Pathology of the Implementation of Ijara Bonds in Money and Capital Markets

Financial capital and its finance is one of the important subjects for economic actors. In this regard, one of these applicable tools is the Islamic Ijara bonds. In recent years, these bonds because of having advantages such as compliance with the law and Sharia, reliable support, efficiency and being accepted, have been greatly considered by officials, and accordingly, some legal provisions is also in progress. However, there are some obstacles in the implementation of these instruments in both money and capital markets that the most important of them are legal and operational infrastructure and dependence of their returns to macroeconomic variables such as inflation and banking interest rates. Methodology of this research is both the library research and interviews and surveys of professionals and experts in academic and administrative areas (money and capital market).This study tries to identify challenges and constraints of Ijara bonds and propose solutions for the effective application of these Islamic tools in the economy.