Resumen
The classical bond structure is based on the interest. On the other hand, in Islamic financial system charging interest is forbidden, therefore, bonds cannot continue to be issued and exchanged. As a consequence, we have to follow a structure that can be replaced or reissued with bonds for the purpose of avoiding usury (Riba). For the implementation of monetary policy, Sukuk (Islamic bonds) as one of the instruments of securitization is considered to be the most important financial instrument in Islamic financial system. This instrument has been issued by the Islamic governments and companies during recent years. In fact, companies convert their assets into securities through Sukuk issuance and by selling Sukuk, they can obtain cash capital. The question here is whether, the financial instrument of Sukuk is consistent with the principles of Shiite. There has also been question as to whether financing through this method is possible for financial institutions as a new instrument in modern marketing. In order to answer the above-mentioned questions, first, we have considered the financing mechanism through Sukuk issuance from the theoretical and applicable aspects in order to comment on its acceptability from the legal and financial terms. In the present research, firstly, the method of financing through Sukuk issuance is fully described, and subsequently, the validity of the process according to the Shiite jurisprudence principles is explained. The results of this research show an acceptable and successful implementation of Sukuk instrument, so that they meet the three main criteria of legality, efficiency and acceptability.