Investigating and Prioritizing the Attractiveness Factors of Ijarah Securities from the Investors’ Perspective

Ijarah sukuk is one of the new securities in Islamic finance. They provide a partial ownership of the property whose interests are paid, according to the rental agreement, to the issuer. Due to the newness of Ijarah securities and their complete legal status, their importance is on the increase, and in recent years, with the issuance of them in secondary markets, including the stock market, these securities are becoming more attractive to investors. Hence, in this study, we are going to investigate and prioritize the attractiveness factors of ijarah securities (sukuk ijarah) from the investors’ perspective. The statistical society of this study includes investors and experts in ijarah securities in Iran. The time of the research is the first half of 1396, Solar Hegira. The data gathering tool was interview and questionnaire. At the beginning, through using the background of the research and interviewing investors and experts on these securities, 9 factors that influenced the attractiveness of ijarah securities were investigated. In the next step, using the Analytic Network Process (ANP) and Analytic Hierarchical Process (AHP) techniques, we determined the weight of the factors. According to research findings by ANP technique, the ranking of those factors are as follow: 1. low risk 2- trust 3-the ability to exchange in secondary market 4- low agency cost 5- guarantee of basic capital 6- specific profit 7. different investment periods 8- sharia 9. tax exemption.