& nbsp; Background
From the perspective of Islamic law, interest-free loan, as a religious and pious ways of helping the poor and doing good & zwnj; is. Many traditions of believers & zwnj; will be part of their wealth to help the needy and the plight of the brothers of their unbelief loan. In some traditions, virtues loan higher than the charity is considered, for example, in the tradition of the Holy Prophet (PBUH) you & zwnj; says:
& Laquo; Ascension night, I saw written on the door of heaven: charity to ten times and loan eighteen times rewarded & zwnj; be & raquo; < span dir = "LTR"> 
In view of the above and having regard to the provisions of Article 86 the Fifth Development Plan for expanding and institutionalizing the tradition of good debt & zwnj; interest-free to insert it in the law, the importance of the issue to custodians as well as the law & zwnj; the transition is, in the end, a framework for the development of the debt & zwnj; interest-free, are offered.
& Nbsp; Define loan bonds bond loan portfolios that are under contract to borrow interest-free release & zwnj; and whereby the issuer, to the nominal value of & zwnj; to holders of securities debited and they are committed to pay at maturity securities.
& Nbsp; nature of interest-free bonds
Publisher by issuing interest-free loan maturities given the surplus funds of charitable people gathered in the specific plan of general & zwnj; community investment & zwnj; and either directly or through the Fund & zwnj; borrowed & zwnj; loan or bank & zwnj; to individuals or legal purpose, loans are interest-free loan & zwnj; deals. Then from the annual budget or by collecting installments loans & zwnj; borrowed & zwnj; loan or by issuing bonds & zwnj; interest-free New, bonds & zwnj; loan maturity to pony & zwnj; does.
These bonds can & zwnj; can borrow under contract & zwnj; loan and for a name or a & zwnj; name, and a certain amount, with a specified redemption and maturity are to be published and no profit. Any person or entity can be an unlimited number of securities purchased. The purpose of this paper is mainly theologians who are willing to learn otherworldly rewards and spiritual benefits of their investments in charity amount. The requirements of the loan agreement, the issuer is obligated to pay the funds at maturity securities owners. In the meantime, bank or financial institution valid documents can also be considered as a sponsor.
& Nbsp; domain loan bonds
Interest-free bonds can be issued for the following purposes:
1. Financing scheme & zwnj; welfare
Government & zwnj;, organizations and charities & zwnj; be part of project & zwnj; and design & zwnj; s & zwnj; profit through the issuance of loan, financing, then gradually out of the annual budget or income plan & zwnj; and, either by publication bonds & zwnj; Alhsnh new, to settle maturing bonds. 2. Loan Loan & zwnj; loan to the needy
Bank & zwnj; borrowed & zwnj; interest-free, state & zwnj;, organizations and charities & zwnj; able to grant loans & zwnj; loan to needy groups or public utility purposes of this paper use. Then gradually the place of installment loans & zwnj; concessional, or by issuing bonds & zwnj; Alhsnh new, to settle maturing bonds.
& Nbsp; Types of Loan
Bonds offer interest-free loan from the Muslim scholars and in some countries also reached to implement two types
. 1 loan securities without Award < / span>
In this case, the issuer, except for the return of the principal amount loaned pay any extra & zwnj; though under the Commitment Award not & zwnj; and purchaser only to reward the spiritual and otherworldly buys you & zwnj; they practical example of these securities in Malaysia are ongoing, the Malaysian government under legislation passed by parliament, to issue interest-free loan short term the proceeds of their in the financing of projects & zwnj; s & zwnj;-profit and charitable work & zwnj; and in maturity securities from the issuance of new or out of the annual budget, its debt to the owners of securities to settle the & zwnj; a. 
. 2 bond loan with prizes < / span>
In this case the issuer in addition to the return of the principal amount loaned, cash and non-cash prizes for lottery wiring between holders of securities distribution & zwnj; & zwnj; a practical example of these securities in Egypt and Sudan are underway, for example, the Ministry of Post and Ministry of electricity Sudan to finance some projects & zwnj; and to issue bonds with the award and the funds collect & zwnj; the bonds owners have the right at any time to the issuer referred to their money, the issuer of motivation to buy and hold securities, according to the given program on a regular basis between the holders of lottery and goods valuable prizes & zwnj; the  .
& Nbsp; interest bonds & zwnj; loan
participation in spiritual reward and the reward of the hereafter grant a loan
Maintain and savings portion of the property
The ability to use their securities as collateral in transactions deferred
Ability to bond to pay & zwnj; the term & zwnj; significant
benefit from the bonus awards interest-free bonds, which & nbsp; For lottery grants & zwnj; is.
& nbsp; secondary market bonds & zwnj; loan
These benefits makes & zwnj; many people are willing to buy and hold bonds & zwnj; interest-free. This makes & zwnj; natural secondary market for these bonds to be formed and assigned to the agreed price in the market. So publishers securities are & zwnj; they can comply with all aspects of safety, to issue B & zwnj; name or by name leave to work in a secondary market to easily transfer and this makes & zwnj; the publishers are able to bond with maturity & zwnj ; long & zwnj; publish more and bondholders without the worry of maturity, buys them and needed in a secondary market to sell.
& Nbsp; legal study loan bonds
Securities loan without Award clear evidence of a loan without interest, that of the juridical recommended and encouraged verses and traditions so that anyone who buys the bonds of the issuer's & zwnj; in fact he borrowed the & zwnj; and papers document the debt issuer to borrow & zwnj; that is, when the securities in the secondary market can & zwnj; sells the debt of the issuer to the buyer transfers & zwnj; and the fact that the sales price is the nominal believe that all jurists is allowed 
But the bond loan with a surprise in many ways is a matter of discussion. 01 Although the issuer of the individual owners of securities commitment to pay extra prize, and that's why jurists towards prizes and deposit & zwnj; loan bank, the decision to permissibility data & zwnj; have  but to all holders of bonds & zwnj; loan commitment to pay extra so that if the one-year program awards remove all owners of securities to the right of the & zwnj; day against the publisher complain and this kind of loan on the condition too will be  02 awards Nashravraq to draw in possession of some of the holders of the & zwnj; lays in the fact reward the use of proceeds from the issuance to all holders belongs, by what logic, jurisprudence you & zwnj; be what it all involved in its realization assigned by lot to a small group. [7 ]
& Nbsp; Economic Analysis securities loan
From the perspective of economic criteria crushed & zwnj; say: 01 bond loan, particularly, of no award of contract to borrow interest-free design & zwnj; as a result of financial instruments non-profit company, so it & zwnj; can the goals and taste & zwnj; by a group of persons are not in line with the market. 02 If these securities are reported at market traction, according to trading charitable contribution to the economy & zwj; Power will be liquidity and the maturity of close to & zwnj; the degree of liquidity of more than & zwnj; be.
From the perspective of macro economic indicators & zwnj; say: 01 Because the securities are & zwnj; be an appropriate tool to absorb liquidity in the hands of the people and lead them to the construction scheme & zwnj; and project & zwnj; s & zwnj; welfare or finance jobs segments vulnerable, these bonds can & zwnj; can be considered a tool for economic growth and development. 02 bond loan for an interest-free for them and their use in design & zwnj; welfare, funding the employment of vulnerable groups and the financing of essential needs they have, a significant impact on distributive justice community & zwnj; and the share of these securities more will be expected & zwnj; the gap is less in society. 03 securities loan can & zwnj; they needed a means to finance government projects & zwnj; welfare to work process so it & zwnj; be used as a tool for fiscal policy be considered, However, due to the non-profit they will have a limited scope. 04 to non-profit bond loan and buy and sell based on price & zwnj; nominal, terms for entry and exit of the Central Bank in the secondary market for these securities to conduct monetary policy there .
& Nbsp; Juridical Committee approved
After checking the legal committee of the Securities and Exchange & nbsp; on & nbsp; 15/4/90 & nbsp; meeting No. 53, approved the bond loan with the above specifications.