دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 2 2026 01 21 A Jurisprudential-Legal Analysis of Bank Specialization and Reclassification in the Iranian Banking System (with Past Developments) تحلیل فقهی ـ حقوقی تخصصی‌سازی بانک‌ها در نظام بانکی ایران: چالش‌های بانکداری جامع، قرض‌الحسنه و حاکمیت شرعیه 278 249 78101 10.30497/ifr.2026.248952.1989 FA سید علی میرلوحی دانشجوی دکتری فقه و حقوق خصوصی، مدرسه عالی و دانشگاه شهید مطهری، تهران، ایران 0000-0003-1500-8454 صادق الهام استادیار، فقه و مبانی حقوق، دانشکده الهیات، معارف اسلامی و ارشاد، دانشگاه امام صادق علیه‌السلام، تهران، ایران Journal Article 2025 10 06 1. Introduction and Objective In recent years, the Iranian banking system has entered a new phase of structural transformation through the policy of bank specialization and reclassification. This policy emerged as a response to multiple interconnected challenges, including chronic structural inefficiencies in the banking sector, the need for more targeted credit allocation, increased supervisory complexity, pressures arising from international sanctions, and the necessity of improving financial stability within the framework of Islamic banking. Consequently, policymakers and regulatory authorities have attempted to redesign the institutional architecture of the banking system by classifying banks into several distinct categories, including commercial banks, specialized banks, comprehensive banks, and Qard al-Hasanah banks. Although this transformation has primarily been justified on economic and regulatory grounds, its implications extend far beyond technical banking reform. The specialization of banks fundamentally alters the legal nature of banking operations, contractual relationships, supervisory mechanisms, and the jurisprudential foundations of financial intermediation in the Islamic banking system of Iran. Therefore, the reform cannot be adequately understood solely through economic analysis; rather, it requires a comprehensive Fiqhi-Legal examination capable of assessing the compatibility of the new structures with the principles of Islamic jurisprudence, banking law, and institutional governance. Despite the growing importance of this transformation, existing studies in Iran have largely focused on economic efficiency, monetary policy, or financial performance, while the deeper Fiqhi-Legal dimensions of the specialization process have remained insufficiently explored. In particular, significant ambiguities persist regarding the legal identity of comprehensive banks, the possibility of segregating risks and liabilities within a single legal entity, the compatibility of Qard al-Hasanah banking with profit-oriented corporate structures, and the institutional requirements of effective Sharia governance. Accordingly, the present study seeks to analyze the Fiqhi-Legal foundations, challenges, and supervisory implications of the new bank classification model in Iran. Special emphasis is placed on two emerging and highly challenging models: comprehensive banking and Qard al-Hasanah banking. Furthermore, the study aims to evaluate the adequacy of existing legal and supervisory frameworks and to propose a practical contractual solution capable of reconciling banking innovation with the principles of Islamic jurisprudence and legal coherence. 2. Methods and Materials This study employs a qualitative research design based on a descriptive-analytical methodology. The research is fundamentally doctrinal and interdisciplinary, combining legal analysis, Islamic jurisprudential reasoning, and institutional examination within the field of Islamic banking studies. The primary materials of the study consist of four categories of sources. First, the research examines relevant legal and regulatory documents governing the Iranian banking system, including the Seventh Development Plan policies, Central Bank regulations, banking laws, and supervisory directives concerning bank specialization and classification. Second, authoritative sources of Imamiyyah jurisprudence related to contracts, agency (Wakalah), partnership (Musharakah), Mudarabah, trust-based possession (Yad Amanah), liability, and Qard al-Hasanah were analyzed to determine the jurisprudential foundations of the proposed banking structures. Third, the study reviews the contemporary literature on Islamic finance, Sharia governance, and Islamic banking regulation in order to situate the Iranian experience within broader theoretical discussions. Fourth, comparative analytical insights from studies on Sharia governance frameworks and Islamic financial supervision were incorporated to strengthen the institutional analysis. The collected materials were examined through qualitative content analysis. The analysis focused on identifying conceptual tensions, legal inconsistencies, jurisprudential challenges, and regulatory gaps within the new banking classification framework. Particular attention was devoted to the legal structure of comprehensive banks, the interaction between multiple contractual relationships within a unified corporate entity, the governance challenges associated with Sharia compliance, and the structural contradictions embedded in Qard al-Hasanah banking. The study also adopted an analytical-propositional dimension by developing a conceptual contractual model referred to as the “Multi-faceted Special Wakalah Contract.” This model was formulated through doctrinal synthesis and jurisprudential reasoning as a potential solution to the operational and legal challenges of comprehensive banking. 3. Research Findings The findings of the study demonstrate that the specialization and reclassification of banks in Iran represent not merely an administrative or organizational reform but a profound transformation in the legal and jurisprudential architecture of the banking system. The analysis indicates that commercial and specialized banks largely preserve the traditional agency-based structure of Iranian Islamic banking. Within this framework, depositors act as principals (Muwakkil), while banks function as agents (Wakil) responsible for allocating and managing financial resources through Islamic contracts. Consequently, banks primarily possess a fiduciary status characterized by trust-based possession rather than absolute ownership over deposited funds. Under Islamic jurisprudence, banks are not inherently guarantors of deposits unless misconduct, negligence, or deviation from contractual authorization can be established. However, the study identifies a persistent challenge concerning the formalistic implementation of Islamic contracts, particularly in trade-based financing arrangements. In many cases, the absence of genuine asset transfer and the reliance on documentary formalities undermine the authenticity of contractual relationships and weaken the jurisprudential legitimacy of banking operations. The most significant findings relate to comprehensive banking. This model combines two fundamentally different operational domains within a single institution: a commercial banking sector based on lower-risk agency relationships and a higher-risk investment sector relying on participatory contracts such as Musharakah and Mudarabah. The study finds that the central challenge of comprehensive banking lies in the absence of a clear legal basis for segregating risks, liabilities, and financial obligations between these distinct sectors while operating under a unified legal personality. From a legal perspective, the principle of unity of legal personality and unity of assets in corporate law creates serious obstacles to the establishment of effective internal barriers between commercial and investment activities. This issue becomes particularly problematic when losses or liabilities originating in one sector potentially affect stakeholders in another sector. From a jurisprudential perspective, the coexistence of multiple contractual roles and obligations within a single institution raises concerns regarding the mixing of guarantees, liabilities, and contractual effects. To address this problem, the study proposes a conceptual contractual framework termed the “Multi-faceted Special Wakalah Contract.” Under this model, the depositor enters into a primary agency contract with the bank, while the scope of authorization explicitly distinguishes between different investment and operational portfolios. The contract permits the bank to allocate resources separately to commercial and investment sectors according to predetermined conditions and risk structures. Through this arrangement, the bank retains its unified role as an agent while simultaneously facilitating differentiated investment activities through subsequent subsidiary contracts. The findings suggest that this model is more compatible with the jurisprudential principle that contractual effects are subordinate to the intentions and purposes of the parties (“al-‘uqud tabi‘ah lil-qusud”). The study further reveals that Qard al-Hasanah banking faces a fundamentally different type of structural challenge. Qard al-Hasanah is inherently a benevolent, non-profit, and charitable financial arrangement rooted in social solidarity and welfare objectives. However, the incorporation of Qard al-Hasanah institutions within profit-oriented public joint-stock company structures creates a serious contradiction between social purpose and shareholder expectations. The research demonstrates that this structural tension may encourage institutions to rely excessively on service fees or quasi-commercial mechanisms that risk undermining the non-profit essence of Qard al-Hasanah and potentially transforming legitimate administrative charges into disguised forms of prohibited gain. Another major finding concerns the necessity of a comprehensive Sharia governance system. The study concludes that the success of specialized banking models depends heavily on the establishment of a multilayered governance framework consisting of: (1) a centralized Sharia supervisory authority at the level of the Central Bank; (2) independent internal Sharia compliance committees within banks; and (3) an institutional culture committed to Sharia compliance across all operational levels. The findings further highlight the importance of periodic Sharia auditing, standardized supervisory procedures, and professionally trained experts capable of integrating jurisprudential and financial expertise. 4. Discussion and Conclusion The findings of this study demonstrate that the specialization and reclassification of banks in Iran constitute a transformative shift in the institutional logic of Islamic banking rather than a limited regulatory adjustment. The reform has introduced new opportunities for improving efficiency, risk management, and sectoral financing; however, it has simultaneously generated complex jurisprudential, legal, and supervisory challenges that cannot be resolved through conventional banking regulation alone. The study argues that the existing legal infrastructure of the Iranian banking system is not fully prepared to accommodate the operational realities of comprehensive banking. Specifically, current corporate law frameworks do not adequately recognize the segregation of liabilities and risks within a unified legal entity. As a result, the practical implementation of comprehensive banking may expose stakeholders to legal uncertainty, overlapping liabilities, and supervisory ambiguity unless substantial legislative reforms are introduced. The proposed “Multi-faceted Special Wakalah Contract” offers a potential jurisprudential and contractual mechanism for mitigating some of these tensions. By maintaining the bank’s overarching role as an agent while contractually differentiating operational domains and investment mandates, the model provides a more coherent basis for integrating diverse banking functions within an Islamic legal framework. Nevertheless, the effectiveness of this model ultimately depends on the parallel development of supportive legal recognition, operational transparency, and supervisory enforcement. Regarding Qard al-Hasanah banking, the study concludes that preserving its social and ethical objectives requires a distinct regulatory and institutional framework capable of protecting its non-profit character from market-driven pressures. Without such safeguards, the institutionalization of Qard al-Hasanah within commercial corporate structures risks weakening its original jurisprudential and social foundations. More broadly, the study emphasizes that sustainable Islamic banking reform requires the institutionalization of robust Sharia governance mechanisms. Centralized Sharia supervision, independent compliance structures, periodic Sharia auditing, and the cultivation of an organizational culture of compliance are not merely supplementary mechanisms but essential prerequisites for maintaining legitimacy and public trust in specialized Islamic banking systems. In conclusion, the research finds that bank specialization in Iran is a necessary but insufficient step toward meaningful banking reform. Its long-term success depends on complementary reforms in legal doctrine, supervisory institutions, corporate governance, and Sharia compliance mechanisms. Without such reforms, the objectives of efficiency, legitimacy, and financial stability envisioned by the specialization initiative may remain only partially achievable within the framework of Islamic banking. 1. مقدمه و هدف نظام بانکی ایران در سال‌های اخیر، در واکنش به ناکارآمدی‌های ساختاری، الزامات سیاستی و ضرورت هدایت هدفمند اعتبارات، به سمت الگوی «تخصصی‌سازی و طبقه‌بندی مجدد بانک‌ها» حرکت کرده است. این تحول، افزون بر پیامدهای اقتصادی، مسائل پیچیده‌ای را در حوزه مبانی فقهی، ماهیت حقوقی بانک‌ها و سازوکارهای نظارت شرعی ایجاد کرده است. هدف این پژوهش، تحلیل فقهی ـ حقوقی الگوی جدید طبقه‌بندی بانک‌ها و بررسی چالش‌های ساختاری و نظارتی آن، با تمرکز بر بانکداری جامع و قرض‌الحسنه است. 2. مواد و روش‌ها این پژوهش با رویکردی کیفی و به روش توصیفی ـ تحلیلی انجام شده است. داده‌های پژوهش از طریق مطالعه و تحلیل اسناد قانونی و مقررات بانکی، منابع فقه امامیه، آرای فقهی مرتبط و ادبیات بانکداری اسلامی گردآوری و با روش تحلیل محتوای کیفی بررسی شده‌اند. 3. یافته‌های تحقیق یافته‌ها نشان می‌دهد که در بانکداری جامع، مهم‌ترین چالش، فقدان سازوکار حقوقی روشن برای تفکیک ریسک و تفکیک آثار حقوقی فعالیت‌های تجاری و سرمایه‌گذاری در چارچوب یک شخصیت حقوقی واحد است. همچنین در بانکداری قرض‌الحسنه، تعارض میان ساختار انتفاعی شرکت سهامی و ماهیت غیرانتفاعی عقد قرض‌الحسنه، زمینه بروز انحراف از اهداف اجتماعی و مقاصدی این نهاد را فراهم می‌کند. نتایج پژوهش همچنین بیانگر آن است که موفقیت الگوی تخصصی‌سازی بانک‌ها، مستلزم استقرار نظام جامع حاکمیت شرعی، تقویت سازوکارهای حسابرسی شرعی و ایجاد نهادهای مستقل انطباق شرعی در شبکه بانکی است. 4. بحث و نتیجه‌گیری پژوهش حاضر، ضمن تبیین چالش‌های فقهی و حقوقی الگوی جدید، در یک نوآوری نظری و کاربردی، مدل قراردادی «وکالت خاص چندوجهی» را به‌عنوان راهکاری بدیع برای حل معمای تفکیک ذمه و تنظیم روابط حقوقی در بانکداری جامع پیشنهاد و صورت‌بندی می‌نماید. بر این اساس، نتیجه‌گیری می‌شود که تخصصی‌سازی بانک‌ها، بدون اصلاح هم‌زمان زیرساخت‌های حقوقی و نظارتی، به‌ویژه در زمینه تفکیک ذمه، حاکمیت شرعی و نظارت تخصصی، نمی‌تواند اهداف مورد انتظار در نظام بانکداری اسلامی را به‌طور کامل محقق سازد.

https://ifr.isu.ac.ir/article_78101_0a4a41795252b8ac7463806f0484b386.pdf

دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 2 2026 01 21 Behavioral Equilibrium Analysis in the Implementation of Islamic Contracts in Iran’s Banking System: A Graph Model Approach in Game Theory تحلیل تعادل‌های نهادی در اجرای عقود اسلامی در نظام بانکی ایران با استفاده از مدل گراف نظریه بازی‌ها 279 310 78102 10.30497/ifr.2026.249069.1998 FA حسین سیلسپور دانش‌آموخته دکتری مالی و بانکداری، گروه مالی و بانکداری، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبائی، تهران ایران 0000-0002-7214-0294 محمدجواد محقق‌نیا دانشیار، گروه مالی و بانکداری، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبائی، تهران ایران 0009-0008-9725-1602 Journal Article 2025 09 30 1. Introduction and Objective More than four decades after the enactment of Iran’s Interest-Free Banking Law, the practical implementation of Islamic contracts continues to face substantial structural and behavioral challenges. Although the formal legal framework prohibits interest-based transactions and promotes Sharia-compliant modes of financing, the operational reality of the banking system reveals a dominant reliance on low-risk, exchange-based contracts—often executed in a formalistic rather than substantive manner. Participatory contracts, which are theoretically central to Islamic finance due to their risk-sharing and real-sector linkage characteristics, remain marginal in practice. This divergence between normative design and institutional performance raises a fundamental analytical question: Why does the system stabilize around suboptimal patterns of behavior despite repeated reform efforts? Addressing this puzzle requires moving beyond purely doctrinal or legal analyses and toward a behavioral–institutional framework that captures strategic interactions among key actors. Drawing on institutional economics, organizational sociology, and non-cooperative game theory, this study conceptualizes the Iranian banking system as a structured arena of strategic interdependence. Within this arena, banks, customers, regulators, and supervisory bodies make choices under constraints shaped by formal rules, informal norms, incentive structures, and risk perceptions. The persistence of formalistic implementation is therefore interpreted not merely as regulatory failure, but as the outcome of a stable behavioral equilibrium embedded within an institutional configuration. To analyze this configuration systematically, the study employs the Graph Model for Conflict Resolution (GMCR), a non-cooperative game-theoretic framework capable of modeling complex multi-actor strategic environments without requiring cardinal payoff information. The primary objective of the research is twofold: (1) to identify and evaluate the behavioral equilibria that characterize the current implementation of Islamic contracts in Iran’s banking system; and (2) to design feasible transition pathways toward a more efficient and substantively compliant equilibrium through minimal yet effective policy interventions. By integrating qualitative institutional analysis with formal equilibrium modeling, the study aims to provide both theoretical and policy-relevant insights into the dynamics of Islamic banking governance. 2. Methods and Materials The research adopts a mixed-methods design, combining qualitative inquiry for structural identification with quantitative modeling for equilibrium analysis. The methodological strategy was structured in three sequential phases: actor–option identification, preference elicitation and modeling, and equilibrium evaluation with policy simulation. Qualitative Phase: To capture the nuances of actor interactions, 26 semi-structured interviews were conducted with a purposive and snowball sample of banking executives, legal scholars, and Sharia-compliance experts. The gathered data underwent a three-stage thematic coding process (familiarization, coding, and theme development) based on the Braun and Clarke framework. This phase was critical in identifying the “game participants” and their respective “behavioral options.” We identified five major players: (1) Banks, (2) Customers, (3) The Central Bank, (4) The Sharia Council, and (5) the Government. A total of 13 behavioral options were extracted, reflecting the complexity of the operational landscape. Quantitative Phase: The priorities of these actors were established using the Best-Worst Method (BWM) to ensure robust weighting of preferences. These inputs were then modeled in the GMCR+ software environment. After filtering for logical inconsistencies, dependencies, and Sharia-compliance requirements, the state space was narrowed down to 27 “feasible states.” We then applied advanced stability analysis, including Nash equilibrium, metarationality, sequential stability, limited-move stability, and future stability. Finally, an “inverse-game analysis” was utilized to work backward from the desired state to the minimal set of policy interventions required to nudge the actors toward real-world implementation of participatory contracts. 3. Research Findings The modeling process revealed two primary stable states in the Iranian banking system. In both, the dominant strategic behavior is characterized by the formalistic execution of exchange-based contracts, minimal enforcement by the Central Bank, and a “passive-flexible” stance by the Sharia Council. The analysis of unilateral moves highlights that banks and customers are locked into these states. From their perspective, the cost of genuine participatory contracts—which entails higher information asymmetry, monitoring costs, and credit risk—outweighs the short-term benefits. Conversely, the existing regulatory interventions are insufficient to shift these preferences. Our findings demonstrate that as long as the cost-benefit profiles remain unchanged, the system will naturally revert to these inefficient equilibria, regardless of nominal legislative changes. The simulation results further suggest that a transition to a “desirable state” (where participatory contracts are the norm) is possible only through a fundamental redesign of the incentive structure. Key findings include: - Technological Supervision: A shift from manual auditing to AI-driven, real-time supervision is essential to increase the “cost of non-compliance” for banks. - Incentive Alignment: Providing tax breaks and preferential credit lines specifically for profit-and-loss sharing contracts can significantly shift the bank’s payoff matrix. - Regulatory Coalitions: The model underscores the necessity of a formal alliance between the Central Bank and the Sharia Council to harmonize regulatory authority, thereby reducing the “flexibility” that currently allows for the circumvention of Sharia requirements. 4. Discussion and Conclusion The findings of this study offer a compelling argument: the formalization of Islamic banking in Iran is a classic collective action problem that cannot be solved by merely issuing new decrees or moral appeals. Rather, it is a structural challenge that requires “mechanism design.” Our research suggests that policy reform should follow a multi-pronged approach. First, the “rules of the game” must be re-written to raise the opportunity cost of exchange-based formalism. Second, the “informational disadvantage” that currently hampers participatory banking must be mitigated through technological advancements, specifically by leveraging blockchain for transparent profit distribution and credit monitoring. Furthermore, this study validates the utility of the Graph Model as a powerful diagnostic tool for policymakers. It allows for the simulation of complex institutional changes ex-ante, enabling regulators to predict how actors might respond to new policies before they are enacted. In conclusion, moving toward a truly Islamic banking system necessitates a transition from reactive regulation to proactive, strategic policy design. By aligning the micro-level incentives of market participants with the macro-level objectives of social justice and economic efficiency, policymakers can break the current deadlock. This research contributes both to the theoretical literature on Islamic finance and to the practical policy agenda in Iran, providing a roadmap for evolving into a more transparent, stable, and Sharia-compliant banking system. 1. مقدمه و هدف با وجود تصویب قانون عملیات بانکی بدون ربا، اجرای عقود اسلامی در نظام بانکی ایران در بسیاری موارد به صوری‌سازی قراردادها و غلبه عقود مبادله‌ای کم‌ریسک انجامیده است. این وضعیت نشان‌دهنده شکل‌گیری تعادل‌های رفتاری خاص میان بازیگران اصلی نظام بانکی است. هدف این پژوهش تحلیل این تعادل‌ها و شناسایی مسیرهای گذار به وضعیت‌های کاراتر با بهره‌گیری از مدل گراف نظریه بازی‌ها است. 2. مواد و روش‌ها پژوهش حاضر با طرح آمیخته انجام شد. در بخش کیفی، ۲۶ مصاحبه نیمه‌ساخت‌یافته با خبرگان بانکی، فقهی و سیاست‌گذاری انجام گرفت و داده‌ها با تحلیل مضمون سه‌مرحله‌ای بررسی شد. در نتیجه، پنج بازیگر اصلی شامل بانک‌ها، مشتریان، بانک مرکزی، شورای فقهی و دولت، و ۱۳ گزینه رفتاری شناسایی شد. در بخش کمی، اولویت‌ها با روش بهترین–بدترین وزن‌دهی و در نرم‌افزار +GMCR پیاده‌سازی شد. پس از پالایش منطقی، ۲۷ وضعیت شدنی ایجاد و با شاخص‌های تعادل نش، فراعقلانیت، پایداری متوالی، پایداری محدودشده و آینده‌نگر ارزیابی شد. همچنین، بازی معکوس برای تعیین کمینه مداخلات سیاستی به‌کار رفت. 3. یافته‌های تحقیق نتایج نشان داد دو وضعیت پایدار در سامانه وجود دارد که در هر دو، اجرای صوری عقود مبادله‌ای، نظارت حداقلی بانک مرکزی و انعطاف شورای فقهی غلبه دارد. تحلیل حرکت‌های یک‌جانبه بیانگر آن بود که بانک‌ها و مشتریان، به دلیل هزینه و ریسک پایین و منافع کوتاه‌مدت، در این الگو قفل می‌شوند و مداخلات موجود برای شکستن تعادل ناکارا کافی نیست. شبیه‌سازی‌ها نشان داد گذار به وضعیت مطلوب مستلزم بازطراحی قواعد و بازتعریف نسبت هزینه–فایده بازیگران است. مهم‌ترین اهرم‌ها در این مسیر، نظارت فناورانه سخت‌گیرانه، مشوق‌های اقتصادی برای اجرای واقعی عقود مشارکتی، و ائتلاف تنظیمی میان بانک مرکزی و شورای فقهی است. 4. بحث و نتیجه‌گیری یافته‌ها نشان می‌دهد اصلاح پایدار نظام بانکی صرفاً با تغییرات حقوقی و هنجاری تحقق نمی‌یابد، بلکه نیازمند سیاست‌گذاری هماهنگ و سازوکارهای انگیزشی هم‌راستا‌کننده منافع خرد و کلان است. از این رو، تقویت نظارت فناورانه، بازآرایی مشوق‌ها و هم‌افزایی نهادی می‌تواند به شکل‌گیری ساختاری کاراتر، شفاف‌تر و عادلانه‌تر در نظام بانکی بینجامد.

https://ifr.isu.ac.ir/article_78102_cc6259186164ddfe838f0de7b64a922b.pdf

دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 2 2026 01 21 Developing a Competency-Based Training Needs Assessment Model for Takaful Industry Employees: A Fuzzy Delphi Approach تبیین الگوی نیازسنجی آموزشی کارکنان صنعت تکافل با استفاده از روش‌شناسی دلفی فازی 311 354 78098 10.30497/ifr.2026.249234.2010 FA سعید صحت دانشیارگروه مدیریت بازرگانی، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبائی، تهران، ایران 0000-0003-2801-7413 Journal Article 2025 11 04 1. Introduction and Objective The global financial landscape has witnessed a paradigm shift towards Islamic finance, with Takaful (Islamic insurance) emerging as a crucial alternative to conventional, interest-based insurance models. Despite the significant expansion of Takaful markets worldwide, its implementation and conceptual understanding in Iran remain nascent. This research posits that Takaful is not merely a financial product but a system rooted in the indisputable principles of the Quran and Sharia, emphasizing mutual cooperation and shared responsibility. However, the industry in Iran faces structural challenges, primarily stemming from a lack of strategic focus from regulatory bodies and insurance practitioners. A critical bottleneck in this development is the absence of a structured, competency-based educational framework for human resource development. Empowering human capital in the Takaful industry is not just an operational necessity; it is a strategic imperative for organizations aiming to provide Sharia-compliant services as a sustainable competitive advantage. The primary objective of this study, therefore, is to design an optimal organizational model for Training Needs Assessment (TNA) and to develop a comprehensive, multi-level educational framework for professionals working within the Iranian Takaful sector. By bridging the gap between existing educational gaps and the actual operational requirements of the industry, this study seeks to provide a roadmap for the professionalization of Takaful practice. 2. Methods and Materials This study adopts a developmental research design, employing a mixed-methods approach to ensure both theoretical depth and empirical validity. The research process was bifurcated into qualitative and quantitative phases: - Qualitative Phase: The research began with an exhaustive library study and thematic analysis of existing documents, standards, and global best practices related to Takaful training frameworks. By benchmarking against leading institutions such as the Chartered Insurance Institute (CII) and AAOIFI standards, a preliminary list of educational topics and competencies was extracted. This phase focused on identifying the core knowledge and behavioral gaps prevalent in the current Iranian insurance landscape. - Quantitative Phase: To ensure the rigor of the proposed model, the Fuzzy Delphi Method (FDM) was utilized. This technique was selected to address the ambiguity and subjective nature of expert judgments. A panel of 21 experts and practitioners in Islamic finance and insurance participated in the process. The FDM process involved rounds of surveying, where experts rated the importance of the extracted topics on a fuzzy scale. Data were aggregated using simple fuzzy averaging and defuzzified using the Center of Area (COA) method. A threshold of 0.7 was established; topics failing to meet this significance level were excluded, ensuring that the final model represents a high level of expert consensus. The reliability of the consensus was validated using Kendall’s W coefficient (W=0.753), indicating a strong agreement among the experts. 3. Research Findings The analytical results of the study yielded a robust, four-tier training framework tailored for the Takaful industry. Following the FDM process, 20 essential course titles were finalized and categorized into four hierarchical levels of progression: - Entrance Exam Level: Focusing on foundational concepts, including “Introduction to Riba and Islamic Finance,” “Introduction to Takaful,” and “Regulations and Consumer Protection.” - Introductory Level: Covering core industry structures, such as “Takaful Models and Structures,” “Risk Management in Takaful,” “Governmental Role in Takaful,” “Global Takaful Landscapes,” “Soft Skills for Takaful Practitioners,” and “Roles of Sharia Committees.” - Intermediate Level: Addressing operational and specialized areas, specifically “Takaful Health/Medical,” “Introduction to Re-Takaful,” “Emerging Challenges (AI, Digital Currencies, ICT),” “Property Takaful,” “Family/Life Takaful,” “Policy Issuance Processes,” and “Marketing Takaful Products.” - Advanced Level: Targeting high-level technical expertise, including “Takaful Regulations and AAOIFI Standards,” “Legal Aspects of Takaful,” “Financial Reporting and Business Accounting,” and “Actuarial Pricing and Reserve Calculation.” Furthermore, each of these subjects was aligned with four competency dimensions: Introductory, Basic, Main, and Specialized, providing a holistic matrix that guides an employee’s career development path from entry to leadership. 4. Discussion and Conclusion The findings of this research highlight that the primary barrier to the development of Takaful in Iran is not merely technical, but educational. The study confirms that the absence of a standardized Takaful qualification pathway has led to the entry of personnel with non-specialized backgrounds, resulting in suboptimal performance and a lack of market confidence. The developed model addresses these challenges by offering a structured, Sharia-compliant educational path. By integrating international standards (such as AAOIFI) with local regulatory needs, the proposed framework provides a strategic tool for insurance regulators and policymakers. It is recommended that a formal certification examination be institutionalized, requiring all current and prospective employees to achieve a passing standard before receiving a license to operate in the Takaful domain. In conclusion, this research provides the foundation for transforming the human capital of the Iranian Takaful industry into a highly competent, Sharia-aware workforce. Future studies are encouraged to focus on evaluating the performance of employees trained under this model and to further refine competency assessments within specific functional areas like marketing and human resources. By implementing this evidence-based model, the industry can better navigate the competitive landscape while strictly adhering to Islamic financial principles. 1. مقدمه و هدف با وجود رشد جهانی صنعت تکافل، این حوزه در ایران با چالش‌های ساختاری و دانشی مواجه است. هدف این پژوهش، طراحی الگوی مطلوب جهت نیازسنجی و تدوین برنامه‌های توانمندسازی کارکنان صنعت تکافل است. 2. مواد و روش‌ها این تحقیق از نظر هدف، توسعه‌ای و از نظر روش، آمیخته (کیفی-کمی) است. در بخش کیفی، با استفاده از مطالعه تطبیقی و تحلیل محتوای اسناد، سرفصل‌های آموزشی استخراج شد. در بخش کمی، با به‌کارگیری روش دلفی فازی، میزان اهمیت و روایی سرفصل‌ها با مشارکت خبرگان صنعت ارزیابی و غربال‌گری شد. 3. یافته‌های تحقیق نتایج نشان داد که ۲۰ عنوان درسی در چهار سطح (ورودی، مقدماتی، متوسط و پیشرفته) و چهار طبقه شایستگی (مقدماتی، پایه، اصلی و تخصصی) برای توانمندسازی نیروی انسانی صنعت تکافل ضروری است. ضریب هماهنگی کندال (۰/۷۵۳) حاکی از اجماع رضایت‌بخش خبرگان در خصوص مدل استخراج‌شده است. 4. بحث و نتیجه‌گیری الگوی ارائه‌شده می‌تواند به‌عنوان نقشه راه آموزشی برای نهادهای ناظر و شرکت‌های بیمه جهت ارتقای سطح تخصصی سرمایه انسانی و انطباق با موازین شریعت در محصولات تکافل مورداستفاده قرار گیرد.

https://ifr.isu.ac.ir/article_78098_c6be693c87ab769f5903d23abacd0528.pdf

دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 2 2026 01 21 Adapting the Future Flow Securitization (FFS) Model to the Structural Framework of Sukuk al‑Manfa‘ah for Financing Iran’s Upstream Oil and Gas Projects طراحی الگوی بومی اوراق بهادارسازی جریان‌های آتی (FFS) مبتنی بر اوراق منفعت برای تأمین مالی بخش بالادستی صنعت نفت و گاز ایران 355 396 78099 10.30497/ifr.2026.246614.1899 FA محمد حمزه قدیری نژادیان دانشجوی دکتری مهندسی مالی، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق علیه‌السلام، تهران، ایران 0009-0003-1894-5344 احمد شعبانی دانشیار، گروه اقتصاد پولی و مالی، دانشکده معارف اسلامی و اقتصاد، دانشگاه امام صادق علیه‌السلام، تهران، ایران 0009-0007-5997-5362 Journal Article 2025 10 11 1. Introduction and Objective Financing large-scale infrastructure and energy projects has always posed significant challenges for developing economies. In capital‑intensive industries such as oil and gas, particularly in the upstream sector, the requirement for substantial financial resources often exceeds the capacity of traditional financing mechanisms. In recent decades, structured finance has emerged as an effective and flexible solution for addressing such challenges by transforming future revenue streams into tradable financial instruments. Among these instruments, Future Flow Securitization (FFS) has been widely utilized in international financial markets as a mechanism for raising capital through the securitization of predictable future cash flows. The upstream oil and gas sector of Iran, which plays a strategic role in the national economy, requires massive investment for the exploration, development, and production of hydrocarbon resources. However, various economic constraints—including limited access to international capital markets and structural limitations within domestic financial systems—have created substantial barriers to financing large upstream projects. Consequently, identifying innovative and domestically viable financing methods that are compatible with Islamic financial principles has become a critical necessity. Future Flow Securitization offers a promising solution for project financing by allowing firms to securitize revenues expected from future exports or sales. Nevertheless, the conventional structure of FFS has primarily been developed within conventional financial systems and does not automatically comply with Islamic jurisprudential principles. Therefore, adapting and localizing this financing model within the framework of Islamic finance is essential for its practical implementation in countries such as Iran. The primary objective of this research is to investigate the possibility of localizing the Future Flow Securitization model for financing upstream oil and gas projects in Iran while ensuring compliance with the principles of Imamiyyah jurisprudence. In particular, the study aims to identify an appropriate Islamic financial instrument capable of replicating the operational logic of FFS. By examining various Islamic financial structures and evaluating them through a multi‑criteria decision‑making framework, the research proposes a localized financing model based on Manfa’at Sukuk (Benefit Securities). Ultimately, the study seeks to provide a practical framework through which future revenues generated from oil and gas production can be mobilized to finance upstream development projects within the Iranian capital market. 2. Methods and Materials This research adopts an applied research approach with a descriptive‑analytical methodology. The study consists of two main stages: a conceptual and jurisprudential analysis of the Future Flow Securitization structure, followed by a quantitative evaluation of suitable Islamic financial instruments capable of replacing the conventional FFS framework. In the first stage, the study examines the theoretical foundations of structured finance and project finance, with particular emphasis on the mechanism of future flow securitization. The structural components of FFS—including the originator, special purpose vehicle (SPV), investors, future receivables, and payment mechanisms—are analyzed in detail. Subsequently, the contractual relationships embedded in this financing structure are carefully reviewed and compared with contracts recognized in Imamiyyah jurisprudence. Through this analysis, the study identifies potential Islamic contractual frameworks—such as Ijarah (leasing), Wakalah (agency), and Ju’alah (service commission)—that can replicate the economic functions of conventional FFS while remaining compliant with Islamic legal principles. The second stage of the research focuses on selecting the most appropriate Islamic financial instrument capable of operationalizing the securitization of future flows in Iran’s capital market. For this purpose, a hybrid multi‑criteria decision‑making model combining the Analytic Hierarchy Process (AHP) and the Simple Additive Weighting (SAW) method is employed. The statistical population of the study consists of 15 experts with professional experience in Islamic finance, capital markets, and oil and gas project financing. These experts were selected through purposive sampling based on criteria such as advanced academic qualifications, relevant professional experience, and familiarity with Islamic financial instruments. Data collection was conducted through a structured questionnaire comprising two main sections. In the first section, experts performed pairwise comparisons of evaluation criteria using a Likert scale ranging from 1 to 5. The geometric mean method was applied to aggregate the responses and construct the pairwise comparison matrix for the AHP analysis. The consistency ratio (CR) was calculated to verify the reliability of expert judgments. In the second section, alternative Islamic financial instruments were evaluated directly against the identified criteria using the same five‑point scale. The criteria used for evaluating financing instruments included factors such as jurisprudential compatibility, economic efficiency, compatibility with Iran’s financial structure, risk‑return characteristics, implementation feasibility, transparency, and investor acceptance. After determining the weights of these criteria through AHP, the SAW method was applied to rank the alternative instruments and identify the most suitable option for implementing the localized FFS model. 3. Research Findings The results of the AHP analysis revealed that among the evaluation criteria, trust and acceptability, compatibility with Iran’s economic structure, and risk‑return characteristics received the highest weights, indicating that these factors play a crucial role in determining the suitability of financing instruments in the Iranian context. The calculated consistency ratio for the pairwise comparison matrix was CR = 0.0131, which is well below the acceptable threshold of 0.1, confirming the reliability and internal consistency of expert judgments. Subsequently, the SAW method was applied to evaluate the alternative Islamic financial instruments based on the weighted criteria. The results demonstrated that Manfa’at Sukuk (Benefit Securities) achieved the highest overall score among the evaluated options, indicating its superior compatibility with the structural requirements of Future Flow Securitization and the institutional framework of Iran’s capital market. Based on these findings, the research proposes a localized financing model in which future revenues generated from oil and gas production are securitized through the issuance of Manfa’at Sukuk. In this structure, the National Iranian Oil Company (NIOC), acting as the originator, first enters into forward or pre‑sale contracts—such as Salaf or forward sales agreements—with oil purchasers to establish predictable future revenue streams. These anticipated revenues are then transferred to a Special Purpose Vehicle (SPV), which issues Manfa’at Sukuk to investors in the capital market. Investors purchasing these securities effectively acquire ownership of the future economic benefits derived from oil sales during a specified period. The funds raised from the issuance of the securities are subsequently transferred to the originator and used to finance upstream development activities, including field development and payments to contractors. Once oil production begins and the contracted oil is delivered to buyers, the revenues generated from these sales are collected and transferred to the SPV. The SPV then distributes the proceeds to investors through the Central Securities Depository and Settlement System, ensuring timely payment of returns to sukuk holders. The feasibility of this structure is further supported by practical precedent. In 2020, a portion of the benefits generated by Phase 12 of the South Pars Gas Field was successfully securitized through Manfa’at Sukuk under the supervision of the Sharia Committee of the Securities and Exchange Organization of Iran. The committee approved the transfer of benefits through a Sulh al‑Manfa’ah (benefit settlement contract), provided that the underlying asset and benefits were clearly specified and final settlements were conducted at the end of the investment period. 4. Discussion and Conclusion The findings of this research demonstrate that the conceptual framework of Future Flow Securitization can be effectively adapted to an Islamic financial environment through the use of Manfa’at Sukuk. By replacing conventional debt‑based securitization structures with asset‑based Islamic contracts, it becomes possible to maintain the economic functionality of FFS while ensuring compliance with Sharia principles. The proposed model offers several advantages for financing upstream oil and gas projects in Iran. First, it enables the mobilization of domestic capital market resources for large‑scale energy investments. Second, by securitizing predictable future revenues from oil production, the model reduces reliance on traditional bank financing and government budgets. Third, the structure provides a transparent and legally sound framework that aligns with both Islamic jurisprudence and the regulatory environment of Iran’s capital market. Furthermore, the integration of Manfa’at Sukuk with future oil sales contracts creates a mechanism through which investors can participate in the economic benefits generated by upstream oil production while maintaining a clear contractual relationship with the originator. This structure enhances investor confidence and promotes broader participation in energy sector financing. Despite its advantages, the study also acknowledges certain limitations, particularly the limited availability of detailed historical data regarding previous financing mechanisms used in Iran’s oil and gas sector. Improved transparency and data accessibility from relevant institutions could facilitate more comprehensive analyses and contribute to the development of more advanced financing models in future research. In conclusion, the localization of Future Flow Securitization through Manfa’at Sukuk represents a viable and innovative financing solution for Iran’s upstream oil and gas industry. The proposed model not only satisfies jurisprudential requirements but also provides a practical framework for mobilizing capital and supporting the long‑term development of strategic energy resources. As such, it can serve as a valuable reference for policymakers, financial institutions, and energy sector stakeholders seeking to expand the use of Islamic capital market instruments in large‑scale infrastructure and energy projects. 1. مقدمه و هدف روش‌های تأمین مالی ساختاریافته از جمله ابزارهای نوین و انعطاف‌پذیر برای تجهیز منابع مالی پروژه‌های بزرگ به‌شمار می‌روند و می‌توانند در تأمین مالی طرح‌های بالادستی صنعت نفت و گاز ایران نقش مؤثری ایفا کنند. در این میان، اوراق بهادارسازی جریان‌های نقدی آتی یکی از روش‌های متداول در تأمین مالی بین‌المللی است که به دلیل ملاحظات فقهی و ویژگی‌های اقتصاد ایران، استفاده مستقیم از آن با محدودیت‌هایی مواجه است. ازاین‌رو، هدف اصلی این پژوهش بررسی امکان بومی‌سازی این سازوکار و ارائه الگوی منطبق با موازین فقه امامیه و شرایط صنعت نفت و گاز ایران است. 2. مواد و روش‌ها این پژوهش از نظر هدف، کاربردی و از نظر روش، توصیفی–تحلیلی است. در این مطالعه، ابتدا اجزای سازوکار اوراق بهادارسازی جریان‌های آتی از منظر حقوقی، مالی و فقهی بررسی و با قراردادهای مورد پذیرش فقه امامیه، از جمله اجاره، جعاله و وکالت، تطبیق داده شد. سپس، به‌منظور انتخاب مناسب‌ترین ابزار مالی اسلامی جایگزین، از روش تصمیم‌گیری چندمعیاره ترکیبی AHP–SAW و نظر 15 نفر از خبرگان حوزه مالی اسلامی، بازار سرمایه و صنعت نفت و گاز استفاده شد. در ادامه نیز الگوی منتخب با ساختار پروژه‌های بالادست صنعت نفت و گاز ایران تطبیق داده شد. 3. یافته‌های تحقیق نتایج تحلیل AHP–SAW نشان داد که در میان ابزارهای مالی اسلامی، اوراق منفعت بیشترین سازگاری را با الزامات فقهی، ساختار FFS و نیازهای تأمین مالی پروژه‌های بالادستی نفت و گاز دارد. نرخ ناسازگاری ماتریس‌های مقایسه‌ای در سطح قابل پذیرش (CR=0.0131) قرار گرفت که بیانگر اعتبار قضاوت خبرگان است. بر اساس این نتایج، امکان تبدیل فرآیند FFS به قالب عملیاتی و شرعی اوراق منفعت فراهم شد. 4. بحث و نتیجه‌گیری یافته‌ها نشان می‌دهد که بومی‌سازی FFS بر پایه اوراق منفعت نه‌تنها از نظر فقهی قابل تجویز است، بلکه از نظر اقتصادی نیز توانایی تأمین منابع موردنیاز برای توسعه میادین نفت و گاز را دارد. مدل پیشنهادی نشان می‌دهد که با واگذاری منافع آتی ناشی از فروش نفت به دارندگان اوراق، می‌توان سازوکاری مطمئن، شفاف و منطبق با اصول فقهی ایجاد کرد که ظرفیت به‌کارگیری در پروژه‌های بالادستی را داراست. این الگو می‌تواند به‌عنوان راهکار مکمل برای تأمین مالی پروژه‌های راهبردی صنعت نفت و گاز مورد استفاده نهادهای اجرایی و سیاست‌گذار قرار گیرد.

https://ifr.isu.ac.ir/article_78099_42b84a422cab4c8e63931940189dd41c.pdf

دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 2 2026 01 21 Designing a Framework for the Outcomes of Shadow (Ghost) Assets Consequences and The Violation of Investors' Shariah Trust طراحی چارچوب برآیندهای ناشی از پدیداری دارایی‌های سایه (نامرئی) و نقض اعتمادِ شرعی سرمایه‌گذاران 397 446 78100 10.30497/ifr.2026.248767.1980 FA سودابه سادات میرباقری دانشجوی دکتری، گروه حسابداری، واحد شاهرود، دانشگاه آزاد اسلامی، شاهرود، ایران 0009-0004-3207-5362 محمدرضا عبدلی استاد، گروه حسابداری، واحد شاهرود، دانشگاه آزاد اسلامی، شاهرود، ایران 0000-0002-8927-1231 مریم شهری استاد، گروه حسابداری، واحد شاهرود، دانشگاه آزاد اسلامی، شاهرود، ایران 0009-0005-6160-1672 حسن ولیان استادیار، گروه حسابداری، واحد شاهرود، دانشگاه آزاد اسلامی، شاهرود، ایران 0000-0002-3365-1593 اصغر کرمی استادیار، گروه حسابداری، واحد اسلامشهر، دانشگاه آزاد اسلامی، اسلامشهر، ایران Journal Article 2025 08 16 1. Introduction and Objective The rapid expansion of financial technologies, digital assets, and decentralized monetary systems has transformed the structure of contemporary capital markets. Alongside these developments, new forms of hidden, intangible, and non-transparent assets have emerged that are often difficult to identify, evaluate, and regulate within conventional financial and legal frameworks. These assets, referred to in this study as “shadow (ghost) assets,” are increasingly associated with informational asymmetry, hidden corporate practices, speculative digital transactions, and ambiguous ownership structures. In this context, Shadow (Invisible) Assets are defined as economic resources, value-generating mechanisms, or hidden obligations that, due to their off-balance-sheet nature and structural opacity, remain undisclosed in formal financial reports and lack standardized measurement criteria (Aldridge, 2023). Such conditions not only influence financial transparency and market efficiency but also create significant ethical and religious concerns among investors operating within Islamic financial environments. In Islamic financial systems, investment decisions are not solely based on economic rationality and profitability. Rather, they are deeply intertwined with Shariah principles, ethical legitimacy, spiritual cognition, and perceptions of halal compliance. Consequently, whenever financial activities become opaque, speculative, or disconnected from recognized Islamic norms, investors may experience uncertainty regarding the religious legitimacy of their investments. This uncertainty can weaken what is conceptualized in this study as “Shariah trust,” namely the degree to which investors perceive investment activities as compliant with Islamic teachings, jurisprudential principles, and ethical obligations. Despite the growing literature on Islamic finance and digital financial technologies, limited research has examined how the emergence of shadow assets affects the cognitive and religious trust structures of investors. Existing studies have primarily focused on financial risk, technological innovation, cryptocurrency adoption, or regulatory challenges, while the relationship between shadow asset emergence and the erosion of Shariah trust has remained theoretically fragmented and methodologically underexplored. Moreover, there is a lack of integrated frameworks capable of combining qualitative conceptualization with quantitative prioritization in order to explain the multidimensional effects of shadow assets on religiously informed investment behavior. Accordingly, the primary objective of this study is to design a multidimensional framework explaining the consequences of the emergence of shadow assets and to evaluate their impact on the violation or weakening of investors’ Shariah trust in the capital market. To achieve this objective, the study combines grounded theory methodology with intuitionistic fuzzy decision-making techniques in order to both conceptualize the phenomenon and quantitatively evaluate its dimensions. The research further seeks to identify the most influential dimensions of shadow asset emergence and determine which aspects of Shariah trust are most vulnerable under technologically driven and informationally opaque market conditions. 2. Methods and Materials This study adopts a mixed-method exploratory design integrating qualitative grounded theory analysis with quantitative intuitionistic fuzzy evaluation techniques. The methodological rationale for employing a mixed approach was based on the complexity and multidimensionality of the phenomenon under investigation. Since shadow assets represent an emerging and theoretically underdeveloped concept within Islamic financial studies, an exploratory qualitative phase was first required to construct an initial theoretical framework. Subsequently, quantitative fuzzy methods were employed to validate and prioritize the identified dimensions under conditions of uncertainty and subjective judgment. In the qualitative phase, data were collected through semi-structured interviews with experts and specialists in the fields of finance, Islamic economics, capital markets, accounting, and financial technology. Purposeful and theoretical sampling techniques were employed until theoretical saturation was achieved. A total of 13 in-depth interviews were conducted. The interview data were analyzed using grounded theory procedures involving open coding, axial coding, and selective coding. The coding process resulted in the extraction of 245 open codes, which were subsequently categorized into six axial components and three overarching structural categories. These categories formed the basis of the proposed theoretical framework concerning the consequences of shadow asset emergence in capital markets. The qualitative analysis emphasized dimensions associated with digital currency-based assets, hidden financial operations, informational opacity, speculative transactions, and cognitive-religious uncertainty among investors. Following the qualitative phase, the reliability and generalizability of the extracted dimensions were examined using the Fuzzy Delphi Method (FDM). Experts evaluated the identified components through linguistic scales transformed into triangular intuitionistic fuzzy numbers. Dimensions that satisfied the required consensus threshold were retained for the subsequent analysis. The Delphi process ensured that only conceptually reliable and contextually relevant dimensions entered the quantitative decision-making stage. In the final phase, the validated dimensions of shadow asset emergence were integrated with standardized dimensions of investors’ Shariah trust. To evaluate the relationships among these dimensions and identify the most influential factors, an intuitionistic fuzzy multi-criteria decision-making (MCDM) framework was implemented using the fuzzy VIKOR approach. The selection of VIKOR was based on comparative evaluations conducted through Adaptive Neuro-Fuzzy Inference System (ANFIS) simulations and cross-validation metrics, including Accuracy, Precision, Recall, F-measure, and Mean Measure Criteria (MMC). Comparative analysis indicated that the intuitionistic fuzzy VIKOR model provided superior performance in handling discrepancies between real and fuzzy data structures. The analysis process involved pairwise comparisons, aggregation of expert judgments, geometric averaging, consistency assessment, determination of positive and negative ideal solutions, and prioritization of dimensions based on compromise ranking indices. Furthermore, consistency ratios were evaluated to ensure the reliability of the fuzzy comparison matrices. Through this integrated methodological framework, the study was able to bridge conceptual theory development with advanced fuzzy decision-making analysis. 3. Research Findings The findings of the qualitative phase revealed that the emergence of shadow assets is a multidimensional phenomenon rooted in hidden financial practices, technological transformations, and informational asymmetries within capital markets. Analysis of the interviews demonstrated that shadow assets are not limited to invisible accounting items or unregistered financial resources; rather, they represent broader mechanisms through which organizations may generate concealed benefits, exploit technological ambiguities, and create asymmetric access to economic opportunities. The grounded theory analysis resulted in the identification of 245 open codes, six axial categories, and three major structural categories. These categories collectively illustrated how shadow assets emerge through technological complexity, non-transparent financial activities, speculative digital transactions, and hidden profit-generation mechanisms. Among the identified dimensions, digital currency-based asset outcomes emerged as the most prominent category influencing investor perceptions and trust structures. The quantitative findings confirmed the significance of these dimensions within the context of Shariah trust evaluation. Results obtained from the intuitionistic fuzzy VIKOR analysis indicated that the dimension labeled “Digital Currency-Based Asset Outcomes (S1)” was ranked as the most influential factor contributing to the weakening of investors’ Shariah trust. This finding suggests that cryptocurrency-related financial activities, due to their decentralized nature, speculative volatility, and limited jurisprudential consensus, generate substantial cognitive and ethical uncertainty among investors committed to Islamic principles. Furthermore, among the dimensions associated with Shariah trust, the criterion “Perceived Compliance with the Principle of Shariah Halal in Investment (W1)” demonstrated the highest level of vulnerability and influence. In other words, investors’ trust was most strongly affected when they perceived ambiguity regarding the halal legitimacy of investment activities. This result indicates that religiously informed investment behavior is deeply dependent upon subjective perceptions of ethical and jurisprudential conformity rather than purely economic indicators. The fuzzy evaluation process also demonstrated that investors’ perceptions are significantly shaped by hidden organizational behaviors and non-transparent financial gains associated with technologically advanced financial instruments. As companies increasingly engage in digital financial operations that lack sufficient transparency or clear Shariah governance, investors may experience difficulties reconciling these activities with established Islamic teachings regarding halal income, avoidance of gharar (uncertainty), and prohibition of unjust enrichment. Another important finding of the study concerns the cognitive dimension of investment behavior. The results indicate that investors rely not only on formal legal or financial analyses but also on internalized spiritual cognition and previously learned religious principles when evaluating investment legitimacy. Consequently, when technological financial environments become excessively ambiguous or disconnected from recognizable ethical standards, investors experience a decline in religious confidence and cognitive certainty. Overall, the findings highlight that the emergence of shadow assets constitutes not merely a financial or technological issue but also a socio-cognitive and ethical challenge that directly affects the foundations of Shariah-oriented investment trust. 4. Discussion and Conclusion The findings of this study demonstrate that the emergence of shadow assets in modern capital markets has profound implications for investors’ Shariah trust, particularly within technologically driven financial environments such as cryptocurrency markets. The study contributes to the literature by proposing an integrated theoretical and analytical framework capable of explaining how hidden financial structures and digital asset mechanisms influence religiously grounded investment perceptions. One of the central conclusions of this research is that the violation or weakening of Shariah trust is primarily rooted in cognitive ambiguity rather than purely financial risk. Investors who adhere to Islamic ethical principles evaluate investment opportunities not only according to profitability but also according to perceived legitimacy, transparency, and compliance with religious teachings. Therefore, whenever financial systems become highly opaque, decentralized, or insufficiently regulated, the cognitive balance between economic rationality and spiritual assurance becomes disrupted. The prominence of digital currency-based assets as the strongest factor affecting Shariah trust reflects the broader tension between rapid technological innovation and the slower evolution of jurisprudential and regulatory frameworks. Although digital financial technologies provide new opportunities for efficiency and economic participation, they simultaneously create uncertainty regarding ownership legitimacy, transactional transparency, speculative behavior, and compliance with Islamic financial ethics. The study also underscores the importance of perception in shaping investor trust. The identified dominance of “perceived compliance with halal investment principles” indicates that trust formation in Islamic financial contexts is heavily influenced by subjective ethical interpretation and spiritual cognition. Consequently, even technologically efficient financial systems may fail to achieve investor confidence if they cannot provide sufficient religious transparency and jurisprudential assurance. From a practical perspective, the findings suggest the necessity of establishing more comprehensive Shariah governance systems for emerging financial technologies. Regulatory institutions, Islamic financial authorities, and capital market policymakers should develop updated jurisprudential frameworks specifically addressing cryptocurrencies, blockchain-based assets, and digital financial transactions. Specialized Shariah supervisory committees may also play an essential role in reducing ambiguity and strengthening investor confidence. Furthermore, the development of Islamic fintech models compatible with blockchain technologies could provide an effective pathway toward integrating technological innovation with religious legitimacy. Establishing Shariah certification mechanisms for digital asset platforms, cryptocurrency exchanges, and fintech institutions may contribute to greater transparency and reduce investors’ ethical uncertainty. In conclusion, this study demonstrates that shadow assets represent not merely hidden economic phenomena but multidimensional structures capable of influencing ethical cognition, spiritual confidence, and investment legitimacy perceptions. By integrating grounded theory with intuitionistic fuzzy decision-making techniques, the research provides a comprehensive framework for understanding the interaction between technological financial developments and Shariah-oriented investor trust. The findings may serve as a basis for future interdisciplinary studies at the intersection of Islamic finance, behavioral finance, financial technology, and fuzzy decision sciences. 1. مقدمه و هدف گسترش دارایی‌های سایه (نامرئی) در بازارهای مالی، به‌ویژه در بستر فناوری‌های نوین و دارایی‌های مبتنی بر رمز‌ارز، زمینه شکل‌گیری ابهام‌های ادراکی و چالش‌های مرتبط با اعتماد شرعی سرمایه‌گذاران را فراهم کرده است. بر این اساس، هدف پژوهش حاضر، طراحی چارچوب برآیندهای ناشی از پدیداری دارایی‌های سایه و بررسی تأثیر آن بر نقض اعتماد شرعی سرمایه‌گذاران در بازار سرمایه است. 2. مواد و روش‌ها این پژوهش از نظر روش‌شناسی، آمیخته با رویکرد اکتشافی است. در بخش کیفی، با بهره‌گیری از نظریه داده‌بنیاد، داده‌ها از طریق مصاحبه‌های نیمه‌ساختاریافته گردآوری و طی سه مرحله کدگذاری باز، محوری و انتخابی تحلیل شدند تا ابعاد چارچوب نظری استخراج گردد. در ادامه، به‌منظور ارزیابی پایایی و اعتبار ابعاد شناسایی‌شده، از روش دلفی فازی استفاده شد. سپس ابعاد نهایی با مؤلفه‌های استاندارد اعتماد شرعی سرمایه‌گذاران تلفیق و از طریق تحلیل فازی شهودی ویکور، میزان اثرگذاری ابعاد شناسایی‌شده بر اعتماد شرعی سرمایه‌گذاران ارزیابی گردید. 3. یافته‌های تحقیق یافته‌های بخش کیفی، مبتنی بر 13 مصاحبه، منجر به شناسایی 245 کد باز، 6 مؤلفه محوری و 3 مقوله ساختاری شد. نتایج بخش کمی نیز نشان داد که «برآیندهای دارایی مبتنی بر ارز دیجیتال» (S1) مهم‌ترین عامل نقض اعتماد شرعی سرمایه‌گذاران محسوب می‌شود. همچنین، در میان معیارهای اعتماد شرعی، «انطباق ادراکی با اصل حلال شرعی در سرمایه‌گذاری» (W1) بیشترین میزان تأثیرپذیری را به خود اختصاص داد. 4. بحث و نتیجه‌گیری نتایج پژوهش نشان می‌دهد که عملکردهای پنهان شرکت‌ها و کسب عایدات نامتعارف در بستر فناوری‌های مالی نوین، به‌ویژه رمز‌ارزها، می‌تواند موجب تضعیف انطباق ادراکی سرمایه‌گذاران با آموزه‌های دینی و احکام شرعی شود. در چنین شرایطی، ذهن سرمایه‌گذار در ارزیابی مشروعیت فعالیت‌های مالی با ابهام مواجه شده و اعتماد شرعی وی کاهش می‌یابد. ازاین‌رو، تدوین چارچوب‌های نظارتی و فقهی متناسب با تحولات فناوری‌های مالی نوین، می‌تواند نقش مؤثری در تقویت اعتماد شرعی سرمایه‌گذاران و ارتقای شفافیت بازار سرمایه ایفا نماید.

https://ifr.isu.ac.ir/article_78100_1838a31d99eed718a4bca967560c264e.pdf

دانشگاه امام صادق علیه‌السلام تحقیقات مالی اسلامی 2251-8290 15 2 2026 01 21 Designing a Hedging Instrument for Profit rate Fluctuations in the Islamic Capital Market: Using an Islamic Treasury bill Portfolio Futures Contract طراحی ابزار پوشش ریسک نوسانات نرخ سود در بازار سرمایه اسلامی: به‌کارگیری قرارداد آتی سبد اسناد خزانه اسلامی 447 494 78123 10.30497/ifr.2026.249108.2004 FA محسن یاوری دانش‌آموخته کارشناسی ارشد ریاضیات کاربردی- مالی، دانشگاه تربیت مدرس، تهران، ایران؛ تحلیلگر مالی خبره CFA 0009-0008-8928-0438 محمدرضا سیمیاری دانشجوی دکتری، مدیریت مالی، دانشکده مدیریت، دانشگاه شهید بهشتی، تهران، ایران 0000-0002-9636-708X رضا میرزاخانی استادیار، گروه فقه و مبانی حقوق، دانشکده الهیات، معارف اسلامی و ارشاد، دانشگاه امام صادق علیه‌السلام، تهران، ایران 0000-0001-9827-5464 Journal Article 2025 10 04 1. Introduction and Objective The value of investment portfolios held by investment funds, as well as banks’ loan portfolios, is affected by fluctuations in interest rates. Therefore, managing interest rate risk is essential in this regard. Globally, financial institutions operating in money and capital markets utilize interest rate futures contracts to hedge against interest rate volatility. In Islamic capital markets, however, the concept of “interest” does not exist; instead, the relevant concept is the “rate of return” or “profit rate.” Since, within Islamic capital markets, a rate itself is not considered a tradable asset possessing intrinsic proprietary value (māliyya), entering into futures contracts based directly on a rate is prohibited. Consequently, conventional interest rate futures cannot be employed on profit rates in Islamic finance. The central question of this research is therefore: What alternative instrument can be proposed, within the framework of Imamiyyah (Ja‘fari) jurisprudence, for managing profit-rate risk in Islamic financial markets (including both Islamic capital markets and Islamic banking)? 2. Methods and Materials This study employs juristic (fiqh-based) reasoning and analysis. In order to validate the proposed solution, the focus group method was utilized. The focus group consisted of twelve experts from diverse fields, including finance, risk management, Islamic finance, and Islamic commercial jurisprudence (fiqh al-mu‘āmalāt). The participants included members of specialized Sharīʿah committees, members of the Capital Market Expert Working Group of the Securities and Exchange Organization, and researchers in finance and Islamic finance. 3. Research Findings Given that the yield rate on Islamic Treasury Securities (Sukuk al-Khazānah al-Islāmiyyah; Akhza) may be regarded as the risk-free rate within Iran’s economy, a futures contract based on a basket of Islamic Treasury Securities traded in the Iranian capital market can, to a significant extent, replicate the economic function of a risk-free profit-rate futures instrument. 4. Discussion and Conclusion Financial institutions—including both capital market institutions and banks—may utilize futures contracts based on a basket of Islamic Treasury Securities in order to hedge against fluctuations in profit rates in Iran. The focus group, while emphasizing compliance with the operational requirements governing the use of this instrument, approved the proposed solution from a Sharīʿah perspective. These requirements are as follows: 1) The inclusion of such securities as the underlying asset in a futures contract is permissible from a Sharīʿah standpoint. However, stipulating the delivery of a different Islamic Treasury Security in place of the originally specified underlying asset is not considered Sharīʿah-compliant. Nevertheless, where delivery of the specified security is not feasible at maturity, cash settlement—subject to terms agreed upon in advance by the parties—is permissible. Furthermore, the Sharīʿah considerations applicable to equity basket futures contracts must also be observed. These include: - the structure being based on reciprocal exchange and the trading of mutual obligations; - the permissibility of cash settlement at maturity upon mutual agreement; - the ability to physically deliver the underlying basket at maturity; - the validity of contractual agreements regarding adjustment of the traded underlying basket in the event of changes to the composition of the reference basket; - the validity of contractual provisions allowing cash settlement in the event that trading in some components of the underlying basket is suspended in accordance with the regulations of the Securities and Exchange Organization; and - the validity of contractual provisions governing cash settlement of fractional quantities (if any) within the underlying basket at maturity. 2) It is necessary that the Islamic Treasury Securities constituting the basket be selected in such a manner that physical delivery of the securities remains feasible upon maturity of the futures contract. 1. مقدمه و هدف ارزش پرتفوی سرمایه‌گذاری صندوق‌های سرمایه‌گذاری و همچنین پرتفوی وام بانک‌ها از تغییرات نرخ بهره تأثیر می‌پذیرند؛ از‌این‌رو در این خصوص لازم است ریسک نرخ بهره مدیریت شود. به منظور پوشش ریسک نوسانات نرخ بهره در دنیا نهادهای مالی فعال در بازارهای پول و سرمایه از آتی نرخ بهره استفاده می‌کنند. در بازار سرمایه اسلامی، مفهوم بهره وجود ندارد و آنچه وجود دارد، نرخ سود است. در بازار سرمایه اسلامی ازآنجایی که نرخ فاقد مالیت است، انعقاد قرارداد آتی بر روی نرخ، ممنوع است؛ درنتیجه نمی‌توان از ابزار آتی بر روی نرخ سود استفاده کرد. مسئله این تحقیق عبارت است از: چه ابزار جایگزینی می‌توان برای مدیریت ریسک نرخ سود در بازارهای مالی اسلامی (اعم از بازار سرمایه اسلامی و بانکداری اسلامی) در چارچوب فقه امامیه ارائه داد؟ 2. مواد و روش‌ها در این تحقیق از استدلال فقهی استفاده شده و به‌منظور اعتبارسنجی راه‌حلِ ارائه شده، روش گروه کانونی اجرا شده است. خبرگان گروه کانونی عبارتند از 12 خبره با تخصص‌های مختلف مالی، مدیریت ریسک، مالی اسلامی و فقه معاملات (شامل اعضای کمیته تخصصی فقهی و اعضای کارگروه تخصصی بازار سرمایه سازمان بورس و اوراق بهادار و پژوهشگران مالی اسلامی و مالی). 3. یافته‌های تحقیق از آنجایی که می‌توان نرخ اسناد خزانه اسلامی را نرخ بدون ریسک در اقتصاد ایران در نظر گرفت، قرارداد آتی روی سبدی از اسناد خزانه اسلامیِ مورد معامله در بازار سرمایه ایران، تقریباً می‌تواند آتی نرخ سود بدون ریسک را شبیه‌سازی کند. 4. بحث و نتیجه‌گیری نهادهای مالی (اعم از نهادهای مالی بازار سرمایه و بانک‌ها) می‌توانند به‌منظور پوشش ریسک نوسانات نرخ سود در ایران، از قرارداد آتی مبتنی بر سبد اسناد خزانه اسلامی استفاده نمایند. گروه کانونی ضمن تأکید بر رعایت الزامات استفاده از این ابزار، راه‌حل ارائه شده را از منظر فقهی تأیید کردند. این الزامات عبارتند از: 1. قرار گرفتن این اوراق به عنوان دارایی پایه در قرارداد آتی از نظر ملاحظات فقهی بلامانع است اما شرط تحویل سند خزانه اسلامی دیگری بجای آنچه در اصل دارایی پایه در قرارداد آتی قرار گرفته از نظر فقهی صحیح نیست؛ اما در صورتی که امکان تحویل آن سند در مقطع سررسید وجود نداشت، تسویه نقدی با ضوابطی که در ابتدا بین طرفین توافق می‌شود، بلامانع است؛ و ملاحظات فقهی قرارداد آتی سبد سهام (شامل: مبتنی بر معاوضه و معامله دو تعهد، قابلیت تسویه نقدی در سررسید با توافق طرفین، قابلیت تسلیم سبد پایه در سررسید، صحت توافق طرفین مبنی بر تعدیل سبد پایه مورد معامله در فرض تغییر ترکیب سبد مرجع، صحت شرط ضمن عقد مبنی بر تسویه نقدی در فرض توقف نماد برخی از ]اقلام[ سبد پایه مطابق مقررات سازمان بورس و اوراق بهادار و صحت شرط ضمن عقد تسویه نقدی مقدار اعشاری (در صورت وجود) در سبد پایه در سررسید) رعایت شود؛ 2. ضروری است اسناد خزانه اسلامی موجود در سبد به‌گونه‌ای باشند که در زمان سررسید قرارداد آتی، امکان تحویل فیزیکی آن وجود داشته باشد.

https://ifr.isu.ac.ir/article_78123_d6d9874dad077fbf5744ea75fb89212e.pdf