تمويل البنى التحتية والتجهيزات العمومية ذات الطابع التجاري من خلال الصكوك السيادية، وفعالية الضمانات القانونية المقررة لها في التشريع الجزائري

الملخص

Abstract :‎ Sovereign sukuk are a modern financing instrument adopted by ‎Algeria to ‎fund commercial infrastructure and/or equipment of state. A ‎specific legal ‎framework has been established for ‎them .Accordingly, this article ‎seeks to ‎examine the legal guarantees prescribed for this instrument, ‎with the ‎aim of ‎assessing their capacity to provide the necessary protection for those ‎engaging ‎with ‎it‎.‎ ‎ The study finds that the legislator provided legal guarantees to reduce ‎investment risks. However, ‎these guarantees remain insufficient due to the ‎absence of a Special Purpose Vehicle (SPV), weak ‎post-issuance Sharia ‎supervision, and unclear essential information in the Offering Prospectus. ‎‎Additionally, investor protection is limited because sukuk rely solely on usufruct ‎rights. The study ‎therefore recommends strengthening the legislative framework ‎to enhance the security of sovereign ‎sukuk for both investors and the state.‎