صكوك المضاربة والمرابحة المختلطة: دراسة فقهية تأصيلية تحليلية (Mudharaba and Murabaha Mixed Sukuk: A Fiqhi Structural Analysis)

سوق الصكوك أحد أهم مكونات سوق رأس المال الإسلامي لما تقدمه الصكوك من مزايا إدارة السيولة وتنويع المخاطر وإدارة الأصول. هذه الأغراض التي يحققها إصدار الصكوك وتداولها تؤدي في كثير من الأحيان إلى حدوث إشكالات شرعية في هيكلة الصكوك ووثائقها. أحد هذه الهياكل هيكل شاع استخدامه في العقد الأخير في أسواق الصكوك الرئيسية، لما يحققه من جواز التداول وضمان رأس المال، وهو هيكل الجمع بين المرابحة والمضاربة. تقوم هذه الدراسة على المنهج الوصفي التحليلي عبر تحرير المسائل الفقهية التي تناولت الجمع بين العقود من أمهات الكتب الفقهية المعتمدة في المذاهب الأربعة، فتذكر كل مسألة بصورها وأحكامها ومناطاتها. ثم يكون بعد ذلك تحليلٌ وصفي لأحد إصدارات الصكوك التي اعتمدت هذا الهيكل، فتدرس أهم خطوات الإصدار وأهم الشروط والأحكام في وثائقه. بعد ذلك يكون التخريج لصورة الإصدار المذكور على أصوله من المسائل الفقهية المذكورة سعيًا إلى الوصول إلى حكمه عن طريق تخريج الفروع على الأصول. خلصت الدراسة إلى أن لهذه الهيكلة صورًا متعددة بعضها يضمن رأس المال وبعضها يضمن رأس المال والربح معًا وإلى أن الصورتين ممنوعتان، لأن فيها جمعًا بين العقود يؤدي إلى إفساد عقد المضاربة وإلى الوصول إلى غرض محظور شرعاً وهو تضمين المضارب مع بعض المحاذير الشرعية الأخرى. ذكرت الدراسة بعد ذلك الضوابط الشرعية التي ينبغي الالتزام بها في هذه الحالة ثم اقترحت هيكلاً بديلاً يحقق غرض جواز التداول ويحفظ رأس المال قدر الإمكان. الكلمات المفتاحيّة: المرابحة، المضاربة، الجمع بين العقود، الصكوك. Abstract Sukuk market is one of the most important components of the Islamic capital market. Sukuk give issuers and investors certain advantages as a liquidity and asset management tool. These advantages sought after by investors and issuers may result in some Shari’ah issues in the structure and exchange of sukuk certificates. One of the structures that gained popularity in the last decade is a structure that combines Mudharaba and Murabaha because it provides certain advantages like tradability and the guarantee of capital. This study utilizes a descriptive analysis method to identify the cases of contract combination in major past juristic references to deduce the rulings adopted by past jurists. After that, the paper analyses current sukuk issuances to find the common features between these issuances and the cases mentioned by past jurists to see the applicability of the past ruling to the current situation in a form of Takhrij Alfuroo’ ‘Ala Alusool. The paper concludes that these structures come in many forms; some guarantee the capital, and some guarantee the capital and the return. Both forms are prohibited because the combination results in the vitiation of Mudaraba contract as it invariably leads to a prohibited objective of making the Mudarib liable for any financial loss regardless of the business outcome in addition to other Shari’ah issues. The study then derived some Shari’ah parameters for this structure to be permissible and suggests a structure that fulfills the intended objectives of issuers and avoids Shari’ah issues as much as possible. Keywords: Murabaha, Mudarabah, Combinaiton of contracts, Sukuk.

Getting real about BIM

Purpose – For some years, it has been claimed that Building Information Modelling (BIM) will bring about major improvements to the productivity of the building industry. Yet, productivity has declined while claims for BIM have expanded. Often, BIM descriptions comprise the naïve framing and multiple fallacies of hype. The purpose of this paper is to present critical realist descriptions and explain their advantages compared to BIM hype descriptions. Design/methodology/approach – A longitudinal critical realist case study of BIM causal mechanism and causal context. Findings – Critical realist analysis reveals that hype about BIM underplays many inter-related causal requirements: all of which are needed to bring project business outcome from management action. Practical implications – Many inter-related non-trivial causal factors need to be taken into account to achieve business outcome from BIM implementation action. Further, factors claimed at the outset to be adequate to achieve outcome from action may be less than adequate. Originality/value – The originality of this paper is that critical realism analysis across six years is presented. This longitudinal data reveals that claims for BIM can be more future goals than current certainties. The value of this paper is that detailed analysis of hype descriptions is provided alongside critical realist descriptions.

ERP Project Success Perception by the Adopters

The purpose of this paper is to determine how the context of the deviations from the planned budget and/or schedule affect the success perception of the project in the eyes of the project management and top management of an adopting organization on a basis of three Enterprise System implementation projects, none of which has met the time-budget criterion. The projects are evaluated against the lists of project failure factors commonly cited in the literature. The results of the study show that deviation from the initially planned schedule and/or budget does not affect the success perception, providing that the project was properly managed and its business outcome is achieved.