Sukuk

Financial instruments are one of the fundamental dimensions of financial markets that guarantee their efficiency and effectiveness of these markets. These instruments playe a main role in economy to direct money from saving sources to investment needs. These instruments provide possibility of financing companies from public and private sources and also are considered as investment instruments for cash savings in an economy that can provide a suitable return for investors. Today, various financial instruments have been developed that can meet different financial needs of corporations which can comply with investor tastes and preferences. Among these instruments, commercial paper is usually considered as a short-term financing instruments for working capital expenditures of companies. Banks and credit institutions are among the main entities which issue commercial papers for their liquidity needs. In spite of this, like other traditional financial instruments, commercial papers have been developed and structured in western markets and cannot be issued in Islamic markets due to Shariah (Islam) regulations and condition. But, Islamic contracts and regulations have the capability to develop this important financial instrument in an accepted framework of prescribed contracts in Islam jurisprudence (Fiqh). The present research with a comparative study, (Delphy method) explains the conceptual model of Islamic commercial papers for banks and credit institutions in the form of Murabaha Sukuk, in a way that these papers can be structured and issued in the Islamic markets by using opinions of the experts. Key words: Islamic finance, Commercial paper, Sukuk, Murabaha JEL Classification: G21, G23, G32

THE WBG INVOLVED IN ISLAMIC FINANCIAL SERVICES AS CLIENT REQUESTED, AND IN ORDER TO COMPLEMENT CONVENTIONAL ONE, SUPPORT ECONOMIC DEVELOPMENT AND POVERTY ALLEVIATION, EXPAND ACCESS TO FINANCE, ENHANCE FINANCIAL STABILITY AND BENEFITING FROM GROWING ISLAMIC FINANCIAL ASSETS. AREAS OF WBG INVOLVEMENT WERE CAPACITY BUILDING IN GOVERNANCE AND RISK MANAGEMENT ACCOUNTING ISSUES, REGULATIONS AND PRODUCT DEVELOPMENT, AND FOR FINANCIAL INCLUSION, AND IMPROVING LEGAL AND INSTITUTIONAL FRAMEWORK OF ISLAMIC FINANCIAL INSTITUTIONS AS WELL. THE WBG ALSO STRUCTURED ISLAMIC FINANCE PRODUCTS FOR FINANCING PROJECTS FOR MUSLIM COMMUNITIES AND PROVIDED GUARANTEES FOR SUPPORTING ISLAMIC FINANCE TRANSACTIONS. THE WBG IS ALSO INVOLVED IN ISSUING SUKUK FOR RAISING FUNDS FOR DEVELOPMENT PROGRAMS. THE WBG INVOLVEMENT WAS PRODUCTIVE AND PROMOTED ISLAMIC FINANCIAL SERVICES AS A COMPLEMENTARY TO THE CONVENTIONAL ONE.

The main objective of this article is to investigate the impact of various financial, economic, and political risks and economic complexity on the development of the Sukuk market in the Iranian economy. The data required to conduct this research based on the variables of the proposed model were used from the Capital Market Central Asset Management Company, the International Country Risk Guide (ICRG) database, and the MIT University website. The data relating to 2010-2022 is seasonal, and REVIEWS 13 software was used. The model estimation results using the Nonlinear Autoregressive Distributed Lag Model Approach (NARDL) show that the negative shock of political risk reduces the development of the Sukuk market in the short and long term. The negative shock of financial risk in the long term has a negative impact on the development of the Sukuk market. The negative shock of economic complexity reduces the development of the Sukuk market in the short term. The positive shocks of political risk, financial risk, economic risk, and economic complexity in the short and long term led to the development of the Sukuk market. Among the three types of risk, political risk and financial risk have the most impact on sukuk market development. The error correction coefficient in this estimate is negative and statistically significant, which shows that 0.42% of the short-term imbalance is adjusted to reach the long-term balance every year.

This research aims to provide a detailed and comprehensive analysis of trends and developments in scientometrics and bibliometrics in the sukuk market in order to present global findings and outline new perspectives and practical strategies for the improvement and development of Iran's capital market in this area. In this study, a scientometric analysis of the sukuk domain was conducted on 391 selected documents, using a scientific search method in the Web of Science database, spanning from 2010 to 2023. For this purpose, Biblioshiny, a web-based application using the R language, which includes bibliometric interpolation, was utilized. Prominent journals, authors, countries, papers, and topics were identified through this software workflow, and citation analysis, co-citation, and social network analyses were performed. In the Iran section, papers and books on sukuk were extracted and examined. The findings indicate that the field of sukuk has emerged as a developed domain over time. The bibliometric and scientometric analysis of sukuk in the capital market clarifies the field's conceptual framework and delves into the existing intellectual and social structural patterns. This analysis illustrates the alignment of global experiences with current developments in the sukuk market and emphasizes the importance of suggestions for improving and developing Iran's capital market. Moreover, the current research examines the intellectual and social structures associated with the field and provides insights into its conceptual framework. This research, through the bibliometric and scientometric analysis of the sukuk market, elucidates the developments and intellectual and social patterns in this field and effectively contributes to the development of knowledge and improvement of Iran's capital market by offering suggestions based on global experiences.