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Venture Capital Investment: Challenges and Potential Solutions استثمار رأس المال المُخاطر : التحديات والحلول

Author

Listed:
  • Zaid Al-Aifari

    (PhD Candidate, Istanbul Sabahattin Zaim University, Turkey)

  • Monzer Kahf

    (Professor of Islamic Economics & Finance Istanbul Sabahattin Zaim University, Turkey)

Abstract

Islamic economists have been viewing Venture Capital (VC) as a preferred mode of financing, mainly because they regarded its equity-based nature as a contrast to interest bearing loans. However, many practices of conventional VCs call for a thoughtful Shariah( )-compliance examination. These conditions and tools are essential for enabling VC companies to mitigate and reduce risks arising from their venturous investments. This paper highlights the main challenges in the application of these contractual terms and suggests alternatives because a successful Islamic VC concept requires more than just removing parts which are not Shariah-compliant. يرى كثير من الباحثين في الاقتصاد الإسلامي أن رأس المال المُخاطر هو الأسلوب المُفَضَّل للتمويل الإسلامي، لأنهم يرون في تركيبته المبنية على ملكية رأس المال مُقابلاً حقيقيًا للتمويل عبر القرض بالفائدة (التمويل الربوي)، إلاَّ أنَّ النَّظرة المتعمقة لهذا الموضوع تُظهر أن كثيرًا من التطبيقات التقليدية الفعلية لرأس المال المُخاطر تحتاج إلى مراجعة شرعية فاحصة. فمعظم الشروط والأدوات المستعملة من قبل شركات رأس المال المخاطر تحتاج إلى هذه المراجعة العميقة للتخفيف من مَخاطر الاستثمار والتَّحوط لها. يركز البحث على بيان وإيضاح التحديات المهمة في تطبيق الشروط التعاقدية المتعارف عليها في استثمارات شركات رأس المال المخاطر واقتراح بدائل لها تتوافق مع الشريعة الإسلامية، لأن النظرية الإسلامية لرأس المال المخاطر لا ينبغي أن تكتفى بالبعد عن القرض الربوي الظاهر فحسب بل يجب أن تتحقق من خلوه من المخالفات الشرعية في الشروط الأخرى.

Suggested Citation

  • Zaid Al-Aifari & Monzer Kahf, 2021. "Venture Capital Investment: Challenges and Potential Solutions استثمار رأس المال المُخاطر : التحديات والحلول," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(2), pages 3-18, July.
    • Handle: RePEc:abd:kauiea:v:34:y:2021:i:2:no:1:p:3-18
    DOI: 10.4197/Islec.34-2.1
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    References listed on IDEAS

    as
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