﺒﺎﺷﺮﺓ‪...‬ﻓﻬﻮ ﻏﲑ ﻣﻨﺸﻮﺭ ﻋﻠﻰ ‪1‬ﺍﻟﻨﺖ‬
‫ﻳﺎﻣﻦ‬
-You received this message because you are subscribed to the Google
Groups "Nidal_Islamic Finance" group.
To post to this group, send email to
[email protected]
For more options, visit this group at
http://groups.google.com/group/nidal_islamic-finance?hl=en?hl=en
2