Identification and Ranking of Islamic Treasury Bill's Risks in Iran's Securities Market

Islamic treasury bills (ITB) in Iran's Securities Market are the latest financial innovation in Islamic financial instruments. They were issued for the first time in Iran's Fara Bourse on 94/8/7. To finance government projects, Iran's Securities Market is extending Islamic treasury bills. So it will be useful to investigate some other aspects of ITB such as risks identification and risks ranking.
This article wants to clarify these questions: what are the risks of ITB and how do they affect ITBs efficiency. At first, we describe these questions by using a descriptive method and then we are going to rank risks by analytical hierarchy process. The results show that the interest rate risks, liquidity risks, inflation risks and exchange rate risks have more probability of occurrence. Furthermore, interest rate risks, liquidity risks, credit risks and inflation risks have more effective impact in the process of issuing IBT.