An Analysis of the Jurisprudential Aspects of the Islamic Treasury Bills Issued in Iran

One of the most common ways of compensating governments’ budget deficits is to issue government treasury securities. These documents are published so that they can be bought and sold in secondary markets. Due to the usury nature of the conventional treasury bonds, Islamic treasury bills have been proposed and institutionalized as an alternative to conventional treasury bills in the Islamic Republic of Iran. Islamic treasury bills are financial devices based on public sector accumulated debts to the banking system, contractors and some other general treasury debts that are issued by the Ministry of Economic Affairs and Finance on behalf of the government. Considering the experience of issuing Islamic treasury bills in financing the different needs of the government, identifying the functions and making an assessment of the jurisprudential aspects and explaining the various cases and examples of these bills, are among the objectives of the this study.    In this research, detailed dimensions of the Islamic treasury bills, including the definition of Islamic treasury bills, its types, characteristics and specifications, components and mechanism of its issuance are presented first. In the next phase, a descriptive-analytical method is employed to find out the primary and secondary markets of Islamic treasury bills, compensation for the devaluation of money in these bonds, the possibility to convert them into shares, and various types of Islamic treasury bills from the perspective of ownership union have been studied and analyzed from jurisprudential perspective.