تقييم مخاطر الصكوك الإسلامية دراسة حالة شركة دانا غاز DANA GAZ

Abstract

هدفت هذه الدراسة إلى تقييم مخاطر الصكوك الإسلامية من خلال دراسة حالة صكوك شركة دانة غاز، مع التركيز على المخاطر الشرعية والقانونية والائتمانية والتشغيلية ومخاطر السوق. واعتمدت الدراسة على المنهج الوصفي والتحليلي، مستندة إلى دراسة الأدبيات وتحليل حالة الشركة. وتوصلت إلى أن تعثر صكوك دانة غاز كشف عن قصور في إدارة المخاطر وضرورة تعزيز الحوكمة والرقابة الشرعية وتطوير الأطر القانونية والتنظيمية. كما أكدت أن تحسين آليات تقييم وإدارة المخاطر يسهم في تعزيز ثقة المستثمرين ودعم استدامة سوق الصكوك الإسلامية.This study aimed to evaluate the risks of Islamic Sukuk as a modern financing tool that contributes to mobilizing financial resources to support development projects. However, it remains exposed to a range of risks that necessitate analysis and assessment. The study proceeded from an economic and financial perspective, aiming to understand the nature of these risks and their impact on the effectiveness of Sukuk and the stability of the Islamic financial market. The study relied on a set of evaluation tools, most notably: financial feasibility studies to estimate the assets' ability to generate stable returns, Sharia supervision to ensure that the Sukuk structure complies with Sharia provisions, as well as diversifying the Sukuk portfolio to control risks, Islamic hedging mechanisms, and relying on Takaful insurance and guarantees to mitigate expected losses. The study yielded several key results, the most important being that Islamic Sukuk are exposed to multiple risks, including Sharia, legal, credit, and operational risks, in addition to market risks associated with economic fluctuations. The study also highlighted that the Dana Gas Sukuk case served as an empirical model revealing the importance of unifying Sharia and legal frameworks and the necessity of promoting governance to ensure the protection of investors' rights. In light of the economic and financial analysis, the study concluded that the success of the Sukuk market depends on the existence of a cohesive regulatory environment, structural transparency, and effective Sharia supervision. This enhances the attractiveness of this tool and strengthens its role in project financing and supporting financial stability. Consequently, developing risk management mechanisms is considered a fundamental prerequisite for the sustainability of the Sukuk industry and increasing its competitiveness within local and international markets.