An Investigation of the Legal and Jurisprudential Nature of Lease and Morabeheh Sokuk

Stock exchange Market of every country is the dynamic symbol of economy of that country and variety of financial instruments facilitate this dynamism. Nowadays, there are various financial instruments in global markets only two of which, namely debentures and shares, have been admitted in our legal system. In recent years, particularly introduction of new Negotiable Instruments Act 1384 and thereafter the Development of Financial Instruments Act 1388, paved the way for introducing Islamic financial instruments such as Sokuk. To make better use of such instruments, it is necessary to review the nature of them in order to find out whether or not employing these instruments are compatible with our legal and jurisprudential rules.In this paper, studying the importance of Stock Exchange Market, variety of financial instruments, we shall examine the concept and the legal nature of two types of Islamic financial instruments (lease & Morabeheh Sokuk), and their development, with regards the statutory and by-laws provisions.