خلاصة:
In today's world, one of the most significant concerns for economic enterprises is financing. In Muslim countries, Islamic financing is conducted through Islamic bonds known as sukuk. Sukuk come in various types, tailored to the specific needs of the issuing entity. Multiple stakeholders are involved in the issuance process of these bonds, each with a defined role to optimize the process. Consequently, each stakeholder assumes certain risks throughout this process. This study examines these risks and ranks the credit risk each stakeholder incurs during the sukuk issuance process. The research is applied in nature and utilizes a descriptive survey method for data collection, falling under the category of field studies. The analysis method for this study is TOPSIS. Data collection was conducted in two phases: initially through library research and reviewing existing documents, and subsequently through field research. The necessary raw data was gathered via questionnaires. The findings indicated that, on average, for all types of bonds, the originator bears the highest credit risk in the sukuk issuance process, while the market maker bears the lowest risk. Additionally, it was found that among all scenarios involving different types of bonds and stakeholders, in participation bonds, the originator bears the highest credit risk, whereas, in Murabaha bonds, the market maker bears the lowest risk. The results of this study can be utilized in policymaking for drafting guidelines on the issuance of Islamic financial bonds and the methods for credit evaluation, securing guarantees, and assessing the stakeholders involved in the issuance process based on the type of bond.
ملخص الجهاز:
Evaluation and Prioritization of Islamic Financial Instruments in Iran from the Perspective of Credit Risk Mohammad Mahdi Askari * Mohammad Mahdi Kargozar ** Hassan Hemmati *** Abstract In the contemporary world, one of the most important concerns of economic enterprises is the issue of financing.
The findings showed that, on average, for all types of securities, the issuer pillar in the process of issuing Islamic financial instruments has the highest credit risk, and the market maker pillar has the lowest risk in this process.
Recently, the level of utilization of Islamic financial instruments in global financial markets has experienced significant growth, such that on one hand, large-scale projects held by governments can be financed through the issuance of Sukuk; on the other hand, investors also invest their capital in instruments where the resulting profit is actually earned through real economic activities and, most importantly, is free from any form of Riba.
The present research seeks to answer this question: How are Islamic financial instruments (Sukuk) issued in Iran ranked from the perspective of risk sharing?
This research, with the aim of providing a comprehensive ranking of securities based on their risk-sharing characteristics, attempts to provide an understanding of general risks for better financial decision-making and the formulation of policies related to Islamic finance in Iran.
Given the alignment of these securities with Islamic jurisprudence, it is possible to bring a portion of the religious society, which does not fundamentally participate much in economic activities, into financial and capital processes; this matter also leads to an increase in market liquidity and economic dynamism (Mousavian and Keshavarzian, 1393).
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