Pathology of Bank Sukuk and providing a solution to the competitive Sukuk market in resource mobilization of the Iranian banking system

Sukuk is considered as one of the tools and initiatives to mobilize monetary resources in the country's banking network after the Islamic Revolution. Specific goals in the design of sukuk have been considered by the legislator and money market policymaker, but what the regulator wanted in relation to the operation of this instrument has not been fully achieved. In this study, we seek to multilateral study of the challenges regarding the role of the competitive Sukuk market in mobilize the resources of the banking system. In this article, after studying previous researches and reviewing various sources, targeted interviews were conducted with experts in the field of financing and the challenges of sukuk were extracted using the content analysis method. These challenges were categorized into six categories of operational, legal, cultural, competitive and economic challenges at the micro and macro levels. In order to validate the findings, the extracted challenges were presented to the experts. The findings showed; The need for a guarantor in the process of Sukuk issuing, the length of the process of issuing bonds and the time of access to resources, the disagreement between the two institutions supervising the issuance of bank Sukuk and the high cost of issuing bonds are the most important challenges in using this tool to mobilize banking network resources. Finally, with forming a focal group of market improvement and strengthening strategies, the competitive Sukuk market were presented as a tool to mobilize the resources of the banking system. In a competitive sukuk market, there are components such as modifying the role of the guarantor, credit rating of securities and increasing the number and variety of issued sukuk that can improve the performance of this tool.