Authors

• Asqar Abolhasani ¹
• Ahmad Baharvandi ²

¹ Assistant Professor of the Payam Noor University

² Ph.D. in economics, Payam Noor University

Abstract

The exchange rate risk can be hedged using different approaches; one of which is the correct selection of the counterpart exchange, exchange portfolio diversification and entering hedging transactions. The direction of the exchange transaction should be in a way that trade is done based on real needs of producers and consumers and incorrect speculation gets minimized. Because of that, directing the transactions toward real sector of the economy can be a clue. Introducing an instrument compatible with Moghavah economy can be a theoretical solution in this stage. The point, which is worth mentioning here, is the usage of the securitization literature based on real goods and services. The entrance of real goods and services into the picture can solve some problems like the unavailability of the based goods, the Ghomar doubt etcetera. In this research, we try to introduce new Islamic instrument called: "Two-sided exchange Sukuk" which can be used to cover the exchange risks facing the Iranian economy and banking system.

Keywords

• two-sided exchange Sukuk
• Moghavah economy
• exchange risk
• hedging