Financial Text: Debt Securitization توريق الدين

ﻤﻘﺩﻤﺔ:
ﺘﺯﺍﻴﺩ ﺍﻻﻫﺘﻤﺎﻡ ﻓﻲ ﺍﻟﻭﻗﺕ ﺍﻟﺤﺎﻟﻲ ﺒﻤﻭﻀﻭﻉ ﺘﻭﺭﻴﻕ ﺍﻟﺩﻴﻥ Debt Securitization، ﻭﻴﺘﻡ ﺍﻟﻨﻅﺭ ﺇﻟﻴﻪ ﻋﻠﻰ ﺃﻨﻪ ﺍﻟﺤل ﺍﻟﻤﻨﺎﺴﺏ ﻟﻤﺸﻜﻠﺔ ﻨﻘﺹ ﺍﻟﺴﻴﻭﻟﺔ ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﻋﻠﻰ ﺍﺨﺘﻼﻑ ﺃﻨﻭﺍﻋﻬﺎ. ﻭﺘﻅﻬﺭ ﺃﻫﻤﻴﺔ ﻋﻤﻠﻴﺔ ﺘﻭﺭﻴﻕ ﺍﻟﺩﻴﻥ ﻤﻊ ﻅﻬﻭﺭ ﻗﺎﻨﻭﻥ ﺍﻟﺘﻤﻭﻴل ﺍﻟﻌﻘﺎﺭﻱ ﻓﻲ ﺴﻭﺭﻴﺔ، ﻭﻀﺭﻭﺭﺓ ﺘﻭﺴﻴﻊ ﺇﺴﻬﺎﻡ ﺍﻟﻤﺼﺎﺭﻑ ﺍﻟﺴﻭﺭﻴﺔ ﻓﻲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﻤﻭﻴل ﺍﻟﻌﻘﺎﺭﻱ، ﻭﺴﻴﺸﻜل ﺫﻟﻙ ﻤﻌﻀﻠﺔ ﺤﻘﻴﻘﻴﺔ ﺘﺘﻤﺜل ﻓﻲ ﻀﺭﻭﺭﺓ ﺍﻟﻤﻭﺍﺯﻨﺔ ﺒﻴﻥ ﺍﻟﻭﺩﺍﺌﻊ ﺍﻟﺘﻲ ﻫﻲ ﻓﻲ ﻤﻌﻅﻤﻬﺎ ﻭﺩﺍﺌﻊ ﻗﺼﻴﺭﺓ ﺍﻷﺠل، ﻭﺒﻴﻥ ﻋﻤﻠﻴﺎﺕ ﺍﻹﻗﺭﺍﺽ ﺍﻟﻌﻘﺎﺭﻱ ﺍﻟﺘﻲ ﺘﻔﺭﺽ ﻅﺭﻭﻑ ﺍﻟﻤﻨﺎﻓﺴﺔ ﺃﻥ ﺘﻜﻭﻥ ﻋﻤﻠﻴﺎﺕ ﺇﻗﺭﺍﺽ ﻁﻭﻴﻠﺔ ﺍﻷﺠل، ﻭﺇﻥ ﺍﻟﻤﺼﺎﺭﻑ ﺍﻟﺘﻲ ﺘﺴﺘﻁﻴﻊ ﺘﺤﻘﻴﻕ ﻫﺫﻩ ﺍﻟﻤﻭﺍﺯﻨﺔ ﺴﻴﻜﺘﺏ ﻟﻬﺎ ﺍﻟﺼﻤﻭﺩ ﻭﺍﻻﺴﺘﻤﺭﺍﺭ ﻭﺍﻻﺴﺘﺤﻭﺍﺫ ﻋﻠﻰ ﺍﻟﻨﺼﻴﺏ ﺍﻷﻜﺒﺭ ﻤﻥ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺼﺭﻓﻴﺔ. ﻭﺴﺘﺸﻜل ﻋﻤﻠﻴﺔ ﺘﻭﺭﻴﻕ ﺍﻟﺩﻴﻥ ﺃﺤﺩ ﺍﻟﺤﻠﻭل ﺍﻟﻤﻁﺭﻭﺤﺔ ﻟﺤل ﻤﺸﻜﻠﺔ ﺍﻟﺴﻴﻭﻟﺔ ﺍﻟﺘﻲ ﻗﺩ ﻴﻌﺎﻨﻲ ﻤﻨﻬﺎ ﺍﻟﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ ﻓﻲ ﺴﻭﺭﻴﺔ.
ﻜﻤﺎ ﺼﺩﺭ ﺍﻟﻤﺭﺴﻭﻡ ﺍﻟﺘﺸﺭﻴﻌﻲ ﺍﻟﺴﻭﺭﻱ ﺭﻗﻡ (88) ﻟﻌﺎﻡ /2010/ ﺍﻟﺨﺎﺹ ﺒﺘﺭﺨﻴﺹ ﺸﺭﻜﺎﺕ ﺍﻟﺘﺄﺠﻴﺭ
ﺍﻟﺘﻤﻭﻴﻠﻲ ﻭﺸﺭﻜﺎﺕ ﺍﻹﺠﺎﺭﺓ ﺍﻹﺴﻼﻤﻴﺔ، ﻭﺴﻴﺭﺍﻓﻕ ﺇﺤﺩﺍﺙ ﻫﺫﻩ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺘﻭﺴﻊ ﻓﻲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﻤﻭﻴل
ﺍﻟﻌﻘﺎﺭﻱ ﻤﻥ ﺨﻼل ﺼﻴﻎ ﺍﻟﺘﻤﻭﻴل ﺍﻟﺘﻘﻠﻴﺩﻴﺔ ﻭﺍﻹﺴﻼﻤﻴﺔ، ﻭﻗﺩ ﺃﺠﺎﺯ ﺍﻟﻤﺭﺴﻭﻡ ﺍﻟﺘﺸﺭﻴﻌﻲ ﺍﻟﻤﺫﻜﻭﺭ ﻟﻬﺫﻩ
ﺍﻟﺸﺭﻜﺎﺕ ﺘﻭﺭﻴﻕ ﺩﻴﻭﻨﻬﺎ ﺒﻭﺴﺎﻁﺔ ﺇﺼﺩﺍﺭ ﺴﻨﺩﺍﺕ ﻗﺭﺽ ﺃﻭ ﺼﻜﻭﻙ ﺇﺴﻼﻤﻴﺔ ﺒﻀﻤﺎﻨﺔ ﺃﺼﻭﻟﻬﺎ، ﻭﻓﻕ
ﺍﻷﻭﻀﺎﻉ ﻭﺍﻟﺸﺭﻭﻁ ﺍﻟﺘﻲ ﺴﻭﻑ ﺘﺤﺩﺩﻫﺎ ﻫﻴﺌﺔ ﺍﻷﻭﺭﺍﻕ ﻭﺍﻷﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻤﺼﺭﻑ ﺴﻭﺭﻴﺔ ﺍﻟﻤﺭﻜﺯﻱ
ﻭﺍﻟﻬﻴﺌﺔ ﺍﻟﻌﺎﻤﺔ ﻟﻺﺸﺭﺍﻑ ﻋﻠﻰ ﺍﻟﺘﻤﻭﻴل ﺍﻟﻌﻘﺎﺭﻱ، ﻓﻴﻤﺎ ﻴﺘﻌﻠﻕ ﺒﻨﺸﺎﻁ ﺍﻟﺘﻤﻭﻴل ﺍﻟﻌﻘﺎﺭﻱ. (ﺍﻟﻤﺭﺴﻭﻡ
ﺍﻟﺘﺸﺭﻴﻌﻲ ﺭﻗﻡ (88) ﻟﻌﺎﻡ /2010/)
ﻭﺼﺩﺭ ﺍﻟﻤﺭﺴﻭﻡ ﺍﻟﺘﺸﺭﻴﻌﻲ ﺍﻟﺴﻭﺭﻱ ﺭﻗﻡ (56) ﻟﻌﺎﻡ /2010/ ﺍﻟﺨﺎﺹ ﺒﻤﺼﺎﺭﻑ ﺍﻻﺴﺘﺜﻤﺎﺭ، ﻭﺴﻤﺢ ﻟﻬﺫﻩ ﺍﻟﻤﺼﺎﺭﻑ ﺍﻟﻘﻴﺎﻡ ﺒﺄﻋﻤﺎل ﺍﻟﺘﺴﻨﻴﺩ ﻭﺍﻟﺘﻭﺭﻴﻕ ﺒﻤﻭﺍﻓﻘﺔ ﻤﺴﺒﻘﺔ ﻤﻥ ﻤﺠﻠﺱ ﺍﻟﻨﻘﺩ ﻭﺍﻟﺘﺴﻠﻴﻑ، ﻭﺒﻤﻭﺠﺏ
ﺘﻌﻠﻴﻤﺎﺕ ﺨﺎﺼﺔ ﻴﻀﻌﻬﺎ ﺍﻟﻤﺠﻠﺱ ﻟﻬﺫﺍ ﺍﻟﻐﺭﺽ. (ﺍﻟﻤﺭﺴﻭﻡ ﺍﻟﺘﺸﺭﻴﻌﻲ ﺍﻟﺴﻭﺭﻱ ﺭﻗﻡ (56) ﻟﻌﺎﻡ /2010/)
ﻤﻥ ﻫﻨﺎ ﺘﻅﻬﺭ ﺃﻫﻤﻴﺔ ﻁﺭﺡ ﻤﻭﻀﻭﻉ ﺘﻭﺭﻴﻕ ﺍﻟﺩﻴﻥ ﻋﻠﻰ ﺒﺴﺎﻁ ﺍﻟﺒﺤﺙ، ﻟﻠﺘﺤﻘﻕ ﻤﻥ ﺠﺩﻭﻯ ﻫﺫﻩ ﺍﻟﻌﻤﻠﻴﺔ
ﻭﺃﻨﻬﺎ ﺘﺸﻜل ﺍﻟﺤل ﺍﻟﻤﻨﺎﺴﺏ ﻟﻤﺸﻜﻠﺔ ﺘﺴﻴﻴل ﺍﻟﺩﻴﻥ، ﻭﺘﻌﺭﻑ ﻤﺩﻯ ﻤﺸﺭﻭﻋﻴﺔ ﻫﺫﻩ ﺍﻟﻌﻤﻠﻴﺔ، ﻭﺍﻵﺜﺎﺭ
ﺍﻹﻴﺠﺎﺒﻴﺔ ﻭﺍﻟﺴﻠﺒﻴﺔ ﺍﻟﺘﻲ ﻗﺩ ﺘﻨﺠﻡ ﻋﻥ ﺘﻭﺭﻴﻕ ﺍﻟﺩﻴﻥ.


مصدر:
 وريق الدين التقليدي والإسلامي: دراسة مقارنة  من منى فرحات

. ​Introduction:
Interest in the topic of debt securitization is currently increasing, and it is seen as the appropriate solution to the problem of liquidity shortages in various companies. The importance of debt securitization transactions has become clear with the passage of the Real Estate Financing Law in Syria and the necessity of expanding the contribution of Syrian banks to real estate investment. That will constitute a real dilemma for the necessity of balancing deposits, which are mostly short-term, with real estate loan transactions, which are forced to be long-term by circumstances of competition. The banks which can achieve this balance are expected to be resilient and sustainable and acquire the largest share of the banking market. Debt securitization transactions will constitute one of the solutions suggested to solve the liquidity problems from which the banking sector may suffer in Syria.
Syrian Legislative Decree No. 88/2010 regarding licensing of financial leasing and Islamic rental companies has also been enacted, and the establishment of these companies will be accompanied by an expansion of real estate financing transactions through traditional and Islamic methods. The Legislative Decree allows these companies to securitize their loans by issuing bonds for loans or Islamic Sukuk, backed by their assets, in accordance with the situation and the conditions which will be determined by the Securities and Financial Market Authority, the Central Bank of Syria, and the Public Authority for Oversight of Real Estate Financing, as concerns real estate financing activities. (Legislative Decree No. 88/2010)
Syrian Legislative Decree No. 56/2010, the Investment Banks Law, allows these banks to carry out securitization with the prior approval of the Monetary and Credit Council, according to the special instructions laid out by the Council for this purpose. (Syrian Legislative Decree No. 56/2010)
Here becomes clear the importance of putting the topic of debt securitization on the table, in order to ensure that these transactions are feasible and constitute the appropriate solution to debt liquidation, while gaining familiarity with the positive and negative effects which debt securitization may bring about.

Source: Mona Farhat, Traditional and Islamic Debt Securitization: A Comparative Study. Damascus University Journal of Economic and Legal Sciences, 2013.