Buy Bonds Dayn Effective Tool in Providing Working Capital of Enterprises

• Main Authors: Saeid Ahmadi, Mohammad Mehdi Dejdar
• Format: Article
• Language: fas
• Published: Imam Sadiq University 2016-04-01
• Series: تحقیقات مالی اسلامی (پیوسته)
• Subjects: sukuk; sukuk al dayn; debt buying; working capital; accounts receivable
• Online Access: http://ifr.journals.isu.ac.ir/article_1858_c6a75026b9a88ef3b3f06bbbc8d54cfa.pdf
• ISSN: 2251-8290; 2588-6584

Today continuation of economic activities requires access to timely and adequate financial resources to provide working capital for enterprises, and any decision in this area  has a considerable effect on the operational efficiency of the business unit and will lead to changes in the value of the company and ultimately shareholders' wealth. <br />      In current conditions, because of  the volume of outstanding debts of banks, and consequently, the lack of adequate capacity to respond to the increasing demand for loans, the access to financing is more difficult, leading to undesirable and inappropriate management of working capital and companies' loss of their competitive deals. Accordingly, one of the requirements of enterprises for improving the business environment is the effectiveness in providing working capital through the development of methods to achieve short-term funding from the capital market. <br />In this paper, by using a descriptive analytical method with <em>fiqh</em>-based approach and considering the requirements of <em>sharia</em> and the country's laws, efforts have been made to develop a model for the issuance of securities that lead to efficient working capital of firms. Thus, according to the research carried out in our country and experiences gained in the field of securities, Sukuk Al Dayn based on accounts receivable is recommended as a new model for an efficient working capital management in Iran's financial market.