ESTESNA'A; NEGOTIABLE PAPERS, AS A COMPLEMENTARY FOR CAPITAL MARKET OF IRAN

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MOUSAVIAN SEYED ABAS

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Journal: Journal of Iran's Economic Essays; an Islamic approach Year:2007 | Volume:4 | Issue:8 Page(s): 11-38

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Information Journal Paper

Title

ESTESNA'A; NEGOTIABLE PAPERS, AS A COMPLEMENTARY FOR CAPITAL MARKET OF IRAN

Author(s)

MOUSAVIAN SEYED ABAS | Issue Writer Certificate

Keywords

ESTESNA'AQ2

NEGOTIABLE PAPERS OF ESTESNA'AQ3

PRIMARY AND SECONDARY MARKETQ3

FINANCIAL AND MONETARY POLICIESQ3

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 short term. 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 Estesna1a, 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.

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APA: Copy

MOUSAVIAN, SEYED ABAS. (2007). ESTESNA'A; NEGOTIABLE PAPERS, AS A COMPLEMENTARY FOR CAPITAL MARKET OF IRAN. JOURNAL OF ECONOMIC ESSAYS, 4(8), 11-38. SID. https://sid.ir/paper/108937/en

Vancouver: Copy

MOUSAVIAN SEYED ABAS. ESTESNA'A; NEGOTIABLE PAPERS, AS A COMPLEMENTARY FOR CAPITAL MARKET OF IRAN. JOURNAL OF ECONOMIC ESSAYS[Internet]. 2007;4(8):11-38. Available from: https://sid.ir/paper/108937/en

IEEE: Copy

SEYED ABAS MOUSAVIAN, “ESTESNA'A; NEGOTIABLE PAPERS, AS A COMPLEMENTARY FOR CAPITAL MARKET OF IRAN,” JOURNAL OF ECONOMIC ESSAYS, vol. 4, no. 8, pp. 11–38, 2007, [Online]. Available: https://sid.ir/paper/108937/en

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