Islamic Economics Studies Bi-quarterly Journal

Pathology of Financing by Issuing Waqf Sukuk in Iran

Document Type : Research Paper

Authors

1 Master Of capital market MBA, Kharazmi University, Tehran, Iran

2 Assistant Professor, Finance Department, Faculty of Islamic Studies and management, Imam Sadiq University, Tehran, Iran.

3 phD student of Islamic Finance, Imam Sadiq University, Tehran, Iran.

Abstract

Muslim scholars have tried to design suitable Islamic financial instruments to meet the financing needs of different sectors of the economy by referring to the Islamic teachings of Islam. One of the instruments is the waqf Sukuk. Waqf Sukuk can play an important role in the development of public infrastructure. An investigation of the performance of the waqf sukuks in Iran shows that although the initial purpose desired by the designers has been achieved to a very limited extent, but wider use of this Waqf Sukuk requires a comprehensive pathology and accurate revise. In the present study, according to the literature of the subject and the interview with experts, the disadvantages of the issue  of waqf sukuk in Iran and the considered solutions of experts for the elimination of disadvantage were identified and then according to the method of TOPSIS , disadvantages  of experts consensus was ranked. The basis of the TOPSIS method is the choice of options that has the smallest distance from the positive ideal and the maximum distance from the negative ideal. The results of the research show that the disadvantage (low awareness of the authorities and the crowd people about the concept and function of the waqf sukuk), (lack of active use of cooperation and participation of people, and public charities for the marketing of issue of the waqf sukuk) and (insufficient advertising and marketing), Compared to other items are, the first, second and third most important damages to the issue of waqf sukuk in Iran.

Keywords

Iran Civil Law
Iran Budget Law (1392)
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Islamic Economics Studies Bi-quarterly Journal
Volume 12, Issue 2 - Serial Number 24
May 2020
Pages 63-94