الصكوك الاسلامية كبديل شرعي للتوريق التقليدي

Abstract

Traditional securitization is considered one of the most important products of financial engineering in the capital markets, the main objective of which was to manage risks or hedge them and achieve economic efficiency, as well as diversify sources of financing, but the exaggeration in speculative operations, lending and usurious transactions of all kinds and Their sources made them tools that lead to risk rather than hedging, and they were often the direct or indirect cause of the explosion of many financial crises and the complexity of the situation in the international financial markets, which opened the door to the emergence of Islamic financial transactions that made great strides in proving their strength in Addressing crises and calling for a trend towards Islamic financial engineering and offering financial products in a legitimate format that comply with the provisions of Islamic law, the most important of which are Islamic sukuk, which are now seen as alternative modern financing tools to traditional financing tools that contribute to supporting economic development and liquidity management, and in light of the above we will address In this study, the concepts of both securitization and Islamic sukuk and the reality of the latter and the extent of their development in global markets with a study of the black experience The intention of the pioneer and the extent of the possibility of benefiting from it in the Algerian financial market