An Instrument for Financing of Road Transportation Infrastructural Projects in Iran Capital Market

The objective of this research is to design and suggest an instrument for financing the infrastructural road transportation projects in Iran through the capital market, because at the time the government’s already high fiscal deficit and existing problems in the country’s banking system, has made it necessary to think of an innovative way for infrastructure financing.
This study uses a mixed method. To distinguish the current needs, as one of the slamic financial engineering strategies, a systematic review was done and several half-structured interviews were undertaken by experts. According to outcomes of the studies and theme analysis of the answers in interviews, the primary pattern was designed. To approve the primary pattern and ensure its suitability, the Delphi technique was applied. 41 questionnaires were filled, 28 interviews were carried out and 9 group meetings were held By the experts in the fields of roads, capital market and higher education. Subsequently, the qualitative and quantitative results were compared and concluded according to the triangulation method. The conclusion provided support for the development and use of Project Ju’alah, Manfa’ah and ABS. Finally, the operational model of Project Ju’alah securities as a new slamic sukuk was designed and approved by experts.