Abstract

The research aimed to address the applied reality and the shari’a ruling of the common method in Islamic finance institutions for distributing the returns of sukuk that are managed by agency, between its holders and the agent to manage it, represented by ceiling the profit of the sukuk holders with a lump sum and the surplus goes to the agent to manage it. The research methodology is descriptive and analytic, where the aforementioned way was presented, and also its practical reality, and the opinions and discussions of Islamic contemporary jurists about, with analysis and weighting. Our research is distinguished from previous studies in that it specialized in examining the issue, and expanded in investigating what is related to it in reality, and jurisprudence. The research concluded with results, the most important of which are: The net profit of sukuk in Islamic finance institutions is distributed to its holders, with a lump sum ceiling, caculated according to the interest rate. The sukuk manager retains the surplus over that ceiling for himself. And this is his main return. Contemporary Islamic jurists differed in the judgment about that, between permissible, disapproving, and detailers. The most correct view is that the aforementioned method is not permissible, because of the obscurity (Jahalah), and injustice (Gharar) involved in the agent’s fee, and the sukuk holders as well. Besides the absence of true satisfaction from both parties, because it is a satisfaction based on (Gharar). And the absence of the basis for the incentive, due to the fixing of the ceiling at the interest rate. Regarding the conditions stipulated by some of the detailers, such as determining the ceiling on the basis of the expected profit from the project, not on the basis of the interest rate. And that the true satisfaction of the sukuk holders is required – these conditions may reduce the injustice and the effect of obscurity in the right of the sukuk holders, but it increases, on the other hand, the effect of that in the right of the agent, by increasing the possibility of not obtaining a surplus, or to get a trivial surplus, which is magnified if this surplus is the only form of return that he will get, and it is not accompanied except by a trivial fixed wage, As is the reality of the application.

Keywords: profit. Lump sum. Agency. Sukuk. Islamic finance. Profit Ceiling. Surplus.

Title

مجلة الجامعة الإسلامية للدراسات الشرعية والقانونية

Publisher

الجامعة الإسلامية

Publisher Country

Palestine

Publication Type

Both (Printed and Online)

Volume

31

Year

2024

Pages

92-112