Explanation of the Issuance Model of Islamic Commercial Paper for Commercial Corporations

Document Type : Paper

Authors
Gholam Reza Mesbahi Moghadam 1
Mohammad Esmaeel Fadaeenejad 2
Sayyed Ali Sajjadi 3
1 Associate Professor, Faculty of Islamic Studies and Theology, Imam Sadegh University
2 Associate Professor, Faculty of Management, Shahid Beheshti University
3 PhD in Financial Management, Shahid Beheshti University
10.30497/ifr.2014.1675
Abstract
Commercial paper is an unsecured, short-term debt instrument issued by a corporation, typically for financing working capital and meeting short-term liabilities. It is one of the most important financial instruments that constitute a significant portion of issued debt securities in financial markets. Nevertheless, commercial paper, like many other conventional financial instruments, has been structured and issued in western financial markets and because of sharia regulations and conditions, it is not allowed to be issued in Islamic markets or for corporations that are committed to Islamic regulations. But Islamic rules and jurisprudence (fiqh) are flexible enough to permit the use of commercial paper based on various allowed contracts. In this paper, we try to develop models for structuring and issuing commercial paper, applicable to commercial corporations that comply with Islamic rules and regulations.
Keywords
islamic finance
Commercial Paper
Sukuk
Short- Term Financing
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  • Receive Date 07 June 2015
  • Revise Date 12 August 2015
  • Accept Date 12 August 2015