In reviewing the research literature, there are many studies that have analyzed the relationship between different methods of financing and corporate governance. Some believe that good corporate governance companies are more successful in equity financing and, in contrary, some others believe in positive relationship between corporate governance and debt finance. In this paper, to analyze the relations between sukuk financing and corporate governance, we tried to differentiate between the financier and company points of view in the financing decisions of different corporate governance quality companies. According to the results, in contrary to conventional financing, in both views, there is a positive relationship between sukuk issuance and the corporate governance. As a case study, we also analyzed the corporate governance characteristics of sukuk issuing companies in Iran during 2011 to 2016. The results from model estimation confirmed theoretical conclusion and corporate governance variables had positive and significant effects on the sukuk issuance among Iranian sukuk issuer companies.

Islamic securities (‘ sukuk’ ) are securities which have the features of stocks and bonds toghater. Similar to stocks, these securities indicate a type of partnership. However, these securities usually bear a maturity date like bonds and contrary to stocks. This has resulted in sukuk (Islamic securities) to be considered as a type of hybrid securities. Hybrid security is a term used to describe a security that combines elements of debt and equity securities or bonds and shares. Preferred shares, convertible bonds and subordinated bonds are common kinds of hybrid securities. The idea to create these securities is to design a type of security that can be considered share for some purposes and be considered bond for others through which we can gather best of the two different kinds of securities in one security. In this paper we have introduced hybrid securities, have explained sukuk’ s similarities with stocks and bonds and finally have introduced sukuk as a kind of hybrid securities that also can broadly be used in the non-Islamic markets.

One of the major problems for the implementation of infrastructure projects in various sectors of the economy, especially the energy sector, is the lack of liquidity. To solve this problem, project financing is created. BOT contracts comprise one of the most common methods, particularly in infrastructure and energy sectors, and build-lease-transfer (BLT) is a relatively new method of this approach. The operation of the contract faced some challenges because of legal problems in some of the BLT contract's implementation. Methods of project financing based on Islamic contracts such as Istisna sukuk independently or a combination of these methods with BLT contract can be among operational techniques ahead which require comparative and combined research. The first step of this study is to gather experts' comments to determine the measures appropriate for the economic and energy project situations in Iran and then, based on these measures and AHP analysis, to rank independent lstisna sukuk and Istisna sukuk- BLT Contract annexation. The research findings show that Istisna sukuk - BLT Contract annexation is appropriate for financing energy projects in Iran.

Issuing all kinds of Islamic securities (called sukuk) is one of the innovations of current decade in the area of Islamic fiscal and monitory discussions. These securities are designed on the basis of Islamic contracts to finance government, dependent governmental institutions and economic firms and they are suitable substitutions for Riba-based securities especially for bonds.However Islamic securities have some similarities with Riba-based securities on account of practical methods but they have substantial differences for content and law nature. Riba-based securities have design on the basis of loan with interest contracts, the owners of these instruments (papers) have not any participation (Musharakah) in real assets ownership, economic activities and its return, in result they receive a fixed interest in predetermined dates whereas in Islamic securities the owners of instruments (papers) have participation (Musharakah) in real assets ownership and also economic activities. Moreover, the yield of plans, projects and activities affect on the income of instrument owners and also instrument profit affected by the real sector of economy.In this paper, it is analyzed all kinds of Islamic securities (based on basic foundation i.e. participation in ownership), participation in economic activities, guarantee the head capital, constant or expected profit payment and explained the viewpoint of religions and Islamic jurists about these matters.

The establishment of rating agencies as important financial institutions in the capital market has been emphasized by SEO in recent years and its related instructions were officially published in 2016. Meanwhile, with the growth of financing instruments in the capital market and the priority given to sukuk, the need for the former's rating is necessary for determining its value and accelerating the financing process of economic organizations by using it. Presently, the lack of this rating has been compensated by including a guarantor in the structure, but this has for some reasons created obstacles in the way of issuing it and challenged the financing process with this kind of instrument. On the other hand, the capital market supervising agent's requirements for rating sukuk have been set out before its being issued and the sukuk rating has replaced guaranty in sukuk structure.This article demonstrates how the dimensions and components of sukuk rating in Iran capital market were assessed by experts using Delphi technique with the aim of achieving consensus on it. The theoretical foundations of the presented model were derived from three sources, namely sukuk issue instructions, rating institutes' methods at both national and international levels, and Islamic financial institutes' instructions in regard to rating sukuk. These factors altogether, which have been approved by experts, can illustrate the general framework of rating sukuk in the country's capital market.

One of the most significant functions of an efficient Islamic financial system is to support the real sector of economy. Such a system must consolidate the real sector of economy and also meet continually its basic needs. In order to attain this objective, we need to design and make use of appropriate and effective financial instruments to finance companies and projects. At the moment, we do not make favorable use of these instruments in Iran. Given the present circumstances; if we design a financial instrument based on Istisna contract, we will be able to finance the major projects available in both private and public sector. This research, intend to design Istisna sukuk through using a rational analysis based on comparison of financial models and to provide the possibility for operationalizing this instrument in Iran’ s financial market.

Loan Securitization technique is among the solutions for credit risk elimination and liquidity risk reduction in conventional banking system framework. Many banks use this technique to enhance their lending and quality. Economic firms and corporations have considerable share in these funding in the form of the Islamic contracts. Setting up a portfolio in the from a firm’s current debts or securitization of a firm’s liabilities with convertibility option to stocks, along with other securitization methods, is a suitable solution to revive banking resources. On the other hand, convertibility option to stocks helps companies settle their debts to their creditors.In this research, firstly the concepts of securitization and sukuk with a descriptive-analytic and attributive method, is described, then an operational model for convertible banking sukuk along with juridical dimensions is proposed. The paper continues by providing five financial functions of the proposed security.

sukuk is considered as one of the tools and initiatives to mobilize monetary resources in the country's banking network after the Islamic Revolution. Specific goals in the design of sukuk have been considered by the legislator and money market policymaker, but what the regulator wanted in relation to the operation of this instrument has not been fully achieved. In this study, we seek to multilateral study of the challenges regarding the role of the competitive sukuk market in mobilize the resources of the banking system. In this article, after studying previous researches and reviewing various sources, targeted interviews were conducted with experts in the field of financing and the challenges of sukuk were extracted using the content analysis method. These challenges were categorized into six categories of operational, legal, cultural, competitive and economic challenges at the micro and macro levels. In order to validate the findings, the extracted challenges were presented to the experts. The findings showed; The need for a guarantor in the process of sukuk issuing, the length of the process of issuing bonds and the time of access to resources, the disagreement between the two institutions supervising the issuance of bank sukuk and the high cost of issuing bonds are the most important challenges in using this tool to mobilize banking network resources. Finally, with forming a focal group of market improvement and strengthening strategies, the competitive sukuk market were presented as a tool to mobilize the resources of the banking system. In a competitive sukuk market, there are components such as modifying the role of the guarantor, credit rating of securities and increasing the number and variety of issued sukuk that can improve the performance of this tool.