Jurisprudential Study of Predecessor Papers Sale before Maturity
Document Type : Original Article
Authors
1 Student at the level of four seminaries, jurisprudence and principles, Qom seminary, Qom, Iran
2 Professor of Department of Islamic Economics, Institute of Islamic Culture and Thought, Qom, Iran
Abstract
Predecessor papers as one of the sukuks (securities designed based on Islamic contracts) are very effective in financing companies. The most important jurisprudential debate among Islamic economists has been the ban on selling them before maturity because these bonds, the document indicates the ownership of a certain amount of goods for their holder, the issuer is responsible, in which case their sale before maturity is nothing but the sale of the predecessor buyer and famous jurists do not consider this sale permissible. The challenge that this ruling poses for futures bonds in practice is that the secondary market imposes them on sharia restrictions. Islamic economists have tried to prove the permissibility of this sale by criticizing well-known reasons because if allowed, predecessor papers will be sold more easily and there is no need to provide operational models such as parallel predecessor.
Despite valuable jurisprudential discussions on this subject, these papers have not yet been studied independently and in detail in jurisprudence, and the jurisprudential committee of the stock exchange in its resolution, still considers this issue as a place of jurisprudential discussion, so a detailed study of this challenge is the purpose of the leading research. The results of this study indicate that the sale of the predecessor before maturity is not permissible and the right is with the majority of jurists.
Keywords
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Volume 9, Issue 2 - Serial Number 18
June 2022Pages 165-184
- Receive Date: 22 April 2020
- Revise Date: 03 October 2020
- Accept Date: 02 November 2020