Document Type : Paper

Authors

• Mohammad Naghi Nazarpour ¹
• Sayyed Mohsen Fazeliyan ²
• Nahid Momeni Nejad ³

¹ Mofid University faculty member

² Assistant Professor, Faculty of Islamic Studies and Management, Imam Sadiq University

³ Master of Islamic Economics, Mofid University

Abstract

Limited government resources, inadequate domestic bank resources and international financial restrictions are major obstacles to the implementation of infrastructure projects in the country and providing development programs. Now the proceeds from the sale of crude oil are the main source of revenue for the country's infrastructure development. Meanwhile, sukuk of istisna can prove their capabilities in the capital markets in Islamic countries and dispel doubts about the existence of interest (riba), to attract financial resources. This article, by using a descriptive analysis using library resources, is to evaluate the hypothesis concerning the possibility of different types of sukuk of  istisna to provide the required financial resources by the oil industry. Therefore, while providing operational patterns of Sukuk of istisna, combined sukuk of istisna, hire-purchase, and sukuk of  Murabahah  combination with istisna, we have evaluated possible economic effects of the issued securities and their consequent secondary market risks, and by using hierarchical analysis and field studies we have  ranked the risks addressed. The results indicate that the positive economic effects of the proposed sukuk of  istisna in the portfolio can finance the oil industry. Also, inflation risks and political and exchange rate risks, are the most influential factors on the choice of investors to buy the bonds between groups and should be duly focused upon by users.

Keywords

• Financing Oil Projects
• Sukuk of Istisna
• The Risk of Secondary Market
• AHP

20.1001.1.22518290.1393.3.2.3.1