A Study of the Law Governing the Release of International Sukuk in the World and the Legal Framework Requirements for Creating the Platform in the Iranian Capital Market

Authors

1 Professor of Private Law, University of Qom

2 PhD student of Private Law, Islamic Azad University, Qaemshahr Branch, Mazandaran

3 PhD of Financial Management, University of Tehran, Researcher at Monetary and Banking Research Institute

Abstract

In recent years, the international Islamic securities (Sukuk) market has enjoyed significant growth, and various governments and companies have entered the market worldwide and funded through the issuance of these securities. One of the important issues with the Sukuk issuance is the governing law of the transactions of these types of instruments. The importance of the legal framework and the rule of law will increase when international Sukuk issues, and if the law governing Sukuk transactions is not properly selected, there will be a possibility of a problem, especially in the bankruptcy. In this research, we try to investigate the issue of the legal framework and the law governing the publication of Sukuk, in particular in the international dimension, through the review of studies and the use of a descriptive analytical method. In this regard, considering the existing practices in the law governing Sukuk transactions in other countries and examining different approaches, the requirements for the Iranian capital market will be explained in this regard.
There are various approaches to choosing the law for the issuance of Sukuk: First, the Sukuk transactions that choose English law and the exclusive jurisdiction of the English courts; Second, Sukuk transactions that partly provide for English law and jurisdiction; Third, Sukuk transactions that provide for Islamic Sharia as the exclusive law for the interpretation of the underlying agreements; and Fourth, Sukuk transactions that provide for arbitration as an alternative form of dispute resolution. In order to develop the international Sukuk market in Iran, it is necessary to consider, in relation to the legal framework and governing law, various considerations including the mechanism for determining the necessary legal framework in the upstream laws, the elimination of conflict of laws, the cooperation of regulators and further engagement with international institutions to strengthen the standards and legal infrastructures.

Keywords

References

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Journal of Economic Essays; an Islamic Approach
Volume 16, Issue 31 - Serial Number 31
October 2019
Pages 297-322

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