Monetary & Financial Economics

New models of construction order papers, an efficient tool for financing

Articles in Press

Document Type : Original Article

Authors

mahdiar lak 1
Mohammad Hosein Fatheh 2
seyed abbas mosavian 3

1 MSc., Department of Management, Islamic Azad University, Central Tehran Branch, Iran.

2 Assistant Professor, Department of Accounting, Payame Noor University, Tehran, Iran.

3 Associate Professor, Department of Islamic Economics, Research Institute for Islamic Culture and Thought.

https://doi.org/10.22067/mfe.2026.98453.1675
Abstract
The need to design new securities to deepen and diversify the country's financial markets due to the lack of use of bonds has led to the discussion of sukuk being pursued more seriously in the country. Sukuk is a type of security that is designed based on accepted Islamic contracts. One of the fourteen types of sukuk is the Istisna'a sukuk or made-to-order securities, which has recently been approved for use in the country's financial markets by the country's Securities and Exchange Organization. This article seeks to examine the operational models of these securities for use in the country's financial markets. The results of the study show that the models of direct Istisna, indirect Istisna, and Istisna and lease with possession have been previously discussed in other articles and have been approved by the Securities and Exchange Organization for use in the country's financial markets. However, the two models of Istisna and ordinary Istisna and lease and Istisna and lease with option to sell are considered new models of build-to-order bonds.

Keywords

Islamic securities (Sukuk)
Istisna
Bani
Amin
Wasit
Subjects
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Monetary & Financial Economics

Articles in Press, Accepted Manuscript
Available Online from 06 June 2026

  • Receive Date 28 April 2026
  • Revise Date 02 June 2026
  • Accept Date 03 June 2026

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