مجلة البحوث في العقود و قانون الأعمال
Volume 11, Numéro 1, Pages 81-106
2026-06-06
Financing Commercial Public Infrastructure And Equipment Through “sovereign Sukuk” And The Effectiveness Of The Legal Guarantees prescribed For Them In Algerian Legislation.
Authors : Maazi Sonia .
Abstract
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.
Keywords
Sovereign sukuk ; legal guarantees ; public equipment and facilities ; Finance Law.
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