Veqalah Sokouks (Advocacy Securities), a Useful Instrument For Financing Academic Entrepreneurship

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Seyyed Hadi Arabi / Associate Professor, Qom Uni                

@Seyyed Mahdi Mousavi Berudi / PhD Student of Economic Sciences, Imam Sadiq Uni

Hossein Shirmardi Ahmadabad / PhD Student of Islamic Sciences and Financial Management; Imam Sadiq Uni                                                                                      

Received: 2018/10/13 - Accepted: 2019/02/17



Today, the production of knowledge and its effective application in production has become a global goal. However, funding for the production of applied knowledge and academic entrepreneurship is facing a lot of challenges. The universities’ dependence on state budgets, universities’ lack of knowledge about the needs and priorities of the business environment, university's lack of financial support for researchers for applying the produced knowledge, and the inadequacy of the researchers' share of commercialization incomes can be considered as the most important economic barriers to commercialization of knowledge and academic entrepreneurship. Using an analytical method, this paper examines the possibility of using the capacities of the Islamic capital market for solving some of the economic problems of academic entrepreneurship. In this study, veqalah sokouks (advocacy securities) have been proposed as a means for financing entrepreneurship in Iran's capital market. The results of the research show that the advantage of veqalah sokouk can create a comprehensive and low-risk option in academic entrepreneurship. The proposed veqalah sokouk are a good means for meeting the various financial needs of academic entrepreneurship, including the financing of working capital and knowledge-based projects.

Keywords: financing, academic entrepreneurship, Islamic financial instruments, securities, Veqalah sokouks (Advocacy securities).

JEL: Z12, G11, O32.

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