Nowadays the energy is considered as driving sector of economy. Forecast of 150 billion dollar in energy sector during the fifth development program and banking and financial system requires a dynamic and modern economy and financial tools. However, this approach requires removing legal barriers and modification of the contract. Financing in the oil industry in recent years has faced with serious challenges. The joint investment in oil and gas fields is indispensable. Thus designing of a new contract with the Ministry of Petroleum oil bonds known parallel forward security, tries to raise funds needed. In this article we look at a proposal of the Ministry of Petroleum pattern for optimum pricing for securities offers based on Black and Scholes option pricing model. To estimate the prices, a proposal is presented based on empirical research and statistical models. Finally, we recommend that according to this model other researchers work on pricing the oil parallel forward securities.

One of the securities designed to fill the gap created by the elimination of bonds in the Islamic financial market is interest-bearing securities that can help the quantitative and qualitative development of the financial market by using legally authorized contracts. The purpose of this study was to design and explain the pricing model of securities with a capital raising approach. This research is a descriptive research in terms of developmental-applied type and in terms of nature. In this study, using the statistical population that includes Islamic securities issued in OTC Iran and the study sample including interest and rent sukuk, which is in the period of 1393 to 1398, the data collected from the new tools of OTC Iran and Tehran Stock Exchange is evaluated. To test the main hypothesis of the research, a regression model is first introduced. The basic model presented in the present study is to estimate the expected rate of return on profit, is estimated and then tested. . The results show that all the studied variables have a significant effect on the pricing of securities. An increase in nominal value raises the price of securities, but in reality the real value of securities decreases with inflation, which is quite evident in the model of the negative effect on pricing.

Always there has been this question in the minds of experts that whether the partnership securities (ourä ghe moshä rekat) have been able to substitute debentures in the market properly? Present legal analysis shows that partnership securities as a substitution for debentures are needed for the market. But despite fundamental differences between stocks and debentures, partnership securities are a compound of stocks and debentures. They have both the advantages of stocks and debentures without getting suffered from disadvantages of each of them. In addition, legal questions on management of the subject project of these securities as well as responsibility out of these securities for its holder has not been considered by the legislature. The mechanism considered for partnership securities although approved from the Islamic jurisprudential (fiqhi) view contains faults from the legal economy view. Therefore, such securities practically in the market, within the private sector, have not been acceptable so have not been accepted or used. As a result, partnership securities could not substitute debentures perfectly.

The price of a fixed income portfolio is a function of future cash flows and expected market rates. Since future cash flows are fixed, the price changes of the bonds will occur in response to changes in the expected market rate of return. The main problem for holders of securities is determining the sensitivity of the bonds’ price to the expected rate of return. Major measures for this purpose include convexity and modified duration. In addition to these two criteria, in this study, the yield to maturity at risk criterion was also defined and examined. The main purpose of the research was to find a measure which is more suitable to price estimation. Since one of the most important factors influencing the price of a security is its risk, the measure that has the best performance in estimating the price of a security is the most efficient measure in determining its risk. To this end, the ability to estimate each of the above measures was compared using regression, which indicated that the yield to maturity at risk has the best estimation power. Therefore, the best measure for determining the risk of Iranian debt market is yield to maturity at risk, and financial analysts and potential investors can use this criterion as a risk factor in optimal portfolio investment models, existing portfolio modification, and analysis of the risk of fixed income securities.

Adopting appropriate and efficient tools for risk management is a core element in managing a variety of risks. Insurance-Linked Securities are modern financial-insurance tools which have been utilized widely by the insurers to cover risks especially catastrophe related risks and massive risks. Moreover, these securities are financial tools that occur in life insurance securitizations. Heretofore, the risk securitizations have been inside the insurance industry and the operational models for issuing such securities on oil and gas projects' risks have not been presented to the literature yet. Considering the importance of oil and gas sector and also the high diversity and variety of oil and gas projects' risks and in order to diversify the risk management tools in the hands of oil and insurance industries, this paper has tried to develop a model for issuing oil risk securities based on Simon' s theory of bounded rationality (1996). This model is consistent with conditions in Iranian oil and insurance industries and the Islamic juridical (Shari' ah) considerations for the corresponding investments.

One of the most common methods of financing to which banks repeatedly resort nowadays is, in addition to planning different kinds of bank deposits, to distribute securities supported by bank facilities. The application of such tools is highly experienced in the current banking. In fact, enjoying such instruments, banks have the intention to renew their resources in their attempt to enhance their power of granting credit facilities. However, such tools are not highly common in Islamic banks, including the ones across Iran.After the law of stock market was ratified in 1384 and 1388, legal grounds necessary to plan and distribute different kinds of new securities were provided. Now Iranian banks are also able to finance through capital market with the help of planning and distribution of new financial tools, especially via changing of bestowed facilities into securities.The present study is seeking to introduce such tools in three sections. In the first section, taking a glance look at the history of changing bank assets into securities in conventional banking and Islamic banks, the research will clarify the goals, performance and pathology of changing bank assets into securities. The second section deals with designing suitable financial instruments for the changing of bank assets into securities in Iran banking system. It will also be explained that such tools should have the following characteristics: first, they should be acceptable by jurisprudential standpoint; second, they should be consistent with monetary and financial laws and rules of Iran; third, regarding the role of such tools in the occurrence of current financial crisis, they should not be crisis-making. In the last section, the study will try to examine possible risks of the designed instruments and the ways to manage them.