محمدهاشم بت شکن

One of the most critical bottlenecks in the country’s oil industry is the lack of sufficient liquidity and a suitable and codified method for financing projects in the downstream sector of Iran’s oil and gas industry. These projects include the construction of oil and gas refineries and petrochemical plants. Oil and gas projects require a very high volume of investment, and the limited financial resources and insufficient attractiveness of the currently defined instruments do not meet the new investment needs of downstream projects to achieve the 1404 vision. Therefore, in this article, due to the novelty of the issue, numerous interviews were conducted with staff and operational managers and other relevant officials in the field of financing the downstream part of the oil and gas industry. Then, with the help of Maxqda software, all independent ideas in the form of concepts and sub-themes were identified. With the help of the Delphi method based on the process of Islamic financial engineering based on responding to existing needs by identifying the needs of the parties to the transaction, asset base, and related cash flow analysis, appropriate structured instrument in this sector were designed in six instruments. From experts and related tests, as well as analysis and comparison of their various risks by AHP using Expert Choice software, finally based on the tests performed on the results obtained from questionnaires and interviews of experts, structured financing instrument in the form of convertible securities parallel Istisna Sukuk–Lease (Ijarah) and Sukuk–stock was approved.

The aim of this article is to investigate the dynamic correlation between the Global Economic Policy Uncertainty index (GEPU) and Non-Performing Loans (NPL) in Iran. The relationship between economic uncertainty and banking performance indices is significant because of the systemic importance of banks in every economy. We evaluated this relationship in this developing country, especially under economic sanctions. In this study, we used the Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) to assess the relationship between Global Economic Policy Uncertainty and Non-Performing Loans of Iranian banks using the statistics of these two indicators by R and Eviews programming and statistical software in the period from 2004 to 2021. Our results show that Iranian banks' Non-Performing Loans (NPL) are rather associated with Global Economic Policy Uncertainty (GEPU) during major global shocks such as the global financial crisis in 2008 or the Covid-19 pandemic. However, despite fluctuations in the correlation between Non-Performing Loans and Global Economic Policy Uncertainty over time, this study also illustrates that these correlations in some periods are generally somewhat low that some of the reasons could be the sanctions imposed on Iran's economy and banking system, imposed loans to banks by the government, forced interest rate, etc., which led to a limited connection among Iranian banks and global banking system. To prove this claim we estimate the model for some countries with an open economy, like Japan, Singapore, the US, Turkey, and Spain. The result shows that this correlation is much higher in comparison to Iran.

In this paper, we examined an effective business model for the ecosystem of Islamic FinTech for Resalat Islamic Bank. The article discussed three phases of Resalat Bank development as a Platform in formulating social business models that require new value propositions, value constellations, and profit equations, and as such, resembles business model innovation. The result of the qualitative method for comparing Resalat Bank and Grameen Bank indicated that the business model of Resalat Bank is more efficient than Grameen Bank. We also discussed the challenges of transformation from the "current Islamic banking business model" to "Islamic banking as a platform" and proposes a framework for "Islamic bank as a platform" at the macro and micro levels.