The Analysis and Rating of Exchange Based Participation Securities in Secondary Markets

Participation securities have been issued by the state to provide and finance the national infra-structure projects from international markets in foreign currency and a given period. Due to the prohibition of usury (Riba) and the necessity for using financial instruments in accordance with Islamic principles, these securities has attempted to develop international financial markets and capital absorption.Due to international policies and the reluctance of foreign investors to have direct investment in the Iranian markets, identifying various aspects of the securities not only can absorb foreign exchange resources and preventing fluctuations in exchange markets but also can meet with foreign investors demand and interest for direct investment in Iran markets.With a descriptive method, this paper analyzed the risks of participation securities.Then using AHP method, we ranked the security risks with probability and effectiveness measures and then present solutions to decrease these risks. The results showed that systematic risks have owned the priority that requires special attention to economic structure.