Guarantee Fund; a New Approach to the Development of the Islamic Securities Market

Document Type : Paper

Author
Mohammad Tohidi
Assistant Professor Department of Finance, Faculty of Islamic Sciences and Management, Imam Sadiq University
10.30497/ifr.2017.2128
Abstract
Issuing sukuk is an important step in developing Islamic capital market in Iran. Since the start of issuing sukuk, different types of sukuk including musharakah, ijarah, murabaha, parallel salaf, and istisna have been issued. A comparison of statistics and data related to issuing sukuk in Iran and other Islamic countries shows that the volume of sukuk in Iran is much smaller than that in other Islamic countries. We need, therefore, to identify the problems and challenges of sukuk market in Iran and present operational solutions to develop this market. The pathological study of the Islamic sukuk has shown that one of the serious challenges in its development is related to guarantee principle and return of issued sukuk.
 
In this research, we present an initiative solution for guaranteeing Islamic sukuk which can help opening the door for small and medium entrepreneurships and corporations with different levels of credit risk to enter the Islamic sukuk market resulting in its expansion and persistence. Sukuk guarantee fund is a mechanism based on mutual participation of fund members who are originators of issuing sukuk. In this research, we try to identify and analyze important components in designing sukuk guarantee fund, so we discuss components like  managerial and ownership structure, mobilization of resources, investment strategies, and default risk coverage through sukuk guarantee fund.
Keywords
Islamic Securities (Sukuk)
Guarantee Fund
Takaful
Investment Fund
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Volume 7, Issue 1 - Serial Number 13
November 2017
Pages 91-126

  • Receive Date 04 February 2016
  • Revise Date 05 February 2016
  • Accept Date 17 May 2016