Study of the Juridical and Legal Nature of the Interim Profit of the Participation papers

In Iran, in 1376/1997 when the Act for publishing such papers was approved, "participation papers" were introduced to fill the gap created because of absence of debentures in the economic-financial system which had been discarded because of their usury nature. The participation papers have been founded on the civil partnership contract, and those who have such papers are jointly partners of the issuer in a certain project. Nevertheless, it seems that some rules of the contract of partnership are not implemented in the participation papers; and this very point has caused some religious ambiguities concerning legitimacy of the contract of partnership. The most important suspicion posed by those who research in the field of Islamic economy concerns the guaranteed interim profit. Although the participation papers were designed as proposed by the jurists of the Guardian Council, there are some ambiguities and suspicions in the implementation which are discussed in the present study. The methodology of research in the present article is an analytic-descriptive one in which library resources have been employed.According to the authors, the participation papers are in the form of the contract of partnership, and its interim profit is legitimate.