خلاصة:
In examining the financing process, types of financial instruments, and their development for capital procurement, the method of converting assets into securities is considered as one of the methods of raising capital. Bonds, as one of the instruments of this method, cannot be utilized due to the inclusion of fixed interest under interest-free banking laws. Therefore, Musharakah certificates are evaluated as an alternative to bonds in interest-free banking, and their deficiencies and flaws are discussed, emphasizing the necessity of defining and employing new financial instruments to replace bonds. Islamic securities (or Sukuk) are examined regarding their definition, various aspects of compliance with law and Sharia, advantages and disadvantages, similarities and differences with conventional bonds, and the experience and performance of other countries regarding the issuance of Sukuk. Finally, by emphasizing three characteristics—legality, acceptability, and efficiency—it is concluded that these securities are a suitable and useful replacement for bonds and Musharakah certificates, and the government's action to define, support, and employ this new financial instrument in the Iranian economy is emphasized.
ملخص الجهاز:
The Islamic Development Bank also issued a hybrid Sukuk worth 400 million dollars in 2003 be a complete replacement for bonds and, in addition to reviewing and addressing its shortcomings, there should be a search for the introduction and use of new financial tools that can serve as a suitable replacement for bonds and, besides being Sharia-compliant, do not have the problems of participation certificates (Rezaei, 2003, p.
In this plan, it became clear that the status of state-owned banks in terms of capital adequacy was inappropriate, and the Central Bank of Iran obtained legal authorization from the then-Parliament to provide the necessary financial resources for increasing the capital of banks by issuing participation certificates and collecting liquidity, so that banks could comply with capital adequacy ratios.
-Tax regulations and very strict interpretations of securities laws globally; -The small size of the Sukuk secondary market and its relatively low liquidity; For a new Islamic instrument to be effective in terms of operation, public investor acceptance, and practical success, the following points can be considered: -Compliance with the laws of Islamic Sharia; -Proportionality of risk and return compared to existing instruments in the world; -High liquidity; -Low transaction costs; -Government guarantees; -Information transparency in Islamic markets and compliance with laws; -Attention to designing an appropriate and standard structure; -Existence of insurance and international rating institutions; Conclusion In this study, it was stated that capital and the method of its provision is one of the important topics of financial economics, and one of the ways to finance is through the securitization of assets, where one of the important tools for this task is the use of bonds.
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