Identifying, classifying and prioritizing the risks of GAM bonds (productive credit certificates) with a fuzzy multi-criteria modeling approach

Identifying, classifying and prioritizing the risks of GAM bonds (productive credit certificates) with a fuzzy multi-criteria modeling approach

Subject Areas : Financial engineering

Mohammad Reza Hazeri Yazdi ¹ , Hussein Shirmardi Ahmadabad ²

1 - Program and Budget and Islamic Finance Center/Faculty of Management and Strategic Planning/Imam Hossein Comprehensive University/Tehran/Iran
2 - Program and Budget and Islamic Finance Center/Faculty of Management and Strategic Planning/Imam Hossein Comprehensive University/Tehran/Iran

Received: 2023-05-26 Accepted : 2023-07-18 Published : 2024-08-15

Keywords: financing, Sukuk, GAM bonds, productive credit certificates, value chain financing,

Abstract :

The productive credit certificate (GAM) is one of the new innovations of the country's monetary and financial system for financing production units, which can improve the access of production units to working capital, and cause the development and prosperity of production of these units. By benefiting from the capacity of the country's private sector, which are in the form of production supply chains, and with the guarantee of banks and credit institutions, these bonds will provide the necessary sources of working capital.In this article, based on the analytical-descriptive method and using library sources, the risks of GAM bonds have been identified for each of the elements involved in the structure of these bonds and divided into two general categories: primary market and secondary market, and then using the FUZZY TOPSIS method. The identified risks were prioritized.The findings of the research show that among the different types of risk, in the primary market, the risk of validation committed by the bank, and in the secondary market, the risk of inflation, the risk of exchange rate fluctuations, and the risk of interest rate are the important risks of GAM bonds, respectively.

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