بازتعریف فقهی حقوقی ماهیت قرارداد سرمایه گذاری خطرپذیر؛ کاوشی در شبهات غرری و سفهی بودن آن (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
اقتصاد و بازارهای جدید جهان با محوریت اختراع ابزارها، فناوری های نوین و ایده های نوآورانه سامان یافته است، لذا مخترعان با تجاری سازی اختراعات خود از پیشگامان اقتصاد دنیای امروز محسوب می شوند. تجاری سازی اختراعات و ایده های نوین همواره با عدم دسترسی به منابع مالی کافی و فقدان تجربه و اعتبار تجاری مخترعان همراه بوده است. از دیگر سوی، سرمایه گذاری در این خصوص به دلایل اقتصادی متعدد دارای خطرات مالی بالاست، که رغبت سرمایه گذاران را در این راستا به شدت کاهش می دهد. «قرارداد سرمایه گذاری خطرپذیر» مکانیسم و نمونه قراردادی است که با هدف حل چالش های پیش گفته در دهه 1940 میلادی در نظام حقوقی آمریکا ابداع شد، و به سایر نظام های حقوقی و اقتصادی از جمله نظام حقوقی ایران وارد شد. به طور کلی، قرارداد سرمایه گذاری خطرپذیر یکی از انواع قراردادهای سرمایه گذاری جهت تأمین مالی شرکت های دانش بنیان و کسب و کارهای نوپا است که خطر بالایی در بازگشت سرمایه سرمایه گذار دارد. باری، در نگاه اوّل به نظر می رسد که قرارداد مذکور به دلیل خطر مالی بالا و البته غیرعقلایی بودن خطرات مالی آن، در زمره معاملات غرری و سفهی جای گرفته و نامشروع باشد. از این روی، با عنایت به جایگاه مهم قرارداد سرمایه گذاری خطرپذیر در اقتصاد، می بایست ماهیت آن در فقه امامیه و حقوق ایران روشن گردد؛ پژوهش حاضر با این هدف و با روش توصیفی تحلیلی تدوین شده است تا در نخستین گام مشروعیت قرارداد سرمایه گذاری خطرپذیر و به تبع آن صحت آن را در فقه امامیه اثبات کند و آنگاه ماهیت قرارداد مذکور را با محوریت فقه امامیه و حقوق ایران بازتعریف نماید.A Jurisprudential Reinterpretation of the Legal Nature of Venture Capital Contracts: An Exploration of Hazardous (Risky) and Incompetent (Irrational) Issues in Islamic Law
Introduction Venture capital investment involves infusing capital, providing managerial services, and planning for capital exit in young, innovative, and growing companies. These distinctive characteristics separate venture capital contracts from other financial agreements. Recognized globally by leaders in both governmental and economic spheres, venture capital investment has proven crucial for economic development and technological advancement. Noteworthy examples include the semiconductor industry and companies such as Microsoft and Facebook (Meta), which have substantially benefited from venture capital investments. For instance, M12, formerly known as Microsoft Ventures, serves as Microsoft’s venture capital firm, investing in startups and technological projects focused on artificial intelligence, software development, and cybersecurity. Similarly, Facebook has established an internal unit dedicated to venture capital investment in new technologies. These ventures highlight the pivotal role of venture capital contracts in driving economic progress within contemporary managerial and economic systems. However, the agreements and regulations underlying venture capital contracts can create potential conflicts between the rights of the capital recipient and the investor, as evidenced by studies within the US legal system. To mitigate such conflicts, there is a need to redefine the nature of these contracts in accordance with Islamic jurisprudence. In Iran, despite laws and regulations advocating for the support and development of venture capital investments, the legitimacy, validity, and nature of venture capital contracts under the Iranian legal system and Islamic jurisprudence have not been thoroughly explored. This research aims to fill this gap by refuting claims of illegitimacy, establishing the legitimacy of venture capital contracts, and demonstrating their compatibility with Islamic participation agreements while clarifying their incompatibility with other nominate contracts. Research Question The central research question of this study is: How can the nature of venture capital contracts be reinterpreted within the framework of Islamic jurisprudence to address claims of their speculative and irrational nature, thereby establishing their legitimacy and validity in both Islamic and Iranian legal systems? Research Hypothesis The hypothesis driving this research posits that venture capital contracts, when scrutinized under Islamic jurisprudence, can be deemed legitimate and valid. This legitimacy hinges on demonstrating that these contracts align with the principles of Islamic finance and jurisprudence, particularly through the framework of participation agreements. The study hypothesizes that the speculative and irrational concerns associated with venture capital contracts can be addressed by redefining their nature within the Islamic legal context, thus proving their compatibility with the principles of trade and profit-sharing recognized in Islamic law. Methodology & Framework, if Applicable This research employs a library-documentary method for data collection and a descriptive-analytical approach for data analysis. The study involves deducing, interpreting, and reasoning findings from documents, with extensive references to the texts and opinions of Islamic jurists and legal scholars. The methodological framework includes: Reviewing existing literature on venture capital contracts in both Western and Islamic legal contexts. Analyzing the principles of Islamic jurisprudence to understand the legitimacy of venture capital contracts. Examining the compatibility of venture capital contracts with various nominate contracts in Islamic jurisprudence, such as sale, partnership, reward, and participation agreements. Utilizing the principles of the Qur'an, specifically the general verse "Allah has permitted trade" (Surah Al-Baqarah - 275), the rule of the Muslim market, and the principle of legitimacy to argue for the validity of venture capital contracts. Results & Discussion The study finds that venture capital contracts, despite their modern inception, can be aligned with the principles of Islamic jurisprudence, particularly through the lens of participation agreements. The key results and discussions include: Legitimacy in Islamic Jurisprudence: The venture capital contract is legitimized by the principle of the validity of contracts and the Qur'anic verse permitting trade. This legitimacy is further supported by the rule of the Muslim market and the overarching principle of legitimacy in Islamic law. Compatibility with Nominate Contracts: The venture capital contract shares significant similarities with the participation agreement in Islamic jurisprudence. Both contracts involve the mixing of assets, shared ownership, and management of these assets according to agreed terms. The division of profits and losses based on co-owned shares in both contracts further establishes this compatibility. Addressing Hazardous and Irrational Claims: The speculative nature of venture capital investments, while inherent to their high-risk, high-reward paradigm, can be rationalized within Islamic jurisprudence by emphasizing the profit-sharing and risk-bearing principles foundational to Islamic finance. Economic and Technological Impact: By legitimizing venture capital contracts within the Islamic legal framework, the study underscores their potential in fostering economic development and technological innovation, as evidenced by successful global examples. Conclusion This research concludes that venture capital contracts, while modern, can be reconciled with the principles of Islamic jurisprudence, particularly through the framework of participation agreements. By proving their legitimacy based on Islamic legal principles, the study establishes their validity within the Iranian legal system. The key findings are: Venture capital contracts are legitimate and valid under Islamic jurisprudence, supported by the Qur'anic principles of trade and the rule of the Muslim market [Souq al-Muslimeen]. These contracts align closely with the participation agreement in Islamic jurisprudence, sharing critical elements such as asset mixing, shared ownership, and profit-loss distribution. Addressing the speculative and irrational concerns associated with venture capital contracts can be achieved by emphasizing their alignment with the risk-sharing principles of Islamic finance. The research highlights the significant role of venture capital contracts in economic and technological advancement, advocating for their broader acceptance and integration within Islamic legal systems. By establishing the legitimacy and redefining the nature of venture capital contracts within Islamic jurisprudence, this study paves the way for their acceptance and utilization in fostering economic growth and innovation, particularly within Islamic countries like Iran.
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