Explanation Of The Motivational Factors Affecting To Sukuk Market Of Municipalities Using The Fuzzy Analytical Hierarchy Process

Sukuk is an islamic financing that can move social savings to economic producing section as city economic. Establishment of the sukuk market needs to motivation factors. For forming of the new financing market, recognition of factors and explanation of supplier and demander incentives are important. In this paper, researchers pay attention to the motivation factors. Methodology of the research is documentary, descriptive and survey. The survey instrument is exploratory interviews for extraction of the motivational factors affecting the sukuk market. Then questionnaires are distributed to potential suppliers and demanders. Analysis technique is the fuzzy analytical hierarchy process. Motivational factors on the supply side in order of preference are: sales of all sukuk, trust to financing company, freedom in the use of funds, tax on sukuk, the cost of assets insurance, criteria for determining and valuing assets, mechanism of sukuk pricing, innovation in sukuk design and bureaucratic process. Also motivational factors on the demand side, in order of preference are: sukuk yields than other bonds, liquidity, culture in order to develop the market, maturity of sukuk, legal risk, transparency and competition, trust publisher, type assets papers, method of sukuk pricing (fixed or floating)