Comparative study on Sukuk as an Islamic financial instrument in Iran and other leading countries around the world

This study has aimed to investigate Sukuk as an Islamic financial instrument in Iran and other leading countries around the world. Debt market as a major part of financial system besides banking system plays a major role in supply of money. Islamic laws have forbidden the usury-based transactions (riba ). Hence, conventional debts means cannot be used in the Islamic system so that suitable means are required for conventional debt securities such that to be consistent with the Islamic laws. Sukuk is a kind of Islamic bond that can be an alternative for bonds. According to the illegitimacy of usury-based transactions (riba ) and the means such as bonds in the Islamic countries, the financial experts address to design new methods that are consistent with the Islamic beliefs, law and practice. Leasing bond is a bond which has been executed until now throughout the country and has been used by some large companies, such as Mahan Air, mapna group and Saman bank. A descriptive, analytic and documentary research methods has been used in this study which addresses comparing Sukuk in Iran and other leading countries around the world. The results indicate that Sukuk has acted better in other countries compared to Iran, and the reason for this success can be found in providing necessary infrastructures for development of Sukuk, indicating that the reason for weakness of Sukuk in Iran turns back to the barriers and limitations that by resolving them can acquire substantial achievements, so that it can refer to following:1-standarize the assets used in Sukuk and their evaluation process 2-faciliate the orders relating to publishing and ratings Sukuk bonds and establishing rating institutions 3-establish the secondary market for purchase and sale of Sukuk bonds and facilitations of their liquidity

Keywords:

Sukuk , Financial Market , Iran , leading countries around the world