List of Articles Financial Instruments

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  1 - Inflation swaps, instruments to hedge inflation risk (review of compliance with Islamic finance)
  Ali Rahneshin
  Swaps are most important derivatives in the world's derivatives market. Inflation swaps due to inflationary conditions in Iran can be useful instruments to hedge inflation for business parties. Inflation swaps are some kind of future cash flow swaps and in islamic finan More

  Swaps are most important derivatives in the world's derivatives market. Inflation swaps due to inflationary conditions in Iran can be useful instruments to hedge inflation for business parties. Inflation swaps are some kind of future cash flow swaps and in islamic finance are with doubts of gharar, usury and gambling. Solution to this problem is the use of real assets in cash flow. Periodic murabahah contract is an alternative that used by Muslim scholars for interest rate swap. This contract can also be considered an alternative to the inflation swaps. In this article to improve this solution, we propose the combinated contract of Murabahah and Leasing. This method have no any doubts and is an efficient method to create different types of future cash flow swaps such as inflation swaps. Manuscript profile
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  2 - The Role of Iran's OTC Market in the Expansion of Financial and Trading Innovation in Capital Market
  محمد دنیائی سید حسن حسینی
  Due to the importance of innovation in the development and improvement of thefinancial system and economy, present research check the development of financial andtrading innovation in capital market with emphasis on the role of Iranian OTC market.This study is a descrip More

  Due to the importance of innovation in the development and improvement of thefinancial system and economy, present research check the development of financial andtrading innovation in capital market with emphasis on the role of Iranian OTC market.This study is a descriptive - survey research and examined the viewpoints of theinstitutional investors and OTC brokers a census by making use of a questionnaire.Results implies that from the perspective of statistical research community, Iran's OTCmarket with providing structural innovations, Play an important role in the trading andmore participation in capital market and increase the diversification of financialinstruments and portfolio decision regarding to investors prospect and market risk. Also,increased the desirability of trading costs and improve the information disclosureMechanisms in capital market that its considered a good platform for investors andcompanies for entrance. Furthermore, there is no significant difference betweeninstitutional investors and brokers visions on the examined variables. Manuscript profile
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  3 - Juridical and Economic Look to the Ijarah securities, features and benefits
  Aziz Neko M. Javad Baqizadeh
  The nature criticized usury bonds and the need to replace the legitimate means of monetary policy, such as Musharaka securities and Ijarah securities, to fight inflation and recession on the one hand and on the other hand inefficiency of Musharaka securities in practice More

  The nature criticized usury bonds and the need to replace the legitimate means of monetary policy, such as Musharaka securities and Ijarah securities, to fight inflation and recession on the one hand and on the other hand inefficiency of Musharaka securities in practice, leading some Islamic countries in the Ijarah securities and ability to provide assets and liquidity of the natural and legal persons, in conditions of severe financial restrictions and sanctions of country, by issuing Ijarah securities, are other factors and causes the necessity of applying the attractiveness of Ijarah securities in Iran. This paper seeks to understand the necessity of using financial instruments, as a requirement of undeniable economic and explain the characteristics of Ijarah securities, reviews devoid of the financial instruments from the elements of interest, Gharar and simulation as important criteria of Islamic jurisprudence and concern of the Islamic scholars as an important issue , and with half a glance at the problems and shortcomings Musharaka securities in practice, because of the benefits of Ijarah securities, rather than the Ijarah securities, and the conclusion of it will explain, which has been less attention. Manuscript profile
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  4 - A Comparative Study of Venture Capital Instruments in Iranian Commercial Banks
  Mohammad Ebrahim Pourzarandi Majid Shahriari
  Venture capital is an interesting area in banks financial decisions and because of its uncertainty, brings lots of challenges. Despite the increasing tendency for banks in this kind of investments, there is not any certain method to analyze the risk and return of ventur More

  Venture capital is an interesting area in banks financial decisions and because of its uncertainty, brings lots of challenges. Despite the increasing tendency for banks in this kind of investments, there is not any certain method to analyze the risk and return of ventures; thus it is neccessary to develop an effective research in this area. Recently, development of the studies about ventures, has facilated conditions for investors and increase the proportion of venture capital in commercial banks portfolio. This paper as a novel study, at first, consider the literature review of financing VC projects and their instruments, and then try to find the usablity of these methods in  Iranian commercial banks in a comparative approach. Manuscript profile
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  5 - The Role of Securitization in Countries’ Economic Growth and Development (Focus on Need to Deployment of Securitization Market in IRAN)
  Vahid Zandie Saeed Zandie
  In every economic, Securitisation is equally necessary of structured finance markets. The upshot of desired structured Securitisation is to invent marketable securities with better liquidity for financial claims. Securitisation process enables investors to improve their More

  In every economic, Securitisation is equally necessary of structured finance markets. The upshot of desired structured Securitisation is to invent marketable securities with better liquidity for financial claims. Securitisation process enables investors to improve their risk management, to earn better modified returns and to access more liquidity. Debt conversion to a marketable asset, creates the great financial Communications between individual borrowers and vast capital markets. The participants in financial markets include the investors who have different needs to meet their investment goals, continue to comply with their risk and return requirements. Therefore, trenching various risks to credit risk and interest rate risk, prioritizing the investors who enter to securities market with structuring the market, has economic concept. Previous studies have demonstrated the correlation between economic growth and progress of economic freedom indices. In this research, we found that the relationship between development in securitization market and financial freedom is statistically significant in some developed countries. Also, it’s proved that there is positive linear correlation between Islamic Financial Instruments (SUKUK) issuances as structured financing as well as Securitisation and overall economic freedom and/or investment freedom and/or financial freedom in Islamic developing countries. Studying current situation of Securitisation in Iran demonstrated there is relative gap in comparative of objective countries in group of Islamic countries for use of SUKUK, and in the other word, Securitisation, in Islamic financing markets. However, effective proceedings accomplished for deploying Islamic Financial Instruments (SUKUK) markets in Iran, but to achieve economic development, expedition in this deployment is unavoidable necessity. Manuscript profile
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  6 - The Role of Financial Instruments and Derivatives Disclosure on the Excess Return and Company Value Based on Iran Accounting Standards
  Mojtaba Chavoshani Babak Jamshidinavid Mehrdad Ghanbari Afshin Baghfalaki
  10.22034/amfa.2019.585011.1181
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  7 - Investigating the impact of Islamic financial instruments (sukuk) on investment in Iran
  Ashkan Rahimzadeh Bahman Khanalizadeh
  Purpose:The purpose of this research is to determine the impact of some economic factors on investment in the country with an emphasis on Islamic financial instruments.Methodology: The research method is a posteriori event type. The statistical data used in this researc More

  Purpose:The purpose of this research is to determine the impact of some economic factors on investment in the country with an emphasis on Islamic financial instruments.Methodology: The research method is a posteriori event type. The statistical data used in this research were from the Central Bank of the Islamic Republic of Iran and the Central Asset Management Company of Bazaz Capital for the years 1389-1400 and were extracted annually and Eviews 11 software was used to estimate the proposed equation.Findings: After examining the validity of the data, the results obtained from the Fully Modified Ordinary Least Squares (FMOLS) test show that real GDP per capita and real interest rate have a significant positive and negative effect on investment, respectively. Despite the positive coefficient, this effect for the growth of sukuk was not statistically significant, which indicates that despite appropriate measures in the field of sukuk in the country, providing more diversity and deepening of the sukuk market is of particular importance, so that in this way the witness is facing To be a growth in the country's investment process.Conclusion: Providing more diversification and deepening of the sukuk market is of particular importance in order to increase investment. In this context, we can mention things like activating the secondary market of securities, diversification of securities, education and culture regarding the purchase of securities, special facilities, etc. Manuscript profile
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  8 - Investigating developments in Islamic financial literature with an emphasis on sukuk in Iran and the world
  mahdi goldoozha akbar mirzapour babajan
  Having access to financial resources is one of the main goals of the Islamic financial system. One of the innovations in the field of Islamic monetary and financial issues in the last decade is the issuance of various types of Islamic securities known as sukuk.Despite t More

  Having access to financial resources is one of the main goals of the Islamic financial system. One of the innovations in the field of Islamic monetary and financial issues in the last decade is the issuance of various types of Islamic securities known as sukuk.Despite the phenomenal growth of the global sukuk market, academic research on sukuk is still in its infancy, particularly because researchers have not taken this financial innovation seriously. Currently, there is a growing body of Sukuk literature. Initially, the Sukuk literature was largely directed towards qualitative research. As the number of Shariah-compliant instruments increased, studies on sukuk turned to quantitative research and moved towards measuring the impact and performance of sukuk and comparing sukuk to bonds. Most of the sukuk research is mainly focused on sukuk issued in Malaysia, Indonesia and the Persian Gulf Cooperation Council countries, and unfortunately, a very small amount of this research is the contribution of Iran. Accordingly, in this article, research gaps in the field of sukuk in Iran are presented by reviewing the world literature. The conclusion that can be drawn from this study is that the main areas related to the research gaps of sukuk include legal ownership and interest in sukuk, empirical research on sukuk based on participation, fundamental research on sukuk, how to integrate sukuk and examining its effects such as hybrid sukuk, issues related to sustainable development such as green sukuk, etc. Manuscript profile
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  9 - The Impact of Islamic Financial Instruments on the Occurrence of Business Cycles in the Iranian Economy: A Case Study of Participation Bonds
  Yazdan Gudarzi Farahani Vahid Mahboubi Matin
  The aim of this study was to investigate the role of Islamic financial instruments inthe occurrence of business cycles in the Iranian economy. In this regard, theemphasis has been on Islamic participation bonds offered by the Central Bank. Forthis purpose, statistical d More

  The aim of this study was to investigate the role of Islamic financial instruments inthe occurrence of business cycles in the Iranian economy. In this regard, theemphasis has been on Islamic participation bonds offered by the Central Bank. Forthis purpose, statistical data from the period 1992-2020 and structural vectorautoregression model (SVAR) were used. The results of this study showed that theimpetus from the supply of participation bonds as a tool for monetary policy and anIslamic financial instrument has led to the fact that the amount of business cycles inthe Iranian economy is not moderated. In fact, the results showed that the variablesof budget deficit, exchange relationship and price were the most important variablesaffecting business cycles in the Iranian economy. The results showed thatparticipation bonds could not act as an anti-cyclical policy tool in the Iranianeconomy. Considering the results of how Islamic financial instruments affectbusiness cycles in the Iranian economy, it is necessary to recognize the impact ofgovernment budget deficit and its financing. Manuscript profile
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  10 - Investigating the impact of Islamic financial instruments (sukuk) on inflation in the country iran
  Ashkan rahimzadeh BAHMAN khanalizadeh
  The growing importance of Islamic securities around the world has recently created a growing interest in researching these markets due to the role they play in Islamic economies. Islamic securities (sukuk) play a role in controlling inflation due to the reduction of liq More

  The growing importance of Islamic securities around the world has recently created a growing interest in researching these markets due to the role they play in Islamic economies. Islamic securities (sukuk) play a role in controlling inflation due to the reduction of liquidity and also provide financing for construction and investment projects. The purpose of this research is the impact of inflation on some economic variables with an emphasis on Islamic securities. The statistical data used in this research were from the Central Bank of the Islamic Republic of Iran and the World Bank for the years 1389-1400 and were extracted annually and Eviews 11 software was used to estimate the proposed equation. After examining the validity of the data, the results obtained from the Fully Modified Ordinary Least Squares (FMOLS) test show that sukuk as a percentage of GDP as well as the real GDP variable has a significant negative impact on inflation. This effect is significant for the free exchange rate Manuscript profile
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  11 - Financial Derivatives Instruments (Option and Embedded equity put option) and stock return synchronicity: Evidence from the Iran Capital Market
  Ali Mehrnoosh Ali jafari Seyed Hossein Nasl Mousavi
  Introduction & Objective: One of the most important components of financial systems is derivative financial instruments (option to trade and option to sell). The first role of derivatives is to provide a cheap way to get higher returns and reduce risk. Therefore, th More

  Introduction & Objective: One of the most important components of financial systems is derivative financial instruments (option to trade and option to sell). The first role of derivatives is to provide a cheap way to get higher returns and reduce risk. Therefore, the purpose of this study is to investigate the relationship between derivative financial instruments (option trading and subordinate selling options) and stock return synchronicity.Methods: This research is applied in terms of purpose and descriptive in terms of nature and method and correlation studies in terms of relationships between variables. In the present study, a total of 112 companies listed on the Tehran Stock Exchange that have offered derivative financial instruments (option and transaction option) have been examined for a period of 1392 to 1397. In order to test the research hypotheses, the multivariate regression model method - data panel method has been used.Findings: It is shown that the issuance of subordinated stock options and the issuance of stock options at stock return synchronicity Manuscript profile