Document Type : Original Article
Authors
1 Ph.D Student in Accounting, Allameh Tabataba’i University,Tehran, Iran
2 Associate Professor in Accounting, Allameh Tabataba’i University, Tehran. Iran
Abstract
The growing expansion of financing through the capital market and the introduction of guidelines for the establishment of credit rating agencies require the development of appropriate credit rating models for financial instruments, on the other hand, the capital financing market framework is centered around sukuk bond. According to the SEO, in the case of credit rating agencies, Sukuk rating will also be required.
On the basis of the above, the present study attempted to develop a credit rating model for Ijareh Sukuk as the most important and most advanced tool in financing the capital market, on the one hand, the problems with issuing a Ijareh Sukuk, including the mandatory existence of the guarantor, and, on the other hand, the transparency of the market will provide financing and accelerate the financing process through this market.
In the present study, after studying the theoretical foundations, including the rules and instructions issued by the supervisory authority of the capital market, theoretical and scientific principles regarding the rating of securities and institutions procedures in the field of credit rating Ijareh Sukuk, the basic The model of credit rating is then developed, then the dimensions, components and indexes of the model have been subjected to expert opinion using the Delphi research method. Finally, based on the received comments, the final framework of the Ijareh Sukuk rating system was developed on Iran's capital market.
Keywords
Retrieved from http://www.aaoifi.com/aaoifi_sb_ sukuk_Feb2008_Eng.pdf
- AAOIFI. (2008). “Bahrain (13 and 14 February 2008), p. 1”. Retrieved from
www.aaoifi.com/sharia-board.html Shari’ah Board Statement.
- Abaszadegan M, Torkzade J.(2000). “ Niyazsanjie amuzeshi dar sazmanha”.
1st ed. Tehran: Entesharate Sherkate Sahami Enteshar. 2000.
- Ak. A .(2008). “Using the Delphi technique to search for empirical measures
of local planning agency power”. cited 2008 30 Sep. Available from:
http://www.nova.edu/ssss/QR/QR10-4/ali.pdf
90 Iranian Journal of Finance
- Altman, Edward I., E, Hotchkiss, (2005) “Corporate Financial Distress and
Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed
Debt”, 3rd edition, John Wiley and Sons (2011), New York.
- Ahmed, E, Aminul Islam, MD,(2015). “Islamic Sukuk: Pricing Mechanism
and Rating” The Social Sciences 10.2.
- Arundina, T, Azmi, M.(2015) “The predictive accuracy of Sukuk ratings;
Multinomial Logistic and Neural Network inferences”. Pacific-Basin Finance
Journal. 34. Pages 273–292.
- Beretta R. )1996( “A critical review of the Delphi technique”. Nurse Res;
3(4): 79-89.
- Fabozzi, F. J., & Drake, P. P. (2009). “Finance capital markets, financial
management and investment management”. Hoboken, NJ: John Wiley & Sons.
- Hassoune, A. (2007). “Standard & Poor’s approach to rating sukuk”. S&P
Ratings Direct. September.
- Howladar, K. (2006). “Shari’ah and sukuk: A Moody’s primer”. Moody’s
Investors Service. Retrieved from www.moodys.com.
- International Islamic Financial Market. (2015). “Global Sukuk Market Trends
& Findings from IIFM Sukuk Report 4th Edition”. Retrieved from
www.iifm.net
- Langlands RL, Jorm AF, Kelly CM, Kitchener BA(2008). “First aid for
depression: a Delphi consensus study with consumers, carers and clinicians”. J
Affect Disord 2008 Jan; 105(1-3): 157-65.
- Kennedy HP. “Enhancing Delphi research: methods and results”. J Adv Nurs
2004 Mar; 45(5): 504-11.
- Kothari, V. (2006). Securitization the financial instrument of the future (2nd
ed) . Hoboken, NJ: John Wiley & Sons.
- Leong, M. (2008). “Rating approach to sukuk: A MARC perspective”.
Malaysian Rating Corporation Berhad. Retrieved from
http://www.marc.com.my
- Murcia, F, C, S., Fernando, D, M., Suliani, R., and José, A, B, (2014) “The
Determinants of Credit Rating: Brazilian Evidence”, Retrieved from
- Usmani, M. T. (2008). “Sukuk and their contemporary applications. Working
paper. Bahrain, AAOIFI Shari’ah Council”. Retrieved from
http://www.kantakji.com/fiqh/Files/ Markets/f213.pdf
- Zaidi, J. A. (2008). “Workshop on Financial Institutions Analysis. Islamic
International Rating Agency (IIRA)”. Retrieved from www.iirating.com.
Description Of Ijareh Sukuk Rating Dimensions In Iranian Capital Market 91
- Zawya. (2012b). “Global sukuk issuance in 3Q 2012. Sukuk Quarterly
Bulletin, issue 15–3Q2012”. Retrieved from http://
www.iefpedia.com/english/wp-content/uploads/2012/07/ E5929d01.
)