Document Type : Original Article
Authors
1
Graduated in Financial Engineering, Department of Financial Management, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran
2
Assistant Professor, Department of Financial Management, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran
3
Assistant Professor and Faculty Member, Islamic Azad University, North Tehran Branch, Tehran, Iran
4
Assistant Professor and Faculty Member, Electronic Department, Islamic Azad University, Tehran, Iran
5
Associate Professor, Department of Financial Management, Faculty of Management and Accounting, Islamshahr Branch, Islamic Azad University, Islamshahr, Iran
Abstract
Unorganized Public sector debt is one of the most important problems of the government. One of the government's main plans has been to expand the use of Islamic financial instruments to securitize debts and convert them into bonds. One of the newest Islamic financial tools in recent years is the issuance of perpetual Sukuk in Islamic countries. In this research, while examining the dimensions of issuing perpetual Sukuk based on Sharia, the feasibility of using it to convert government debts into bonds during the securitization process has been studied. In the qualitative part of the research, the opinions of academic experts and Islamic jurists and in the quantitative part the opinions of officials and managers of the Ministry of Economic Affairs and Finance, the Central Bank and the Securities and Exchange Organization have been examined. Structural-interpretive modeling method using PLS and SPSS software has been used to present the research model. The results of the research indicate that all the factors and components of the issuance of permanent securities are among the effective factors in the issuance of perpetual Sukuk. The impact of issuing perpetual securities to securitize government debts is estimated at 74% and the value of t is 4.25. Therefore, it can be stated that it is possible to issue perpetual securities to securitize government debts.
Keywords