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The main purpose of this research is to investigate the effects of economic risk components along with economic complexity on the development of sukuk market in Iran during the period of 1389.1-1401.4. The results of the estimation of the model using the WALD test and NARDL test show that the unexpected positive and negative shocks of all research variables have asymmetric effects on the development of the sukuk market. The positive shock of budget balance risk has the greatest effects on the development of the sukuk market in the short and long term. The positive shock of inflation risk in the long and short term has positive effects on the development of the sukuk market. The positive shock of the GDP risk has positive effects on the development of the sukuk market, but its negative shock in the long term is far more than other economic risks. The effects of positive and negative shocks of real economic growth risk on the development of sukuk market are less than other components of economic risk. Also, the short-term and long-term effects of economic complexity on the development of the sukuk market are positive.

Mosques not only have political, social and cultural roles, but also have an economic aspect. This research focuses on identifying and prioritizing suitable financial methods for mosques, exploring these priorities through library studies and expert interviews in the field. The study adopts an applied objective and an analytical-descriptive method based on documentation and expert opinions. Methods and criteria were identified based on the theme analysis method; Then, in the next step, the methods and criteria were prioritized with the help of paired comparison questionnaires and based on the Analytical Hierarchy (AHP) method, and finally the answers were combined and analyzed by the geometric mean method. The research findings indicate criteria such as increasing public participation, proper interaction with governance, enhancing budget efficiency, alignment with the status and dignity of mosques, and conformity with Imamia jurisprudence. Among these criteria, the highest importance, in order, is given to increasing public participation, alignment with the status and dignity of mosques, enhancing budget efficiency, proper interaction with governance, and conformity with Islamic jurisprudence. Based on this research, among the preferred financial methods for mosques in terms of tools, the most important are grassroots tools, technology-based financial tools, non-profit resource provisioning tools, for-profit resource provisioning tools, and investment-based tools, highlighting the effective role of the community in mosque financing. In terms of revenue-generating activities, mosque income-generating activities, charitable institutions, non-governmental public organizations, military entities, and governmental aids hold the highest importance in financing mosques.

Money creation in the banking system is an important phenomenon, the quality and manner of which creates many effects in the economic system. Therefore, the analysis of many banking issues such as mudarabah depends on the nature and dimensions of money creation. Economists in their analysis of the process of money creation have defined it with two approaches: multiplier and endogenous money creation (money creation from nothing). Proponents of the multiplier approach define money creation as an operation dependent on deposits, and on the other hand, another group does not accept the dependence on deposits in money creation and believe that banks can create credit only by granting loans. . The nature of money created in the banking system and the effects and consequences of banking contracts, especially in mudarabah, along with issues that require research and study; Because the analysis of debt from bank created money has caused the challenge of mudarabah on debt, which is invalid from the point of view of most jurists, and hence banking mudarabah suffers from problems. This article, which is compiled with a descriptive and analytical method, is trying, since debt or commodity nature of money creation has serious effects on usury-free banking, it first adopts the basis of debt or commodity nature of money creation and then examines Permissibility or non-permissibility of debt mudarabah, apply these contents and draw a conclusion. Finally, after the investigations, this research confirms the validity of such a transaction with the money created by the banking system, emphasizing the famous ruling on the inadmissibility of mudarabah on debt.

Cryptocurrencies, especially Bitcoin, as an emerging and developing phenomenon, have attracted the attention of Islamic scholars, therefore, researches were conducted on its nature and rules from the perspective of Islamic jurisprudence. This article, while discussing the nature of Bitcoin transactions, has investigated the existence of usury, including transactional usury and loan usury, in such exchanges, using analytical-descriptive method and jurisprudential modeling of this cryptocurrency transactions. From the point of view of transactional usury, according to the conditions stated in the validity of this title, including the conditions of exchange and also the validity of the title of sale in the transaction, the ruling of usury in Bitcoin exchanges was investigated and the following results were obtained in summary: From the point of view of some scholars, the nature of Bitcoin is commodity, and from the point of view of others, it is known as credit. In this article, based on both approaches, the possibility of transactional and loan usury was investigated. From the point of view of the authors of the article, according to the view of Bitcoin traders, the nature of Bitcoin is a combination of commodity and credit. As a result, buying and selling it together with excess in exchange for Bitcoin as being the same kind would not be usury due to the absence of measurement and weight conditions. From the point of view of loan usury, since any type of loan with excess is considered usury, there is usury if bitcoin is considered as commodity. From the credit point of view, usury can be visualized due to the fact that Bitcoin conventionally represents the dollar value.

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.

Observers and experts of the Islamic finance industry expect Islamic financial institutions to move from offering instruments that are solely Shariah-compliant to offering instruments that are substantially Shariah-based. However, there are some questions about when the words "Shariah-compliant" and "Sharia-based" entered into the Islamic financial literature and why. What is the exact meaning of "Shariah-based"? In this article, in addition to reviewing different attitudes towards the Islamic financial system, we will describe the history of the emergence of the two mentioned terms as a manifestation of the change of discourse in the Islamic financial industry. Investigations show that in the definition of Sharia-based product, at least one of the principles of separation (emphasis on the content separation of Islamic finance from conventional finance), Authenticity and welfare have been implied. The principle of separation refers to the concepts of separate product development, separate pricing, separation of funds and sectoral separation. The principle of authenticity deals with the three concepts of historical authenticity, authentic connection to the real economy and ontological transparency. Concepts in the welfare principle include risk-sharing, protection of the poor, and welfare-oriented business operations. This change in the discourse is not a problem, but a sign of Islamic financial maturity and moving towards the goals of the Islamic economic system.

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.

Extensive environmental turbulence has caused various changes in economic, social and cultural fields, and has become the driver of many changes in the context of needs and preferences of customers. As an active form of Islamic banking in Iran, Qarz-Al-Hasna Banking has faced many issues and challenges that have overshadowed its survival and competitiveness. Therefore, the aim of this research is to answer the banking needs of Qarz-Al-Hasna Bank and specifically the territory of Qarz-Al-Hasna Mehr Bank of Iran in the face of digital variables, in the form of a business model. In this regard, the method of qualitative content analysis with analogical-inductive approach has been used to analyze the data and answer the research questions. Ritter's model is the basic framework in "Designing the Business Model of Qarz-Al-Hasna Digital Bank". In the data analysis that was done using Maxqda2020 software, a total of 255 basic themes and 29 subcategories were extracted and placed under the dimensions of value proposition, customers, value demonstration and capabilities.

"Bay al-Aina" is one of the basic issues related to Islamic financial instruments in the capital market, which causes a number of capital market instruments to face a Sharia challenge. In this article, in an analytical-descriptive way, the jurisprudential ruling of Bay' al-Aina has been re-examined, and after expressing the views of the jurists, the specific evidences surrounding it have been examined. According to the prevailing jurisprudential opinion, it is certain that the sanctity and nullity of the sale of al-Aina are reserved for the place where there are two conditions: a) we are faced with the combination of two sales contracts, one of which is cash and the other is a loan, and b) the second sale is in the first sale. be a condition The findings of the article show that the prevailing jurisprudential opinion is a point of controversy, and from the narrations in this regard, even with the mentioned conditions, the ruling of sanctity and invalidity cannot be deduced. In the end, the capital market tools that are facing the suspicion of bias have been examined; The results of the research indicate that the conventional repo, the combination of sale and lease with the condition of acquisition and sale with the addition of the option to buy and the option to sell, according to the investigation, none of them are condemned or invalidated due to the suspicion of sale of al-Ainah.

The lack of reliable information disclosure contributes to information asymmetry, which in turn raises the equity cost of capital. Voluntary information disclosure can mitigate unsystematic risk and this reduction can enhance investor confidence through financial signaling. When investors perceive a company as more resilient to specific market fluctuations, the company’s beta—a measure of systematic risk—tends to decrease. This shift in risk perception can ultimately lower the equity cost of capital. Furthermore, when a company improves the quality of its disclosures, it not only affects its own valuation, but can also influence the broader market. In this sense, the disclosure practices of one company can shape public perception and impact the risk assessments of other companies as well.  This study explored the mediating role of information asymmetry in the relationship between voluntary information disclosure and the equity cost of capital, utilizing the Capital Asset Pricing Model (CAPM). To achieve the research objectives, a sample of 159 companies listed on the Tehran Stock Exchange (TSE) from 2018 to 2023 was selected. Panel data analysis and multivariate linear regression were employed to test the hypotheses. The findings indicated that voluntary information disclosure did not significantly affect the equity cost of capital. Moreover, the mediating variable of information asymmetry also did not significantly influence the relationship between voluntary information disclosure and the equity cost of capital. This lack of significance might be attributed to the generally low level of voluntary disclosure, inefficiencies within the Iranian capital market, and the limited scope of disclosed information. Additionally, the absence of financial analysts and insufficient investor attention had hindered voluntary disclosures from effectively reducing information asymmetry in the capital market.

The primary objective of this research was to analyze the relative importance of working capital management factors in predicting financial distress among companies. The study population consisted of 167 companies listed on the Tehran Stock Exchange (TSE) from 2019 to 2023. 7 key working capital management indicators were selected based on their potential impacts on financial distress. Using Zavgren’s (1985) financial distress prediction model, the sample companies were classified into distressed and healthy groups. In the first step, a random forest algorithm was employed to assess the predictive power of the seven working capital management indicators in classifying companies as distressed or healthy. The results indicated that these indicators could successfully identify and predict the financial distress status of the companies with up to 85% accuracy. In the second step, the unique feature of the random forest algorithm was leveraged to rank the importance of each working capital component in achieving this 85% classification accuracy. The findings showed that the Average Collection Period (ACP) was significantly more important than the other working capital components in predicting financial distress.Keywords: Financial Distress, Working Capital Management, Average Collection Period (ACP), Random Forest AlgorithmJEL Classification: G01, G30, C38 IntroductionIn recent years, financial distress and bankruptcy have become increasingly prevalent issues for business enterprises. The financial literature offers various definitions to describe the state of financial distress and bankruptcy. While some researchers equate financial distress with bankruptcy, financial distress is more accurately viewed as a precursor to bankruptcy – a stage of financial decline that may or may not ultimately lead to a company's bankruptcy. Simply put, financial distress reflects a business entity's inability or weakness in fulfilling its obligations to creditors (Gerged et al., 2022). Given the rapid growth of joint-stock companies and the emergence of severe financial crises at both micro- and macro-economic scales, it is crucial to identify the key factors that can predict a company's financial health before it reaches the stage of bankruptcy, i.e., during the financial distress phase (Pourheydari et al., 2010). Evidence suggests that working capital management is a significant factor influencing the financial distress of business enterprises (Geng et al., 2015). Companies experiencing financial distress and bankruptcy often exhibit weaknesses in working capital management, particularly in cash control. Therefore, the aim of this study was to evaluate the predictive power of working capital management components in forecasting financial distress and rank the importance of each component in this prediction process.Materials & MethodsThe raw financial statement data for this research were extracted from Rahavard Novin Database and the Codal website. These data were then systematically organized in Excel. After applying certain eligibility criteria, a sample of 167 companies was identified as the accessible statistical population. To classify the sample companies into distressed and healthy groups, which served as the target variable (label), Zavgren’s (1985) financial distress prediction model was utilized. Subsequently, the predictive power of 7 key working capital management components in forecasting financial distress was tested using Python software and the random forest algorithm.The random forest method is based on ensemble learning, wherein the data are split into training and testing sets. During the learning phase, the model attempts to identify the inherent pattern or the relationship between the dependent variable (financial distress) and each explanatory variable (working capital management components) with the validity of this learning measured by the testing data. The random forest method employs a bagging approach, creating subsets from the entire dataset and determining the final result based on the average outcomes of these subsets. This approach helps to significantly mitigate the overfitting problem.One notable feature of the random forest algorithm is its ability to rank the importance of the input features in determining the trend of the target variables. This capability was leveraged in this research to answer the second research question, which focused on the relative importance of each working capital component in predicting financial distress. Research FindingsThe model achieved an accuracy of 85%, indicating that it could correctly predict whether a company was in financial distress or not based on what it learned during the training phase. Additionally, the model's F1-Score metric was 0.89 for identifying healthy companies and 0.76 for predicting distressed companies. These scores, being close to 1, suggested that the model's estimations were performed with a high degree of accuracy.The analysis of the relative importance of each working capital management component in achieving this 85% accuracy rate revealed some key insights. The Average Collection Period (ACP) was identified as the most important factor in predicting financial distress. Following the ACP, the Current Ratio (CR) ranked second, the Average Payable Period (APP) ranked third, and the Inventory Turnover In Days (ITID) ranked fourth in importance.These findings suggested that the initial signs of financial trouble for a company often stemmed from its failure to collect receivables in a timely manner, leading to an increased collection period. If the company's management did not effectively address this issue, other problems could likely arise, ultimately pushing the business entity into a state of financial distress. Discussion of Results & ConclusionThe results of the data analysis using the random forest algorithm indicated that working capital management indicators had an 85% predictive power for identifying financial distress in companies. This finding is consistent with those of the previous studies by Habib and Kayani (2022), Morshed (2020), and Li et al. (2018). Regarding the second research objective, which aimed to rank the importance of each working capital management component in predicting financial distress, the analysis revealed that the Average Collection Period (ACP) was the most significant factor. This suggested that a company's inability to collect receivables in a timely manner was a crucial early indicator of impending financial distress.An increase in the ACP could lead to a serious risk of bad debts and liquidity problems for the company. As a result, the company's management might need to secure additional working capital to fund operations, which could potentially increase the Weighted Average Cost of Capital (WACC). However, if the company failed to generate adequate returns to cover these elevated financing costs, it might ultimately fall into a state of financial distress (Panigrahi, 2014). Given the notable importance of the ACP compared to other working capital management components, it appeared that many of the underlying issues leading to financial distress stemmed from poor performance in collecting receivables. Therefore, this research underscored the critical need for robust management practices of receivables to maintain liquidity and avoid the escalating costs and risks associated with financial distress.

Tehran Stock Exchange companies in the field of construction industry. From the point of view of the practical goal and from the point of view of data collection, this research is descriptive, exploratory and analytical, and in order to carry out the research, a mixed method has been used in two qualitative and quantitative phases. The population and statistical sample of the research includes 10 experts in the field of financing in Tehran Stock Exchange companies active in the field of construction industry. In the first phase, the researcher used the qualitative method of thematic analysis to code the axes of the experts' interviews, which led to the identification of 27 risks in the form of 7 main criteria, including financing costs, risk of timely supply of resources, repayment structure, risk of interest rate fluctuations, The risk of exchange rate fluctuations, the risk of not realizing the project's income on time, and the risk of macroeconomic variables, and in the second phase, using the quantitative method of the intuitive hierarchical analysis process, 5 financing methods were prioritized in the form of identified risks. The results of the research showed that financing methods through 1-borrowing from international development banks, 2-foreign finance, 3-national development fund, 4-Islamic securities and 5-shareholder of the project have priority.

In this study, we seek to test the effect of government policy uncertainty on the investment of listed companies in recession and boom regimes. For this purpose, the effect of study variables during the period of 1380 to 1400 is investigated by using the rotation model and the Markov switching (MS) regime change. Based on the results of the model estimation, with the increase of government policy uncertainty, corporate investment decreases. In general, the uncertainty of government policies increases the risk of investment projects and leads to a decrease in corporate investment. Especially in an inflationary situation where the value of money decreases, the nominal interest rates for savings and reserves are low. In this case, investing in currency, real estate, gold, etc., provides a higher interest rate compared to keeping reserves in the banking system. This causes a decrease in the desire to save and reduces the funds available for investment in the banking system, and as a result, corporate investment decreases.

The aim of this study is to expand the network process of assessing the financial stability and risk of capital market companies based on MES and CoVaR scales, which is calculated through the coefficients of the multi-layer network model of the total capital market index. In this study, the assumption that the financial crisis and the capital adequacy ratio can be estimated as the basis of the risk and financial stability of capital market companies, which can be estimated through the definition of the network process model and the two scales of MES and CoVaR in 2012 to 2022 surveys were conducted. Therefore, the value at risk of the daily return data of the total market index using a GARCH model to estimate "CoVar" first, then in the next step based on quantal regression at two confidence levels of 0.05 and 0.01%, the scale "ΔCoVaR" » be calculated and show whether the total market index indicates higher or lower financial stability risk parameters than the MES scale. The results showed that, on average, the ΔCoVaR scale shows financial stability risk lower than the MES scale. The reason for this is that the higher the share of parameters such as low capital adequacy and financial crises, the higher the probability of financial stability risk increases, and this issue causes companies to face more serious problems in securing financial resources.

The main purpose of this article is to investigate the effect of monetary and financial shocks on the prices of financial assets using the Panel VAR method. The current research method is based on the research objectives of applied type. Research data in the period between 1390 and 1400 in the period. It was fitted using Eviews12 software. The results of the Dickey-Fuller test showed the stationarity or meanness of the variables. research variables; The logarithm of the exchange rate, the logarithm of the price index, the logarithm of the gross domestic product, the logarithm of the price index of construction services, the logarithm of the land price index, the logarithm of the volume of liquidity, the logarithm of government expenditures, and the logarithm of the building rent index were stationary at level I_1; The results of the optimal interval based on the Schwartz Bayesian criterion (SBC) showed that the best interval is one and two. The results of Johansen's cointegration test based on the effect statistic and the maximum eigenvalue showed that there is a long relationship between the research variables. The results of the analysis of shocks showed that monetary and financial shocks affect the price of financial assets.