Investigating and Prioritizing the Attractiveness Factors of Ijarah Securities from the Investors’ Perspective

Document Type : Science - Research (Islamic Financing Tools)

Authors
Mahdi Mohammadi Nasab 1
Mahdi Rashidirad 2
1 Assistant Professor, Department of Management, School of Management and Economics, Qom University, Qom, Iran.
2 Department of Business Administration, Faculty of Management and Economics, Qom University, Qom
10.30497/ifr.2019.2371
Abstract
Ijarah sukuk is one of the new securities in Islamic finance. They provide a partial ownership of the property whose interests are paid, according to the rental agreement, to the issuer. Due to the newness of Ijarah securities and their complete legal status, their importance is on the increase, and in recent years, with the issuance of them in secondary markets, including the stock market, these securities are becoming more attractive to investors. Hence, in this study, we are going to investigate and prioritize the attractiveness factors of ijarah securities (sukuk ijarah) from the investors’ perspective. The statistical society of this study includes investors and experts in ijarah securities in Iran. The time of the research is the first half of 1396, Solar Hegira. The data gathering tool was interview and questionnaire. At the beginning, through using the background of the research and interviewing investors and experts on these securities, 9 factors that influenced the attractiveness of ijarah securities were investigated. In the next step, using the Analytic Network Process (ANP) and Analytic Hierarchical Process (AHP) techniques, we determined the weight of the factors. According to research findings by ANP technique, the ranking of those factors are as follow: 1. low risk 2- trust 3-the ability to exchange in secondary market 4- low agency cost 5- guarantee of basic capital 6- specific profit 7. different investment periods 8- sharia 9. tax exemption.
Keywords
Sukuk
Ijarah Security
Attractiveness
Prioritizing
Analytic Network Process (ANP)
Analytic Hierarchical Process (AHP). JEL Classification: G21
G23
G25
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Volume 9, Issue 1 - Serial Number 17
November 2019
Pages 237-266

  • Receive Date 22 July 2018
  • Revise Date 10 March 2019
  • Accept Date 10 March 2019