چکیده:
The main question in this article is: what are the primary risks in the process of issuing Islamic treasury bills in the Iranian capital market? What are the most important risks in terms of probability of occurrence and severity of impact in the issuance process and secondary market operations of these securities? This article uses a descriptive method and content analysis, along with the Analytic Hierarchy Process (AHP), to rank the risks. By identifying these risks in the issuance process and secondary market operations, issuance entities will be able to focus on the main risks and pursue risk hedging processes more effectively. The main hypothesis of the article is that from the perspective of capital market experts, financial risks possess a higher degree of importance. The results show that from the perspective of the responding experts, bank interest rate risk, liquidity risk, inflation, and exchange rate risk are prioritized in terms of probability of occurrence; in terms of impact severity, bank interest rate, liquidity, credit, and inflation risks were prioritized. Among the modern methods used in government financing through domestic resources is the issuance of government treasury bills. Islamic financial innovations in the field of financial instrument engineering in Islamic capital markets led to the formation of Islamic treasury bill instruments and their issuance on 10/30/2015 in the Iran Fara Bourse market. Islamic treasury bills, like other Islamic financial instruments, have various risks that threaten the success of the issuance during implementation. Therefore, it is essential to identify the risks involved in the issuance process and secondary market operations and to examine their impact severity and probability of occurrence in the issuance processes.
خلاصه ماشینی:
Islamic treasury bills are a financial instrument based on the debt of the government to the banking system, beneficiaries, and resource providers, and they are issued by the General Treasury of the Ministry of Economic Affairs and Finance (Ardakani and Mousavian, 2012, p.
The structure of the article is as follows: in the first section, the literature review and background of the topic will be addressed; subsequently, using descriptive methods and content analysis based on library resources, the risks of treasury bills in primary and secondary markets will be examined; in the final section, by presenting a model for ranking the identified risks within the framework of the Analytic Hierarchy Process (AHP), the most important risks related to this Islamic financial instrument in the Iranian capital market will be introduced to policymakers for adopting appropriate risk coverage methods.
Table (7): Ranking of risks from the perspective of probability of occurrence and severity of impact based on the opinion of authorities related to the executive and supervisory bodies of the capital market (Refer to the page image) (Refer to the page image) Source: Research calculations According to Table (7), authorities related to the executive and supervisory bodies of the capital market still consider bank interest rate risk, liquidity risk, and credit risk to be the most important risks that may occur in the secondary trading of Islamic treasury bonds.
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