Abstract
This article examines the Islamic legal (fiqh) dimension and legal status of the Special Purpose Vehicle (SPV) in the context of Islamic finance and sukuk issuances. The SPV is defined as an independent legal entity established to achieve a specific purpose within modern financial transactions, playing a key facilitative role particularly in structuring sukuk. This entity contributes to fulfilling both Shari’ah and financial objectives by enabling the legal and organized transfer and management of assets; it is utilized for various purposes including risk management, reduction of tax burdens, compliance with legal requirements, and protection of the rights of sukuk holders. In Turkey, this entity is known as the “Asset Leasing Company” and plays a crucial role in the issuance of lease certificates by acquiring and managing assets. Additionally, it serves as an important tool for protecting assets from creditors in the event of insolvency, thereby enhancing investor confidence and enabling the attainment of high credit ratings, which opens broader opportunities for capital inflows. Despite the significant role of this company in managing and investing assets on behalf of sukuk holders, certain Shari’ah questions arise regarding the extent of its compliance with Islamic financial objectives, whether asset ownership is actually transferred to sukuk holders through it, and whether it functions as an independent party separate from the issuer. In this context, the article first outlines the nature of the SPV, the reasons for its establishment, the key parties involved, and its function in structuring sukuk; it then analyzes the fiqh dimension and Shari’ah regulations applicable to the SPV in light of Islamic law, concluding with the study’s key findings and recommendations.
References
- Abu Zaid, Abdul Azim. “Sharikah dhat al-Ghard al-Khas: Mahamuha wa-Dawabituhu al-Shar’iyyah.” Article published on the author’s website. http://cutt.us/rXWD (accessed March 10, 2012). Quoted in: Faraj, Hussam al-Din Khalil. Sukuk wa-Ahkamuhu fi al-Fiqh al-Islami.
- Abu Zaid, Abdul Azim. “Nahw Sukuk Islamiyyah Haqiqiyyah: Haqiqat Sukuk wa-Dawabituha wa-Qadaya-ha al-Shar’iyyah.” Fikr al-Islami al-Mu’asir (formerly Islamiyyat al-Ma’rifah), 2010. https://citj.org/index.php/citj/article/view/999 (accessed April 2, 2025).
- Abu Ghuddah, Abdul Sattar. “Sukuk al-Islamiyyah wa-Tatbiqatuha al-Mu’asirah wa-Tadawuluha.” Majallat Majma‘ al-Fiqh al-Islami al-Duwali, Organization of Islamic Cooperation, 19th session, issue 19, 1430 H/2009.
- Duwabah, Ashraf Muhammad. Sukuk al-Islamiyyah bayn al-Nazariyyah wa al-Tatbiq. Cairo: Dar al-Salam for Printing, Publishing, Distribution and Translation, 1st ed., 1430 H/2009.
- Faraj, Hussam al-Din Khalil. Sukuk wa-Ahkamuhu fi al-Fiqh al-Islami. Malaysia: International Islamic University Malaysia, unpublished PhD dissertation, 2015.
- Ibn Hajar al-Asqalani, Ahmad b. Ali b. Muhammad. Fath al-Bari Sharh Sahih al-Bukhari. Beirut: Dar al-Ma’rifah, 1379 H.
- Communiqué on Lease Certificates (III-61.1), Official Gazette, No. 28670, June 7, 2013. Islamic Finance Sukuk Law, Law No. (30) of 2012. Official Gazette, 2012. https://www.sdc.com.jo/ar/legislation/low/legislation/4506 (accessed February 24, 2025).
- Capital Markets Law (SPK), Official Gazette, No. 28513, December 30, 2012, Law No. 6362.
- Masha‘al, Abdul Bari. “Sharikah dhat al-Ghard al-Khas (SPV) fi Sukuk: Qawanin al-Malayziyyah.” Issue (2), No. (53), 2016. https://kantakji.com/3770 (accessed March 24, 2025).
- Masha‘al, Abdul Bari. “Sharikah dhat al-Ghard al-Khas (SPV) fi Sukuk: Taqyit al-Milkiyyah bayn Qanun al-Bahrayni wa al-Urni.” Issue (3), No. (54), 2016. https://kantakji.com/3770 (accessed March 24, 2025).
- Masha‘al, Abdul Bari. “Sharikah dhat al-Ghard al-Khas (SPV) fi Sukuk: Ma Mada al-Hajah ila Hadih al-Sharikah?” Issue (1), No. (52), 2016. https://kantakji.com/3770 (accessed March 24, 2025).
- Miera, Hamed b. Hassan. “Munsha’ah dhat al-Ghard al-Khas wa-Dawruha fi Haykalat Sukuk.” Majallat Qadha’, No. 2, Kingdom of Saudi Arabia.
- Mughall, Uthman b. Dhahir. Munsha’ah dhat al-Ghard al-Khas (Dirasah Fiqhiyyah Ta’siliyyah Tatbiqiyyah). Riyadh: Dar al-Maiman for Publishing and Distribution, 1st ed., 1441 H/2020.
- Omar, Muhammad Abdul Halim. “Sukuk al-Islamiyyah wa-Tatbiqatuha al-Mu’asirah wa-Tadawuluha.” Majallat Majma‘ al-Fiqh al-Islami al-Duwali, Organization of Islamic Cooperation, 19th session, issue 19, 1430 H/2009.
- Qari, Muhammad b. Ali. Buhuth fi al-Tamwil al-Islami. Riyadh: Dar al-Maiman for Publishing and Distribution, 1st ed., 1441 H/2020.
- S&P Global. https://www.spglobal.com/en (accessed February 25, 2025).
- Sukuk.com. “East Cameron Gas Sukuk Case Study: Sukuk Default.” https://www.sukuk.com/article/east-cameron-gas-sukuk-case-study-sukuk-default-1136/#/?playlistId=0&videoId=0 (accessed March 29, 2025).
- Sa‘ati, Abdul Rahim Abdul Hamid. “Wadhayif al-Iqtisadiyyah li Sukuk: Nazrah Maqasidiyyah.” Seminar on Islamic Sukuk: Presentation and Evaluation. Jeddah: King Abdul Aziz University in cooperation with the International Islamic Fiqh Academy and the Islamic Research and Training Institute of the Islamic Development Bank, 1431 H/2010.
- Standard & Poor’s. Tamwil al-Munazzam (Glossary of Securitization Operations Terms). https://ia803409.us.archive.org/20/items/economy_0002/economy1736-.pdf (accessed March 29, 2025).
- Majma‘ al-Fiqh al-Islami al-Duwali. Resolutions and Recommendations of the International Islamic Fiqh Academy affiliated with the Organization of Islamic Cooperation. 4th ed., 1442 H/2020, Resolution No. 188 (3/20).
- Mu‘abid Ali al-Jarahi, Abdul Azim Jalal Abu Zaid. Aswaq Sukuk al-Islamiyyah wa-Kayfiyyat al-Irtika’ biha. Seminar on Islamic Sukuk: Presentation and Evaluation. Jeddah: King Abdul Aziz University in cooperation with the International Islamic Fiqh Academy and the Islamic Research and Training Institute of the Islamic Development Bank, 1431 H/2010.
- Zuhayli, Wahbah b. Mustafa. Fiqh al-Islami wa-Adillatuhu. Damascus: Dar al-Fikr, 4th ed.
Abstract
Bu makale, özel amaçlı şirketin (SPV) İslami finansman ve sukuk ihraçları bağlamındaki fıkhî boyutunu ve hukuki statüsünü ele almaktadır. Özel amaçlı şirket, modern finansal işlemler çerçevesinde belirli bir amacı gerçekleştirmek üzere kurulan bağımsız bir tüzel kişilik olarak tanımlanmakta ve özellikle sukuk yapılandırmalarında temel bir kolaylaştırıcı rol üstlenmektedir. Bu şirket, varlıkların devri ve düzenli bir şekilde yönetilmesi suretiyle hem şer’î hem de finansal hedeflerin yerine getirilmesine katkıda bulunmakta; risk yönetimi, vergi yüklerinin azaltılması, yasal gerekliliklerin karşılanması ve sukuk sahiplerinin haklarının korunması gibi çeşitli amaçlar için kullanılmaktadır. Türkiye’de bu şirket, “Varlık Kiralama Şirketi” adıyla bilinmekte ve varlıkların devralınarak yönetilmesi yoluyla kira sertifikalarının ihracında kilit rol oynamaktadır. Ayrıca, iflas durumunda varlıkların alacaklılardan korunmasını sağlayarak yatırımcı güvenini artırmakta ve yüksek kredi derecelendirmesi elde edilmesine imkân tanımakta, böylece daha fazla sermaye girişine zemin hazırlamaktadır. Ancak sukuk sahipleri adına varlıkların yönetimi ve yatırımı konusunda bu şirketin önemli rolüne rağmen, İslami finansal işlemler çerçevesinde bu rolün şer’î açıdan uygunluğu, varlıkların gerçekten sukuk sahiplerine devredilip devredilmediği, şirketin ihraççıdan bağımsız bir yapıya sahip olup olmadığı gibi hususlar bazı şer’î soruları gündeme getirmektedir. Bu bağlamda makale, özel amaçlı şirketin mahiyetini, kuruluş gerekçelerini, ilgili tarafları ve sukuk yapılandırmasındaki işlevini açıkladıktan sonra, söz konusu yapının İslam hukuku açısından fıkhî tahlilini ve şer’î hükümlerini değerlendirmekte; çalışmanın sonunda ise elde edilen sonuçlar ve önerilere yer vermektedir.
References
- Abu Zaid, Abdul Azim. “Sharikah dhat al-Ghard al-Khas: Mahamuha wa-Dawabituhu al-Shar’iyyah.” Article published on the author’s website. http://cutt.us/rXWD (accessed March 10, 2012). Quoted in: Faraj, Hussam al-Din Khalil. Sukuk wa-Ahkamuhu fi al-Fiqh al-Islami.
- Abu Zaid, Abdul Azim. “Nahw Sukuk Islamiyyah Haqiqiyyah: Haqiqat Sukuk wa-Dawabituha wa-Qadaya-ha al-Shar’iyyah.” Fikr al-Islami al-Mu’asir (formerly Islamiyyat al-Ma’rifah), 2010. https://citj.org/index.php/citj/article/view/999 (accessed April 2, 2025).
- Abu Ghuddah, Abdul Sattar. “Sukuk al-Islamiyyah wa-Tatbiqatuha al-Mu’asirah wa-Tadawuluha.” Majallat Majma‘ al-Fiqh al-Islami al-Duwali, Organization of Islamic Cooperation, 19th session, issue 19, 1430 H/2009.
- Duwabah, Ashraf Muhammad. Sukuk al-Islamiyyah bayn al-Nazariyyah wa al-Tatbiq. Cairo: Dar al-Salam for Printing, Publishing, Distribution and Translation, 1st ed., 1430 H/2009.
- Faraj, Hussam al-Din Khalil. Sukuk wa-Ahkamuhu fi al-Fiqh al-Islami. Malaysia: International Islamic University Malaysia, unpublished PhD dissertation, 2015.
- Ibn Hajar al-Asqalani, Ahmad b. Ali b. Muhammad. Fath al-Bari Sharh Sahih al-Bukhari. Beirut: Dar al-Ma’rifah, 1379 H.
- Communiqué on Lease Certificates (III-61.1), Official Gazette, No. 28670, June 7, 2013. Islamic Finance Sukuk Law, Law No. (30) of 2012. Official Gazette, 2012. https://www.sdc.com.jo/ar/legislation/low/legislation/4506 (accessed February 24, 2025).
- Capital Markets Law (SPK), Official Gazette, No. 28513, December 30, 2012, Law No. 6362.
- Masha‘al, Abdul Bari. “Sharikah dhat al-Ghard al-Khas (SPV) fi Sukuk: Qawanin al-Malayziyyah.” Issue (2), No. (53), 2016. https://kantakji.com/3770 (accessed March 24, 2025).
- Masha‘al, Abdul Bari. “Sharikah dhat al-Ghard al-Khas (SPV) fi Sukuk: Taqyit al-Milkiyyah bayn Qanun al-Bahrayni wa al-Urni.” Issue (3), No. (54), 2016. https://kantakji.com/3770 (accessed March 24, 2025).
- Masha‘al, Abdul Bari. “Sharikah dhat al-Ghard al-Khas (SPV) fi Sukuk: Ma Mada al-Hajah ila Hadih al-Sharikah?” Issue (1), No. (52), 2016. https://kantakji.com/3770 (accessed March 24, 2025).
- Miera, Hamed b. Hassan. “Munsha’ah dhat al-Ghard al-Khas wa-Dawruha fi Haykalat Sukuk.” Majallat Qadha’, No. 2, Kingdom of Saudi Arabia.
- Mughall, Uthman b. Dhahir. Munsha’ah dhat al-Ghard al-Khas (Dirasah Fiqhiyyah Ta’siliyyah Tatbiqiyyah). Riyadh: Dar al-Maiman for Publishing and Distribution, 1st ed., 1441 H/2020.
- Omar, Muhammad Abdul Halim. “Sukuk al-Islamiyyah wa-Tatbiqatuha al-Mu’asirah wa-Tadawuluha.” Majallat Majma‘ al-Fiqh al-Islami al-Duwali, Organization of Islamic Cooperation, 19th session, issue 19, 1430 H/2009.
- Qari, Muhammad b. Ali. Buhuth fi al-Tamwil al-Islami. Riyadh: Dar al-Maiman for Publishing and Distribution, 1st ed., 1441 H/2020.
- S&P Global. https://www.spglobal.com/en (accessed February 25, 2025).
- Sukuk.com. “East Cameron Gas Sukuk Case Study: Sukuk Default.” https://www.sukuk.com/article/east-cameron-gas-sukuk-case-study-sukuk-default-1136/#/?playlistId=0&videoId=0 (accessed March 29, 2025).
- Sa‘ati, Abdul Rahim Abdul Hamid. “Wadhayif al-Iqtisadiyyah li Sukuk: Nazrah Maqasidiyyah.” Seminar on Islamic Sukuk: Presentation and Evaluation. Jeddah: King Abdul Aziz University in cooperation with the International Islamic Fiqh Academy and the Islamic Research and Training Institute of the Islamic Development Bank, 1431 H/2010.
- Standard & Poor’s. Tamwil al-Munazzam (Glossary of Securitization Operations Terms). https://ia803409.us.archive.org/20/items/economy_0002/economy1736-.pdf (accessed March 29, 2025).
- Majma‘ al-Fiqh al-Islami al-Duwali. Resolutions and Recommendations of the International Islamic Fiqh Academy affiliated with the Organization of Islamic Cooperation. 4th ed., 1442 H/2020, Resolution No. 188 (3/20).
- Mu‘abid Ali al-Jarahi, Abdul Azim Jalal Abu Zaid. Aswaq Sukuk al-Islamiyyah wa-Kayfiyyat al-Irtika’ biha. Seminar on Islamic Sukuk: Presentation and Evaluation. Jeddah: King Abdul Aziz University in cooperation with the International Islamic Fiqh Academy and the Islamic Research and Training Institute of the Islamic Development Bank, 1431 H/2010.
- Zuhayli, Wahbah b. Mustafa. Fiqh al-Islami wa-Adillatuhu. Damascus: Dar al-Fikr, 4th ed.
Abstract
تُعتبر الشركة ذات الغرض الخاص (SPV) كيانًا قانونيًا مستقلًا يُنشأ لتحقيق هدف محدد في إطار المعاملات المالية الحديثة، ولا سيما في سياق التمويل الإسلامي وإصدار الصكوك. تلعب هذه الشركة دورًا أساسيًا في تسهيل عمليات هيكلة الصكوك، حيث يتم تحويل الأصول إليها وإدارتها بشكل قانوني ومنظم، بما يضمن تحقيق الأهداف الشرعية والمالية. تستخدم هذه الشركة لأغراض متعددة، من بينها إدارة المخاطر التي قد تواجه المستثمرين أو الجهة المصدرة، وتقليل الأعباء الضريبية التي قد تؤثر على كفاءة المشروع، وتحقيق الأهداف القانونية التي تفرضها الأنظمة المختلفة، إضافة إلى حماية حقوق حملة الصكوك وتمكينهم من استثمار أموالهم ضمن بيئة آمنة ومستقرة. وفي تركيا، تُعرف هذه الشركة باسم "شركة تأجير الأصول" وتضطلع بدور رئيسي في إصدار شهادات الإيجار من خلال نقل الأصول إليها وإدارتها بكفاءة عالية، ما يساهم في استمرارية المشروع وتحقيق أهدافه. وتُعد الشركة ذات الغرض الخاص أداة مهمة لضمان استقلالية الأصول عن الدائنين في حالة الإفلاس، بما يعزز الثقة لدى المستثمرين ويساهم في تحقيق تصنيف ائتماني مرتفع، الأمر الذي يفتح آفاقًا أوسع لتدفق رؤوس الأموال. ورغم الأهمية البالغة لهذه الشركة في إدارة الأصول واستثمارها نيابة عن حملة الصكوك، تُثار تساؤلات شرعية حول مدى توافق دورها مع المقاصد الشرعية للمعاملات المالية الإسلامية، وما إذا كانت ملكية الأصول تنتقل بالفعل إلى حملة الصكوك من خلالها، ومدى استقلالية الشركة عن الجهة المصدرة، إضافة إلى الجوانب الأخرى المتعلقة بمسؤولياتها وضوابطها الشرعية. يتناول هذا المقال، بعد بيان ماهية الشركة ذات الغرض الخاص وأسباب تأسيسها والأطراف الأساسية المرتبطة بها ودورها في هيكلة الصكوك، التكييف الفقهي لهذه الشركة وضوابطها الشرعية في ضوء أحكام الشريعة الإسلامية، ويختتم المقال بعرض النتائج والتوصيات المستخلصة من هذه الدراسة.
References
- Abu Zaid, Abdul Azim. “Sharikah dhat al-Ghard al-Khas: Mahamuha wa-Dawabituhu al-Shar’iyyah.” Article published on the author’s website. http://cutt.us/rXWD (accessed March 10, 2012). Quoted in: Faraj, Hussam al-Din Khalil. Sukuk wa-Ahkamuhu fi al-Fiqh al-Islami.
- Abu Zaid, Abdul Azim. “Nahw Sukuk Islamiyyah Haqiqiyyah: Haqiqat Sukuk wa-Dawabituha wa-Qadaya-ha al-Shar’iyyah.” Fikr al-Islami al-Mu’asir (formerly Islamiyyat al-Ma’rifah), 2010. https://citj.org/index.php/citj/article/view/999 (accessed April 2, 2025).
- Abu Ghuddah, Abdul Sattar. “Sukuk al-Islamiyyah wa-Tatbiqatuha al-Mu’asirah wa-Tadawuluha.” Majallat Majma‘ al-Fiqh al-Islami al-Duwali, Organization of Islamic Cooperation, 19th session, issue 19, 1430 H/2009.
- Duwabah, Ashraf Muhammad. Sukuk al-Islamiyyah bayn al-Nazariyyah wa al-Tatbiq. Cairo: Dar al-Salam for Printing, Publishing, Distribution and Translation, 1st ed., 1430 H/2009.
- Faraj, Hussam al-Din Khalil. Sukuk wa-Ahkamuhu fi al-Fiqh al-Islami. Malaysia: International Islamic University Malaysia, unpublished PhD dissertation, 2015.
- Ibn Hajar al-Asqalani, Ahmad b. Ali b. Muhammad. Fath al-Bari Sharh Sahih al-Bukhari. Beirut: Dar al-Ma’rifah, 1379 H.
- Communiqué on Lease Certificates (III-61.1), Official Gazette, No. 28670, June 7, 2013. Islamic Finance Sukuk Law, Law No. (30) of 2012. Official Gazette, 2012. https://www.sdc.com.jo/ar/legislation/low/legislation/4506 (accessed February 24, 2025).
- Capital Markets Law (SPK), Official Gazette, No. 28513, December 30, 2012, Law No. 6362.
- Masha‘al, Abdul Bari. “Sharikah dhat al-Ghard al-Khas (SPV) fi Sukuk: Qawanin al-Malayziyyah.” Issue (2), No. (53), 2016. https://kantakji.com/3770 (accessed March 24, 2025).
- Masha‘al, Abdul Bari. “Sharikah dhat al-Ghard al-Khas (SPV) fi Sukuk: Taqyit al-Milkiyyah bayn Qanun al-Bahrayni wa al-Urni.” Issue (3), No. (54), 2016. https://kantakji.com/3770 (accessed March 24, 2025).
- Masha‘al, Abdul Bari. “Sharikah dhat al-Ghard al-Khas (SPV) fi Sukuk: Ma Mada al-Hajah ila Hadih al-Sharikah?” Issue (1), No. (52), 2016. https://kantakji.com/3770 (accessed March 24, 2025).
- Miera, Hamed b. Hassan. “Munsha’ah dhat al-Ghard al-Khas wa-Dawruha fi Haykalat Sukuk.” Majallat Qadha’, No. 2, Kingdom of Saudi Arabia.
- Mughall, Uthman b. Dhahir. Munsha’ah dhat al-Ghard al-Khas (Dirasah Fiqhiyyah Ta’siliyyah Tatbiqiyyah). Riyadh: Dar al-Maiman for Publishing and Distribution, 1st ed., 1441 H/2020.
- Omar, Muhammad Abdul Halim. “Sukuk al-Islamiyyah wa-Tatbiqatuha al-Mu’asirah wa-Tadawuluha.” Majallat Majma‘ al-Fiqh al-Islami al-Duwali, Organization of Islamic Cooperation, 19th session, issue 19, 1430 H/2009.
- Qari, Muhammad b. Ali. Buhuth fi al-Tamwil al-Islami. Riyadh: Dar al-Maiman for Publishing and Distribution, 1st ed., 1441 H/2020.
- S&P Global. https://www.spglobal.com/en (accessed February 25, 2025).
- Sukuk.com. “East Cameron Gas Sukuk Case Study: Sukuk Default.” https://www.sukuk.com/article/east-cameron-gas-sukuk-case-study-sukuk-default-1136/#/?playlistId=0&videoId=0 (accessed March 29, 2025).
- Sa‘ati, Abdul Rahim Abdul Hamid. “Wadhayif al-Iqtisadiyyah li Sukuk: Nazrah Maqasidiyyah.” Seminar on Islamic Sukuk: Presentation and Evaluation. Jeddah: King Abdul Aziz University in cooperation with the International Islamic Fiqh Academy and the Islamic Research and Training Institute of the Islamic Development Bank, 1431 H/2010.
- Standard & Poor’s. Tamwil al-Munazzam (Glossary of Securitization Operations Terms). https://ia803409.us.archive.org/20/items/economy_0002/economy1736-.pdf (accessed March 29, 2025).
- Majma‘ al-Fiqh al-Islami al-Duwali. Resolutions and Recommendations of the International Islamic Fiqh Academy affiliated with the Organization of Islamic Cooperation. 4th ed., 1442 H/2020, Resolution No. 188 (3/20).
- Mu‘abid Ali al-Jarahi, Abdul Azim Jalal Abu Zaid. Aswaq Sukuk al-Islamiyyah wa-Kayfiyyat al-Irtika’ biha. Seminar on Islamic Sukuk: Presentation and Evaluation. Jeddah: King Abdul Aziz University in cooperation with the International Islamic Fiqh Academy and the Islamic Research and Training Institute of the Islamic Development Bank, 1431 H/2010.
- Zuhayli, Wahbah b. Mustafa. Fiqh al-Islami wa-Adillatuhu. Damascus: Dar al-Fikr, 4th ed.
Details
| Primary Language | Arabic |
|---|---|
| Subjects | Islamic Law |
| Journal Section | Makaleler |
| Authors | |
| Publication Date | June 26, 2025 |
| Submission Date | April 30, 2025 |
| Acceptance Date | May 29, 2025 |
| Published in Issue | Year 2025 Volume: 9 Issue: 1 |
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