Regulating Islamic Sukuk Subscriptions in Qatar:

A Comparative Legal and Sharīʿah-Based Analysis

Elham Abdelhalim Mabrouk

Ali Al-Hababi

Tarek Gomaa Elsayed Rashed

 

Abstract: This article critically examines the regulatory framework governing Islamic sukuk subscriptions under Qatari law, highlighting key legal and Sharīʿah-based challenges. While Qatar formally recognises sukuk as a legitimate financial instrument, its legislation lacks clarity on essential components such as collective ownership structures, the role of special-purpose vehicles (SPVs), and mechanisms for risk management. These gaps may hinder the effective implementation and global competitiveness of sukuk markets in Qatar. Drawing on comparative legal analysis, particularly with Egyptian law, the study reveals that Qatar’s reliance on general civil law and contractual terms does not provide the legal certainty required for effective sukuk governance. The article argues that without explicit statutory provisions and targeted fiscal incentives, Qatar’s sukuk framework remains fragmented and vulnerable to operational and legal risks. To address these shortcomings, the article recommends the introduction of clear laws regulating sukuk structures, the codification of collective ownership rules, and the provision of tax incentives to attract investment. These reforms are essential to enhance investor protection, ensure Sharīʿah compliance, and position Qatar as a leading hub for Islamic finance.