ماهية سندات التنمية المستدامة
DOI:
https://doi.org/10.65263/ez96hg77الكلمات المفتاحية:
التنمية المستدامة ، سندات التنمية المستدامة ، معايير سندات التنمية المستدامة، السندات الخضراءالملخص
الملخص
تعد سندات التنمية المستدامة ابتكارًا ماليًا حديثًا يمثل أداة دين متساوية القيمة تُصدرها الحكومات والشركات لتمويل مشاريع ذات أثر إيجابي مزدوج، بيئي واجتماعي، بما يتماشى مع الأهداف العالمية للتنمية المستدامة، وتتشابه هذه السندات مع الاوراق المالية ومع ذلك، تتميز عنها بوجود التزام قانوني باستخدام العائدات بشكل حصري لتمويل المشاريع المستدامة، مما يتطلب مستوى عاليًا من الشفافية ، خاصة فيما يتعلق بإعداد تقارير دورية حول الأثر البيئي والاجتماعي المُحقق وعلى الرغم من حداثتها، فإن أهميتها لا تقتصر على توفير مصدر تمويل ضخم لمشاريع البنية التحتية والمشاريع التنموية فحسب، بل تمتد لتشمل جذب قاعدة أوسع من المستثمرين المهتمين بالمعايير البيئية والاجتماعية والحوكمة، وتعزيز السمعة المؤسسية للمُصدرين، ودعم التحول الاقتصادي نحو مسارات أكثر استدامة وتستمد هذه السندات أساسها الفلسفي من أجندة الأمم المتحدة للتنمية المستدامة، مما يجعلها أوسع نطاقًا وأكثر شمولًا من السندات الخضراء التي تركز فقط على البعد البيئي ولضمان مصداقيتها، تخضع هذه السندات لمعايير دولية صارمة تتعلق بآلية اختيار المشاريع، وإدارة وتتبع العائدات، وإعداد تقارير الأثر.
المراجع
Firstly: Books
1. Hussain Al-Mahi, Commercial Companies, 2nd Edition, Dar Um Al-Qura Publishing House, Mansoura, 1992.
2. Maher Muhammad Hamed, The Reference in the Provisions of the Kuwaiti Companies Law, Dar Al-Nahda Al-Arabiya, Cairo, 2017.
3. Muhammad Ali Suwaylem, Financial Sukuk: A Comparative Study, 1st Edition, Dar Al-Matboo'at Al-Jami'iyyah, 2014.
4. Mustafa Kamal Taha, Commercial Law, Part One, 2nd Edition, 1956.
5. Sami Abdelbaki Abu Saleh, Commercial Companies, Dar Al-Nahda Al-Arabiya, Cairo, 2015.
6. Samiha Mustafa Al-Qalyoubi, Commercial Companies, 5th Edition, Dar Al-Nahda Al-Arabiya, Cairo, 2011.
Secondly: Research Papers (Journal Articles)
1. Abdullah Ahmed Mohamed, The Legal Nature of Commercial Sukuk: A Comparative Study Between Positive Law and Islamic Sharia, Dumyat Journal of Legal and Economic Studies, Issue 7, 2023.
2. Abir Mazghich, Investing in the Transferable Securities Exchange Between Incentives and Obstacles, Journal of Rights and Freedoms, College of Law and Political Sciences, Mohamed Khider University, Issue 3, 2016.
3. Ahmed Badran, Sukuk as a Financing Tool Between Theory and Practice, Al-Muslim Al-Mu'asir Magazine, Lebanon, Issue 152, August 2014.
4. Aisha Qandouz et al., Bonds and their Role in Financing Green Projects: An Analytical Study for the Period 2007-2020, Journal of Economics and Sustainable Development, Vol. (5), Issue 1, 2022.
5. Amira Tolba, Green, Social, and Sustainability Bonds as Tools for Financing Sustainable Development, Journal of Humanities and Social Sciences, Issue 2, 2023.
6. Bekkari El Mokhtar, Ways to Promote Green Bonds in Capital Markets, Research Unit in Human Resource Development Journal, Vol. 15, Issue 03, 2020.
7. Fatima Bekdi Khabazi, Fatima Zahraa, Green Bonds as a Financing Tool for Early Engagement in Financing Clean Investment Projects, Al-Ibda'a Journal, Vol. 10, Issue 01, 2020.
8. Ghada Abdullah, Green Bonds and their Role in Supporting the Egyptian Economy with Reference to Some International Experiences, Scientific Journal for Commercial and Environmental Studies, Vol. 12, Issue (4), 2021.
9. Hammad Mostafa Azab, The Legal Regulation of Islamic Sukuk and its Importance in Activating its Role in Achieving Economic and Social Development: A Study in Kuwaiti and Egyptian Laws, Kuwait International Law School Journal – Special Supplement – Issue 4, Part One, 2019.
10. Hussain Abdul Qadir, Green Bonds as a Tool for Financing and Supporting the Transition to the Green Economy within the Path of Achieving Sustainable Development, Journal of Finance and Markets, Vol. (4), Issue (8), Algeria, 2018.
11. Hussain Ahmed Hussain, The Green Bonds Revolution in Capital Markets: A Study on the Reality of Global Green Bond Issuance Values for the Period (2007-2023), Tikrit Journal for Administrative and Economic Sciences, University of Duhok, Issue (21), Vol. (69), 2025.
12. Ibtihaj Ismaeel Yaqoub et al., Sustainability of the Islamic Banking Sector by Utilizing Green Financial Instruments (A Comparative Study Between the Iraqi and Palestinian Environments), Research presented to the 3rd International and 13th Annual Scientific Conference, Al-Mustansiriya University, 2023.
13. Iman Fathy Abdo, The Impact of Issuing Green Bonds on the Participation of Egyptian Investors in the Green Securities Market, Scientific Journal for Commercial and Environmental Studies, Vol. 14, Issue 1, 2023.
14. Iman Mohamed Khairy, The Role of Green Finance for Small and Medium Enterprises in Achieving Sustainable Development, Journal of Legal and Economic Studies, Vol. 10, Issue 3, 2024.
15. Mohamed Ismaeel Ahmed, Green Sukuk, Middle East Research Journal, Issue 58 (Part Two), 2020.
16. Mohamed Ismaeel Ahmed, The Difference Between Financing Sukuk and Bonds, Middle East Research Journal, Issue 60, 2021.
17. Mohamed Mahrous Sa'douni, Mechanisms for Financing the Green Economy to Achieve Sustainable Development Targets: Between Reality and Hope, Journal of Legal and Economic Studies, Vol. 10, Issue 2, 2024.
18. Mohamed Omar Al-Saadi et al., The Jurisprudential Adaptation of Green Sukuk and the Controls for their Issuance, Journal of Islamic Sciences, Vol. 5, Issue 3, 2022.
19. Omar Nateq Yahya, Legal Regulation of Green Finance to Achieve Sustainable Development, Basra Studies Journal, Supplement Issue (48), 18th Year / June / 2023.
20. Qasim Mohamed Hazm, The Ruling on Dealing with Bonds and their Sharia Alternatives, Journal of Islamic Research and Sciences, Issue 17, 2016.
21. Raghad Fawzi Abd Al-Taei, Investment Bonds: A Comparative Legal Study with Islamic Jurisprudence, Al-Kufa Journal for Legal and Political Sciences, Vol. 8, Issue 22, 2015.
22. Rehab Kamal Mahmoud, Measuring the Level of Accounting Disclosure of Green Debt Instrument Information and its Impact on Investors' Decisions (Applied to Commercial International Bank (Egypt) with Field Evidence), Scientific Journal for Commercial and Environmental Studies, Issue 3, 2022.
23. Saliha Boudri'a, Promoting and Supporting Sustainable Development in the Islamic Economy by Moving Towards Green Sukuk - The Malaysian Experience as a Model, North Africa Economic Journal, Vol. 17, Issue 27, 2021.
24. Sultan Jasim Al-Nasrawi, The Role of Green Bonds in Facing Climate Challenges, Iraqi Journal of Economic Sciences, Issue 64, 2020.
25. Wafaa Salem Ali Elsayed, Green Bonds: Reality, Challenges, and Prospects, Legal Journal (Specialized Journal for Legal Studies and Research), Issue 1, 2024.
Thirdly: Theses and Dissertations
1. Amina Nawasriah, Provisions of Shares and Bonds in Joint Stock Companies in Algerian Legislation, Master's Thesis, University of May 8, 1945 Guelma, College of Law and Political Sciences, 2019.
2. Amir Hakim Hadi, The Role of Green Finance in Mitigating Climate Change: Experiences of Selected Countries with the Possibility of Utilizing them in Iraq, Master's Thesis, University of Karbala, College of Administration and Economics, 2023.
3. Fatima Azzouz, The Role of Green Bonds in Achieving Sustainable Development, Master's Thesis, Shaheed Hamma Lakhdar University - El Oued, Algeria, 2021.
4. Mohamed Mubarak Fadhil Al-Bassman, The Legal System of Financing Sukuk and their Distinction from Shares and Bonds (A Study in Kuwaiti and Comparative Law), PhD Dissertation, Faculty of Law, Cairo University, 2013.
5. Osama Abdul Halim Al-Jawriyya, Investment Sukuk and its Developmental Role in the Economy, Master's Thesis in Islamic Studies, University Da'wah Institute for Islamic Studies, Beirut, Lebanon, 2009.
6. Rumaysah Merabeti, The Role of Green Bonds in Financing Sustainable Projects: A Case Study of Green Bonds in Arab Countries, Master's Thesis, Hafiz Bousouf Mila University Center, Algeria, 2021.
Fourthly: Legislation
1. Executive Regulations of the Egyptian Capital Market Law No. (135) of 1993.
2. Regulation of Bonds and Sukuk in the Sultanate of Oman Regulation No. (Kh/21) of 2024.
Fifthly: Websites
1. Asmaa Refaat, "Sustainable Development Bonds: Between Application and Return," Article published at: https://ecss.com.eg / Last visited: 30/9/2025 at 1:00 PM.
2. Green Bond Principles (GBP), published in the Sustainable Finance section on the International Capital Market Association (ICMA) website. The official version of this document is available at: https://www.icmagroup.org Last visited: 22/1/2025 at 2:03PM.
3. Sustainability Bond Guidelines (SBG), published in the Sustainable Finance section on the International Capital Market Association (ICMA) website. The official version of this document is available at: https://www.icmagroup.org Date of visit: 19/12/2024 at 12:00PM.
Sixthly: Foreign Sources
1. He Mingfang1, A Study on the Development of Green Finance Business at Industrial Bank from the Perspective of Sustainable Development Bonds, Academic Journal of Humanities & Social Sciences, ISSN 2616-5783 Vol. 7, Issue 9: 146-152, DOI: 10.25236/AJHSS.2024.
2. Maino, A. G., Financing the energy transition: The role, opportunities and challenges of green bonds, Oxford Institute for Energy Studies, 2022.
التنزيلات
منشور
إصدار
القسم
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الحقوق الفكرية (c) 2025 مجلة جامعة البيان للدراسات والبحوث القانونية

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