Using Analytical Hierarchy Process Presentation of Desirable Financing Pattern for Iran's Oil Industry on the Basis of Sukuk of Istisna and Ranking Risks by

• Main Authors: Mohammad Naghi Nazarpour, Sayyed Mohsen Fazeliyan, Nahid Momeni Nejad
• Format: Article
• Language: fas
• Published: Imam Sadiq University 2014-04-01
• Series: تحقیقات مالی اسلامی (پیوسته)
• Subjects: financing oil projects; sukuk of istisna; the risk of secondary market; ahp
• Online Access: http://ifr.journals.isu.ac.ir/article_1655_1fb8693cbd6116ff6db083f5236e055a.pdf

Limited government resources, inadequate domestic bank resources and international financial restrictions are major obstacles to the implementation of infrastructure projects in the country and providing development programs. Now the proceeds from the sale of crude oil are the main source of revenue for the country's infrastructure development. Meanwhile, <em>sukuk of</em> <em>istisna</em> can prove their capabilities in the capital markets in Islamic countries and dispel doubts about the existence of interest (<em>riba</em>), to attract financial resources. This article, by using a descriptive analysis using library resources, is to evaluate the hypothesis concerning the possibility of different types of <em>sukuk of  istisna</em> to provide the required financial resources by the oil industry. Therefore, while providing operational patterns of <em>Sukuk of istisna</em>, combined sukuk of istisna, hire-purchase, and <em>sukuk of</em>  <em>Murabahah</em>  combination with <em>istisna,</em> we have evaluated possible economic effects of the issued securities and their consequent secondary market risks, and by using hierarchical analysis and field studies we have  ranked the risks addressed. The results indicate that the positive economic effects of the proposed <em>sukuk</em> <em>of  istisna</em> in the portfolio can finance the oil industry. Also, inflation risks and political and exchange rate risks, are the most influential factors on the choice of investors to buy the bonds between groups and should be duly focused upon by users.