Prioritization of effective factors in the prosperity of investment on Sukuk: Analytic Network Process (ANP)

Sharia-based Islamic securities or Islamic financial instruments, sukuk, play a very important role in the economic development of Islamic countries. In the past few years, many efforts have been made to develop the Islamic capital market in Iran, but further development and attraction of domestic and even foreign resources requires more attention from the government, the financial system and all the pillars and institutions involved in this field. If policymakers want to develop and promote these financial instruments to attract investors and direct them to production and services, they need to recognize the factors influencing the boom in Sukuk investment. Therefore, the main issue of the present study is, firstly, what are the factors affecting the investment boom on Sukuk and secondly, which of the studied indicators plays the most important role in the investment boom of these securities. The present study was conducted using a descriptive-analytical method that uses the literature review and interviews with experts in this field in Iran to codify and identify the factors of prosperity and development of Sukuk. Then, while confirming the 13 effective factors identified, these factors were ranked using the Analytic Network Process (ANP) technique. The results showed that the sub-criterion of "complete nobility of financial experts in the Islamic-financial field for the development of Sukuk" which belongs to the Islamic criterion with a weight of 0.583 is the most important among the sub-criteria affecting the expansion of Sukuk investment. Also, the research findings showed that in the second rank under the criterion of "accurate and tangible implementation of Islamic Sharia and financial laws regarding sukuk", which is one of the executive criteria with a weight of 0.536 are the most important.