دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 1 2025 11 05 Jurisprudential-Legal Analysis of the Compliance of Deposit Contract with Current Qard-ul-Hasana Deposit in Islamic Banking تحلیل فقهی- حقوقی انطباق عقد ودیعه بر سپرده جاری در بانکداری اسلامی 1 40 77927 10.30497/ifr.2025.248868.1986 FA غلامعلی معصومی‌نیا دانشیار، گروه اقتصاد و بانکداری اسلامی، دانشگاه خوارزمی، تهران، ایران 0000-0002-6639-9339 امیر یزدان‌پرست مدرس سطح4 حوزوی، فقه معاملات، حوزه علمیه، اهواز، ایران 0009-0000-2319-4205 Journal Article 2025 09 02 1. Introduction and Objective Current accounts constitute one of the most fundamental pillars of modern banking systems and play a decisive role in facilitating payment services, liquidity management, and financial intermediation. In Islamic banking, however, the jurisprudential and legal nature of current accounts—particularly those classified as qard al-ḥasanah current deposits—has remained a subject of persistent debate among jurists, legal scholars, and policymakers. Classical and contemporary Islamic jurisprudence has proposed various interpretations of the legal nature of current deposits, including loan (qard), complete deposit (wādīʿah tammah), incomplete or unconventional deposit wādīʿah ghayr mutifah, settlement (ṣulḥ), or even a newly constructed contract outside traditional nominate contracts. The dominant jurisprudential position in many Islamic banking systems, including Iran, treats current deposits as loans to banks. This classification is primarily justified by two arguments: first, the bank’s proprietary control and utilization of deposited funds; and second, the obligation of the bank to return an equivalent amount (mithl) rather than the identical physical units (ʿayn) deposited. Consequently, the depositor is regarded as a creditor and the bank as a debtor, thereby framing the contractual relationship within the legal structure of qard. Despite its prevalence, this interpretation raises significant jurisprudential, ethical, and practical concerns. Most notably, it appears to conflict with the widely accepted jurisprudential maxim al-ʿuqūd tābiʿah li-l-quṣūd (contracts are determined by the intentions of the contracting parties). Empirical observation suggests that the overwhelming majority of depositors do not intend to lend their money to banks, nor do they consciously consent to proprietary exploitation of their funds. Instead, their primary motivation is safekeeping, transactional convenience, and trust. Against this backdrop, the present study aims to reassess the jurisprudential and legal classification of current accounts in Islamic banking by examining whether the contract of deposit (wādīʿah) can be validly applied to such accounts. The central objective is to demonstrate that, when depositor intent, the nature of fiat money, and the contemporary theory of bank money creation are properly taken into account, current accounts may be more coherently classified as deposits rather than loans. By integrating doctrinal analysis with empirical evidence, this research seeks to provide a more realistic, legitimate, and ethically consistent framework for Islamic banking operations. 2. Methods and Materials This study adopts an integrative and interdisciplinary research design combining jurisprudential–legal analysis with empirical field research. In the theoretical component, classical and contemporary sources of Islamic jurisprudence (fiqh), legal doctrines, statutory banking laws, and scholarly literature on Islamic banking were systematically reviewed and critically analyzed. Particular attention was given to discussions on the nature of qard, wādīʿah, contractual intent, and the jurisprudential implications of modern fiat money. In parallel, the study incorporates an empirical investigation to assess the actual intentions, awareness, and satisfaction of depositors regarding current accounts. A structured questionnaire was designed in consultation with academic experts and distributed among more than 700 current account holders in the city of Ahvaz, Iran. The sample included diverse social groups such as teachers, university students, seminary students, employees, and self-employed individuals, all of whom regularly use current accounts for salary payments, check issuance, and daily transactions. The questionnaire addressed key dimensions including: (1) depositors’ awareness of the legal terms governing current accounts; (2) their perception of ownership over deposited funds; (3) their consent or dissatisfaction regarding the bank’s use of their money; and (4) their primary intention in opening and maintaining current accounts (deposit/trust versus lending). Data were analyzed using descriptive statistical methods, with results presented in percentage form to capture prevailing depositor attitudes. The combination of doctrinal analysis and empirical evidence enabled a comprehensive comparison between the theoretical assumptions underlying banking contracts and the lived realities of depositors, thereby strengthening the validity and originality of the study. 3. Research Findings The empirical findings reveal a significant discrepancy between prevailing legal classifications of current accounts and the actual intentions of depositors. The results show that 87% of respondents deposited their funds with the explicit intention of safekeeping and trust, not lending. Moreover, over 90% expressed dissatisfaction or lack of informed consent regarding the bank’s utilization of their funds for profit-generating activities. Only a small minority considered their deposits as loans to the bank or believed that ownership of the funds was transferred upon deposit. These findings directly challenge the assumption that current deposits can be legitimately treated as qard based on depositor consent. From a jurisprudential perspective, the absence of true and informed intent to lend undermines the validity of loan classification, as intention constitutes a foundational element of contractual legitimacy in Islamic law. On the theoretical level, the study demonstrates that contemporary fiat money lacks intrinsic physical value and derives its legitimacy from legal recognition and social acceptance. Furthermore, by adopting the modern theory of bank money creation, the research shows that banks do not primarily lend out existing deposits but instead create new money through accounting mechanisms when extending credit. Under this framework, current deposits remain intact in depositors’ accounts, while loans are generated through monetary creation rather than the physical use of deposited funds. Accordingly, if banks do not exercise proprietary control over deposited funds in the traditional sense, one of the main arguments for classifying current accounts as loans becomes untenable. On this basis, current accounts can be regarded as complete deposits (wādīʿah tammah), wherein ownership remains with the depositor and the bank acts as a custodian. The study further acknowledges alternative scenarios. If a depositor explicitly grants the bank permission for non-proprietary utilization of funds and consents to restitution by equivalent value, the relationship may be characterized as an incomplete or unconventional deposit. Where neither classification is entirely satisfactory, current accounts may be conceptualized as a new contract possessing a deposit-like nature, consistent with Islamic jurisprudential principles while accommodating modern banking realities. 4. Discussion and Conclusion The findings of this research suggest that the dominant treatment of current accounts as loans in Islamic banking systems rests on assumptions that are increasingly inconsistent with both depositor intent and contemporary monetary realities. By foregrounding the principle of contractual intent and integrating empirical evidence, the study demonstrates that current accounts align more closely with the concept of wādīʿah than with qard. Reclassifying current accounts as deposits carries important jurisprudential and practical implications. It preserves depositor ownership, restricts unauthorized proprietary use by banks, and resolves several persistent challenges in Islamic banking—such as conditional lending practices and concerns over implicit ribā. Moreover, it enhances transparency, trust, and legitimacy within Islamic financial institutions. The study concludes by recommending the development of deposit-based or newly structured accounts within Islamic banking systems, particularly for sensitive purposes such as holding religious funds (wujūhāt sharʿiyyah), where banks must be explicitly prohibited from proprietary utilization. Such reforms would contribute to aligning Islamic banking practices more closely with both jurisprudential principles and depositor expectations, thereby strengthening the ethical and legal foundations of Islamic finance. 1. مقدمه و هدف سپرده قرض‌الحسنه یکی از پرکاربردترین ابزارهای بانکی در نظام بانکداری اسلامی است، اما ماهیت فقهی و حقوقی آن همواره محل اختلاف میان فقها و حقوقدانان بوده است. دیدگاه‌های مطرح‌شده، این سپرده را به‌عنوان قرض، ودیعه کامل یا ناقص، صلح یا حتی عقدی جدید تحلیل کرده‌اند؛ بااین‌حال، دیدگاه غالب، به دلیل تصرف مالکانه بانک و بازپرداخت «مثل» به‌جای «عین»، آن را مصداق عقد قرض دانسته است. با توجه به قاعده فقهی «العقود تابعة للقصود» و نقش محوری قصد واقعی سپرده‌گذاران در تعیین ماهیت قراردادها، هدف این پژوهش بررسی امکان انطباق عقد ودیعه بر سپرده قرض‌الحسنه در نظام بانکداری اسلامی است. 2. مواد و روش‌ها پژوهش حاضر با رویکردی تلفیقی و به روش توصیفی–تحلیلی انجام شده است. در بخش نظری، منابع فقهی، حقوقی و قوانین بانکی مرتبط با سپرده‌های قرض‌الحسنه مورد تحلیل قرار گرفت. در بخش تجربی، داده‌های میدانی حاصل از بیش از ۷۰۰ پرسشنامه تکمیل‌شده توسط سپرده‌گذاران حساب جاری، به‌منظور سنجش قصد، آگاهی و رضایت آنان نسبت به ماهیت سپرده و نحوه تصرف بانک، گردآوری و تحلیل شد. تلفیق این دو رویکرد، امکان مقایسه میان مفروضات نظری رایج و واقعیت‌های رفتاری سپرده‌گذاران را فراهم ساخت. 3. یافته‌های تحقیق یافته‌های میدانی نشان داد ۸۷ درصد سپرده‌گذاران وجوه خود را با قصد ودیعه و امانت‌گذاری در بانک سپرده‌گذاری کرده‌اند و بیش از ۹۰ درصد آنان از استفاده بانک از وجوهشان ناراضی بوده یا رضایت آگاهانه‌ای در این خصوص نداشته‌اند. این نتایج بیانگر آن است که نیت واقعی سپرده‌گذاران با فرض قرض بودن سپرده‌های جاری و انتقال مالکیت به بانک همخوانی ندارد. افزون بر این، تحلیل نظری پژوهش نشان داد با پذیرش ماهیت اعتباری پول و نظریه خلق پول بانکی، بانک‌ها در عمل تصرفی در وجوه سپرده‌های جاری ندارند و تسهیلات اعطایی از محل خلق پول انجام می‌شود؛ بنابراین، سپرده جاری می‌تواند به‌عنوان «ودیعه کامل» تفسیر شود. در مواردی که سپرده‌گذار به بانک اذن تصرف غیر ناقل مالکیت داده و به استرداد «مثل» رضایت دهد، ماهیت سپرده به «ودیعه ناقص یا خلاف قاعده» نزدیک می‌شود. در صورت باقی‌ماندن تردید، می‌توان سپرده جاری را عقدی جدید با ماهیتی مشابه ودیعه دانست. 4. بحث و نتیجه‌گیری نتایج پژوهش نشان می‌دهد تلقی غالبِ قرض بودن سپرده‌های جاری، با قصد واقعی سپرده‌گذاران و برخی مبانی نوین فقهی و اقتصادی سازگار نیست. انطباق سپرده قرض‌الحسنه بر عقد ودیعه، ضمن حفظ حقوق مالکانه سپرده‌گذاران، می‌تواند بخشی از چالش‌های فقهی بانکداری بدون ربا را کاهش دهد. بر این اساس، پیشنهاد می‌شود در نظام بانکداری اسلامی، حساب‌هایی با ماهیت ودیعه یا عقدی جدید مشابه آن، به‌ویژه برای اموری مانند اخذ وجوهات شرعی، طراحی شود؛ به‌گونه‌ای که بانک در این حساب‌ها فاقد حق تصرفات مالکانه باشد و مشروعیت و شفافیت نظام بانکی ارتقا یابد.

https://ifr.isu.ac.ir/article_77927_5fabfdb450dbbb2b59f51424a01465d3.pdf

دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 1 2025 11 10 Khums and the Financial Sustainability of Religious Centers: A Qualitative Analysis Based on Grounded Method خمس و پایداری مالی مراکز دینی: تحلیل کیفی بر مبنای روش داده بنیاد 41 76 77937 10.30497/ifr.2025.248773.1981 FA محمد نظری‌پور دانشیار، گروه حسابداری، دانشگاه حضرت معصومه (س)، قم، ایران 0000-0001-9564-2230 محمدامین گایینی دانشجوی کارشناسی ارشد، گروه حسابداری، دانشگاه شهاب دانش، قم، ایران 0009-0004-7964-1130 Journal Article 2025 08 17 1. Introduction and Objective Religious centers serve as foundational institutions within Islamic societies, preserving cultural identity, transmitting religious knowledge, and supporting social welfare. Their ability to fulfill these roles depends on access to stable and sustainable financial resources. Among the core instruments of Islamic fiscal law, Khums—a divinely mandated obligation—stands out as both a legally significant practice and a substantial potential resource for strengthening the financial autonomy of religious institutions. As emphasized in Islamic jurisprudence, Khums contributes not only to institutional stability but also to social equity and spiritual development across Muslim communities. Despite its deep theological and legal roots, existing literature has often limited its focus to doctrinal and jurisprudential debates, leaving the practical, managerial, and institutional dimensions of Khums underexplored. Critical issues such as mechanisms of collection, organizational coordination, public participation, transparency, and digital governance remain insufficiently addressed. This gap has resulted in the absence of an applied, strategic framework for operationalizing Khums as a sustainable financial resource. To address this void, the present study employs a grounded theory approach to investigate the potential of Khums as a sustainable funding source for Shia religious centers. Drawing upon expert insights from scholars of Islamic economics, jurisprudence, and religious administration, the research identifies the multidimensional factors shaping the effectiveness of Khums, including legal–juridical foundations, social attitudes, managerial structures, and technological requirements. The primary objective of the study is to develop a comprehensive conceptual model that explicates how Khums can be transformed into a stable and efficient funding system while reinforcing religious identity, promoting social justice, and enhancing the autonomy of religious institutions. By integrating theological principles with contemporary governance and technological strategies, the proposed model provides a nuanced and actionable roadmap for policymakers and institutional leaders. 2. Method and Materials This applied research adopts a qualitative grounded theory methodology, appropriate for exploring complex socio-religious phenomena where empirical data must inform conceptual development. The study's target population consisted of experts in Islamic economics, religious governance, and Shia jurisprudence. Participants were selected through purposeful sampling and expanded via snowball sampling, ensuring both theoretical relevance and diversity. Theoretical saturation was achieved after 16 semi-structured interviews, representing a range of academic and practical perspectives. Data collection relied on semi-structured interviews allowing participants to elaborate freely while adhering to the study’s thematic focus. Transcribed interviews were analyzed using MAXQDA 2020 through a structured, multi-stage coding process: - Open Coding: Extraction of meaningful units, yielding initial concepts related to financial transparency, jurisprudential challenges, management inefficiencies, digital transformation, and social engagement. - Axial Coding: Organization of categories within the paradigm model (causal conditions, context, intervening conditions, strategies, and outcomes), identifying the core phenomenon as “Khums as a sustainable financial mechanism for religious centers“. - Selective Coding: Integration of categories to construct the theoretical framework, supported by 1,183 discrete codes across economic, social, jurisprudential, and managerial dimensions. The study assessed trustworthiness using the fittingness criterion, ensuring alignment between data and conceptualization. This involved validating analytical depth, conceptual coherence, practical relevance, and contextual grounding. The resulting model provides a robust theoretical and operational foundation for enhancing financial governance in religious institutions. 3. Research Findings 3.1. Causal Conditions Three major causal conditions contribute to the challenges of Khums collection: - Inter-sectarian differences, particularly jurisprudential restrictions within Sunni legal frameworks, limiting its applicability and scope. - Intra-sectarian disagreements among Shia authorities regarding allocation priorities and interpretive approaches. - Operational and institutional barriers, including decentralized collection, weak organizational coordination, limited public awareness, and absence of a standardized framework. These factors collectively limit the realization of Khums’ financial potential, which substantially exceeds actual collection levels. 3.2. Core PhenomenonCore Phenomenon The central finding identifies Khums as a legitimate, equitable, and sustainable financial source with four essential dimensions: - Preservation of Shia identity - Promotion of social justice and redistribution - Strengthening financial autonomy of religious centers - Ensuring lawful and ethical income sources 3.3. Contextual Factors The sustainability of Khums is contingent upon: - Public participation in decision-making and oversight, Adherence to jurisprudential rules, and - Sincere spiritual intention in fulfilling a divine obligation. These contextual components enhance legitimacy and foster community engagement. 3.4. Intervening Conditions Four major intervening dimensions shape system performance: - Legal and structural frameworks, - Institutional financial and managerial capacities, - Transparency and public trust, - Centralized oversight and policymaking. Among these, transparency and trust emerged as the strongest determinants, with 137 supporting codes. 3.5. Strategic Actions To strengthen sustainability, the study identifies four strategic clusters: - Digitalization and financial transparency (e.g., user-friendly Khums calculators, integrated digital platforms), - Adaptive jurisprudential and policy reforms, - Modern financial management and investment planning, - Educational and cultural initiatives to enhance awareness and motivation. 3.6. Outcomes Implementing these strategies leads to multidimensional positive outcomes: - Economic outcomes: long-term financial stability, increased resource mobilization, and sustainable investment. - Social outcomes: reduced inequality, improved welfare, and enhanced social cohesion. - Spiritual and identity outcomes: reinforcement of religious identity and moral commitment. - Religious innovation outcomes: strengthened capacity for research, training, and institutional development. - These findings position Khums as a multi-purpose instrument capable of advancing economic empowerment, social justice, and religious-cultural sustainability. 4. Discussion and Conclusion This study demonstrates that Khums possesses far greater potential than traditionally recognized. As both a fiscal instrument and a moral–religious obligation, Khums can strengthen the financial independence, social influence, and identity cohesion of religious centers when supported by transparent management, technological integration, community participation, and coherent policymaking. The grounded theory model highlights the interconnectedness of causal, contextual, intervening, and strategic factors necessary for effective implementation. Key determinants—such as financial transparency, public trust, centralized oversight, and digital governance—play decisive roles in enhancing system performance. Simultaneously, spiritual elements like adherence to jurisprudential principles and sincere intention ensure legitimacy and community acceptance. By proposing an integrated economic–justice framework, this study fills a significant gap in Islamic finance literature. The findings demonstrate that Khums can serve not only as a revenue source but as a transformative mechanism that combines economic empowerment, social welfare, identity preservation, and religious innovation. The model offers practical guidance for policymakers, religious authorities, and institutional managers seeking to modernize and optimize the administration of religious financial assets. Ultimately, the study shows that when supported by institutional reforms and community engagement, Khums can evolve into a strategic, multidimensional tool for sustainable religious and socioeconomic development, comparable to global religious financial systems. 1. مقدمه و هدف خمس، به‌عنوان یکی از ارکان محوری احکام مالی اسلام، افزون بر جایگاه شرعی، نقش مهمی در تأمین منابع مالی مراکز دینی و تقویت ساختار مالی اسلامی دارد. این پژوهش با رویکرد نظریه داده‌بنیاد، ظرفیت خمس را به‌عنوان منبعی پایدار برای درآمدزایی و پشتیبانی مالی این مراکز بررسی می‌کند. 2. مواد و روش‌ها این پژوهش کاربردی و کیفی بر پایه نظریه داده‌بنیاد انجام شده است. داده‌ها از طریق مصاحبه‌های نیمه‌ساختاریافته با خبرگان اقتصاد اسلامی و مسائل دینی و به روش نمونه‌گیری هدفمند ـ گلوله‌برفی گردآوری شد. تحلیل داده‌ها با نرم‌افزار مکس‌کیودا نسخه 2020 صورت گرفت و روایی یافته‌ها بر اساس معیار مقبولیت تأیید شد. 3. یافته‌های تحقیق یافته‌ها نشان می‌دهد چالش‌های وصول خمس عمدتاً ریشه در تفاوت‌های فقهی، ناهماهنگی نهادی و ضعف آگاهی عمومی دارد. همچنین، با توجه به اینکه ظرفیت بالقوه خمس چند برابر میزان پرداخت واقعی آن است و این فریضه بر مال حلال تمرکز دارد، نسبت به مالیات‌های متعارف از کارکردی عادلانه‌تر و منطبق بر انصاف توزیعی برخوردار است. خمس به‌عنوان منبعی مشروع و پایدار، نقشی محوری در استقلال مالی، حفظ هویت دینی و تحقق عدالت اجتماعی مراکز مذهبی ایفا می‌کند. پایداری این نظام به مشارکت مؤمنان، التزام به اصول شرعی و شفافیت مالی وابسته است. ساختارهای قانونی کارآمد، ارتقای توانمندی نهادی، نظارت و سیاست‌گذاری متمرکز، همراه با بهره‌گیری از راهبردهای فناورانه، مدیریتی و فرهنگی، نقشی تعیین‌کننده در جلب اعتماد و تقویت پایداری خمس دارند. پیامدهای این نظام طیفی از آثار اقتصادی، اجتماعی و معنوی را دربرمی‌گیرد؛ از جمله رفاه اجتماعی، سرمایه‌گذاری پایدار، توانمندسازی معنوی و پشتیبانی از نوآوری و پژوهش‌های دینی که در مجموع کارکردی چندبعدی برای توسعه مراکز دینی ایجاد می‌کند. 4. بحث و نتیجه‌گیری یافته‌ها نشان می‌دهد خمس، فراتر از یک حکم فقهی، سازوکاری چندبعدی برای پایداری مالی، هویتی و اجتماعی مراکز دینی است. تحقق این سازوکار مستلزم هم‌افزایی مؤلفه‌های فقهی، مدیریتی، فرهنگی و فناورانه همراه با شفافیت، اعتماد و مشارکت مردمی است. این پژوهش با ارائه چارچوب مفهومی تلفیقی شامل مسیر اقتصادی و عدالت اجتماعی، مدلی کاربردی برای سیاست‌گذاری مالی و دینی ارائه می‌کند.

https://ifr.isu.ac.ir/article_77937_b443adeeb7a6bf8323c81f41fa45b402.pdf

دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 1 2025 10 21 Providing Solutions to the Financial-Economic Challenges of Implementing Takaful in Iran ارائه راهکارهای چالش‌های مالی- اقتصادی پیاده‌سازی تکافل در ایران 77 138 77960 10.30497/ifr.2025.247967.1960 FA محمدمهدی عسگری استاد، گروه اقتصاد مالی، دانشکده معارف اسلامی و اقتصاد، دانشگاه امام صادق علیه‌السلام، تهران، ایران 0000-0002-3922-5165 فرزان خامسیان دانش‌آموخته دکتری، 'گروه پژوهشی عمومی بیمه، پژوهشکده بیمه، تهران، ایران 0000-0001-6113-4246 سعید صحت دانشیار، گروه مدیریت بازرگانی، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبائی، تهران، ایران 0000-0003-2801-7413 علی اکبر سماواتیان دانشجوی دکتری، مدیریت مالی، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران 0009-0004-8144-200X Journal Article 2025 04 22 1. Introduction and Objective Takaful, as a Sharia-compliant alternative to conventional insurance, has experienced significant growth across Islamic countries over recent decades. Its cooperative structure, ethical foundations, and emphasis on shared responsibility have positioned it as a viable and competitive model even in several non-Muslim markets. The theoretical advantages of Takaful—such as reduced moral hazard, diminished adverse selection, enhanced transparency, and alignment of incentives between participants and operators—suggest that it can contribute meaningfully to improving financial inclusion, strengthening risk-sharing mechanisms, and fostering equitable insurance markets. Although Iran has made preliminary efforts toward introducing Takaful, its implementation remains limited and faces substantial financial and economic constraints. Unlike Sunni-majority countries, where jurisprudential positions prohibit certain conventional insurance contracts and therefore create a strong religious motivation to adopt Takaful, Iran’s predominantly Shia population does not recognize a jurisprudential necessity for replacing conventional insurance. As a result, Takaful in Iran cannot rely on religious motivation alone, and must instead be economically competitive, operationally feasible, and financially attractive for both insurers and insureds. The Iranian macroeconomic environment compounds these challenges. Persistently high inflation, a significantly negative real interest rate, elevated loss ratios, limited investment opportunities with high liquidity, and structural constraints in the insurance sector differentiate Iran from successful Takaful markets such as Malaysia, Saudi Arabia, Turkey, and the UAE. Moreover, the relatively low insurance penetration rate in Iran and the potential small scale of Takaful operations may undermine the law of large numbers, increasing volatility in claims and weakening the financial stability of Takaful funds. Given these complexities, this study aims to identify, categorize, and validate the financial–economic challenges of implementing Takaful in Iran and subsequently propose feasible policy solutions tailored to the Iranian context. Unlike previous research, which has largely focused on conceptual or jurisprudential analyses, this study adopts a fully operational and implementation-oriented perspective. It systematically investigates both insurer-side and participant-side incentives, financial sustainability concerns, liquidity risks, loss ratio dynamics, investment constraints, and structural impediments that may impede the establishment of a viable Takaful system in Iran. 2. Methods and Materials This research is applied in nature and utilizes a comparative and qualitative methodology. To ensure methodological rigor and validity, multiple qualitative research techniques were triangulated, including exploratory open-ended questionnaires, content analysis, Delphi validation, in-depth structured interviews, thematic coding, and focus group evaluation. Phase 1: Identification of Potential Challenges In the first stage, exploratory open-ended questionnaires were distributed among experts specializing in economics, insurance and actuarial science, Takaful, Islamic jurisprudence, reinsurance, financial markets, and insurance operations. These experts possessed postgraduate academic backgrounds and an average of at least 15 years of professional experience in the insurance industry. Responses were analyzed using qualitative content analysis and thematic coding, which resulted in the extraction of 30 preliminary financial–economic challenges related to Takaful implementation. Phase 2: Delphi Validation of Challenges The extracted challenges were subsequently subjected to a two-round Delphi process involving 12 experts. Round 1: Experts evaluated each challenge in terms of relevance and importance. Round 2: Experts rated the importance of each item on a 10-point Likert scale, with an acceptance threshold of ≥3.5. As a result, 24 key challenges were retained and classified into seven major components, including insurer motivation, participant motivation, fund liquidity, investment constraints, loss ratio dynamics, actuarial concerns, and transparency-related issues. Phase 3: Identification of Policy Solutions To formulate practical solutions to the validated challenges, in-depth structured interviews were conducted with the same expert group. Responses were analyzed using thematic analysis, and solution themes were linked to their corresponding challenge categories. Six major thematic solution categories were identified. Phase 4: Delphi Validation of Solutions Another two-round Delphi process was conducted to evaluate the feasibility and importance of each proposed remedy. Using a threshold of ≥6 on a 10-point scale, 18 solutions were selected as the most significant. Phase 5: Focus Group Validation Finally, a focus group of five senior insurance practitioners was convened to assess the operational feasibility of the approved solutions. The group endorsed 14 solutions as practically implementable within Iran’s current regulatory, economic, and institutional environment. Inter-evaluator agreement, measured using Cohen’s Kappa, exceeded 0.7 for all pairs of evaluators, confirming high reliability. 3. Research Findings The findings show that the most critical financial–economic barriers to implementing Takaful in Iran stem from inflation-driven incentive distortions, negative real investment returns, high loss ratios, and liquidity vulnerabilities within Takaful funds. Key Finding 1: Weak Incentives for Participants and Insurers High inflation and negative real returns discourage participants from contributing personal capital to Takaful funds. Since returns on high-liquidity investments do not compensate for inflation, the real value of participants’ contributions declines, eroding incentives. Similarly, insurers lose the traditional investment profits of conventional insurance because investment returns in Takaful accrue to participants rather than to the operator. Additionally, religious motivation—an important driver in Sunni-majority countries—plays a minimal role in Iran. Key Finding 2: Liquidity and Investment Constraints Because Takaful funds must maintain high liquidity to meet claims obligations, they cannot invest heavily in long-term or illiquid assets that might outperform inflation. Meanwhile, the persistently negative real interest rate in Iran further reduces effective returns. This mismatch between inflation and investment returns creates a liquidity deficit when inflation-driven claim amounts rise. Key Finding 3: High Loss Ratios and Actuarial Instability Iran's loss ratios are significantly higher than those of leading Takaful markets. Combined with potentially low participation rates, the applicability of the law of large numbers diminishes, reducing the accuracy of actuarial pricing and increasing volatility in claims relative to contributions. Key Finding 4: Risk-Pool Composition Challenges Experts highlighted that without careful risk segmentation, the influx of high-risk participants could destabilize the fund. The Delphi method identified the most important single solution as: “Adopting low-risk participants during initial years and excluding high-risk participants through detailed risk classification.” 4. Discussion and Conclusion The study concludes that although Iran faces substantial financial–economic challenges in establishing Takaful, successful implementation is achievable through a combination of regulatory, financial, operational, and investment-related policy measures. The findings stress that importing Takaful models from Malaysia or GCC countries without adaptation to Iran’s distinct macroeconomic conditions would be ineffective. Instead, Iran requires a localized model engineered to withstand high inflation, negative real returns, high loss ratios, and limited incentives. Key policy recommendations include: * Strengthening Capital and Supporting the Fund - Issuing guarantee sukuk (Islamic bonds) to increase operators’ supporting capital. - Utilizing government or charitable contributions to compensate for the inability to provide interest-free loans. - Limiting or postponing profit distribution in early years to build capital reserves. * Enhancing Liquidity and Investment Performance - Investing in supply chains and value-added sectors related to insured risks to hedge against inflation-driven claims. - Investing in higher-return markets with controlled exposure through delayed claim payment structures. - Designing products so that only medium to large claims are covered, reducing operational burdens. * Improving Risk Management and Transparency - Excluding high-risk entrants and focusing on low-risk participants in early stages. - Implementing quota-based mechanisms linking benefits to contribution size. - Using blockchain platforms to increase transparency and reduce fraud. - Setting explicit claim caps in catastrophic events. Overall, the research underscores that Takaful can promote fairness, strengthen risk-sharing practices, and enhance the long-term sustainability of Iran’s insurance sector—provided that its implementation is grounded in realistic economic assessment and supported by adaptive, evidence-based policy intervention. With proper design, Takaful can complement conventional insurance in Iran, expand coverage, and create new cooperative financial instruments aligned with both economic and ethical principles. 1. مقدمه و هدف تکافل در سال‌های اخیر در کشورهای اسلامی رشد چشمگیری داشته است. در ایران نیز گام‌هایی در جهت اجرای آن برداشته شده، اما پیاده‌سازی تکافل با چالش‌هایی روبه‌رو است. با این حال، تکافل از فواید متعددی برخوردار است. هدف این پژوهش، ارائه راهکارهایی برای حل چالش‌های مالی– اقتصادی پیاده‌سازی تکافل در ایران است. 2. مواد و روش‌ها برای شناسایی چالش‌ها، ابتدا از روش پرسشنامه باز اکتشافی و تحلیل مضمون استفاده شد. بدین‌منظور، پرسشنامه‌های باز میان خبرگان توزیع شد و نظرات آنان درباره چالش‌های مالی– اقتصادی پیاده‌سازی تکافل در ایران جمع‌آوری شد. سپس پاسخ‌های خبرگان تحلیل مضمون و کدگذاری گردید. در ادامه، با بهره‌گیری از روش دلفی، چالش‌های استخراج‌شده بررسی، طبقه‌بندی و اعتبارسنجی شد و مهم‌ترین چالش‌ها مورد شناسایی قرار گرفت. برای ارائه راهکارهای سیاستی، ابتدا از مصاحبه عمیق و تحلیل تم استفاده شد. در مرحله نهایی، برای ارزیابی راهکارهای ارائه‌شده، ابتدا از روش دلفی و سپس از گروه کانونی بهره گرفته شد تا راهکارها اعتبارسنجی شده و راهکار نهایی برای رفع چالش‌ها به‌دست آید. 3. یافته‌های تحقیق بر اساس یافته‌های پژوهش، مهم‌ترین راهکار از دیدگاه خبرگان در روش دلفی، استفاده از متکافلان و مشارکت‌کنندگان کم‌ریسک و حذف متکافلان پرریسک از طریق طبقه‌بندی ریسک افراد است. 4. بحث و نتیجه‌گیری با وجود چالش‌های مالی– اقتصادی در مسیر پیاده‌سازی تکافل در ایران، راهکارهایی وجود دارد که قابلیت اجرایی دارند. به‌طور کلی می‌توان از انتشار اوراق تضمین و بهره‌گیری از کمک‌های دولتی و خیریه‌ای برای رفع چالش‌های مربوط به سرمایه پشتیبان استفاده کرد. همچنین پرداخت خسارت‌ها در بازه زمانی طولانی‌تر و طراحی کارآمد محصولات و پرداخت خسارت از لایه‌های بالاتر موجب افزایش توانگری صندوق تکافل می‌شود. بهره‌گیری از سازوکار سهمیه‌بندی در حق بیمه‌ها و خسارت‌ها و اجرای تکافل بر بستر بلاک‌چین نیز می‌تواند در ایجاد شفافیت و کاهش تقلبات بیمه‌ای مؤثر باشد.

https://ifr.isu.ac.ir/article_77960_780dab7f0f6542511509d1e86548bf9b.pdf

دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 1 2025 10 12 Jurisprudential Review of the Issuing Money Outside of the Sovereignty Based on the Typology of Cryptocurrencies بررسی فقهی انتشار پول خارج از حاکمیت با تکیه بر گونه‌شناسی رمز ارزها 139 180 77993 10.30497/ifr.2025.247618.1942 FA سیداحمد عاملی استادیار، دانشگاه خوارزمی، تهران، ایران 0000-0003-3347-9735 امین‌الدین شهیدیان طلبه سطح 4 حوزه، حوزه علمیه خراسان، خراسان، ایران 0009-0002-6910-6033 Journal Article 2025 02 23 1. Introduction and Objective Over the past decade, cryptocurrencies have emerged as a significant financial and technological phenomenon, raising fundamental questions about the nature of money, assets, and monetary sovereignty. Unlike conventional fiat money, cryptocurrencies operate largely outside the direct control of states and central banks, relying instead on decentralized technologies such as blockchain and distributed ledgers. This development has challenged traditional frameworks of monetary governance and has generated extensive debates in economics, law, and Islamic jurisprudence regarding the legitimacy, classification, and regulatory treatment of these instruments. From a governance perspective, cryptocurrencies simultaneously exhibit monetary functions—such as acting as a medium of exchange, unit of account, or store of value—and asset functions, including investment, speculation, and wealth preservation. The coexistence of these functions has important implications for monetary policy, financial stability, and regulatory design at both national and international levels. While some cryptocurrencies aspire to function as money, others primarily operate as digital assets with limited or no monetary roles. Failure to distinguish clearly between these functions may lead to inappropriate regulatory responses and flawed jurisprudential judgments. The primary objective of this study is to provide a jurisprudential and economic analysis of issuing money outside state sovereignty by relying on a functional typology of cryptocurrencies. The research seeks to clarify whether and under what conditions cryptocurrencies can be regarded as money or assets from the perspective of Islamic jurisprudence, and how this distinction affects the legitimacy of their issuance, circulation, and regulation. In doing so, the paper aims to contribute to policy debates by offering a nuanced framework that aligns jurisprudential principles with observed market behavior and contemporary regulatory practices. 2. Methods and Materials This research adopts a descriptive–analytical methodology grounded in library-based studies and qualitative analysis. Classical and contemporary jurisprudential sources are examined to extract the foundational principles governing money, assets, contracts, and monetary authority in Islamic law. These principles include the role of custom (ʿurf), the concept of value (māliyya), the conditions for the validity of transactions, and the jurisprudential bases for monetary issuance and governance. In parallel, the study analyzes empirical data related to the cryptocurrency market, with particular attention to price volatility, market capitalization, and trading volume of major cryptocurrencies. Indicators such as the ratio of daily trading volume to total market capitalization are used to assess whether a cryptocurrency predominantly functions as a medium of exchange or as an investment asset. Regulatory approaches adopted by countries with affirmative or supportive stances toward cryptocurrencies—especially developed economies—are also reviewed to identify prevailing policy patterns and rationales. By integrating jurisprudential reasoning with economic analysis and comparative regulatory observation, the study provides a comprehensive framework for evaluating cryptocurrencies beyond purely technical or speculative perspectives. This interdisciplinary approach allows for a more accurate classification of cryptocurrencies and a clearer understanding of their implications for monetary and financial governance. 3. Research Findings The findings of the study indicate that cryptocurrencies cannot be treated as a homogeneous category from either an economic or jurisprudential standpoint. A functional typology is essential to distinguish between cryptocurrencies that exhibit monetary characteristics and those that primarily operate as assets. First, with regard to cryptocurrencies that claim intrinsic value or are backed by tangible assets (such as gold-backed tokens) or fiat currencies (stablecoins), the validation of the declared backing is of central importance. From a jurisprudential perspective, ensuring the authenticity and transparency of the backing serves to prevent fraud, deception, and unjust enrichment. The study finds that the legitimacy of such cryptocurrencies does not depend on the identity of the supervising authority; rather, what matters is the existence of reliable and effective mechanisms for verification and disclosure, whether public or private. Second, cryptocurrencies with clearly established non-monetary functions—such as those primarily used for governance rights, utility access, or specific technological services—fall outside the scope of debates concerning the issuance of money. These instruments should be analyzed as assets rather than money, and their issuance is subject to general jurisprudential rules governing property and contracts, not monetary authority. Third, market behavior analysis reveals that the majority of major cryptocurrencies, including Bitcoin and Ethereum, function predominantly as investment assets rather than as mediums of exchange. Their relatively low ratios of daily transaction volume to total market capitalization suggest that most holdings are retained for capital gains rather than transactional use. Consequently, their impact on national and international monetary systems remains limited. This observation is consistent with the regulatory treatment in many developed countries, where such cryptocurrencies are classified as financial assets and subjected to taxation and financial market regulations rather than monetary policy controls. An important exception is Tether (USDT), a stablecoin whose trading volume constitutes a substantial share of the total cryptocurrency market volume. Tether effectively operates as a medium of exchange within the crypto ecosystem, facilitating conversions between fiat currencies and other cryptocurrencies. Its functional role aligns closely with that of money within this specific market context, although its influence on broader national or international monetary systems remains constrained. 4. Discussion and Conclusion The analysis demonstrates that a functional and behavior-based approach is essential for both jurisprudential evaluation and policy design in the context of cryptocurrencies. Treating all cryptocurrencies as money risks overstating their monetary impact and misapplying jurisprudential and regulatory principles. Conversely, ignoring their potential monetary roles may underestimate the need for oversight in specific cases, such as stablecoins with high transactional usage. From a policy perspective, the findings suggest that regulatory efforts should primarily focus on the financial market implications of cryptocurrencies rather than framing them as direct threats to monetary sovereignty. Financial market regulation—addressing issues such as consumer protection, market integrity, fraud prevention, and systemic risk—is better suited to the predominant asset-like nature of most cryptocurrencies. Monetary regulation becomes relevant only in limited cases where a cryptocurrency demonstrably fulfills monetary functions at scale. However, the study also acknowledges that contextual factors matter. In countries experiencing sanctions, geopolitical conflicts, or severe currency instability—such as Iran, Venezuela, or Russia—cryptocurrencies may have more pronounced effects on foreign exchange markets and capital flows. In such contexts, supplementary regulatory considerations related to currency substitution, capital flight, and exchange rate stability may be warranted. In conclusion, this research argues that issuing money outside sovereignty, when examined through a jurisprudential and economic lens, cannot be evaluated in abstract or uniform terms. A nuanced typology based on function, market behavior, and verification mechanisms provides a more accurate basis for determining legitimacy and appropriate governance. By aligning Islamic jurisprudential principles with empirical market realities, the study offers a coherent framework for policymakers, scholars, and regulators seeking to navigate the evolving landscape of cryptocurrencies. 1. مقدمه و هدف کارکردهای پولی و داراییِ رمز‌ارزها و نحوه اثرگذاری هر یک بر بازار پول و بازار مالی، همراه با فرصت‌ها و تهدیدهای ناشی از آن‌ها در سطوح ملی و بین‌المللی، از مهم‌ترین مسائل حکمرانی در حوزه رمز‌ارزها به‌شمار می‌آید. هدف این پژوهش، تبیین فقهی و اقتصادی انتشار رمز‌ارزها خارج از حاکمیت، با تأکید بر تمایز میان کارکرد پولی و دارایی آن‌ها و پیامدهای سیاست‌گذاری مترتب بر این تمایز است. 2. مواد و روش‌ها پژوهش حاضر با رویکردی توصیفی–تحلیلی و مبتنی بر مطالعات کتابخانه‌ای انجام شده است. در این راستا، ضمن بررسی مبانی فقهی و اقتصادی مرتبط با پول و دارایی، رفتارهای قیمتی و حجمی رمز‌ارزهای مهم تحلیل شده و مقررات کشورهای دارای رویکرد مساعد و تأییدی نسبت به بازار رمز‌ارزها مورد توجه قرار گرفته است. 3. یافته‌های تحقیق یافته‌ها نشان می‌دهد در رمز‌ارزهای دارای ارزش ذاتی و رمز‌ارزهای با پشتوانه ارزهای فیات، صحت‌سنجی ادعای پشتوانه موضوعیت دارد و نوع نهاد ناظر نقش تعیین‌کننده‌ای ایفا نمی‌کند. همچنین رمز‌ارزهایی که دارای کارکرد غیرپولی متقن هستند، از شمول بحث انتشار پول خارج بوده و باید در قالب دارایی تحلیل شوند. به‌جز معدودی از رمز‌ارزها، مانند تتر، که توانسته‌اند نقش ابزار مبادله و پول را در بازار رمز‌ارز ایفا کنند، سایر رمز‌ارزها اثرگذاری معناداری بر نظام پولی ملی و بین‌المللی ندارند؛ ازاین‌رو، رویکرد غالب کشورهای توسعه‌یافته نسبت به آن‌ها، رویکرد دارایی‌محور است. 4. بحث و نتیجه‌گیری بر اساس نتایج پژوهش، سیاست‌گذاری در حوزه انتشار، مبادله و معاملات رمز‌ارزها باید عمدتاً معطوف به مقررات‌گذاری در بازار مالی باشد، نه بازار پول. بااین‌حال، در کشورهایی که با تحریم‌ها، مخاصمات یا التهابات ارزی مواجه‌اند، ملاحظات مربوط به بازار ارز نیز می‌تواند به‌عنوان حوزه‌ای مکمل در تنظیم‌گری رمز‌ارزها مدنظر قرار گیرد.

https://ifr.isu.ac.ir/article_77993_c044259b942cd4d96840b28b9661f17a.pdf

دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 1 2025 12 14 Designing Future Ijarah (Mawsufah fi al-Dhimmah) based on Imami Jurisprudence طراحی اوراق اجاره آتی (موصوفه فی الذمه) مبتنی بر فقه امامیه 181 210 77995 10.30497/ifr.2025.248793.1983 FA محمدرسول فخره دانشجوی دکتری فقه و مبانی حقوق، دانشکده الهیات، معارف اسلامی و ارشاد، دانشگاه امام صادق علیه‌السلام، تهران، ایران 0009-0000-7627-767X محمدمهدی فریدونی دانشجوی دکتری مدیریت مالی، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق علیه‌السلام، تهران، ایران 0000-0001-5388-3239 Journal Article 2025 08 30 1. Introduction and Objective The expansion of financial instruments for project financing constitutes one of the most critical needs of contemporary capital markets, particularly in Islamic financial systems that seek to avoid interest-based mechanisms. Conventional participatory contracts, such as mushārakah and muḍārabah, although theoretically aligned with Islamic principles, often encounter serious practical and Sharīʿah-related challenges due to their variable income streams, uncertainty in returns, and complex monitoring requirements. These challenges have motivated policymakers and market participants to explore alternative Islamic instruments that provide greater certainty while maintaining Sharīʿah compliance. Among Islamic financial instruments, Ijarah Sukuk have emerged as one of the most widely used and operationally successful tools for financing large-scale projects. Their asset-backed nature, predictable cash flows, and relative simplicity have contributed to their extensive adoption across various jurisdictions. Despite this global development, the Iranian capital market has thus far relied on a limited form of Ijarah Sukuk, primarily restricted to leases involving existing and identifiable assets. In contrast, many Islamic countries have developed and implemented more diversified forms of Ijarah Sukuk, including instruments designed to finance assets that are not yet constructed or delivered at the time of issuance. One such instrument is Forward Ijarah Sukuk, also referred to in Islamic jurisprudence as Ijarah Mawsūfah fī al-Dhimmah. In this structure, the leased asset does not exist in a tangible form at the time of contract execution; instead, its essential characteristics are precisely defined in the contract, and the lessor undertakes to deliver an asset conforming to those specifications at a future date. This structure offers a potentially effective solution for financing infrastructure, real estate, and service-based projects that are under construction or planned for future delivery. Despite its practical relevance, the application of Forward Ijarah Sukuk within the framework of Imāmī (Twelver Shīʿī) jurisprudence has not been sufficiently explored in the Iranian academic literature. Accordingly, the primary objective of this study is to examine the jurisprudential validity of Forward Ijarah Sukuk from the perspective of Imāmī fiqh. The research seeks to address key questions concerning the permissibility of leasing non-existent assets, the legitimacy of advance rental payments, the tradability of such sukuk in secondary markets, and the allocation of rights and obligations between contracting parties in the presence of operational risks. 2. Methods and Materials This research adopts a qualitative and applied approach, employing a descriptive–analytical methodology. The study relies primarily on library-based research, drawing upon classical and contemporary Imāmī jurisprudential sources, including foundational works on ijārah, bayʿ, and gharar, as well as modern fiqh discussions related to Islamic financial instruments. In addition, relevant legal materials—such as the Iranian Civil Code and regulatory guidelines governing the issuance of Ijarah Sukuk—are examined to ensure consistency between jurisprudential analysis and existing legal frameworks. The analytical process proceeds in several stages. First, the conceptual foundations of Ijarah Sukuk and Forward Ijarah contracts are clarified, with particular attention to the distinction between leasing an existing asset (ʿayn muʿayyanah) and leasing an asset described in liability (kullī fī al-dhimmah). Second, the study analyzes the jurisprudential conditions for the validity of Ijarah Mawsūfah fī al-Dhimmah, focusing on issues such as the requirement of certainty (ʿilm), the avoidance of excessive uncertainty (gharar), and the permissibility of deferred delivery. Third, the research evaluates the permissibility of advance rental payments prior to the delivery of the leased asset, based on Imāmī jurisprudential principles governing ownership of benefits (manfaʿah) and contractual stipulations. Fourth, the tradability of Forward Ijarah Sukuk in secondary markets is examined, with special consideration given to the jurisprudential debate surrounding the sale of benefits and claims versus the sale of tangible assets. Finally, the study identifies and analyzes key operational risks associated with Forward Ijarah Sukuk—such as asset destruction, non-delivery, and non-conformity—and assesses the legal and jurisprudential remedies available to lessors and lessees in each scenario. 3. Research Findings The findings of this study demonstrate that Ijarah Mawsūfah fī al-Dhimmah is, in principle, valid under Imāmī jurisprudence, provided that the leased asset is described with sufficient precision to eliminate material uncertainty. Classical and contemporary Imāmī jurists generally agree that the existence of the leased asset at the time of contract is not a necessary condition for the validity of an Ijarah contract, so long as the characteristics affecting value and utility are clearly specified. Consequently, leasing future assets does not inherently violate Sharīʿah principles. The analysis further reveals that the primary objection raised against Forward Ijarah—namely, the allegation of gharar—can be effectively addressed through detailed contractual descriptions that remove ambiguity regarding the nature, quality, and specifications of the asset. Jurisprudential discussions indicate that uncertainty concerning the future realization of an asset does not automatically constitute prohibited gharar, particularly where such uncertainty is commonly tolerated in rational commercial practice. Regarding rental payments, the study finds that advance payment of rent prior to the delivery of the leased asset is permissible under Imāmī fiqh if it is explicitly stipulated in the contract and mutually agreed upon by the parties. Such stipulations do not contradict the essence of the Ijarah contract, as ownership of benefits may be established contractually even if their actual enjoyment is deferred. In relation to secondary market trading, the findings suggest that Forward Ijarah Sukuk may be traded under certain conditions. When the sukuk represent ownership of a defined benefit linked to a described asset obligation, and not merely a debt claim, their tradability can be justified within the framework of Imāmī jurisprudence. Nevertheless, careful structuring—potentially through the use of ancillary contracts such as ṣulḥ—may be required to avoid contentious interpretations. Finally, the study identifies several operational risks inherent in Forward Ijarah Sukuk, including the destruction of the asset prior to delivery, failure to deliver the asset on time, and discrepancies between the delivered asset and contractual specifications. Jurisprudential analysis shows that, due to the kullī fī al-dhimmah nature of the obligation, the lessor remains responsible for providing a substitute asset that meets the agreed specifications. Where delivery becomes impossible or non-conformity persists, the lessee is entitled to contractual remedies, including rescission and compensation. 4. Discussion and Conclusion The findings of this research contribute to the growing body of Islamic finance literature by demonstrating that Forward Ijarah Sukuk can be reconciled with the principles of Imāmī jurisprudence. Contrary to prevailing assumptions that restrict Ijarah to existing assets, the study shows that Imāmī fiqh provides sufficient doctrinal flexibility to accommodate leases of future assets, provided that contractual clarity and risk allocation are appropriately addressed. From a policy and market perspective, the adoption of Forward Ijarah Sukuk could significantly enhance the capacity of the Iranian capital market to finance infrastructure and development projects that cannot be supported through conventional Ijarah structures. By enabling rental payments prior to asset delivery and facilitating predictable cash flows, these instruments offer a practical alternative to participatory contracts while remaining faithful to Sharīʿah principles. Nevertheless, the study underscores the importance of robust contractual design and regulatory oversight to manage operational risks and safeguard the rights of investors. Explicit stipulations concerning asset specifications, delivery timelines, remedies for non-performance, and mechanisms for dispute resolution are essential for ensuring both jurisprudential validity and market confidence. In conclusion, the research recommends that Forward Ijarah Sukuk be considered for implementation within the Iranian capital market, subject to appropriate jurisprudential approval and regulatory adaptation. Such an initiative could diversify Islamic financial instruments, strengthen project financing capabilities, and contribute to the sustainable development of Sharīʿah-compliant capital markets. 1. مقدمه و هدف گسترش ابزارهای مالی اسلامی برای تأمین مالی طرح‌ها، به‌ویژه در بازار سرمایه، از نیازهای اساسی نظام مالی محسوب می‌شود. در این میان، اوراق اجاره به دلیل انعطاف‌پذیری ساختاری و اتکای آن‌ها به دارایی‌های واقعی، جایگاه ویژه‌ای در تأمین مالی طرح‌ها یافته‌اند. با وجود تنوع ابزارهای اجاره‌ای در سایر کشورهای اسلامی، در بازار سرمایه ایران تاکنون تنها از اشکال محدود اوراق اجاره استفاده شده است. یکی از ابزارهای نوین در این حوزه، اوراق اجاره آتی (موصوفه فی الذمه) است که تاکنون در ایران عملیاتی نشده است. هدف این پژوهش، بررسی فقهی اوراق اجاره آتی و ارزیابی میزان انطباق آن با مبانی فقه امامیه، به‌منظور امکان‌سنجی استفاده از این ابزار در تأمین مالی طرح‌ها است. 2. مواد و روش‌ها پژوهش حاضر از نظر رویکرد، کیفی و از حیث هدف، کاربردی است و با روش توصیفی–تحلیلی انجام شده است. در این مطالعه، با بهره‌گیری از منابع معتبر فقه امامیه، شامل کتب فقهی، آرای فقها و مستندات حقوقی، ماهیت اجاره آتی (موصوفه فی الذمه) مورد تحلیل قرار گرفته است. همچنین، مسائل فقهی مرتبط با صحت عقد، امکان پرداخت اجاره‌بها پیش از تحویل عین، قابلیت معامله در بازار ثانویه و چالش غرر در این نوع اوراق بررسی شده و در نهایت، ریسک‌های عملیاتی مترتب بر انتشار این اوراق تحلیل گردیده است. 3. یافته‌های تحقیق یافته‌ها نشان می‌دهد که انعقاد قرارداد اجاره آتی (موصوفه فی الذمه) از منظر فقه امامیه صحیح بوده و اجاره منافع آتی با وصف رافع غرر، با عمومات صحت معاملات سازگار است. همچنین، در صورت توافق طرفین، پرداخت اجاره‌بها پیش از تحویل عین موضوع اجاره، فاقد اشکال فقهی بوده و امکان‌پذیر است. نتایج تحقیق همچنین حاکی از آن است که اوراق اجاره آتی، در صورت رعایت شرایط فقهی، قابلیت معامله در بازار ثانویه را دارا می‌باشند. با این حال، این اوراق با ریسک‌های عملیاتی متعددی مواجه‌اند که مهم‌ترین آن‌ها شامل خراب شدن دارایی موضوع اجاره، عدم تحویل دارایی مطابق قرارداد و عدم انطباق دارایی تحویلی با اوصاف مندرج در زمان انتشار اوراق است. 4. بحث و نتیجه‌گیری بر اساس نتایج پژوهش، اوراق اجاره آتی (موصوفه فی الذمه) از منظر فقه امامیه واجد مشروعیت بوده و می‌تواند به‌عنوان ابزاری کارآمد در تأمین مالی طرح‌ها مورد استفاده قرار گیرد. با این وجود، مدیریت ریسک‌های عملیاتی از طریق پیش‌بینی شروط مناسب ضمن عقد و تبیین دقیق حقوق و تعهدات موجر و مستأجر، ضرورتی اجتناب‌ناپذیر در طراحی این اوراق است. در صورت تحقق این الزامات، عملیاتی‌سازی اوراق اجاره آتی در بازار سرمایه ایران می‌تواند ضمن توسعه ابزارهای مالی اسلامی، به تأمین مالی طرح‌های زیرساختی و تولیدی کمک شایانی نماید.

https://ifr.isu.ac.ir/article_77995_b4298f660d735430a411ca1ec869cd23.pdf

دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 1 2025 10 23 Designing a Model for the Establishment and Risk Management of Takaful Risk Funds طراحی الگوی تاسیس و مدیریت ریسک صندوق های ریسک تکافل 211 248 77994 10.30497/ifr.2025.248548.1975 FA مهدی لطفیان دانشجوی دکتری، گروه حسابداری و مالی، واحد بین‌المللی کیش، دانشگاه آزاد اسلامی، کیش، ایران 0009-0004-9711-6583 سعید مرادپور استادیار، گروه حسابداری و مالی، واحد بندرعباس، دانشگاه آزاد اسلامی، بندرعباس، ایران 0000-0003-3008-1596 مجتبی دستوری استادیار، گروه حسابداری و مالی، واحد بین‌المللی کیش، دانشگاه آزاد اسلامی، کیش، ایران 0000-0001-7824-4265 Journal Article 2025 07 27 The main objective of this study is to propose an integrated model combining the Dematel method and structural equation modeling to identify and prioritize the factors influencing the design of the establishment and risk management framework of various takaful risk funds, using a data-driven approach within Iran’s insurance industry. The present research is both applied and exploratory. The snowball sampling method was employed, resulting in a statistical sample of 25 experts from the insurance industry with expertise in takaful. The relevant interview questions were designed, and eventually, various risk categories were identified within the common types of takaful funds—namely, the family risk fund, the general risk fund, and the re-takaful risk fund. Based on the Grounded Theory approach, underwriting, operational, credit, liquidity, and market risks were recognized as the primary risk classes in the risk management of various takaful funds. Subsequently, an integrated model—incorporating structural equation modeling and the fuzzy Dematel method—was employed to prioritize the factors, assess the intensity of their impact and susceptibility, and to diagram the cause-and-effect relationships among the components. The research findings indicate that among the principal risks examined, operational risk obtained the highest ranking. It also held the top position in terms of weighting within the structural equation modeling approach, and similarly in the fuzzy Dematel method, where it received the greatest weight and interacted most extensively with other criteria. Hence, due to its heightened susceptibility, it is regarded as a dependent criterion. The final prioritization results demonstrated that the family risk fund displays the lowest level of risk intensity, whereas the general risk fund exhibits the highest intensity of takaful risk. These findings underscore the necessity for founders of takaful businesses to accurately identify and assess the risks associated with each fund before taking any action, and to develop and implement robust strategies for risk mitigation with particular attention to these identified risks. هدف اصلی این پژوهش ارایه مدلی تلفیقی از روش دیمتل و مدل یابی معادلات ساختاری به منظور شناسایی و اولویت بندی عوامل موثر در طراحی الگوی تاسیس و مدیریت ریسک صندوق‌های مختلف ریسک تکافل با استفاده از رویکرد داده بنیاد در صنعت بیمه ایران است. پژوهش حاضر از نوع کاربردی و اکتشافی است. با استفاده از روش گلوله برفی که بر اساس این روش حجم نمونه آماری به تعداد 25 نفر از خبرگان صنعت بیمه با تخصص تکافل هستند. در راستای دستیابی به اهداف پژوهش سوالات مورد نظر برای مصاحبه طراحی و در نهایت در صندوق های متداول تکافل (صندوق ریسک خانواده، صندوق ریسک عمومی و صندوق ریسک تکافل اتکائی) ریسک های مختلف پذیره نویسی، عملیاتی، اعتباری، نقدینگی و بازار بر مبنای رویکرد گراندد تئوری به عنوان طبقات اصلی ریسک در مدیریت ریسک صندوق‌های مختلف تکافل شناسایی شدند. در ادامه از مدل تلفیقی، مدل یابی معادلات ساختاری و دیمتل فازی برای اولویت بندی ،تعیین شدت تاثیرگذاری و تاثیرپذیری و ترسیم نمودار علی- معلولی میان مولفه ها استفاده شده است. نتایج پژوهش نشان داد در میان ریسک های اصلی پژوهش، ریسک عملیاتی بالاترین رتبه ریسک را کسب کرده است و نیز در وزن دهی رویکرد تحلیل معادلات ساختاری دارای رتبه اول است و در روش دیمتل فازی نیز بیشترین وزن را دارد و با سایر معیارها در تعامل حداکثری قرار دارند؛ لذا به دلیل اثرپذیری بیشتر معیاری معلول محسوب می‌شوند. نتیجه نهایی الویت بندی نشان داد که میزان ریسک پذیری در صندوق ریسک خانواده دارای کمترین شدت و میزان ریسک پذیری در صندوق ریسک عمومی، دارای بالاترین شدت ریسک تکافل است. یافته های این پژوهش بر این نکته تاکید دارد که موسسین کسب و کار تکافل باید قبل از هر اقدامی ریسک های مرتبط با هر صندوق را به درستی شناسایی، ارزیابی و راهکار های مواجهه با آن ها را تنظیم و به آن‌ها توجه ویژه ای داشته باشند.

https://ifr.isu.ac.ir/article_77994_27c32d1c06d24965ffd4a18b0b71c26b.pdf