خلاصة:
Financial capital and its finance is one of the important subjects for economic actors. In this regard، one of these applicable tools is the Islamic Ijara bonds. In recent years، these bonds because of having advantages such as compliance with the law and Sharia، reliable support، efficiency and being accepted، have been greatly considered by officials، and accordingly، some legal provisions is also in progress. However، there are some obstacles in the implementation of these instruments in both money and capital markets that the most important of them are legal and operational infrastructure and dependence of their returns to macroeconomic variables such as inflation and banking interest rates. Methodology of this research is both the library research and interviews and surveys of professionals and experts in academic and administrative areas (money and capital market).This study tries to identify challenges and constraints of Ijara bonds and propose solutions for the effective application of these Islamic tools in the economy.
ملخص الجهاز:
Pathology of Implementing Ijarah Bonds in the Country's Money and Capital Markets Date Received: 1391/4/25 Date Approved: 1391/11/1 Mehdi Zolfaghari* Atousa Goodarzi** Bahram Sahabi*** Abstract Financial capital and methods of its provision are among the important issues facing economic actors.
In this regard, lease securities, as the first new instrument (after participation certificates), came to the attention of the Stock Exchange Organization and securities and with the resolution of existing tax problems for the issuance of this instrument in February 2010, the necessary groundwork for using this new financial instrument in the country's capital market was provided.
Mousavian and Karimi (2007) in a study titled "Examining the Financing Process through the Issuance of Ijarah Securities (Ijarah Sukuk)" investigated the financial design and operational process of issuing Ijarah securities, how to issue four types of Ijarah securities: asset-backed Ijarah, liquidity-providing Ijarah, mortgage Ijarah, and leasing company Ijarah, and examined their feasibility of issuance in Iran.
Financing, as the main component of liquidity accumulation, is attracted in a general classification through government methods, the banking system, project owners' contributions, and the securitization of debt or assets, which includes financing tools such as bonds, participation certificates, and Ijarah securities.
Despite mentioning the advantages of lease certificates referred to earlier, for the successful implementation and issuance of these securities in the country, actions such as standardizing assets, creating rating agencies, and establishing and organizing an appropriate secondary market are necessary.
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