Abstract

Excluding government bonds and possibility of Islamic contracts in
devising different financial instruments has made Muslim scholars
think of designing Islamic financial instruments; in such a way, which
different Islamic financial instruments were developed in a shortterm.
The present study explains one of these instruments, designed
on the basis of Estesna'a contracts. Through this instrument, those
ministries, municipalities or government and private companies
which want to launch or run a major project and have not enough
financial credit, order the project to the contractor, according to the
Estesna'a contract and then, guarantee the payment of project costs to
a contractor in a definite timing. In this way, the employer gives
negotiable papers of Esteesna'a to the contractor instead of any other
payment, regarding the improvement of the project. In due date,
contractor acquires the ownership of negotiable papers of Estesna'a or
he/ she can sell them in a secondary market before due date.
Negotiable papers of Estesna'a, considered as profit-making financial
instruments with definite output rate, are expected to be encouraged
by non-risky and common people. They are also known as
appropriate instruments for financial and monetary policies besides
encouraging investment. As well as, it is a suitable complementary for
the capital market of Iran which suffers a shortage of different
financial instruments.