unlocking iran's national housing movement plan: the synergy of unrestricted wakala and nhit

Given the escalating housing crisis in iran in recent years, numerous scholars, academic figures, and policymakers contend that financial innovations have the potential to offer viable solutions to alleviate this issue. it is worth noting that the housing problem is not unique to iran, as it is a pervasive issue that even developed countries grapple with. after the introduction of the national housing movement plan by the government of iran, which envisions the construction of a significant number of housing units, the primary obstacle to its implementation is the scarcity of financial resources. given the constraints of the country s banking system, the objective of this research is to propose a solution that utilizes capital market instruments as a catalyst to facilitate the successful realization of this ambitious initiative. to shed light on the reasons behind the limited success of financial instruments in the housing sector, interviews with 27 experts were conducted and their corrective opinions were gathered. in line with the objective of presenting an optimal model, the unrestricted wakala sukuk, commonly used in other islamic countries, have been examined from a jurisprudential, legal, and financial perspective. finally, a combined financing approach utilizing the issuance of the unrestricted wakal and the national housing investment trust (including a construction fund and a real estate investment trust (reit)) is introduced as a financial solution for the national housing initiative. the examination of various dimensions of the proposed model demonstrates its potential as an operational and reliable framework for financing the plan.