ISSN: 2225-8329
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The issues of stocks, sukuk (Islamic bonds), and their related matters in the present age are of significant importance in Islamic economics. The objectives of this study are to understand the reality of dependency and its legal basis, and to establish the governing criterion of dependency in financial transactions, especially in the trading of stocks and Sukuk in contemporary financial markets. The methodology used in the study is inductive, where all its parts are extrapolated and gathered into a single framework, and descriptive-analytical, where it is explained, described, and analyzed scientifically. The main findings of the study are as follows: The reality of dependency is the connection of one thing to another either naturally or in a manner that it cannot be separated from it in a contract. Its governing criterion is the connection of one thing to another, either in reality or legally, such that it cannot be separated from it. That is, it cannot stand alone or cannot be independent by itself, nor can it be isolated in a contract. Usurious money ( Riba ) is clearly a distinct and independent entity in itself, which can be isolated in a contract; Therefore, the concept of dependency does not apply to it, and it must be judged on its own, separate from the judgment of the main asset. Riba, whether little or much, is impermissible, and its permissibility is not allowed either intentionally or dependently in Islamic law. Therefore, dependency is not considered in Riba , and what is thus the case cannot be considered under the rule: “What is forgiven in the dependent is forgiven in the main,” but rather there is another principle: “Riba cannot be accepted in the dependent as it cannot be accepted in the original asset.”
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