رتبه‌بندی روش‌های تامین مالی در اوراق اسلامی-روش‌های خارجی؛رهیافت سلسله مراتبی فازی

هدف: این مطالعه با هدف رتبه‌بندی و شناسایی بهترین ابزارهای تامین مالی به منظور تحقق اقتصاد مقاومتی، برای جمهوری اسلامی ایران تدوین شده است. به این منظور با شناسایی روش‌های تامین مالی از طریق اوراق اسلامی و روش‌های تامین مالی مرسوم خارجی، مقایسه‌ای با هدف رتبه‌بندی بهترین روش‌های تامین مالی انجام شد. روش: گردآوری داده‌ها به روش کتابخانه‌ای میدانی انجام شد. و به وسیله پرسشنامه فازی، نظرات 10 نفر از خبرگان فعال در زمینه اقتصاد مقاومتی گردآوری شده است. روش تجزیه و تحلیل اطلاعات، تحلیل سلسله مراتبی فازی است. برای تدوین پرسشنامه‌های فازی از عبارات کلامی فازی مثلثی استفاده شده است. علاوه بر این به منظور تخمین واستخراج نتایج تحقیق از نرم‌افزار متلب استفاده شد. یافته‌ها: نتایج حاصل از روش تحلیل سلسله مراتبی فازی نشان داد تامین مالی از طریق اوراق اسلامی با وزن 0.6325 در مقایسه با تامین مالی از طریق روش‌های مرسوم خارجی با وزن 0.3675 از اولویت بالاتری برخوردار است و برای هریک از این دو معیار، زیر معیارهای 9 گانه‌ای تعریف و رتبه‌بندی گردید. نتیجه‌گیری: در جهت تحقق اقتصاد مقاومتی استفاده از روش‌های تامین مالی اعم از اوراق قرض الحسنه، سرمایه‌گذاری مستقیم، اوراق مشارکت، خطوط اعتباری و فاینانس دارای بیشترین اولویت از منظر خبرگان بود. لذا استفاده از این ابزارهای تامین مالی درجهت تحقق اهداف اقتصاد مقاومتی، توصیه می‌شود.

Ranking of Financing Methods in Islamic Securities and Foreign Methods, Fuzzy Hierarchical Approach

Objective: The discussion of Islamic financial systems has been discussed in the world financial literature for several decades. The Islamic financial system intends to provide practical alternatives to conventional financial instruments in the world today by providing practical methods. The existence of a series of principles such as the sanctity of usury, risksharing, permissible religious activities, and the like, which govern the Islamic financial system, has posed serious challenges to Western financial practices. This study has been compiled for the Islamic Republic of Iran with the aim of ranking and identifying the best financing instruments in order to achieve a resilient economy. For this purpose, by identifying financing methods through Islamic securities and conventional foreign financing methods, a comparison was made with the aim of ranking the best financing methods. Methods: This article aims to find the best financing methods, seeks to rank the current methods of Islamic financing and financing methods at the international level. For this purpose, many options are presented to the researcher. Accordingly, fuzzy hierarchical analysis method was selected as the research method. Selecting the fuzzy type of this method helps the researcher to make a more accurate ranking by having a wider range of verbal propositions. The research method in this article is descriptiveanalytical method and the method of data collection is library and survey (field). Sampling in qualitative and quantitative research is very different because its purpose is to gain a deep understanding of the phenomenon under study instead of generalizations. Data collection was done by libraryfield method and by fuzzy questionnaire, the opinions of 10 experts active in the field of resistance economics were collected. The method of data analysis is fuzzy hierarchical analysis. Triangular fuzzy verbal expressions have been used to compile fuzzy questionnaires. In addition, MATLAB software was used to estimate and extract the research results. Findings: The results of fuzzy hierarchical analysis method showed that financing through Islamic securities weighing 0.6325 has a higher priority compared to financing through conventional foreign methods with a weight of 0.3675 and for each of these two criteria, the following Nine criteria were defined and ranked. Conclusion: The purpose of this article is to rank Islamic and foreign financing instruments. The results of fuzzy hierarchical analysis method showed that if foreign financing methods are compared with Islamic securities, Islamic securities with a weight of 0.325 and foreign financing methods with a weight of 0.3675 will be shown, and this result indicates the high application of Islamic securities with The purpose of financing in the Islamic Republic of Iran. In addition, among the Islamic securities with the aim of financing, the highest priority is to use Qarz alHasna securities, participation bonds and Mudaraba bonds in comparison with others. In the group of foreign financing instruments, the highest priority with direct investment is credit and finance lines. Also, the final results of fuzzy hierarchical analysis method showed that among the 18 Islamic and foreign financing methods discussed in this article, GharzulHasna bonds, direct investment, participation bonds, credit lines and finance have the most importance and application compared to others.