خلاصة:
Given the prohibition of usury in Islam, governments and companies are compelled to use financial instruments that, in addition to being financially and economically justifiable, comply with the principles and rulings of Sharia. On the other hand, given the various motivations and preferences of investors, diversity in financial instruments is an undeniable necessity; however, so far in the capital market of the Islamic Republic of Iran, among various types of Islamic financial instruments, only partnership and leasing securities—and even then, in negligible volumes compared to the needs of the country's economic projects—have become operational. Among other instruments that are currently in the spotlight of Muslim companies and governments are Mudarabah securities (Sukuk). Since the design of every Islamic financial instrument must consider jurisprudential, legal, financial model design, risk management, accounting, and tax dimensions, this research first analyzes and describes the methods of hedging Mudarabah Sukuk risks based on library studies and a descriptive-analytical method, and then uses the Delphi research method to identify and classify various types of methods for hedging these risks. Therefore, since this research is exploratory, it does not have a hypothesis but rather seeks to answer the question: what are the methods for hedging Mudarabah Sukuk risks based on Imami jurisprudence and its related transactions?
ملخص الجهاز:
The results of this research will assist all natural and legal persons involved in the process of issuing Mudarabah Sukuk, including investors, the Stock Exchange and Securities Organization, banks, financial and credit institutions, commercial and export institutions, and all financial entities present in the money and capital market, in better understanding the risks and how to manage them.
2- There is a qualitative difference between the risks of Ijarah and Mudarabah securities due to their different positions in the classification of Islamic financial instruments; whereas Ijarah Sukuk are categorized among usufructuary instruments with fixed profits, Mudarabah securities are among instruments with expected returns; And since no research has been conducted so far in Iran or abroad in the specific field of Mudarabah securities risk management based on Imami jurisprudence; this research is distinct from previous studies and possesses innovation, and by using the results of the research by Mousavian and Shirmardi (2011) in identifying, classifying, and prioritizing Mudarabah securities risks, it examines their coverage methods.
During the process of compiling the subject literature and considering the mechanism of Mudarabah Sukuk, the role of the main pillars of this type of Sukuk, and the relationships and contracts between them based on research conducted in this field, the researcher presents in this section a number of identified risks of this instrument along with their respective definitions in three categories, including investor, issuer, and intermediary risks, and then examines the most important methods for hedging these risks based on the research literature, studying relevant library resources, and conducting interviews with the country's financial experts.
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