اسلامی تمویل میں " صکوک" کی اہمیت اور جدید معیشت میں اس کا کردار

The Significance of 'Sukuk' in Islamic Finance and its Role in the Modern Economy

Abstract

This study explores the burgeoning significance of Sukuk (Islamic bonds) within the broader framework of Islamic finance and evaluates its strategic role in shaping the modern global economy. Over the past few decades, Sukuk has emerged as a viable, asset-backed alternative to conventional interest-bearing debt instruments, aligning economic growth with Shariah principles. Utilizing a qualitative and analytical approach, this paper examines the historical evolution, core structural typologies (such as Ijarah, Musharakah, and Murabahah), and the distinct conceptual foundations of Sukuk. Furthermore, the research investigates how Sukuk facilitates sustainable economic development by mobilizing capital for large-scale infrastructure projects, deepening capital markets, and promoting financial inclusion. The findings indicate that Sukuk not only enhances fiscal flexibility for sovereign and corporate entities but also fosters macroeconomic stability by mitigating systemic risks inherent in conventional banking. The study concludes that addressing contemporary challenges—such as regulatory standardization, liquidity management, and cross-border legal frameworks—is imperative for optimizing the potential of Sukuk as a catalyst for modern economic resilience and ethical financial growth.