Jurisprudential Feasibility of the Debt Market
Financial markets with an influential role are divided into debt market and stock market based on the nature of the financial rights exchanged in it. These two markets with the derivatives market form the main pillars of the conventional capital market, which is responsible for medium and long-term financing of the private and public sectors, along with profitability for investors. In new financial engineering for direct financing, activation of fixed assets (long-lived assets, tangible assets or property, plant and equipment (PP&E)), increase of liquidity, increase of maneuverability of enterprises and implementation of fiscal and monetary policies of governments to achieve economic stability and growth, market for issuance (distributing) and exchange of bond (finance) according to expected changes of Interest rates are designed. Before Islamizing the instruments used in this market and introducing sukuk (Arabic: صکوک , romanized: ṣukūk; plural of Arabic: صک , romanized: ṣakk, lit. 'legal instrument, deed, cheque, financial certificates), not only as an imitation tool and an Islamized version of bonds, but also a Sharia-compliant initiative is needed to change the financing structure in order to analyze the creation of a centralized institution for the secondary exchange of sukuk and debt-based securities according to the frameworks and rules of Sharia. In this article, which has been done in a library method with reference to Sunni and Shiite jurisprudential sources, the hypothesis of permission to form a debt market has been researched, and by examining the rules and conditions of the contracts on which sukuk is formed, it can be said that from the perspective of secondary exchanges and debt sale (recoupment, bay' al-dayn) as the basis for the creation and development of the debt market, it is concluded that the creation and development of the market in order to exchange sukuk and debt documents in the secondary market, except in some cases, is correct and permissible.
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