Sustainable economic growth and development is one of the most significant missions of every country which should be attained through economic regime framework. According to Islamic concepts of justice, security and economic growth are the objectives of the Islamic economic school and are necessary for achieving public prosperity. This research studies the possibility of financing social businesses within the Islamic economic framework in the Iranian capital market. In this study, the conceptual frameworks regarding social businesses in recent decade are surveyed and an operational model is presented for financing social businesses and the infrastructure projects. The findings reveal that there is a possibility for creating a ' social business market' and also for issuance of securities named ' qard al hasanah' which could be used for financing and developing social businesses.

Objective: Given some failures of the Capital Asset Pricing Model in explaining the default risk anomaly, some researchers have claimed the two-beta model, established by Campbell and Vulteenaho (2004), is functionally able to explain this peculiarity. Originated primarily from CAPM, two-beta model decomposes the market beta to the discount-rate beta and the cash-flow beta. In other words, the two beta model decomposes the systematic risk to the discount-rate and cash-flow risk. Method: In an attempt to test the ability of the model to explain the anomaly in the Tehran Sthock Exchange, we firstly ranked firms based on their default risks, measured by Ohlson’ s (1980) model, and then employed the two-beta model to decompose the market beta to discount-rate beta and cash-flow beta. We, ultimately, applied a simple regression model to extract the discount-rate risk premium and cash-flow risk premium. Results: Our results reveal that as the default risk increases, the discount-rate beta increases and the cash-flow beta decreases. Furthermore, the cash-flow risk premium is significantly more than the discount-rate risk premium. Therefore, the two-beta model can explain the anomalous default risk existing in the Tehran Exchange Security.

Like conventional bonds, Islamic securities are not risk free. Therefore, it is important to provide solutions to manage this type of risk in the Sukuk structure. One of the remedies used in Islamic countries to prevent default is the restructuring of financial obligations. The purpose of the restructuring is to give the debtor more time to settle his obligations. This descriptive-analytic study, while studying the experience of Islamic countries in restructuring Sukuk as well as experience in usury banking in Iran, introduces restructuring, its implementation process, and also mechanisms for restructuring various types of Sukuk and analyzes it according to the viewpoints of Sharia jurisprudents. These include expanding the maturity, increasing the rate of return, Haircut, Renewal of Contract, Debt Conversion and Debt to Equity swaps. Finally, according to the jurisprudential nature of the basic contract of each type of Sukuk, the mechanism (s) appropriate to each are presented.

risk is an inseparable part of the banking industry. Due to the specific nature of Islamic contracts, Islamic banking, in addition to the usual banking risks, also faces other risks peculiar to itself. Credit risk is among the most common risks in banking and various methods and instruments have been used to gauge and manage it.Credit default Swap (CDS) is one of the most important types of credit derivatives which have been extensively used in conventional trade banking for the past decade, with the aim of managing the credit risks. In this article the possibility of using this credit derivative in Islamic banking has been studied with a jurisprudential approach, and it has been shown that benefitting ftom this credit derivative in different ways can be validated.In this study the hypothesis of possibility of conforming the credit default swap with the Guarantee [Dhaman] and Insurance [Bee may] contracts, has been studied, and in the end in accordance with the standards of Imamia jurisprudence, has been endorsed. Similarly supposing the credit default swap as a 'newly-created contract' (because of possessing a new legal reality), has also been considered and it has been shown that on account of adhering to the general conditions of valid transactions, its validity as a newly-created contract is also possible.

Nowadays one of the most critical issues of risk management in banks, financial institutions and credit rating agencies is credit risk. Credit risk refers to the risk of default by the borrower, i.e. the borrower fails to fulfill its obligations to repay debt, or at least does not settle the obligations on time. In this study, we intend to predict the probability of default, in the selected companies at the Tehran stock exchange. It can be divided modes of assessing the default risk in three categories. These are structural models, data based experimental models and expert assessment models that determined by experts without statistical estimations. Our research is based on the structural models.Structural models such as first passage models are developed based on the Merton model. It can be said that the structural literature on credit risk starts with the paper by Merton (1974), who applies the option pricing theory developed by Black and Scholes (1973). Merton model has a number of simplifying assumptions, i.e. occurrence of default only could happen in maturity time.In this study by relaxing the above assumption, we will reach more developed model to calculate the probability of default. After that, we calculate the annual default probability of the selected companies both by the Merton model and the proposed model during the years 1390 and 1391 SH. Ultimately, the performance of both models is compared using Wilcoxon signed-rank test that indicates a significant difference between the two models.

Correlated default risk plays a significant role in financial markets and business. Primarily because the risk, alongside time value of money and asset valuation are three components financial analysis. In general, risk and more specifically, Correlated default risk are basic elements affecting the financial behavior. There are also risks in the real world and an important part of the financial system is responsible for the distribution of risk.With the probability distribution of the assets of the institution, we can and will be enable calculated risk. In this context, Dynamic intensity-based models, in which a firm default is governed by a stochastic intensity process, are widely used to model correlated default risk. The computations in these models can be performed by Monte Carlo simulation. The standard simulation method, which leads to biased simulation estimators. In This study, we reviews and develops an exact simulation method for intensity-based models that leads to unbiased estimators of credit portfolio loss distributions, risk measures, and derivatives prices.The new method includes two steps. In a first step, we construct same distribution of Markov chains with the default status and in a second step; we compute function obtained in first step, using accepted / rejected method.