Designing Hybrid Sukuk for Financing and Transfering Risk, Based on Imamiah Jurisprudence
Message:
Article Type:
Research/Original Article (دارای رتبه معتبر)
Abstract:

Providing the possibility of financing and risk coverage are two important functions of capital markets. In recent years, with the development of the capital markets, various financing instruments based on Islamic contracts have been designed and issued by investors and firms, but the capacity of Islamic contracts to design instruments for transferring and hedging against risks has been ignored. On the other hand, high floating costs and prolonged process of issuing securities in the capital market have reduced the attractiveness of this market for applicants.    In this descriptive-analytic study, we first studied the structure of the conventional sukuk (Ijarah and Murabahah Sukuk) and the capacity of the Islamic contracts for transferring and hedging against risks (Dhaman, Kafalah and Insurance), then Dhaman contract is adapted with the conventional sukuk structure in the Iran capital market, and finally an innovative pattern of sukuk has been presented that can be issued simultaneously for the purpose of financing and transferring risk by two separate originators. The new sukuk offered as complementary or alternative to the bank guarantee, in addition to increasing the risk-taking capacity in the Iran capital market, will reduce the cost of issuing sukuk, because once sukuk is issued, the two above-mentioned objectives will be realized.

Language:
Persian
Published:
Islamic Financial Research, Volume:9 Issue: 18, 2020
Pages:
671 to 694
magiran.com/p2261030  
دانلود و مطالعه متن این مقاله با یکی از روشهای زیر امکان پذیر است:
اشتراک شخصی
با عضویت و پرداخت آنلاین حق اشتراک یک‌ساله به مبلغ 990,000ريال می‌توانید 70 عنوان مطلب دانلود کنید!
اشتراک سازمانی
به کتابخانه دانشگاه یا محل کار خود پیشنهاد کنید تا اشتراک سازمانی این پایگاه را برای دسترسی نامحدود همه کاربران به متن مطالب تهیه نمایند!
توجه!
  • حق عضویت دریافتی صرف حمایت از نشریات عضو و نگهداری، تکمیل و توسعه مگیران می‌شود.
  • پرداخت حق اشتراک و دانلود مقالات اجازه بازنشر آن در سایر رسانه‌های چاپی و دیجیتال را به کاربر نمی‌دهد.
دسترسی سراسری کاربران دانشگاه پیام نور!
اعضای هیئت علمی و دانشجویان دانشگاه پیام نور در سراسر کشور، در صورت ثبت نام با ایمیل دانشگاهی، تا پایان فروردین ماه 1403 به مقالات سایت دسترسی خواهند داشت!
In order to view content subscription is required

Personal subscription
Subscribe magiran.com for 50 € euros via PayPal and download 70 articles during a year.
Organization subscription
Please contact us to subscribe your university or library for unlimited access!