Transfer of Bonds in Financial Market: Criticisms and Some New Solutions Based on Imam Khomeini’s Jurisprudential Viewpoints

After the elimination of bonds from the economy of Islamic countries due to being usurious, Islamic economic experts tried to find some alternatives as new Islamic instruments based on canonical contracts to fill the lacuna. The Sharia-compliant bonds or financial certificates are new instruments that are being studied and evaluated. The financial certificates denote the transfer of future services and benefits of a sustainable property and are capable of playing a unique role in employing the economic capacities of the owners of sustainable properties through transferring the future services or benefits of the sustainable properties. The present paper is an attempt to introduce this new instrument and also explain the way of its transfer in financial markets which is one of the most important objectives of the certificate owners. Hence, the canonical ways of the transfer of these certificate will be explained and the existing policies will be critically studied and some solutions offered.