Estesnaa; negotiable papers, as a complementary for capital market of Iran

Excluding government bonds and possibility of Islamic contracts in devising different financial instruments has made Muslim scholars think of designing Islamic financial instruments; in such a way, which different Islamic financial instruments were developed in a shortterm.The present study explains one of these instruments, designed on the basis of Estesnaa contracts. Through this instrument, those ministries, municipalities or government and private companies which want to launch or run a major project and have not enough financial credit, order the project to the contractor, according to the Estesnaa contract and then, guarantee the payment of project costs to a contractor in a definite timing. In this way, the employer gives negotiable papers of Esteesnaa to the contractor instead of any other payment, regarding the improvement of the project. In due date,contractor acquires the ownership of negotiable papers of Estesnaa or he/ she can sell them in a secondary market before due date. Negotiable papers of Estesnaa, considered as profit-making financial instruments with definite output rate, are expected to be encouraged by non-risky and common people. They are also known as appropriate instruments for financial and monetary policies besides encouraging investment. As well as, it is a suitable complementary for the capital market of Iran which suffers a shortage of different financial instruments.