Identification, categorization and prioritization of risks related to IjaraSukuk

The progress of Islamic countries and creation of new needs and relative success of Islamic financial sciences made Muslim thinkers to think about designing Islamic financial tools. Islamic contracts capabilities and experience in financial markets led to design of various Islamic financial tools and were proposed for implementation in a short time. One of the innovations in the financial system in recent decade that we can say it has capability to compete with similar standard tool in conventional finance is Ijarah (rent) securities or the Ijarahsukuk that can considered to be a suitable replacement for Ribavy (interest based) securities especially bonds. Ijarah securities like other financial tools have various inherent risks regarding that they are new phenomenon. Competitive ability, pricing, investor's inclination and many other important factors were influenced with the risk vulnerability of these tools. Therefore, it is necessary to identify risks of this tool then try to eliminate or reduce risks in the next step. Our goal in this research was accessing to the knowledge resources of financial experts and make inquiry to reveal and document Ijara securities risks by using Delphi method and classifying them according to their priority by TOPSIS method. This research is up to identify, introduce and categorize the risks related to these securities.