نوع مقاله : مقاله پژوهشی
نویسندگان
1 دانش آموخته دکترای مالی، دانشکده بازار و کسب و کار، دانشگاه آزاد اسلامی، رشت، ایران.
2 استادیار گروه مالی، دانشکده بازار و کسب و کار، دانشگاه آزاد اسلامی، رشت، ایران.
چکیده
کلیدواژه‌ها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
With the expanding need of financial markets for risk management instruments, innovative securities such as Catastrophe Bonds (Cat Bonds) and Sidecars have been introduced to the market. However, implementing these instruments within Islamic economies necessitates adherence to jurisprudential frameworks; non-compliance with Shariah principles poses significant legal and religious challenges, particularly regarding concepts such as Riba (usury), Qimar (gambling), Gharar (uncertainty), Darar (harm), and the general permissibility of transactions. Accordingly, this study aims to elucidate and evaluate the feasibility of localizing these securities within the Iranian financial system, with an emphasis on extracting the Shariah-compliant design requirements. A mixed-methods approach was employed for this research. In the qualitative phase, a meta-synthesis was conducted using the Sandelowski and Barroso framework, analyzing 134 studies (domestic: 2001–2024; international: 2000–2025). Through this process, the core construct of “localization” was extracted, and a framework for the compatibility of these instruments with Islamic contracts was developed through the analysis of relevant jurisprudential evidence. In the quantitative phase, the model was tested using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicated that the localization of Cat Bonds, while adhering to the identified Shariah requirements, is significant and verifiable within the Iranian context, with a path coefficient of 0.256 and a t-statistic of 3.53. Conversely, the Sidecar instrument was found to lack necessary significance, with a path coefficient of 0.171 and a t-statistic of 0.27. Consequently, it is recommended that policymakers consider distinct design trajectories and operational requirements for each instrument, centered on precise alignment with Islamic contracts, to facilitate the development of these securities within the country’s Islamic economy.
Keywords: Catastrophe Bonds (Cat Bonds), Sidecar, Islamic Finance, Localization, Shariah Compliance, Mixed-Methods Research, PLS-SEM.
کلیدواژه‌ها [English]
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