mohammad tohidi

Qard-Al-Hasan banking is considered as one of the models of Islamic banking And Qard-Al-Hasan Resalat Bank operates with the aim of specialized activity and promoting the tradition of Qard-Al-Hasan in the country. This research, using a mixed explanatory approach, believes that in the first stage, with a quantitative method, it will extract the case study strategy and the trend analysis of various data of the financial statements of Qard-Al-Hasan Resalat Bank in a period of 8 years. And then by analyzing and reviewing the relevant tables and graphs in different fields such as the bank balance sheet, profit and loss statement, bank risk, Camels ratios and the capital market, to calculate the existing challenges. Also, in the second stage, in a qualitative way, by forming a focus group and conducting expert interviews, suitable solutions to solve the challenges are obtained, and finally, the correctness of the solutions to reduce the relevant challenges has been validated through a questionnaire.The results show that the challenges counted based on the financial statements are five such as the challenge of the bank's investment situation, the challenge of granted facilities, the challenge of transactions, the challenge of financial leverage, the challenge of liquidity risk; In addition to analyzing and examining them, a comparison has been made under each of the challenges with the performance of Qard-Al-Hasan mehr Iran Bank. Also, based on the obtained results, suitable and operational solutions were calculated for each challenge.

This study aimed to identify, extract, and classify the factors and requisites influencing the development of Real Estate Investment Trusts (REITs) using a qualitative research method. A systematic review was conducted, examining 1,869 relevant studies published over 23 years (2000-2023). After applying various filters, 91 studies most closely aligned with the objectives were selected for final analysis. The factors and requisites for REIT development were then classified into 4 overarching and 12 organizing themes. The findings indicated that the factors and requisites for REIT development could be analyzed across 4 broad categories: functional, supervisory and supportive, infrastructural, and structural and governance. The functional aspects included attention to financial and economic indicators, operational processes, investment principles, and risk management. The supervisory and supportive aspects covered legislation, policymaking, and regulatory frameworks. The infrastructural aspects encompassed cultural, educational, innovative, and technological dimensions. The structural and governance aspects involved monitoring of managers, investors, and corporate governance. The use of the meta-synthesis approach in this research ensured a comprehensive and holistic review of both domestic and international studies in this field, facilitating the identification and categorization of the multifaceted dimensions influencing REIT development.

Over the past years, the crowdfunding industry has grown significantly as one of the new methods of financial intermediation with the aim of quick and easy financing of projects and ideas around the world. The regulation of the crowdfunding industry in Iran is with the capital market supervisory body. Actors, stakeholders, policymakers and the supervisory body of the crowdfunding industry each have their own concerns to improve the performance and increase the productivity of the mentioned industry in the financial markets of Iran. The present study aims to identify and categorize the challenges of the crowdfunding industry in Iran's capital market, while providing the audience with a complete understanding of the current situation of the crowdfunding industry in Iran and its challenges, and also provide useful policy suggestions in this regard. . For this purpose, in order to identify the relevant challenges by analyzing the themes extracted from expert surveys, 23 unique challenges were identified and categorized under the 4 organizing themes. "Structural and technical inefficiencies", "Lack of efficiency in the areas of policy, regulation and market operations", "Unhealthy competitive environment in the crowdfunding industry" and "Non-compliance with Sharia" are four diverse areas under which the mentioned challenges can be classified as organizing themes; And according to the comparative studies, and sometimes the theoretical consensus of the experts, appropriate policy proposals have been presented in this direction at the end of the research.

The loss of investor confidence in financial markets can result in liquidity outflows and market collapse. Restoring investor trust requires identifying the factors that have eroded trust. This research aimed to identify the factors influencing the decline of the Tehran Exchange Price Index (TEPIX) in 2019 and the subsequent loss of investor confidence. Furthermore, it aimed to extract and prioritize solutions to restore investor confidence. Expert interviews were conducted to collect data, which were then analyzed using thematic analysis. Friedman's non-parametric test was utilized to prioritize the solutions. The study identified 26 significant factors contributing to the decline of the stock market and the loss of investor confidence. These factors were categorized into 4 groups: macroeconomic governance, capital market, macroeconomics, and media. Additionally, 27 solutions to restore investor confidence were identified within the same four categories. According to the experts’ opinions, the most crucial solutions included preventing government intervention and non-expert comments by government officials in the capital market, reforming the economic system to enhance economic stability, increasing transparency in information and decision-making processes, and improving the performance of the Securities and Exchange Organization of Iran in detecting and addressing violations.

The country's oil industry, as the most important source of foreign exchange earnings and the largest energy sector in the country, has high potential for realizing resistance economy policies. Selling crude oil through the stock exchange can be considered one of the ways to reduce the effects of sanctions. This method of selling crude oil has many advantages. However, the supply of crude oil on the energy stock exchange has been unsuccessful in practice. The present study has a qualitative approach and, using the content analysis method, has attempted to identify the causes of the failure of the supply of crude oil on the energy stock exchange and also to provide solutions for the successful supply of crude oil on the energy stock exchange. Then, the identified solutions have been prioritized using the Friedman nonparametric test.Among the most important solutions presented in this research are: creating a variety of trading instruments, active energy diplomacy, structural reforms in the energy exchange, establishing an oil consortium, collaborating with the Shanghai Stock Exchange, and creating a barter settlement room. This study shows that if the obstacles to the supply of crude oil in the energy exchange are removed and attention is paid to the proposed solutions, there is hope for the successful supply of crude oil in the energy exchange.

Small and medium enterprises (SMEs) are vital for economic development, growth in production, and employment expansion. One of their key challenges is the financing gap. Therefore, offering alternative financing solutions can aid in their growth and development. This study aims to propose an efficient way to finance SMEs through the issuance of sukuk. At first, we identified challenges in financing SMEs by interviewing experts. Then based on challenges we propose two assumptions in designing a Sukuk model for financing SMEs and based on them, we designed 7 models. We use an intermediary in all models and we propose to finance a portfolio of SMEs instead of financing a single SME and, also we use contracts that originator could use them for any purpose. These models were based on Tawaruq, Ijarah, Musharaka, Manfaat, Salam, Wakalah and Bay' al-dayn. Then we ranked models using the TOPSIS method based on 6 criteria, and the wakalah sukuk model was chosen for SME financing from the capital market. Subsequently, a model based on wakalah sukuk was developed, addressing aspects such as parties involved in Wakalah Sukuk for financing SMEs, profit management in SME Wakalah Sukuk, wakil's fee, construction of SME’s portfolio by Wakil, and reporting and monitoring the performance of the originator.

The aim of this study is to determine the interrelationships and prioritization of the components and dimensions of corporate sustainability reporting with an emphasis on Islamic principles and values in order to model them. After extracting the primary components and dimensions through the review of sustainability reports of a sample of shariah approved companies in Malaysia and Indonesia, an extensive literature review and soliciting opinions from experts and screen them (in Hosseini and Babaei research, 2023), in this study in order to determine their interrelationships and prioritization an integrated fuzzy Decision Making Trial Evaluation Laboratory (DEMATEL) and FDEMATEL-based analytic network process (FDANP) methods are used. The statistical population of the current research was sustainability reporting and Islamic finance experts who are selected based on purposive sampling and the identified components and dimensions were sent to 13 of them in the form of a pairwise comparison questionnaire in 2022. The implementation of the FDEMATEL method findings show that sustainability governance is the most influential and the environmental dimension is the most effective dimension. The customer satisfaction component in the social dimension is the most important component among all components of the model and the environmental dimension is the most important dimension from the point of view of experts in the phase of implementing the FDANP method. The results of this study help the corporate sustainability reporting decision makers in the country to obtain a detailed picture of the sustainability reporting elements performance and the relationships between them in Islamic companies and to make appropriate management interventions to improve the company's sustainability performance.

Financing has always been one of the main challenges of SMEs in Iran. Therefore, developing financial instruments for these companies and reducing their dependence on bank financing is always one of their essential needs. Despite the development of the Sukuk market in recent years, the capacity of this market has not been provided for SMEs. This article seeks to provide an optimal model for financing SMEs. The present research is considered to be mixed (qualitative-quantitative) from the point of view of the applied goal and qualitative-quantitative from the point of view of the nature of the data and descriptive-survey from the point of view of the data collection method. In order to design a suitable model, first, in interviews with experts in the field of financing SMEs, as well as available resources, the financing challenges of these companies were analyzed. In the next step, based on two assumptions, 7 models were designed for issuing Sukuk. Then, based on the TOPSIS method, these models were prioritized and Wakalah model is choosed.

Islamic financial institutions, due to the nature of their activities, which is adherence to Sharia principles, are constantly exposed to Sharia risk. One of the measures leading to the management of this risk in these institutions is Sharia supervision. According to the definition provided by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Sharia supervision encompasses all precautionary and oversight measures aimed at ensuring the conformity of the activities of Islamic banks or financial institutions with the principles and laws of Islamic Sharia. In essence, the ultimate goal of this supervision is to achieve actions, activities, measures, principles, and methods that can minimize Sharia risk in these institutions. This research seeks to extract important components in designing a model of Sharia supervision in the capital market based on relevant international standards related to Sharia supervision provided by The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and The Islamic Financial Services Board (IFSB). In this research, all standards presented by these entities were first reviewed. Then, the relevant standards were extracted and analyzed using the thematic analysis method. In the next step, the extracted set of codes was reviewed and finalized in three stages. The comprehensive themes or important components in designing a model of Sharia supervision in the capital market include: Sharia supervisory board, implementation of Sharia supervision, independence of Sharia supervisory board, governance principles, codes of ethics for employees, audit and governance committee, internal Sharia supervision, codes of ethics for accountants and auditors, and implementation and disclosure of social responsibility.

To evaluate the efficacy of eplerenone in central serous chorioretinopathy (CSCR) patients in a clinical trial design.

In this double‑blind clinical trial, naive acute CSCR patients were divided into two groups: treatment with eplerenone 25 mg daily in the 1st week followed by 50 mg for the next 3 weeks and placebo group. Best‑corrected visual acuity (BCVA), central macular thickness (CMT), macular volume (MV), and choroidal thickness (CT) were measured before and after 1 month of the intervention using the optical coherence tomography technique.

Thirty‑one CSCR (male: 23, female: 8) and 25 CSCR patients (male: 18, female: 7) with the mean age of 35.65 ± 5.94 and 37.08 ± 6.41 years were recruited and divided randomly into treatment and placebo groups, respectively. BCVA improved significantly in the treatment group (from 0.28 ± 0.26 to 0.11 ± 0.14, P = 0.002) compared with the placebo group (from 0.31 ± 0.26 to 0.21 ± 0.14, P = 0.052). Although CT, CMT, and MV improved significantly in each group, there were no significant differences between the groups.

In this study, we found favorable short‑term clinical effects of eplerenone in acute CSCR patients, showing the pivotal role of mineralocorticoid receptors in the retina.

Despite the benefits of offering and listing companies' shares in the capital market and the world's success in this regard, in Iran, this is accompanied by obstacles that make companies reluctant to offer to the capital market. Therefore, this study aims first to identify barriers to offer and list companies in the capital market and then to provide operational solutions to eliminate them. Obstacles and solutions were collected through 10 semi-structured interviews with experts with a purposeful approach. In the data analysis stage, the content analysis method was used, and the points extracted from the interviews were divided into three themes: basic organizing and comprehensive. The results were then returned to the interviewees to obtain approval.30 basic themes were extracted from a total of 76 codes, and these themes were classified under five organizing themes, including 1. Cultural 2. Legal 3. Regulatory 4. Financial-economic 5. Administrative. Finally, 11 solutions related to organizing themes were extracted from the interviews.

One of the types of Islamic financial instruments is when the basic contract is not a simple type of contract; Rather, it is a combination of contracts. The expansion and complexity of financial markets have doubled the necessity of designing and developing new financial instruments based on a combination of contracts. Today, combining contracts is a potential mechanism to design and develop Islamic financial products and services.  Shari'ah originally does not prohibit combining multiple contracts in one transaction, as long as it does not contradict Sharia principles and standards. The logic of the combination of contracts should be such that it is not subject to the prohibited rules of Sharia such as the prohibition of riba, gharar, gambling, etc., in situations where the combination of contracts is in conflict with an explicit Shariah rule, or is to circumvent illegal transactions, or contains contradictions in contracts, or is a justification for carrying out a usurious transaction, this type of transaction is invalid and forbidden. This research aims to identify various examples of the combination of contracts in Islamic financial instruments issued in the capital market of Iran, then analyze them from a Shariah point of view, emphasizing the resolutions of the Shariah Committee of Iran Securities and Exchange Organization. The final goal of this research is to provide guidelines for combining contracts to design innovative Islamic financial instruments.

This study is qualitative research that is practical from the point of view of the goal and descriptive and analytical from the point of view of data collection. In this research, at first, shariah texts and related research and international standards were examined and studied and shariah criteria and rules for the combination of contracts were extracted. Then, examples of combining contracts in Islamic financial instruments issued in the Iranian capital market were identified. Finally, according to the Shariah rules and criteria, the Shariah issues in the combined contracts were analyzed with emphasis on the approvals of the Shariah committee of the Iran Stock Exchange Organization.

In a wide range of Islamic financial instruments issued in the Iranian capital market, hybrid contracts have been used. The combined contracts used and related Shariah issues are presented in Table 1.

In this research, practical cases of combining contracts in Islamic financial instruments of Iran's capital market were presented and analyzed from a jurisprudential point of view. These cases include combining Musharakah, Mudarabah, and Wakalah with a guarantee contract, combining Salam-Hawalah/ Salam-Wakalah on sale,  attaching embedded put and cal /convert/ exchange/repurchase option to the main contract, and conditionalizing the second transaction on the first transaction. According to the presented analysis, all cases have Shariah doubts and Shariah solutions have been provided for each. Also, the approvals of the Sharia committee of SEO of Iran regarding each type of contract combination (if any) have been presented and analyzed.In future research, it is suggested to analyze the jurisprudential bases of the Shariah committee's approvals of Iran SEO corresponding to each of the mentioned cases. Also, examining the application of the combination of contracts in the financial markets of other Islamic countries can have beneficial results for the financial markets of Iran.

Market sentiment or investor sentiment is investors' general perception towards a particular security or the entire financial market. Investors' emotions are considered one of the critical factors affecting the stock price, but the behavioral tendencies of humans have made the measurement of emotions face challenges; Therefore, the main problem of this research is to extract a quantitative index to measure sentiment tendency in Tehran Stock Exchange. This research is considered to be descriptive-correlational from the point of view of practical purpose and from the point of view of data collection. In this research, using the principal component analysis (PCA) method, an index was extracted to measure the emotional tendency of Tehran Stock Exchange investors based on monthly data during the period of 2019-2018. The emotional variables used in the final index are the number of stock transactions, the net cash flow of mutual funds, the ratio of small investors' transactions, the discount of investment companies' shares, the price-to-earnings ratio, the psychological line index, the relative strength index, and the volume of stock transactions.

In the Islamic Republic of Iran, the usury free banking law was approved by the Islamic Consultative Assembly in 1362 and became effective in 1363, but after about 40 years have passed since the implementation of the usury free banking law, many problems and shortcomings in the realization of usury free banking have been identified in practice, and many experts and economists have spoken about this. Therefore, the main issue of this research is identifying and prioritizing the challenges and obstacles to the implementation of usury free banking in the Islamic Republic of Iran. The current research is qualitative. In this research, by studying books, articles and documents, the most important challenges of realizing usury free banking have been extracted, then with the help of banking and usury free banking experts, the main challenges have been selected, and in addition, the closeness and distance of the experts' opinions in different challenges were also examined. The final results obtained in the field of challenges showed that despite the prominence of some challenges, including the need to reform the banking structure and concepts such as usury and interest in Islamic banking, there is still no proper consensus among technical experts and professors of the field and university in the field of usury free banking concepts, for this reason, and from this point of view, deep theoretical and practical work based on jurisprudential and economic foundations is necessary to consolidate the existing laws. This research seems necessary to cover the economic demands of the modern world and to improve the quality of Islamic banking, especially in the face of emerging economic phenomena such as electronic currencies.

In recent years, the volume of issuance of various types of Islamic securities in the capital market of Iran has grown significantly, and this indicates that the attention of many companies has been directed to financing through the capital market. One of the important requirements for the development of financing through securities is the design of securities according to the characteristics of the applicants. Even though the board of directors of the stock exchange organization approved the instructions of attorney in 2018, the applicants for financing have not used the capacity of these bonds so far. While power of attorney is a widely used financing mechanism in Islamic countries. The purpose of this research is to redesign Wakalah sukuk according to the experience of its publication in Islamic countries. In this regard, by studying the laws, regulations and experiences of selected Islamic countries, the important components in the redesign of Wakalah sukuk were identified and classified into three categories: jurisprudence, legal and executive. Based on these components, the guidelines and decrees of the Jurisprudence Committee on Wakalah sukuk were analyzed, and finally, corrective solutions regarding the directives, the decrees of the Jurisprudence Committee and the resolution were presented.

One of the significant topics in the Islamic capital market is the design of Islamic financial instruments and institutions to finance charitable and public benefit projects. Waqf Fund is one of the non-profit Islamic financial institutions that has received special attention in Islamic countries. These funds play an important role in economic development, social welfare, and sustainable growth of countries. In Iran's capital market, despite the approval of the waqf fund by the Shariah Board of the Securities and Exchange Organization, it has not yet been implemented. The main problem of the current research is to provide an operational and applicable model for the endowment fund by combining it with the waqf fund in the capital market of Iran. The current research is qualitative research that is applied from the point of view of the goal and descriptive-analytical from the point of view of data collection. In this research, first, a conceptual model for a combined waqf-charity investment fund is presented, and then, using a descriptive-analytical method, the possibility of implementation This type of fund is evaluated and analyzed from three financial, jurisprudential, and regulatory perspectives.The current research is qualitative research that is applied from the point of view of the goal and descriptive-analytical from the point of view of data collection. In this research, first, a conceptual model for a combined waqf-charity investment fund is presented, and then, using a descriptive-analytical method, the possibility of implementation This type of fund is evaluated and analyzed from three financial, jurisprudential, and regulatory perspectives.

One of the recent developments in the Islamic securities market is the issuance of Socially Responsible Investment Sukuk (SRI), which focuses on environmental, social and governance (ESG) issues. Despite the dramatic growth of these papers over the past few years, only a handful of studies have addressed this issue. Therefore, the purpose of this study is to systematically review the literature on Islamic securities investment with social responsibility in order to provide comprehensive guidance for future research. A total of 383 articles from the Science and Scopus Network database were selected for analysis of bibliographic studies during the years 2000 to May 2021.
The present study shows that the literature of SRI Sukuk is mainly in 10 areas (1) definition of SRI Sukuk (2) competitiveness (3) types (4) nature of risk and return (5) terms and characteristics of plans and projects Eligible (6) Defines strategies for selecting eligible projects (7) Measures and indicators of effectiveness (8) Potential actors (9) Motivational policies and (10) Monitoring and reporting methods شد. However, there are very few studies on the criteria and indicators of effectiveness and the conditions and characteristics of eligible designs and projects of this type of sukuk.
Research also shows that the United States, the United Kingdom, China, Germany, Australia, and Italy have done the most research on socially responsible investment sukuk.

Environmental uncertainty and intense competition in global markets have made petrochemical companies and complexes face many challenges and strategic risks. Strategic risks are risks that can unbalance the strategic system and have a significant negative impact on the industry. The purpose of this research was to design a model for identifying and prioritizing financial strategic risks, which prevented realization of strategic goals and affected all components and dimensions of the petrochemical industry. For this purpose, the primary data were first collected through semi-structured interviews with 14 experts and synthesis of previous studies. Then, using thematic analysis, the data were classified into the 3 layers of basic, organizing, and inclusive themes. Using the themes of the organizer, which were risk of financial sanctions, risk of effective financial decisions of the government, credit risk, liquidity risk, financial risk of the production area, macroeconomic risk, insurance risk and risk coverage, and product market risk and competition, a structural-interpretive modeling questionnaire was designed for high (strategic) management risks and the relationships between the risks were evaluated and investigated by asking the opinions of 15 experts from the petrochemical industry. In the end, the risk of financial sanctions as the most influential variable at the most basic level was introduced in the final model that showed the levels of financial strategic risks in the petrochemical industry.

The issuance of government securities plays an important role in financing budget deficite. Due to the usury of various types of conventional treasury securities, government sukuk has been designed as an alternative to conventional treasury in the Islamic Republic of Iran. Despite years of experience, financing government through government securities, faced serious challenges, which has called into question the government's continued access to this source of funding. The present article deals with the determining challenges of government financing through the issuance of Islamic securities and provides related solutions with a practical approach.In this study, using the content analysis of library documents and interviews with experts, supply and demand side, functional and jurisprudential challenges of government securities are analyzed. Then, practical solutions are presented, including; the establishment of primary dealer system, the establishment of a securities issuance committee and the adoption of a relevant permanent law, not to force the banking system to buy securitiess, strengthening the market depth with Utilization of fintechs, creation of information system for debt market, reforming determining coupon rate system, use of innovative contracts and development of market tools.

It is important to Support and develop start-ups and SMEs in Iran, because the development of entrepreneurship can play an important role in the economic development of the country. According to the first paragraph of the general policies of resistance economy, there is a need for providing conditions and activating financial resources in order to develop entrepreneurship and maximize the participation of individuals in economic activities by facilitating crowdsourcing and among the ways to achieve this, is crowdfunding. This study tries to design an operational model for crowdsourcing small and medium-sized businesses with an emphasis on Meidoun website. The website uses various media capacities, such as TV competitions, to finance small and medium-sized businesses. This research is applied in terms of purpose and descriptive-survey in terms of the nature of data collection. In this research, firstly, Successful domestic and foreign crowdfunding models and their business models were examined. Then, to select the best crowdfunding model, a questionnaire based on the criteria of entrepreneurs and investors was designed. In the next step, using TOPSIS model, the crowdfunding models were ranked based on the opinion of experts. Then, with the formation of the focus group, the results of the mentioned rankings were reviewed and the final model of the platform was determined, and based on that, the business model canvas of the platform was designed.

The purpose of this paper is to extract the sustainability reporting model of shariah approved companies (SAC) and compare its disclosure rate in two developing Islamic countries, Malaysia and Indonesia in order to determine the influence of Islam in sustainability reporting. In this regard, the sustainability reports of the 20 shariah approved companies in Malaysia and Indonesia in 2020 were analyzed with thematic analysis method and using MAXQDA software. In total, 195 basic themes, 28 organizing themes and six economic, environmental, employees, community, customers and sustainability strategy global themes were extracted. The identified basic themes were mostly related to conventional sustainability reporting standards and guidelines. A few basic themes were also related to Islamic responsibility activities, whose scope of disclosure was limited to the employees, customers and community global themes. Quantitative comparison of sustainability reporting in the two countries was performed using statistical analysis. The results showed that the sustainability reporting mean in the level of total disclosure, Islamic responsibility activities and in relation to all dimensions (global themes) in Indonesia is higher than Malaysia. The level of disclosure in the Islamic responsibility activities was also very low compared to total disclosure. In order to compare the significance of the mean difference, mean comparison tests were used. The results showed that there are significant differences in the level of all dimensions, total disclosure and Islamic responsibility activities. Also, the results of Friedman test to rank the level of disclosure showed that the employees dimension had the highest rate of disclosure in the shariah approved companies sustainability reports in the two countries.

The importance of small and medium businesses today is not hidden from anyone. These companies include a large part of the employment and production of countries. Financing these companies has always been considered one of the main problems of these units. Until now, the external financing of these companies has generally been done by banks; The high dependence of financing SMEs on banks has caused serious constraints in their growth and development. Recently, advanced countries have tried to improve the financing of SMEs by using the capacity of the capital market. This article seeks to present a model based on Wakalah sukuk to finance SMEs. In terms of goal this research is practical and in terms of nature of data is (qualitative-quantitative). It is also considered descriptive-survey based on the data collection method. In this research, we provide a model based on Wakalah by using the descriptive analysis method and using library studies. Then, the relevant model was evaluated and approved from the aspects of efficiency for financing SMEs, attractiveness for issuers and investors, and acceptability from the supervisor point of view, using a questionnaire and using inferential statistics.

One of the most important challenges facing startups and start-ups is financing. Adequate financing can accelerate the growth of entrepreneurial activities and the development of start-up businesses. One of the start-up businesses that has been developing in recent years with the welcome of people around the world and our country, is the startups in the field of online watching. The development of these businesses depends on the production of new and entertaining content, and this is also important in terms of proper financing. However, due to the nature of the assets of these businesses, which are generally intangible, the financing of these businesses is always challenged. Therefore, this study seeks to examine the financing patterns and their compliance with the conditions of these businesses. This research is applied in terms of purpose and descriptive in terms of nature, so that first by studying the library in the literature, a model for financing these businesses based on interest is proposed. then by designing a questionnaire and receiving comments. Experts will review the financial dimensions of the proposed model. The research results show that the proposed model of securities for financing VOD companies is financially approved by experts.

The petrochemical industry is one of the important industries that can be very effective in the economic growth and provision of foreign exchange resources of the country; Therefore, maintaining, developing and investing in this industry is very important. But today, it has been exposed to many risks and challenges that have weakened the petrochemical industry and caused many problems and damages. In Iran's petrochemical industry, there are many different risks that can be mentioned, and financial strategic risks are among the most important risks of the industry. Financial strategic risks are financial and non-financial risks that prevent the realization of the financial strategic goals of the industry and affect all the components and dimensions of the industry in a comprehensive and macro way. These risks are long-term and critical, which can disrupt the process, financial flow, etc. of the industry and cause many problems, which ultimately make the growth and development strategies of the industry ineffective. In this regard, the research has been carried out with the central problem of identifying and analyzing the financial strategic risks of the petrochemical industry of the Islamic Republic of Iran. This research is a qualitative research that collects data from financial experts of the petrochemical industry with the help of interviews, and creates a network of themes using the MAXQDA 2018 software using thematic analysis method. The results of this research show that the strategic financial risks of the petrochemical industry of the Islamic Republic of Iran include the risk of financial sanctions, the risk of effective financial decisions of the government, credit risk, liquidity risk, financial risks of production, exchange rate risk, and risks of insurance and risk coverage.

In line with the performance of its duties, the shariah committee of the Securities and Exchange Organization has commented on various areas of the Islamic capital market, including types of contracts and Islamic financial instruments, and has issued numerous approvals. The Board of Directors of the Securities and Exchange Organization, following the approvals of this committee, has been developing regulations and setting the relevant guidelines and statutes, considering the importance of the jurisprudence committee's role in complying with Sharia standards in contracts, instruments, and financial institutions of the capital market. In this research, it is tried to evaluate and measure the performance of the shariah committee according to the assigned duties and powers. The current research is qualitative research that is considered a descriptive survey from the point of view of the applied goal and from the point of view of the method of data collection. In this research, firstly, books, articles, reports, and other documents related to the activities of the Jurisprudence Committee were studied and examined, then through the field method and by distributing a questionnaire among 10 financial and jurisprudence experts familiar with the shariah committee's activities. the performance of the shariah committee in performing the duties specified in the instructions for the formation and activity of the shariah committee is evaluated. The results of the research show that the performance of the shariah committee in cases including "evaluation of financial instruments in practice in order to ensure their good implementation", "cooperation with similar committees and councils in other internal and external organizations", "cooperation in the development and expansion of programs" educational and scientific publications in the field of Islamic finance", "cooperation in holding scientific meetings in the field of Islamic finance" has not been evaluated favorably.