Document Type : Research Paper

Author

• AbdolMohammad Kashian

Assistant Professor & Member of the Faculty of Economics, Management and Administrative Sciences at Semnan University

Abstract

The ecosystem of innovation and knowledge-based economics has certain characteristics that make it more sensitive to financing. High intensity of asymmetric information between investor and innovator, high investment risk and uncertainties, uncertainty of NPV and high share of intangible assets are the most important of these characteristics. This is why financing models in innovation and the knowledge-based economy take on different forms. On the other hand, the Islamic financing system has special rules and regulations that many investors in Islamic countries have a strong emphasis on them. The present study examines and enumerates the different types of financing of the innovation ecosystem and the knowledge-based economy, using the conventional ijtihad method in the analysis of Islamic financial markets, analyzes their nature from the perspective of Islamic financing frameworks and in case of incompatibility between them, proposed alternative solutions. Has modeled. analyses of data show that in many cases it is possible to adapt between Islamic contracts and innovation financing models, but in cases of conflict, it is possible to use contracts such as Murabaha, Mosharekah, Joallah and other exchange and partnership contracts, as Meets the needs of technology financing within the framework of the Islamic financing system. As result many models of financing the innovation ecosystem and the knowledge-based economy in a new legal framework based on the Islamic financial system can be used in Islamic countries.

Keywords

• Innovation
• Knowledge-Based Economics
• Islamic Financing
• Investment
• Islamic Economics