مقالات رزومه حنظله فندرسکی

The construction industry is one of the industries that requires significant capital. Funding is one of the main concerns of builders. Failure to provide it on time causes delays in the implementation of projects and as a result increases the cost. Among the financing methods of this industry are capital market instruments, especially sukuk. Despite the development of Islamic financial instrument and the use of other industries and economic enterprises, these methods have not yet been welcomed by manufacturers. There is a lack of acceptance even regarding istisna bond. So far, significant researches have been conducted in the field of jurisprudence and legal issues of this tool, but the research gap regarding the practical model and the reasons for its lack of acceptance is noticeable. One of these reasons is the impossibility of pre-selling the residential units of the project as a method of financing and risk management. The research question is about the possibility of using pre-sale in istisna bonds made by the founder. In this research, an attempt has been made to overcome this limitation by using two contracts of Salam and ijarah. In this regard, the proposed contracts have been analyzed from the aspect of jurisprudence and economic issues, and the advantages and suggested solutions for risk management of the models have also been presented. The results of the research indicate the possibility of using both contracts for pre-sale based on jurisprudence and economics. Of course, using an ijarah due to the payment of the unit price in the form of rent installments is a more desirable method and has the maximum compliance with the custom of this industry.

Real estate investment are characterized by low liquidity and irreversible cost. Real Estate industry is one of the most important industry in occupation. Moreover, its production has the biggest weight in family portfolio.These are important characteristics of real estate markets. Real estate industry has cyclical trend. In recession, investor delay their investment. Traditional capital Budgeting models such as Net Present Value are base on fix assumption and condition. They ignore management flexibility. In this paper residential Projects are evaluated with real options (option to delay) by Black-Scholes and Binomial Lattice Model.These model values managerial flexibility. Experimental results show that project Evaluation with real options outperforms the traditional models such as NPV. This paper studies the optimal timing of investment in an irreversible project where the benefits from the project and the investment cost follow continuous- time stochastic processes. According to optimal investment timing proposed by MC Donlad and Siegel, time to start this Project is 9/5 years from now.

The construction industry is one of the most important industrial sectors due to its significant effect on the employment, family welfare and Gross national product (GNP), where more than 100 industries are directly and indirectly involved. The dimensions considered in this industry indicate the the advers effects of government interventions on housing finance or the inability of the government to cope with the problem. Also, most of the available financing instruments are focused on manufacturer financing. This is despite the fact that in recent years, due to the significant growth of housing prices, real purchasing power has fallen sharply. The introduced sukuk has not yet been able to completely meet the financing needs of the industry due to mismatching of project cash flow. Salam security as one of the new financing instruments has been very popular. To date, numerous studies have been conducted on the salam security considering the islamic law and country’s law, but there is a research gap regarding the use of this financial instrument, especially in developing a model that complies with the Construction industry regulations. The research question was focused on using salam securities for buying house (especially buyers in salam).Therefore, the aim of this study was to develop the new financing instrument for buying house through issuing the Salam securities based on a descriptive-analytical approach especificly to deliver housing unit at the maturity. It can be used as an appropriate financial instrument in the country’s capital market to finance the housing sector. Salam security introduced in this study was focused on financing the buyer as new Islamic Financial instrument in the housing sector. The results of the study and their comparison with the rules and regulations, especially those approved by the jurisprudential committee, indicated the possibility of implementing the proposed model

Stock index as time series are non-stationary and highly noisy due to the fact that stock markets are affected by a variety of factors. It is regarded as one of the most challenging application of time series forecasting. Predicting stock index with the noisy data directly is usually subject to large errors. In this paper we compare forecasting the stock index via Wavelet De-noising-based Neural Network (WDNN) with forecasting stock index via single neural network. The daily Tehran Stock index from April 2006 to June 2013 are used to compare the application of the WDNN in predicting the stock index. Experimental results show that de-noising with wavelet transform outperforms the single neural network.