Imam Sadiq University"Islamic Finance Research" (IFR)2251-829013120230613Analyzing and Choosing the Appropriate Model for Issuing Islamic Securities for Financing SMEsAnalyzing and Choosing the Appropriate Model for Issuing Islamic Securities for Financing SMEs1407669310.30497/ifr.2023.244310.1824FAMohammad MahdiFaridouniPh.D. Student, Financial Engineering, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran0000-0001-5388-3239MohammadTohidiAssociate Professor, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran0000-0002-1289-1256MiladIsaei.A. Student, Islamic Studies and Financial Management, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran0009-0006-4494-7097Journal Article20230305Financing has always been one of the main challenges of SMEs in Iran. Therefore, developing financial instruments for these companies and reducing their dependence on bank financing is always one of their essential needs. Despite the development of the Sukuk market in recent years, the capacity of this market has not been provided for SMEs. This article seeks to provide an optimal model for financing SMEs. The present research is considered to be mixed (qualitative-quantitative) from the point of view of the applied goal and qualitative-quantitative from the point of view of the nature of the data and descriptive-survey from the point of view of the data collection method. In order to design a suitable model, first, in interviews with experts in the field of financing SMEs, as well as available resources, the financing challenges of these companies were analyzed. In the next step, based on two assumptions, 7 models were designed for issuing Sukuk. Then, based on the TOPSIS method, these models were prioritized and Wakalah model is choosed.Financing has always been one of the main challenges of SMEs in Iran. Therefore, developing financial instruments for these companies and reducing their dependence on bank financing is always one of their essential needs. Despite the development of the Sukuk market in recent years, the capacity of this market has not been provided for SMEs. This article seeks to provide an optimal model for financing SMEs. The present research is considered to be mixed (qualitative-quantitative) from the point of view of the applied goal and qualitative-quantitative from the point of view of the nature of the data and descriptive-survey from the point of view of the data collection method. In order to design a suitable model, first, in interviews with experts in the field of financing SMEs, as well as available resources, the financing challenges of these companies were analyzed. In the next step, based on two assumptions, 7 models were designed for issuing Sukuk. Then, based on the TOPSIS method, these models were prioritized and Wakalah model is choosed.https://ifr.isu.ac.ir/article_76693_1354dc1bdf3233dbed6e6b04f983e2c4.pdfImam Sadiq University"Islamic Finance Research" (IFR)2251-829013120240527Price Manipulation in Common Stock Transactions and Analysis Prohibition of Obscenity in Some CasesPrice Manipulation in Common Stock Transactions and Analysis Prohibition of Obscenity in Some Cases41707727310.30497/ifr.2024.243908.1756FAAliHassanzadeh SarvestaniPhD Candidate, Islamic Fnancial Economics, Allameh Tabatabai University, Tehran, IranSeyed Mohammad RezaSeydnoraniProfessor, Economic Sciences, Faculty of Economics, Allameh Tabatabai University, Tehran, IranFathollahTariAssociate Professor of Business Economics, Faculty of Economics, Allameh Tabataba'i UniversityJournal Article20231101The health, efficiency and liquidity of the capital market and especially the stock exchanges are of particular importance. Common stock transactions account for a significant amount of Tehran Stock Exchange transactions, and this issue reveals the importance of careful attention and monitoring of these securities transactions. In addition to protecting the interests of legal investors, the establishment of appropriate regulations and serious monitoring of these transactions will attract new investors. Manipulation of common stock transactions in stock exchanges is one of the common phenomena of these transactions, which brings destructive effects, and supervisory institutions have been and are trying to reduce all types of manipulation. Also, the religion of Islam is full of valuable teachings in the field of transactions. One of these teachings is the prohibition of impurity in transactions. In this article, we are looking for an answer to this question, can some types of common stock transactions be considered as examples of fraud? We have used descriptive-analytical method to answer this question. In the descriptive part of this article, we defined common stock, explained the process of stock trading in Tehran Stock Exchange, the phenomenon of manipulation in common stock trading and Najesh. In the analytical section, we also examined the flow of prohibition of najesh in stock transactions. The result is that according to famous jurists, impurity is forbidden, therefore laws, trainings, mechanisms and crimes should be such that impurity does not occur in the stock trading market, but if impurity occurs and ordinary shares are sold, the sale is valid. But Mukhtar's opinion is that the option to cancel the deal by cucumber is for losers.The health, efficiency and liquidity of the capital market and especially the stock exchanges are of particular importance. Common stock transactions account for a significant amount of Tehran Stock Exchange transactions, and this issue reveals the importance of careful attention and monitoring of these securities transactions. In addition to protecting the interests of legal investors, the establishment of appropriate regulations and serious monitoring of these transactions will attract new investors. Manipulation of common stock transactions in stock exchanges is one of the common phenomena of these transactions, which brings destructive effects, and supervisory institutions have been and are trying to reduce all types of manipulation. Also, the religion of Islam is full of valuable teachings in the field of transactions. One of these teachings is the prohibition of impurity in transactions. In this article, we are looking for an answer to this question, can some types of common stock transactions be considered as examples of fraud? We have used descriptive-analytical method to answer this question. In the descriptive part of this article, we defined common stock, explained the process of stock trading in Tehran Stock Exchange, the phenomenon of manipulation in common stock trading and Najesh. In the analytical section, we also examined the flow of prohibition of najesh in stock transactions. The result is that according to famous jurists, impurity is forbidden, therefore laws, trainings, mechanisms and crimes should be such that impurity does not occur in the stock trading market, but if impurity occurs and ordinary shares are sold, the sale is valid. But Mukhtar's opinion is that the option to cancel the deal by cucumber is for losers.https://ifr.isu.ac.ir/article_77273_d4bee9f9d83ecdfbbd1e9f3ccb30784f.pdfImam Sadiq University"Islamic Finance Research" (IFR)2251-829013120240523Jurisprudential Study of Possible States of the Nature of Stocks of Corporations Based on the Consistent Explanation of Jurisprudential ResultsJurisprudential Study of Possible States of the Nature of Stocks of Corporations Based on the Consistent Explanation of Jurisprudential Results711087730310.30497/ifr.2024.245686.1872FASeyed AhmadAmeliAssistant Professor, Kharazmi University, Tehran, Iran0000-0003-3347-9735Seyed AmirHosseiniStudied at the Level of 4Department, Khorasan Department, Khorasan, Iran0009-0001-7766-1902Journal Article20240101In many studies at the nature of stocks, the legal issues of the countries of origin of the concept of stocks have been referred to, however, the capacity of Legal foundations based on Islamic jurisprudence in studies the nature of stocks has been neglected in this category of studies and has caused some interpretations of the nature of stocks to be in conflict with the principles of Islamic jurisprudence and it to be a matter of serious disputes in terms of Shariah results, so first the nature of the stocks is checked to find out which of the types of property or rights or other titles the stocks belong to, and then after explaining the nature of the stocks It is possible to jurisprudence scrutiny and explain its results. In this article, nine possibilities in the nature of stocks have been explained, after the initial explanation of each, the Strengths and weak points of each possibility have been explained. , After the explanation, in conclusion, the possible state of the nature of stocks that have the best conditions based on the acceptability of the jurisprudential explanation, are the ninth, third and fourth possibilities, respectively; and the explanation of the nature of stocks(ninth possibility): credit property as a common share of the market capitalization (where the market capitalization is the general credit property in common), independent of the company's legal personality, in addition to The best jurisprudential explanation is also the most acceptable in shareholding customIn many studies at the nature of stocks, the legal issues of the countries of origin of the concept of stocks have been referred to, however, the capacity of Legal foundations based on Islamic jurisprudence in studies the nature of stocks has been neglected in this category of studies and has caused some interpretations of the nature of stocks to be in conflict with the principles of Islamic jurisprudence and it to be a matter of serious disputes in terms of Shariah results, so first the nature of the stocks is checked to find out which of the types of property or rights or other titles the stocks belong to, and then after explaining the nature of the stocks It is possible to jurisprudence scrutiny and explain its results. In this article, nine possibilities in the nature of stocks have been explained, after the initial explanation of each, the Strengths and weak points of each possibility have been explained. , After the explanation, in conclusion, the possible state of the nature of stocks that have the best conditions based on the acceptability of the jurisprudential explanation, are the ninth, third and fourth possibilities, respectively; and the explanation of the nature of stocks(ninth possibility): credit property as a common share of the market capitalization (where the market capitalization is the general credit property in common), independent of the company's legal personality, in addition to The best jurisprudential explanation is also the most acceptable in shareholding customhttps://ifr.isu.ac.ir/article_77303_74dfdb12f3d2e5b6f1fab5f40d62c7f4.pdfImam Sadiq University"Islamic Finance Research" (IFR)2251-829013120230329Evaluation of Sharia-based Sustainability Reporting Framework Influenced by the Emergence of Metaverse Axes in AccountingEvaluation of Sharia-based Sustainability Reporting Framework Influenced by the Emergence of Metaverse Axes in Accounting1091507721210.30497/ifr.2024.245517.1865FAHosseinKeshavarzi NejhadPhD Student, Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, IranMaryamShahriAssistant Professor, Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran0009-0005-6160-1672VahidOskouAssistant Professor of Administrative and Economic, Faculty of Humanities & Physical Education, Gonbad Kavoos, Golestan, Iran0000-0002-8028-5856Mohammad RezaAbdoliProfessor, Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran0000-0002-8927-1231Journal Article20231212By promoting jurisprudential values and Shariah standards, Islamic societies are always seeking to strengthen the level of adherence to morality, and this issue has caused many countries to consider Islamic rules in addition to international standards and laws to achieve greater legitimacy. One of these fields in Islamic societies is the issue of Sharia-based sustainability reporting, which has received attention in the past few years. The purpose of this research is evaluation of Sharia-based sustainability reporting framework influenced by the emergence of metaverse axes in accounting. From the point of view of methodology, this study is considered as a combined research that seeks to achieve the research goals based on a set of qualitative and quantitative analysis methods. Therefore, in the qualitative part, through ground theory, the dimensions of Sharia-based sustainability reporting should be identified. Then, based on the systematic content screening process, the axes of the emergence of metaverse in accounting were identified so that in the last part of the qualitative analysis through fuzzy Delphi, the reliability of the identified dimensions of both bases of this study could be confirmed. Then, in the quantitative part, through the Gray VIKOR Matrix, an attempt was made to identify the most effective axis of the emergence of metaverse in accounting to increase the effectiveness of Sharia-based sustainability reporting. The findings of the study in the qualitative part regarding the dimensions of Sharia-based sustainability reporting, indicate the identification of 3 categories; It has 6 components and 41 propositional themes in the form of a multidimensional theoretical framework. Also, in this section, 5 axes of the emergence of metaverse in accounting were identified through systematic content screening, and in the form of fuzzy Delphi analysis, all dimensions were confirmed. In the quantitative part, the result indicates the determination of the development of the data mining process in accounting analysis as the most central influence on the dimension of adherence to Sharia ethics in sustainability reporting. The obtained results indicate that Sharia-based sustainability reporting can lead to the grounding of anti-corruption social behaviors and Islamic financing methods in companies' strategies and thus provide higher accountability to stakeholders.By promoting jurisprudential values and Shariah standards, Islamic societies are always seeking to strengthen the level of adherence to morality, and this issue has caused many countries to consider Islamic rules in addition to international standards and laws to achieve greater legitimacy. One of these fields in Islamic societies is the issue of Sharia-based sustainability reporting, which has received attention in the past few years. The purpose of this research is evaluation of Sharia-based sustainability reporting framework influenced by the emergence of metaverse axes in accounting. From the point of view of methodology, this study is considered as a combined research that seeks to achieve the research goals based on a set of qualitative and quantitative analysis methods. Therefore, in the qualitative part, through ground theory, the dimensions of Sharia-based sustainability reporting should be identified. Then, based on the systematic content screening process, the axes of the emergence of metaverse in accounting were identified so that in the last part of the qualitative analysis through fuzzy Delphi, the reliability of the identified dimensions of both bases of this study could be confirmed. Then, in the quantitative part, through the Gray VIKOR Matrix, an attempt was made to identify the most effective axis of the emergence of metaverse in accounting to increase the effectiveness of Sharia-based sustainability reporting. The findings of the study in the qualitative part regarding the dimensions of Sharia-based sustainability reporting, indicate the identification of 3 categories; It has 6 components and 41 propositional themes in the form of a multidimensional theoretical framework. Also, in this section, 5 axes of the emergence of metaverse in accounting were identified through systematic content screening, and in the form of fuzzy Delphi analysis, all dimensions were confirmed. In the quantitative part, the result indicates the determination of the development of the data mining process in accounting analysis as the most central influence on the dimension of adherence to Sharia ethics in sustainability reporting. The obtained results indicate that Sharia-based sustainability reporting can lead to the grounding of anti-corruption social behaviors and Islamic financing methods in companies' strategies and thus provide higher accountability to stakeholders.https://ifr.isu.ac.ir/article_77212_407b448e2288a93cc2664283ea6b9d6a.pdfImam Sadiq University"Islamic Finance Research" (IFR)2251-829013120240611The Effect of Sharia Principles in Banking on Customer Satisfaction (Study Case: Shiraz Sepeh Bank)The Effect of Sharia Principles in Banking on Customer Satisfaction (Study Case: Shiraz Sepeh Bank)1511787729810.30497/ifr.2024.245438.1863FAFereshteNafarM.A. Economic Sciences, Yazd University, Yazd, Iran0000-0003-2827-7039PoyaAbolhasaniPhD Student, Economic Sciences, Faculty of Economics, Allameh Tabatabai University, Tehran, Iran0000-0002-6732-825XAmirhosseinKhataei DayeniM.A. Economic Sciences, Faculty of Economics, Allameh Tabatabai University, Tehran, IranJournal Article20231128Financial performance in banking relies on maintaining long-term relationships with customers and the reason for that is the nature of the products and services it offers. Considering that Islamic banking is one of the growing service industries in Islamic countries, it is very important to investigate the effect of compliance with the principles of Sharia on the satisfaction of bank customers in the financial process. The main purpose of this research is to investigate the effect of Islamic Sharia compliance on customer satisfaction in the financial process of Sepeh Shahr Bank, Shiraz. In this research, using the existing theoretical literature, and according to the goal of the researcher, out of 5 variables Sharia compliance in deposit, Sharia compliance in investment, Sharia compliance in auditing, Sharia compliance in products and services, and also customers' awareness of Islamic principles of financial processes were used. Then, using the structural equation sampling method, 110 people were selected as a sample. Structural Equation Modeling (SEM) based on Partial Least Squares (PLS) was used to analyze the data, research model, and test the proposed hypotheses. The results of the test of research hypotheses showed that the application of Sharia in general has a significant effect on the satisfaction of bank customers. In examining the research hypotheses regarding the impact of each of the desired variables, the results indicate that among these 5 variables, Sharia compliance in auditing with a beta path coefficient (0.315) has a greater impact on customer satisfaction. This indicates the importance of Shari'a auditing committees at the level of banks. After that, compliance with Sharia in deposit with beta path coefficient (0.299) has an impact on customer satisfaction, and in this sense, it is of secondary importance.Financial performance in banking relies on maintaining long-term relationships with customers and the reason for that is the nature of the products and services it offers. Considering that Islamic banking is one of the growing service industries in Islamic countries, it is very important to investigate the effect of compliance with the principles of Sharia on the satisfaction of bank customers in the financial process. The main purpose of this research is to investigate the effect of Islamic Sharia compliance on customer satisfaction in the financial process of Sepeh Shahr Bank, Shiraz. In this research, using the existing theoretical literature, and according to the goal of the researcher, out of 5 variables Sharia compliance in deposit, Sharia compliance in investment, Sharia compliance in auditing, Sharia compliance in products and services, and also customers' awareness of Islamic principles of financial processes were used. Then, using the structural equation sampling method, 110 people were selected as a sample. Structural Equation Modeling (SEM) based on Partial Least Squares (PLS) was used to analyze the data, research model, and test the proposed hypotheses. The results of the test of research hypotheses showed that the application of Sharia in general has a significant effect on the satisfaction of bank customers. In examining the research hypotheses regarding the impact of each of the desired variables, the results indicate that among these 5 variables, Sharia compliance in auditing with a beta path coefficient (0.315) has a greater impact on customer satisfaction. This indicates the importance of Shari'a auditing committees at the level of banks. After that, compliance with Sharia in deposit with beta path coefficient (0.299) has an impact on customer satisfaction, and in this sense, it is of secondary importance.https://ifr.isu.ac.ir/article_77298_0eef447c915853cb8cbfee35074300b7.pdfImam Sadiq University"Islamic Finance Research" (IFR)2251-829013120240610Dimensionality of the Challenges of the Institutionalization of the Islamic Banking SystemDimensionality of the Challenges of the Institutionalization of the Islamic Banking System1792207730710.30497/ifr.2024.245258.1858FARezaRahimiAssistant Professor, Faculty of Economics and Accounting, Faculty Member, Central Tehran Branch, Islamic Azad University, Tehran, Iran0000-0003-2201-8941Journal Article20240219Regarding the problems and challenges facing Islamic banking, of course, after nearly forty years since the adoption and implementation of the law on interest-free banking in Iran, many writings, researches and materials have been formed. During this period, in order to solve them, solutions have been presented and implemented. Therefore, acknowledging that some of the problems and challenges have been resolved, but the Islamic banking system is still facing challenges, some of which have a relatively long history. Therefore, in order to find the roots of the challenges, it seems more important than recognizing the challenges themselves, to understand correctly the aspects and dimensions of the problems and challenges against the institutionalization of the Islamic banking system, especially in Iran and in the world in general. Accordingly, in this article, an attempt has been made to examine the dimensions of these challenges in order to avoid repetition, almost in a comprehensive manner. With regard to the above, the present study has examined the dimensions of challenges in the two sections of Islamic banking challenges in Iran and the world separately. In any case, the main challenge that unfortunately still exists in Iran almost fourteen years after the enactment of the Law on Interest-Free Banking Operations, and unfortunately has received less attention, is the problem or challenge It is "Qarz al-Hasna", which can be claimed to be the basis of Islamic thought and thought in the context of the simplest and at the same time the most complex concept of economics, namely "money" in the space of "Qarz al-Hasna" finds meaning and manifestation. It is hoped that this study can be used as an example of the second step of the Islamic Revolution in the direction of institutionalizing the Islamic economic system.Regarding the problems and challenges facing Islamic banking, of course, after nearly forty years since the adoption and implementation of the law on interest-free banking in Iran, many writings, researches and materials have been formed. During this period, in order to solve them, solutions have been presented and implemented. Therefore, acknowledging that some of the problems and challenges have been resolved, but the Islamic banking system is still facing challenges, some of which have a relatively long history. Therefore, in order to find the roots of the challenges, it seems more important than recognizing the challenges themselves, to understand correctly the aspects and dimensions of the problems and challenges against the institutionalization of the Islamic banking system, especially in Iran and in the world in general. Accordingly, in this article, an attempt has been made to examine the dimensions of these challenges in order to avoid repetition, almost in a comprehensive manner. With regard to the above, the present study has examined the dimensions of challenges in the two sections of Islamic banking challenges in Iran and the world separately. In any case, the main challenge that unfortunately still exists in Iran almost fourteen years after the enactment of the Law on Interest-Free Banking Operations, and unfortunately has received less attention, is the problem or challenge It is "Qarz al-Hasna", which can be claimed to be the basis of Islamic thought and thought in the context of the simplest and at the same time the most complex concept of economics, namely "money" in the space of "Qarz al-Hasna" finds meaning and manifestation. It is hoped that this study can be used as an example of the second step of the Islamic Revolution in the direction of institutionalizing the Islamic economic system.https://ifr.isu.ac.ir/article_77307_75b4af0dacbc119eadf4eeb096738405.pdf