Designing Istisna Sukuk Models in Iran Capital Market

Document Type : Research Paper


1 Ph.D Candidate in Financial Management, Faculty of Management, University of Tehran, Tehran, Iran

2 Associate Prof. in Islamic Economy, Institute of Islamic Thought & Culture, Qom, Iran


One of the most significant functions of an efficient Islamic financial system is to support the real sector of economy. Such a system must consolidate the real sector of economy and also meet continually its basic needs. In order to attain this objective, we need to design and make use of appropriate and effective financial instruments to finance companies and projects. At the moment, we do not make favorable use of these instruments in Iran. Given the present circumstances; if we design a financial instrument based on Istisna contract, we will be able to finance the major projects available in both private and public sector. This research, intend to design Istisna sukuk through using a rational analysis based on comparison of financial models and to provide the possibility for operationalizing this instrument in Iran’s financial market.


Main Subjects

Abdul Aziz, M. & Mohd Noh, M. (2013). Tools of usul al-Fiqh in realizing Maqasid al-Shari’ah in Sukuk structures in Malaysia: An Initial Analysis. International Journal of Education and Research, (1), 1-10.
Abdul Rahman, A. (2003). Accounting regulatory issues on investments in Islamic bonds. International Journal of Islamic Financial Services, (4).
Aghanazari, H. (2007). Islamic Economics Theorizing (The possibility of scientific theorizing of Islamic economics and its method). Tehran: Organization of reading and editing of humanities in universities. (in Persian)
Ahmed Shaikh, S. & Saeed, S. (2010). Sukuk Bond: The Global Islamic Financial Instrument. MPRA.
Arsalan, T. & Dar, H. (2007).Risks of Sukuk Structures: Implications for Resource Mobilization. Thunderbird International Business Review, 49(2), 203-223.
Asutay, M. (2007). A Political Economy Approach to Islamic Economics: Systemic Understanding for an Alternative Economic System. Kyoto Bulletin of Islamic Area Studies, 1(2), 3-18.
Eivazlou, H. (2008). Fundamentals of the monetary system in Islamic economics. Islamic Economics Scientific Journal, (29), 35-61. (in Persian)
Hashemi shahroodi, S. (1999). Istisna. Ahl al-Bayt jurisprudence magazine, (19-20).
(in Persian)
Helli, A. (1984). Aljohhar al-Nazad. Qom: Bidar Publishing. (in Persian)
Khahf, M. (1991). Instruments and Alternatives of Public Debts in Islamic Economy. Research paper presents at IRTI assignment.
Kashfi, A. (2002). Application of geometric method in Islamic philosophy. Articles and Reviews, (71), 221-245. (in Persian)
Khandan, S. (2000). Applied logic. Tehran: Organization for the Study and Compilation of Human Sciences Books at Universities and Taha Cultural Institute.
(in Persian)
Lak, M. (2010). A Comparative study of istisnaSukuk operational models for use in the Iranian market and the presentation of a new model. Faculty of Management. Imam Sadiq University. (in Persian)
Mirzaei aharanjani, H. (2006). Cognitive backgrounds of organisation theory. Tehran: Organization of reading and editing of humanities in universities. (in Persian)
Mo`menqomi, M. (1997). Istisna. Ahl al-Bayt jurisprudence magazine, (11&12), 201-239. (in Persian)
Mosavian, S. (2009). Financial engineering of contracts in Islamic Banking. Islamic Economics Scientific Journal, (35), 63-98. (in Persian)
Mosavian, S. (2012). Islamic capital market. Tehran: Organization of Publications of the Research Center for Culture and Islamic Studies. (in Persian)
Mosavian, S. & Ebadi, j. (2007). Dictionary of juridical and legal terms of trades. Tehran: Monetary and Banking Research Center. (in Persian)
Mosavian, S. & Soroush, A. (2011). Jurisprudential, economic and financial pathology of issue of musharekah sukuk in Iran. Stock Exchange Quarterly, (14), 29-60.
(in Persian)
Motahari, M. (1989). A commentary on the economic system of Islam. Tehran: Sadra Publishing. (in Persian)
Nabavi, L. (1990). Methodology of deductive sciences. Modares Magazine, (2), 173-185. (in Persian)
Nadri, K. & Karegar motlagh, A. (2010). The feasibility of using sukuk to export finance. Islamic Economics Scientific Journal, (37), 89-120. (in Persian)
Nazarpor, M. (2011). Independence or lack of independence Istisna contract. Ahl al-Bayt jurisprudence magazine, (66&67), 121-168. (in Persian)
Sadabadi, M. (2011). Provide a model for financing contracting projects by IstisnaSukuk. School of Accounting and Management. Al-Zahra University. (in Persian)
Sadeghi, M. (2014). Comparative study of Contract of Istisna in Law and Jurisprudence. Tehran: Khorsandi Publishing. (in Persian)
Salman, S. (2008). Islamic Capital Markets: Products, Regulation and Development. Islamic Development Bank
Shenivar, Q. (2009). Commercial contract of Istisna. Faculty of Law and Political Science. Shiraz University. (in Persian)
Shenivar, Q. & Akhtarnia, j. (2014). Contract of Istisna. Tehran: Ava Book Publishing. (in Persian)
Soroush, A. & Sadeghi, M. (2007). Risk Management for Ijarah Sukuk. Islamic Economics Scientific Journal, (27), 157-186. (in Persian)
Vaezi, H. (2001). Investigation of Istisna contract and its position in Imamiyah jurisprudence. School of Theology, Islamic Education and Guidance. Imam Sadiq University. (in Persian)