Decentralized finance (DeFi), founded on blockchain technologies and smart contracts, is rapidly becoming a powerful alternative to traditional financial systems. Compared to centralized finance, DeFi offers undeniable advantages such as increased security, speed, financial transparency, and reduced costs. However, this emerging phenomenon faces numerous legal Challenges that require careful and effective legal actions. The essence of this phenomenon is the lack of dependence on the national legal regime of countries and lacking centralized monetary and banking supervision over it by national regulatory institutions. This research employs a qualitative method, utilizing library tools and a descriptive-analytical approach, to compare decentralized finance with conventional centralized Financing. It examines some Challenges as well as the possibility of proper and transparent organization of DFA in Iranian law and, ultimately proposing solutions for regulating the relationships of stakeholders. Considering the lack of sufficient provisions in Iranian law, it is suggested that the jurisprudence of existing legal institutions, such as recognizing an independent legal personality for smart contracts and also civil partnerships, arbitration agreements, arbitration clauses, and Article 10 of the Civil Code, be acknowledged for regulating the relationships of transacting parties until appropriate and comprehensive legislation is enacted. Finally, this research emphasizes the importance of international cooperation, academic environments, and the exchange of experiences in this field. It recommends that legislators move towards recognizing and enacting new laws and regulations aligned with DeFi’s needs, rather than remaining silent, to prevent future legal Challenges and potential loss of assets.

The issue of corporate Financing by banks faces multifaceted Challenges, including credit, market, and liquidity risks, as well as operational and regulatory obstacles. These Challenges reduce banks’ ability to lend effectively, consequently limiting firms’ access to financial resources. The root cause of this problem lies in constraints arising from stringent regulations, lack of transparency in financial information, and misalignment with the innovative needs of enterprises. Legal restrictions imposed after financial crises have led banks to adopt a more cautious approach to Financing, which is particularly challenging for small and medium-sized enterprises (SMEs) that are more dependent on bank resources. The primary solution to address these issues is to strengthen risk management systems in banks, update banking regulations, and create supportive mechanisms for enterprises. Greater transparency in financial information, the use of innovative financial instruments, and diversification of funding sources can also be effective measures. Implementing these solutions requires close cooperation between banks and enterprises, reform of supervisory policies, and the adoption of modern technologies for risk analysis. Improving the transparency of financial information through the creation of shared platforms can facilitate the lending process and reduce credit risks. Ultimately, these measures contribute to sustainable corporate Financing and enhance economic growth.

This study is related to an Islamic project Financing with a major focus on investigating the role of Islamic finance in Financing infrastructural development projects (toll roads, power plants, airports, and plants, as well as natural resource exploitation projects, such as hydroelectric dams, mining projects, oil and gas assets, and paper mills), especially in the context of Pakistan. Infrastructural development being a significant indicator of stability and growth, most countries attempt to develop their infrastructure to a competitive level in their respective regions. Considering this critical aspect of economic development, Islamic project Financing can be beneficial to developing economies like Pakistan as it would be able to compensate for a lack of domestic infrastructural development. New and innovative financial solutions are required to cater to the needs of infrastructural investment. Islamic project is an area which can open new channels for this purpose and this area is also under-explored. Islamic banks in Pakistan and across the globe need to be involved in huge infrastructural Financing.1 However, their growth rate and efficiency is higher than in conventional Financing. Focusing on this aspect, this research study is based on a review of project Financing in Pakistan. The study portrayed the current scene of project Financing in Pakistan, and investigated the involvement and Challenges faced by Islamic modes of Financing in infrastructural projects in Pakistan. Fourteen in depth interviews were conducted with public and private sector professionals to investigate the issues and prospects. The main Challenges faced by Islamic financial institutions (IFIs) are a lack of regulation and investment avenues, and non-coherent standards and practices. However, these IFIs have opportunities with respect to the Islamic market and fund development.

With the expansion of trade and commerce, today we are witnessing the emergence of new legal institutions, among which we can mention the Financing of lawsuits by third parties. In many countries today, the Financing of litigation costs, including litigation and arbitration by third parties, has become an important issue, but at the same time, its implementation faces many practical and legal Challenges. Given the current world trade, trade practices and the need for countries such as Iran to align with world trade, it seems that the third-party Financing institution should enter the field of legislation; therefore, it is necessary to study the legal aspects of this institution. Therefore, in this descriptive-analytical article, we will address the main question of what kind of non-legal and legal restrictions exist in order to institutionalize the Financing of lawsuits by third parties and legal solutions to overcome these barriers and Challenges. What can it be? The result of the present study is that in the justice system, compared to the commercial arbitration system, due to various legal and non-legal restrictions such as money laundering, conflict of interest and the possibility of usury, there is no possibility of current acceptance.

BACKGROUND: Adequate health Financing system should have key criteria and characteristics such as risk distribution over time, risk accumulation, sustainable resource provision, and resource allocation based on meeting essential needs. Weakness of the tariff system, lack of attention to strategic purchasing, inefficient allocation of manpower, and a weak payment system are among the problems within the Iranian Financing system. Given the weaknesses of the current health Financing system, it seems necessary to identify Challenges and provide effective solutions to address them. MATERIALS AND METHODS: This qualitative study was conducted to explore the views of a group of 32 major policymakers and planners in the various departments and levels of the Ministry of Health, Universities of Medical Sciences, Medical System Organization, and Health Insurance Organization in Iran (n = 32), selected through purposive sampling. The data was collected through in-depth and semi-structured interviews and analyzed using Graneheim and Lundman's conventional content analysis methods. The trial version of MAXQDA 16 software was used to manage the coding process. RESULTS: Based on the results of data analysis, a total of 5 categories and 28 subcategories were obtained. In this study, five main categories were obtained through the content analysis method, including (1) stewardship,(2) providing services,(3) production of resources,(4) collecting resources,and (5) purchasing and allocation of resources. CONCLUSION: It is suggested that those in charge of the health system, following the reform of the organization of the health system, move toward the improvement and widespread implementation of the referral system and that clinical guidelines be carefully compiled. Also, appropriate motivational and legal tools should be used to implement them. However, insurance companies need to make cost, population, and service coverage more effective.

Technological progress have affected the methods of Financing terrorism and forced its transformation. Among these cases is the Financing of terrorism through cryptocurrencies, which has become a new challenge in combating terrorist Financing. Accordingly, while examining the concept and nature of terrorist Financing, we will discuss how cryptocurrencies have affected the Financing of terrorism. This research is applied in terms of purpose and in terms of collecting information through documentary methods and through the study of reliable laws and sources, and the information obtained has been analyzed in a descriptive-analytical manner. Countering the Financing of terrorism through cryptocurrencies can include supporting the domestic financial system of countries, enacting strict and precise domestic laws, focusing on the bottleneck of converting virtual currencies into each other and converting virtual currencies into real currencies, especially in the case of terrorist Financing, and finally, adopting uniform procedures at the international level and police cooperation and legal assistance. Current research on digital currencies in terrorist Financing is in its early stages and, without considering the issue of digital currencies in terrorist Financing, focuses on analyzing the Financing tools, motivations, and terrorist acts.

Financial instruments in the capital market, such as debt and equity Financing tools, along with the establishment of funds, play a pivotal role in advancing Financing methods, ensuring timely project execution, and the successful completion of infrastructure projects. Despite their potential, project funds—an innovative Financing method in the capital market—have not gained widespread acceptance. This study aims to conduct a diagnostic analysis of the current model of project Financing through project funds and propose corrective solutions. Employing a qualitative approach, this research is categorized as applied in terms of objectives and descriptive-survey in terms of data collection. Through document analysis (reviewing books, articles, and notes) and expert interviews, the Challenges associated with Financing via project funds were identified and categorized into three main themes: process and structural Challenges, environmental Challenges, and legal and regulatory Challenges. Drawing on international experiences, corresponding solutions were proposed, including the facilitation of laws and regulations, revision of the project fund's charter, and reconsideration of corporate governance practices.Keywords: Project Fund, Financing, Financing Funds, Capital Market.JEL Classification: O16, G32, G23 IntroductionProject Financing has been extensively studied, yet specialized research on Financing through project funds remains limited. Most existing studies focus on the financial capacity of these instruments within the capital market, with only a few exploring their structure and integration with other Financing tools. Notably, no study has comprehensively addressed the Challenges and corrective measures for project funds in Iran's capital market. Project funds, as financial engineering instruments, aim to facilitate project Financing in the capital market. However, since their introduction in 2017, they have seen limited implementation. In contrast, leading countries typically finance projects through private equity investment funds and by offering project company shares in the capital market. This study seeks to identify the Challenges of project Financing via project funds and propose solutions based on insights from capital market experts and international best practices. Materials & MethodsData were collected through document analysis, including reviews of books, articles, reports, and expert interviews. Purposive sampling was employed, selecting nine experts based on their expertise, educational background, and professional experience. Thematic analysis, following the Attride-Stirling (2001) approach, was conducted at three levels: basic themes, organizing themes, and global themes. This method identified 52 key statements and 11 basic themes, which were categorized into three organizing themes and one global theme. The findings were validated by a focus group comprising a university faculty member, experts, and managers from the Securities and Exchange Organization's Research Center, ensuring credibility and reliability.FindingsThe thematic analysis revealed that the global theme is "Challenges in Financing through project funds." The process and structural Challenges encompass 7 basic themes, the environmental Challenges consist of two basic themes, and finally, the legal and regulatory Challenges include two basic themes. Discussion & ConclusionThis paper examines project Financing through the establishment of project funds, addressing its operational, legal, and regulatory aspects. While project funds hold significant potential for Financing projects in the capital market, their adoption has been limited, with only one instance of utilization to date, primarily due to structural deficiencies and fundamental Challenges. To address these issues, this study proposes targeted solutions categorized into three areas: (1) process and structural Challenges, including centralizing financial resources under the fund manager, setting a defined lifespan for the fund with penalties and incentives, revising the technical supervisory entity's responsibilities, reconsidering mandatory underwriting and market-making requirements, incorporating preferred shares, and separating the boards of the project fund and project company; (2) environmental Challenges, such as encouraging active government participation, facilitating fund establishment through regulatory support, and increasing investor participation via specialized investment funds; and (3) legal and regulatory Challenges, with the most critical solution being the strengthening of the legal and regulatory framework to ensure clarity and reduce uncertainties in the operation of project funds. These solutions are elaborated using a descriptive-analytical approach to provide a comprehensive roadmap for improving the adoption and effectiveness of project funds.

The rapid development of financial technology (FinTech) has profoundly transformed the banking industry, particularly in business Financing and risk management. This study examines FinTech innovations in banking, focusing on the opportunities and Challenges in business Financing and risk management. The findings indicate how FinTech tools such as blockchain, artificial intelligence, and big data analytics can revolutionize banks’ business models and corporate Financing, enhance service efficiency, reduce costs, and improve risk management capacity. Nevertheless, these technologies also introduce new Challenges for banks, including data security, privacy protection, and regulatory requirements. In conclusion, considering the structure of Iranian banks, practical recommendations and policy measures are proposed to effectively leverage FinTech for enhancing Financing and risk management, enabling banks to benefit from innovation opportunities while mitigating risks.

One of the most important and effective components to improve the performance of knowledge-based companies is financial resourcing. The main obstacles in the growth and development of new technology Based Firms are limitations of financial resources and lack of access to sufficient financial resourcing at the right time in accordance with their growth and development. This study was conducted in order to identify Financing Challenges of new technolpgy Based Firms in Iran. Participants were knowledge-based companies. This is an applied research and the exploratory mixed method is used. Data were selected using purposeful sampling and by means of Snowball sampling method. The statistical population was new technolpgy Based Firms and Financing funds and Facilitating institutions and Politician which are selected by simple random sampling. The validity and reliability of the results in the qualitative part were evaluated and confirmed using the exploratory mixed method. The data were analyzed in the qualitative part by using the thematic analysis and they were analyzed in the quantitative part by using T-test. Based on the results, organizational and professional weaknesses of knowledge-based companies, risk aversion and poor performance of existing Financing funds, lack of funds and credit guarantee insurances, social and cultural weaknesses for partnership and investment, knowledge-based products market problems, infrastructure issues (political, legal, executive, etc. ) are the most important Financing Challenges of knowledge-based companies.