Evaluation and Prioritization of Islamic Financial Instruments (Sukuk) in Iran with a Focus on Risk Sharing
In today's world, one of the most significant concerns for economic enterprises is financing. In Muslim countries, Islamic financing is conducted through Islamic bonds known as sukuk. Sukuk come in various types, tailored to the specific needs of the issuing entity. Multiple stakeholders are in...
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Imam Sadiq University
2024-09-01
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| Series: | تحقیقات مالی اسلامی (پیوسته) |
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| Online Access: | https://ifr.isu.ac.ir/article_77408_d32dbf0833ea58a2ae83111900741af7.pdf |
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| author | Mohammad Mahdi Askari Mohammad Mahdi Kargozar Hassan Hemmati |
| author_facet | Mohammad Mahdi Askari Mohammad Mahdi Kargozar Hassan Hemmati |
| author_sort | Mohammad Mahdi Askari |
| collection | DOAJ |
| description | In today's world, one of the most significant concerns for economic enterprises is financing. In Muslim countries, Islamic financing is conducted through Islamic bonds known as sukuk. Sukuk come in various types, tailored to the specific needs of the issuing entity. Multiple stakeholders are involved in the issuance process of these bonds, each with a defined role to optimize the process. Consequently, each stakeholder assumes certain risks throughout this process. This study examines these risks and ranks the credit risk each stakeholder incurs during the sukuk issuance process. The research is applied in nature and utilizes a descriptive survey method for data collection, falling under the category of field studies. The analysis method for this study is TOPSIS. Data collection was conducted in two phases: initially through library research and reviewing existing documents, and subsequently through field research. The necessary raw data was gathered via questionnaires. The findings indicated that, on average, for all types of bonds, the originator bears the highest credit risk in the sukuk issuance process, while the market maker bears the lowest risk. Additionally, it was found that among all scenarios involving different types of bonds and stakeholders, in participation bonds, the originator bears the highest credit risk, whereas, in Murabaha bonds, the market maker bears the lowest risk. The results of this study can be utilized in policymaking for drafting guidelines on the issuance of Islamic financial bonds and the methods for credit evaluation, securing guarantees, and assessing the stakeholders involved in the issuance process based on the type of bond. |
| format | Article |
| id | doaj-art-84e2667ea1cb45aaa5f0e396254f6eef |
| institution | Kabale University |
| issn | 2251-8290 2588-6584 |
| language | fas |
| publishDate | 2024-09-01 |
| publisher | Imam Sadiq University |
| record_format | Article |
| series | تحقیقات مالی اسلامی (پیوسته) |
| spelling | doaj-art-84e2667ea1cb45aaa5f0e396254f6eef2025-01-26T16:06:06ZfasImam Sadiq Universityتحقیقات مالی اسلامی (پیوسته)2251-82902588-65842024-09-0113232134610.30497/ifr.2024.246606.189877408Evaluation and Prioritization of Islamic Financial Instruments (Sukuk) in Iran with a Focus on Risk SharingMohammad Mahdi Askari0Mohammad Mahdi Kargozar1Hassan Hemmati2Faculty Member, Faculty of Islamic Studies and Economics, Imam Sadiq University, Tehran, IranM.A. in Economic Sciences, Faculty of Islamic Studies and Economics, Imam Sadiq University, Tehran, Iran.A. Student, Economic Sciences, Faculty of Islamic Studies and Economics, Imam Sadiq University, Tehran, IranIn today's world, one of the most significant concerns for economic enterprises is financing. In Muslim countries, Islamic financing is conducted through Islamic bonds known as sukuk. Sukuk come in various types, tailored to the specific needs of the issuing entity. Multiple stakeholders are involved in the issuance process of these bonds, each with a defined role to optimize the process. Consequently, each stakeholder assumes certain risks throughout this process. This study examines these risks and ranks the credit risk each stakeholder incurs during the sukuk issuance process. The research is applied in nature and utilizes a descriptive survey method for data collection, falling under the category of field studies. The analysis method for this study is TOPSIS. Data collection was conducted in two phases: initially through library research and reviewing existing documents, and subsequently through field research. The necessary raw data was gathered via questionnaires. The findings indicated that, on average, for all types of bonds, the originator bears the highest credit risk in the sukuk issuance process, while the market maker bears the lowest risk. Additionally, it was found that among all scenarios involving different types of bonds and stakeholders, in participation bonds, the originator bears the highest credit risk, whereas, in Murabaha bonds, the market maker bears the lowest risk. The results of this study can be utilized in policymaking for drafting guidelines on the issuance of Islamic financial bonds and the methods for credit evaluation, securing guarantees, and assessing the stakeholders involved in the issuance process based on the type of bond.https://ifr.isu.ac.ir/article_77408_d32dbf0833ea58a2ae83111900741af7.pdfislamic financialislamic financial instrumentsrisk sharingrisk managementislamic financial paperssukuk |
| spellingShingle | Mohammad Mahdi Askari Mohammad Mahdi Kargozar Hassan Hemmati Evaluation and Prioritization of Islamic Financial Instruments (Sukuk) in Iran with a Focus on Risk Sharing تحقیقات مالی اسلامی (پیوسته) islamic financial islamic financial instruments risk sharing risk management islamic financial papers sukuk |
| title | Evaluation and Prioritization of Islamic Financial Instruments (Sukuk) in Iran with a Focus on Risk Sharing |
| title_full | Evaluation and Prioritization of Islamic Financial Instruments (Sukuk) in Iran with a Focus on Risk Sharing |
| title_fullStr | Evaluation and Prioritization of Islamic Financial Instruments (Sukuk) in Iran with a Focus on Risk Sharing |
| title_full_unstemmed | Evaluation and Prioritization of Islamic Financial Instruments (Sukuk) in Iran with a Focus on Risk Sharing |
| title_short | Evaluation and Prioritization of Islamic Financial Instruments (Sukuk) in Iran with a Focus on Risk Sharing |
| title_sort | evaluation and prioritization of islamic financial instruments sukuk in iran with a focus on risk sharing |
| topic | islamic financial islamic financial instruments risk sharing risk management islamic financial papers sukuk |
| url | https://ifr.isu.ac.ir/article_77408_d32dbf0833ea58a2ae83111900741af7.pdf |
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