College of Law and Governance
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in law, governance, public policy, and institutional development.
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Item REGULATING SUKUK SECURITIES IN ETHIOPIA’s CAPITAL MARKET: A COMPARATIVE ANALYSIS AND LESSONS OF THE LEGAL AND INSTITUTIONAL FRAMEWORKS(HAWASSA UNIVERSITY, 2025-06) ABDULKERIM BEFETA MOHAMMEDSukuk emerged as an alternative sharia-compliant financial instrument to conventional debt-based instruments. Nowadays, Sukuk is one of the flexible and fastest-growing financial products in the global financial market. In Ethiopia, despite high demand for sharia-compliant products, comprehensive regulatory frameworks for Islamic finance have not yet been developed. Besides, Ethiopia has recently introduced a capital market as an investment opportunity to provide diverse and innovative financial products for all. Following this, there is legal recognition of Sukuk. Despite this, there is no specific law that regulates Sukuk products and the current financial laws also not suitable for Sukuk in Ethiopia. This paper aims to assess the need to develop regulatory framework for Sukuk securities in Ethiopia by analyzing the successful experience of other nations. To this end, the research employed doctrinal research methodology and also comparatively analyzed the best experience of selected nations (Malaysia, Indonesia and Nigeria) to draw lessons for the successful regulation of Sukuk in Ethiopia. It has been observed that, in selected jurisdictions supportive legal and regulatory framework significantly supported the development of Sukuk. Based on the analysis, the researcher proposes legal and regulatory institutional issues. Among others, Ethiopia should modify the existing principal legislations to regulate Sukuk as a financial security, prepare detailed regulations or guidelines for Sukuk, establish a centralized Sharia advisory council and establish an appropriate forum of adjudications for the successful regulation and implementation of Sukuk. Regarding operational strategies, Ethiopia should adopt and implement the simplest and common Sukuk structures through a phased-based approach.Item THE CHALLENGES OF CONVERTING PERMIT LAND TO LEASE TENURE: THE CASE OF GURAGE ZONE(HAWASSA UNIVERSITY, 2025-03) KEBEDE KASSAThe current lease proclamation has emphasized that any urban land which has not been under lease hold system shall be permitted to be held only by lease system. Regional cabinets may specify urban centers to which the proclamation remains inapplicable for a certain period not more than five years starting from the date of the coming in to force of the lease proclamation. The urban centers referred to in sub article (4) of Article 5 of the lease proclamation may, within the transitional period, permit urban land holding through tender. The bid bench mark shall be the annual land use rent of the locality. The modality of converting permit holding in to lease shall be determined by the CM on the basis of a detailed study. Where a property attached on an permit holdings is transferred to a third party through any modality other than inheritance, the person to whom the property is transferred becomes the possessor through lease holding. This study investigates the multi-dimensional challenges regard with conversion of permit land to lease system when there is transfer of permit land to third party other than inheritance. The research has adopted qualitative research approach to in-depth investigate the issue. Failure of the council to begin a detailed study, the existence of Bureaucracy, the cost of converting or transferring fees are among the major challenges identified by the research. Accordingly, the researcher provides recommendation that CM should enact a comprehensive and detailed study to assess the current land management system.Item THE LEGAL FRAME WORK OF INTEREST FREE MICROFINANCE INSTITUTIONS IN ETHIOPIA: A COMPARLATIVE STUDY(Hawassa University, 2025-11-04) ABDULSEMED BEDEWI NURIThis study endeavors to examine the legal regulations governing interest-free microfinance institutions in Ethiopia with comparisons of Sudan, Egypt, and Malaysia. The research method employed is comparative doctrinal legal research design, which involves scrutinizing secondary data sources such as black and white documents. The qualitative data was analyzed using content analytical techniques that were consistent with the study's objectives. The findings of this study revealed that Ethiopia's legal framework for interest-free microfinance institutions has significant gaps and differences when compared to Egypt, Sudan, and Malaysia. These differences include the specificity of regulations, variations in regulatory oversight and licensing requirements, and the legal basis for interest-free microfinance. Malaysia stands outwith its dedicated legal framework for Islamic finance principles. Addressing these gaps wouldinvolve considering broader legal frameworks, enhancing regulatory oversight, and aligning with international standards. By doing this, Ethiopia can strengthen its legal framework for interestfree microfinance institutions, promoting access to financial services and local economic growth. Therefore, the legislative structure of interest-free microfinance institutions in Ethiopia exhibits gaps and weaknesses when compared to Sudan, Egypt, and Malaysia. These gaps include the lack of specificity in regulations, variations in regulatory oversight effectiveness and capacity, differences in licensing requirements, and a narrower legal basis. These gaps can pose challenges for interest-free microfinance institutions in terms of compliance, clarity, supervision, and consumer protection. To address these weaknesses, Ethiopia should consider enhancing regulatory capacity, aligning with international standards, promoting collaboration, and expanding the scope of the legal framework. Furthermore, Ethiopia can establish a more robust and effective legal framework that promotes the development and growth and of interest-free micro - finance institutions, thereby contributing to financial inclusion and long-term economic progress. Furthermore; it's suggested that National Bank of Ethiopia revise its means of supervising/regulating operations related to free- interest-based micro-financing optimizing outreach effectiveness hence promoting successful establishment/development thereof.