Developing of a Technical-Marketing Model in Designing and Implementing Ijarah Sukuk in Iran: A Jurisprudenical Study

Authors

1 Assistant Professor of Imam Sadiq University

2 Ph.D Student Financial Management, University of Tehran

Abstract

Debt markets, as an important part of the financial system, play an effective role in
providing funds. Islamic law (Shari'ah) prohibits the charging and payment of fixed
interest. Therefore, in Islamic law system, traditional debt markets can not be used.
We need some appropriate alternative tools for traditional debt securities that are
compatible to the Islamic law.
This article offers a conceptual model - based on marketing and technical approaches -
that discusses the implementation and religious aspects of Ijara Sukuk. The authors of
the present paper finally conclude that Sukuk securities are suitable and useful
alternative for conventional bonds and participation bonds. Therefore, it is necessary
for the government to define and support this new financial tools and also develop a
secondary market in Iranian economy which individual investors need.

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