dr. ali souri

This study investigates the effect of diversification in the underwriting activities and insurance portfolio on the level of risk-taking in the investment activities of insurance companies. According to the coordinated risk management hypothesis, it is expected that there is a negative relationship between investment risk and underwriting risk of insurance companies. To examine the effect of insurance portfolio diversification as independent variable on the level of asset risk-taking as dependent variable, ordinary least squares and two-stage least squares regression models were used. Also, alternative measures of diversification and asset risk-taking, and an event study were used to do a robustness check and support the results. The research sample includes 29 direct insurance companies and covers the period from 2006 to 2023. The findings showed that consistent with coordinated risk management hypothesis, insurance companies that have a more diversified insurance portfolio take more asset risk than those with a less diversified insurance portfolio. The results were robust to corrections for alternative diversification and asset risk measures and potential endogeneity bias of variables.

The Civil Service Pension Fund and the Armed Forces Pension Fund rely on government budgets for more than 85% of their funding. In contrast, the Social Security Organization (SSO) is the only major pension fund in the country with the lowest share of government support, highlighting the need for careful attention to its revenues and expenditures.One of the most pressing issues facing the country today is the financial instability of pension funds, manifesting as a resource deficit relative to expenditures. Without timely solutions, this problem could have a significant impact on the overall economy.This study aims to address this issue by first using actuarial models to assess how changes in parameters, such as the contribution rate, affect the financial sustainability of pension funds. Subsequently, the financial sustainability of the Social Security Organization is evaluated within a dynamic stochastic general equilibrium (DSGE) framework, and the outputs of these two approaches are compared.The results reveal that following a change in the contribution rate and the introduction of shocks, the actuarial model indicates an improvement in the financial sustainability of the SSO due to increased resources. However, the DSGE model presents different findings. It shows that the fund's resources did not grow substantially because the higher contribution rate and the associated shock disrupted the labor market, leading to negligible changes in the fund’s assets. Moreover, due to the equilibrium maintained across various economic sectors, the fund's liabilities increased. This is attributed to contributors paying higher premiums now expecting higher pensions in return, thereby worsening the fund's sustainability challenges.

Insurance industry as a financial institution has a specific role in economic growth and development. Therefore, the stability and efficiency of this industry is essential for the Economy. The insurance market is one of those markets where the actions of free agents does not lead to efficiency and is subject to market failure. The issue of market failure has provided justifications for the intervention of the government through the establishment of regulations in order to increase social welfare. Some economists have introduced theories to explain the necessity of regulations by the government. Among these theories are the public interest theory, capture theory, the economic theory of regulation and the Enforcement Theory of Regulation. Considering the existence of many rules and regulations in Iran's insurance industry, this research seeks to investigate the reasons for regulations in this industry according to the theories of regulation. In other words, which regulation theory has a better explanation for regulation in Iran's insurance industry? Were the regulations made in line with the public interest or the product of the efforts of interest groups to achieve their goals?For this purpose, the main regulation theories have been reviewed and the regulatory process in Iran's insurance industry has been studied. In the following, based on the evidence, the theory that has the most compliance with the reasons for the regulations made in Iran's insurance industry has been identified. The analyzes showed that the theory of public interest provides the most appropriate framework to explain the regulations of the Iranian insurance industry.

The purpose of this study is to design a quality risk management model in the supply chain of the automotive industry. This research was conducted with a mixed approach. In the qualitative part, Delphi method was used to identify effective factors and derive a conceptual model. In the quantitative part, hierarchical data analysis was used to prioritize the indicators. The statistical sample includes 16 academic and automotive industry experts who were selected by judgmental sampling and snowball sampling. The data collection tool includes a questionnaire According to the results of the Delphi, the 70 sub-indices finalized in the research are divided into 14 main branches and 3 main fields including quality risk based on: supply chain capabilities, different parts of the supply chain and work stages. After performing the process of hierarchical analysis of data at three levels, the first 14 indicators of the research, which obtained the most weights, were identified as the most important indicators.By identifying the types of quality risks during the process and supply chain in the automotive industry, this research helps the managers of the automotive industry in developing the correct strategies for risk management and quality management of the supply chain.

This study measured the investor sentiment to understand its role in the behavior of the Tehran Stock Exchange and its relationship with the stock price during a monthly period from March 2016 to March 2022. The returns on some TSE-listed indices were compared to analyze the relationship between the investor sentiment and the stock price. This study improves our understanding of the price formation process at purchases or sales caused by sentiments acting as the major determinant of the stock price change. Statistical evidence indicates the impact of sentiments on the price formation process in specific TSE-listed indices. The autoregressive integrated moving average (ARIMA) was employed to estimate parameters and the behavior induced by the investor sentiment. According to the results, they respond asymmetrically to sentiment changes and trade more aggressively when sentiments reduce. There are also significant relationships between some of the market variables and the investor sentiment. Finally, comparing the sentiment index with each price index of the market will lead to the conclusion that there is a positive significant relationship between the sentiment tendency and the price formation process at the Tehran Stock Exchange.

The objective of this paper is to analyze and measure the systemic risk between cryptocurrencies and real currencies using a value approach in conditional risk exposure and expected marginal shortfall. Systemic risk in finance means the probability of a sudden crash of an entire financial system. This risk can lead to inconsistency or chaos in financial markets. Another important matter in the discussion of systemic risk is the contagion of risk, which is the probability of the spread of major economic changes in a country. In this research, statistical data of real and virtual currencies over the years 2015-2020 are used. For this purpose, the indices of systemic risk were calculated using CoVaR and MES, and then the correlation between the systemic risks of the evaluated currencies was created. In this analysis, the statistical data of the currencies of the exchange rate of the Pound to the Dollar, the exchange rate of the Yuan to the Dollar, the exchange rate of the Lira to the Dollar, the exchange rate of the euro to the Dollar, Bitcoin, Ethereum, Ripple, Litecoin and Ethereum Classic based on the daily price turnover of cryptocurrencies and real currencies are used. The result showed that there was a correlation between the systemic risk indices in relation to the studied currencies and virtual currencies had a lower systemic risk index than real currencies.

As a revolutionary invention, the Internet is always evolving into a new type of hardware and software that makes it irresistible to anyone. The type of communication seen today is human-to-human or human-to-machine, but the Internet of Things promises a great future for the Internet, where it is machine-to-machine. The Internet of Things is defined as a paradigm in which objects with sensors, actuators and processors communicate with each other to achieve a meaningful purpose. Human resource management is a systematic approach that provides practices to support all aspects of the employee life cycle, from recruitment to exit. This article examines the impact of the Internet of Things on human resource management in the fourth industrial revolution and tries to develop a framework to understand it. The results of the survey showed that during the transfer of workflow to a digital and simple workflow, there is a need to measure the benefits of internal and outsourcing solutions for personnel management. These are the parameters that can justify the costs of an internal solution or a cloud-based human capital management solution by objectively measuring both options. These key performance indicators are workflow, flexibility, accountability and cost-effectiveness. Workflow is a continuous input-output process in a company that can sometimes be compressed. Without the help of automation, these setups are prone to mistakes due to repetitiveness.

The main purpose of this research is to design a model to measure the maturity of risk management in Iran's insurance industry, emphasizing the role of internal audit. To achieve the objective of the research, first, the existing theoretical and empirical literature was studied by using the qualitative content analysis method. The key propositions indicating the maturity of risk management and the role of internal audit in risk management were also identified. Next, the propositions were classified based on similarity, semantic connection, and also by referring to risk management frameworks and standards in the form of dimensions, components, and main indicators of risk management maturity. Then, to ensure the validity of the obtained model, the Delphi method was used to examine and apply the opinions of risk management and internal audit experts in the insurance industry. At this stage, a questionnaire was used to collect data. The reliability of the questionnaire was confirmed with the help of Cronbach's alpha statistic. By employing qualitative content analysis, the process of identifying and categorizing significant and recurring propositions led to the identification of 68 indicators of risk management maturity. These indicators were organized into nine components, forming three primary dimensions of risk management maturity within Iran's insurance sector, with a specific emphasis on the role of internal audit. Subsequently, the developed model was presented to professionals and academics with substantial experience in the realm of risk management and internal audit. This was carried out through a questionnaire that was distributed to experts in these domains. They announced their agreement, disagreement, or their proposed amendments regarding each of the dimensions, components, and indicators. After gathering their feedback, 50 indicators were agreed upon by experts, and the rest were removed from the final model. The model put forth encompasses three primary dimensions: corporate governance, policy and strategy, and the risk management process, along with the roles and responsibilities of internal audit. The result is in line with the "three lines of defense against risk" model proposed by the International Association of Internal Auditors. Therefore, all operational units of the organization under good corporate governance and strategy form the first layer of defense against risk. Risk management is the second layer of defense by implementing the processes of identification, evaluation, response to risk and reporting. The internal audit, by monitoring and evaluating the risk management process, forms the third layer of defense against risk. The model developed within this study comprises 50 indicators sourced from risk management standards, existing research, and insights from experts in the Iranian insurance industry. These indicators delineate the ideal condition of risk management, organized into three primary dimensions and nine crucial components. Iranian insurance firms have the capability to assess the maturity level of their risk management practices by gauging their alignment with the indicators outlined in this model. This assessment aids in recognizing both their strengths and areas that require improvement. Also, unlike previous risk management maturity models, this model could successfully address the roles and duties of internal audit. Therefore, The internal auditors within the insurance industry can incorporate the indicators outlined in this model while devising and executing assurance and consulting services related to the organization's risk management procedures.

The purpose of this research is to model Value-at-Risk (VaR) of portfolio with EVT-Pair-Copulas approach. In the financial literature, a significant amount of empirical studies have been done on the characteristics of financial assets returns and researchers have found a set of stylized facts about this subject. In this regard leptokurtic, left-skewed, weak autocorrelation, volatility clustering, and heteroscedasticity can be mentioned. Any estimation of risk without considering these characteristics or using unrealistic assumptions about financial assets returns increases the probability of failure in the risk management process. For this purpose, at first, the marginal distributions of returns are obtained using extreme value theory (EVT). Concerning characteristics of financial assets returns and also the primary filter to apply EVT, we use heteroscedasticity models for the marginal distributions of assets. Then the structure of the dependence between different stocks is estimated by using C-Vine, D-Vine, and R-Vine pair copula models. Afterward, the VaR of portfolio is estimated using the Monte Carlo simulation method. The final results show that the model with GARCH marginal distribution and R-Vine pair copula has been able to achieve the best performance among rival models at 95% confidence level.

This study determines the optimal investment portfolio of insurance companies by considering underwriting activities. investment decisions in insurance companies are affected by underwriting activities. In this paper, the investment optimization problem of insurers is modeled using the copula-based conditional risk value, taking into account the results of insurance activities. Also, since the emphasis is on tails of distribution, the probability distribution of variables in tails is estimated using Pareto distribution and in other parts of the distribution using the Empirical probability distribution. Data collected on monthly basis covers two periods in-sample, between 2006 to 2015 and out-of-sample, between 2016 to 2019.The findings show that the optimum portfolio includes eighty percent of risky assets (stock and real estate) and only twenty percent of risk-free assets (bank deposits) and it is outside the legal constraints set by Central Insurance Therefore, legal constraints prevent insurance companies from the optimal selection of investment portfolio. Also, the comparison of out-of-sample performance with in-sample performance of portfolios shows that portfolios based on copula functions have better and more robust performance than traditional models.

Population growth and changes in age structure both are the most important consequences of demographic transition. how the interaction between these two important variables is resulted from fertility and mortality, and in turn affects national economy is a question which has not been answered in previous researches. Examining the age details of the effect of demographic changes on the economic growth rate, the purpose of this article is to provide an answer to this question. To do this, the population growth rate has been aggregated into age-specific growth rates and using the age profiles of production and consumption, the impacts of the weight and changes of population by age segments on the first demographic dividend have been estimated and analyzed. The findings show that the share growth rate, which indicates both the size and the changes of population of each age, is capable to represent the effect of phenomena such as baby boom, and population momentum on the amount of Iran's demographic dividend. Also, almost simultaneously with the age transition, a demographic-economic transition is taking place due to the interaction of the economic life cycle and the change in the age structure. The results show that the decrease in the population of age groups under 30 years old, during a period from the middle of the first phase to the middle of the third phase of the age transition, makes an important contribution to the negative growth of the effective number of consumers and the increase of the population of prime age adult (30-49 years old) leading to the positive growth of the effective number of producers per consumers and, as a result , the realization of the first demographic dividend in Iran.

In this paper, using an agent-based model, the behavior of commercial banks and investment funds is simulated. We have tried to show systemic risk transmission mechanism from the money market to the capital market through balance sheet changes. In this model, the money and capital markets are endogenously modeled and the price is determined by interest rate and stock market index in these markets respectively. 81 percent of Iranian commercial banks have a mixed portfolio of interbank loans and securities and can spread the crisis throughout the financial system in case of a shock. This process happens through the fire sale mechanism and investment fund unit redemption and can make stocks undervalued in the capital market. Although higher imposed capital adequacy and liquid assets rate can reduce the shock effect on price in the capital market, these high rates make banks portfolios mixed and increases systemic risk. Optimal capital adequacy rate is estimated 19 percent.

The issue of asset pricing in the market is one of the most important and old issues in the financial world. Factor pricing models seek to be able to determine a significant relationship between return on assets based on the risk parameters of that asset. A wide range of factors can be found in the literature that can be an element for measuring the risk of an asset, but the big question is which of these models will work better. The factors studied in this research include factors that cover market risk, valuation risk, psychological (technical) market risk, profit quality risk, profitability, investment, etc. In this study, we have tried to Using machine learning techniques and optimization tools is a way to derive adaptive-robust nonlinear models that can reduce the risk of model error as much as possible. In this research, two models have been developed. In the first model, using the feature extraction technique and optimization of models based on neural network, a non-linear and adaptable model has been developed for each asset. In the second approach, a portfolio of improved neural network-based models is used in the first stage, which can be used to minimize the risk of model error and achieve a model that is resistant to different market conditions. Finally, it can be seen that the development of these models can significantly improve the risk of error and average error of the model compared to traditional CAPM approaches and the Fama and French three-factor model.

Understanding the water content of export and import products in international trade has an effective role in the optimal management of water in Iran as a country with water stress. The main purpose of this study is to identify the balance of water content of products in Iran's foreign trade. For this purpose, using the input-output tables - 2016 and considering the interrelationships and dependencies between major economic sectors including agriculture, mines, manufacturing, electricity and gas production, treatment, supply and wastewater, buildings, services and others, the Water footprint index, net import of virtual water and some indicators related to water consumption have been calculated. The results show that in 2016, Iran was a net importer of virtual water. Although the agricultural sector has the highest national water footprint ( 89%), according to the water consumption multiplier index, increasing water consumption in this sector has very little effect on increasing water consumption in other sectors. After the agricultural sector, the manufacturing sector has the highest intensity of indirect water consumption (3.5 cubic meters / million Rials), and the increase in water consumption in this sector has the greatest impact on increasing water consumption in the economy. So that the increase of one unit of water consumption in this sector increases the water consumption of the agricultural sector by 7 times and the water consumption of the whole country by 9 times. After the agricultural sector, the highest amount of virtual water content (direct and indirect water consumption) was allocated to the treatment, supply and wastewater sector(5.8 cubic meters / million Rials). The services and other sectors, which has been the largest net exporter of virtual water ( 217 million cubic meters), have the largest water footprint after agriculture.

In this study, we have used the total capital market index (TEDPIX) as an index of the real sector of the economy and the index of banks and credit financial institutions as an index that explains the developments of the banking system. Also, oil revenues, exchange rate uncertainty, tax revenues, liquidity, nominal interest rates, inflation uncertainty and GDP have been used as macroeconomic variables in the research period (1370-1396). To estimate the systemic risk of the banking system, the quarterly data of the banks' index is used and the value at risk of the return of the seasonal data of the index is estimated using an exponential GARCH model. In order to model the interaction of macroeconomic variables and systemic risk of the banking system, an unrestricted vector autoregression (VAR) model was estimated and then using instantaneous impact functions and based on Chulsky analysis, systemic risk response to other variables was investigated and analyzed. In order to identify the channels of impact of economic shocks on the systemic risk of the banking system, based on the structures of the Iranian economy, a structural vector autoregression (SVAR) model was specified and then the instantaneous impact functions were extracted and the effect of macro variable shocks on the systemic risk of the banking system was investigated. Also, the effect of systemic risk of the banking system on macroeconomic variables was investigated and analyzed using instantaneous impact functions. Finally, the interaction model of macroeconomic variables and systemic risk of the banking system was approved using the vector autoregressive model.

The present study is conducted with a mixed approach and in two qualitative-quantitative phases. Considering that the main purpose of this research is to design a quality risk management model in the supply chain on the financial and quality performance of Iran Khodro Company, it can be said that in terms of purpose it is in the field of applied research and considering that in this research Library study methods as well as field methods such as questionnaires have been used. It can be stated that based on the nature and method, it is a descriptive-survey research. The sampling method in the qualitative phase is snowball and the statistical population in this section were upstream documents and records and articles and dissertations related to this field, which in the end after identifying the initial factors related to each of the variables using the technique Textual content analysis, the opinions of 15 organizational experts and university professors were used for interviews to identify the final factors and Delphi test. In the quantitative part, according to the purpose of the forthcoming research; To answer the statistical questionnaires by available sampling method, 207 people were considered as statistical samples and the questionnaire was distributed among them. Questionnaire data were analyzed using SPSS-LISREL statistical software. The research results showed; Formal control and social control have a positive effect on the quality performance and financial performance of Iran Khodro Company through the development of suppliers and product recall.

If people feel that the decisions made by health authorities are the result of the public’s points of view, they will accept them without any question. This is a descriptive‐analytic cross‐sectional study in which we used the DCE (Discrete choice experiment) technique to elicit the public’s preferences for individuals with different education levels in Tehran in 2017. The study findings indicated that for individuals with a bachelor’s degree, treatment of patients suffering from communicable diseases is the top priority (odds ratio = 2.79), while for those with a master’s and doctoral degree, the most important criteria for prioritizing resources were severity of disease (odds ratio = 2.66) and benefit from treatment (odds ratio = 2.38), respectively. The study results will help healthcare policy and decision-makers to better understand and analyze the causes of differences in society members' behaviors.

Every investor wants to select the optimal combination of return and risk in order to maximize their utility. In this study, an attempt was made to explain the optimal model for estimating returns and risk in cases where there is a financial crisis and the distribution of return on assets does not follow the normal distribution.For this purpose, we use CAPM with independent and identically asymmetric power distribution (CAPM-IIAPD) and CAPM with independent identically saymmetric exponential power distribution with two tail parameters (CAPM-IAEPD) instead of traditional CAPM. When the assumption of normality is violated, higher moments are used to optimize the model. In the next step, using Polynomial Goal Programming, we calculate optimal portfolios with third and fourth moments.The time horizon of the research from 2011 to 2018 and the statistical population has been all the companies of Tehran Stock Exchange, among which 30 companies have been selected.The results show that CAPM-IIAPD Model is the best model among three models and the adjusted return on risk in optimized models with thirs and fourth moemnts in generalized CAPM models is significantly different from the traditional model and has a better performance.

Structural change plays an important role in developing any economy, so understanding it is critical to make policies that increase total factor productivity. The structural change that leads to an efficient resource allocation after trade reforms is desirable; the key factor that can affect the relation of "structural change and trade liberalization" with productivity is the quality of institutions. In this study, we first use the principal component method to propose a multidimensional index for structural change and then apply the ARDL econometrics model to evaluate the effect of trade liberalization and structural changes on total factor productivity in Iran during 1991- 2018. The results show that structural changes increase the total factor productivity, and trade liberalization has a positive and significant effect on total factor productivity in the short term. Our results also indicate that there is no long-run relationship in this period.

The aim of this study was to identify the quality components of resource allocation decisions (financial and human) in order to evaluate the quality of this type of decisions in the university. For this purpose, Meta-Synthesis approach was used. In the first step, different keywords were searched in the most important foreign and domestic databases and 696 related research works in this field were identified. In the next step, with the initial review of these studies, based on certain indicators, 72 scientific works were selected that examined the quality components of resource allocation decisions with the coding technique, key findings were identified and categorized under 4 components and 36 sub-components, which are: Factors affecting the quality of resource allocation decisions (extra-organizational factors include: international environment, political factors, economic factors, socio-cultural factors, governance in higher education and government laws and regulations, organizational factors include: culture supporting quality, decision makers training and support, information system, internal regulations and rules, university goals and programs, organizational structure and power, financial resources and resource allocation mechanism and Individual factors also include: cognitive readiness, emotions and feelings, incentive, perceptual ability, belief and value, health status), resource allocation decision process (Includes: decision issue, evaluation of alternatives, uncertainty, time, information, Participate in decision making, transparency and objectivity of the decision-making process, knowledge-based decision-making), implement resource allocation decisions (includes: executive support and supervision) and results from resource allocation decisions (includes: educational results, research results, productivity, efficiency and cost savings, justice - equality, improving the degree of accountability and competitiveness). To assess the quality of resource allocation decisions, the proposed model of the present study is an integrated and comprehensive model because it simultaneously includes the four components mentioned above and their sub-components.

The main criterion in investment decisions is to maximize the investors utility. Traditional capital asset pricing models cannot be used when asset returns do not follow a normal distribution. For this reason, we use capital asset pricing model with independent and identically asymmetric power distributed (CAPM-IIAPD) and capital asset pricing model with asymmetric independent and identically asymmetric exponential power distributed with two tail parameters(CAPM-AIEPD) to estimate return and risk. When the assumption of normality is violated, the first and second moments lose their efficiency in optimization and we need to use the third and fourth moments. For the first time, we propose independent and identically asymmetric exponential power distributed with two tail parameters. Then, we use higher moments optimization with unequal weights to optimize portfolios. The results indicate that capital asset pricing model with independent and identically asymmetric power distributed (CAPM-IIAPD) is better than asymmetric independent and identically asymmetric exponential power distributed with two tail parameters(CAPM-AIEPD) to estimate return and risk. Adjusted Sharp ratio in portfolio optimization in second moments are higher than others. Adjusted returns to risk in third and fourth moments in the CAPM-IIAPD model significantly differ from the CAPM-AIEPD model and have a better performance.

Having the portfolio of accessible assets is one of the main strategies and one of the central goals of the banks and financial institutions. Risk and return are two determinants of assets selection. The Banks such as all of the oder financial institutions are looking to select the portfolio of assets with the least risk and maximum return over time and under different economic conditions. This study try to find the evidence in order to banks are changing their portfolio in different economic condition and how their optimal portfolio is and how much they are affected by economic conditions. In fact, the main question is whether the banks are stuck in the asset and do not react in different economic conditions or have the necessary flexibility. For this purpose, the data of Tejarat Bank's is useng from the bank's balance sheet during the period 2001-2018. The research findings show that Tejarat Bank's asset portfolio has reacted to economic conditions in the period under review. During the low economic growth growh, the bank's asset portfolio hnstead during economic low growh had less risk and higher returns.

In financial markets, the symmetry of information and the homogeneous interpretation of information among traders is one of the main conditions for market efficiency, but these conditions are in fact violated. In this paper first; we accurately estimated the dynamic measures of trades stemming from information asymmetry and diverse opinions among investors indices by a hidden Markov model. Thereafter, we consider an event window of 21 days to investigate impact of information disclosure on that indices. For this purpose, we estimated the daily measures of probability of informed trading (PIN) and symmetric-order flow shock (PSOS) 32 Tehran Stock Exchange (TSE) stocks belonging to 11 industries of TSE during the period from 2015 to 2018. PIN is an indicator of asymmetric information risk and PSOS indicating diverse opinions among investors whose variations and intensity play an important role in price formation and stock liquidity. These results show that in most stocks that have higher market value experience less risks of asymmetric information and diverse opinions shocks than other stocks. Entirely, it appears that the average and the maximum of information risk and diverse opinions shocks at TSE are higher than in developed markets. Also, information disclosure decreases PIN for three days and increases PSOS for 10 days, significantly, but its impact on PIN is weaker than PSOS. Actually, in TSE, information advantage of some informed traders are independent of announcements as well as announcements causes opinion diversities to rise and stand up.

Liquidity Creation is one of the roles that banks play in the theory of financial intermediation, and its components are theoretically related to the economy. In this study, using the methodology of Berger and Bouwman (2009) to compute banks' liquidity creation, we examine the impact of economic sanctions, as well as oil price shocks on the liquidity creation of Iranian banks. Using annual unbalanced panel data and systematic GMM method, the results show the negative and significant effects of oil price shocks on banks' liquidity creation. It has also been shown that oil price shocks have a direct negative effect on liquidity creation within the balance sheet as well as the total liquidity creation. Economic sanctions also hurt liquidity creation and exacerbate the negative effects of oil price shocks. The results of this study provide good policy applications for monetary policymakers.

Today, financial technologies in lending sector have an effective role in microfinance in developed countries. Microfinance is one of the challenging issues of the society due to the bank-centered nature of the Iranian economy. Launching a Peer to Peer credit FinTech can lead to optimal financial resources in micro sections, liquidity withdrawal from speculative activities and financing. This research investigates the performance of the credit FinTech in developed countries and a business finance model is proposed for credit FinTech appropriate for Iran's economy based on Islamic contracts (Civil Partnership Contract) by using analytical- descriptive methods, cross-sectional method and the idea of the experts. Proper policy making in the implementation of the model will improves the financing of individuals - small and medium-sized enterprise, providing facilities with a good interest rate, providing appropriate services, increasing access to individuals, reducing transaction costs, reducing informal lending activity in the socity, increasing social responsiblity and participation of people in economic activities in the society.