Ma`rifat Eqtesadi

One of the essential measures for expanding Islamic bonds is analyzing the risk of these bonds and trying to cover the risk. Among Islamic bonds, Istisna' bonds are of great importance. For the issuance of these bonds, various operational models have been proposed. One of the criteria for selection among the proposed models is analysis of the actual and potential risks of these bonds in the primary and secondary markets. Such analysis can strengthen the risk coverage of the bonds, and thus help increase their public acceptance. Using the descriptive-analytical and questionnaire methods, this paper assesses the risk of the operational models of Istisna’ bonds and investigates the optimal model for risk coverage. According to the research hypothesis, "the operational model provided by the Stock Exchange is the most optimal model for risk coverage of Istisna' bonds". In order to evaluate this hypothesis, AHP and TOPSIS methods are used to analyze the questionnaire data. The research results show the superiority of the proposed model of exchange in covering the operational risk of Istisna’ bonds compared to the other models. The model of indirect Istisna' bonds, the model of the Central Bank and the model of parallel Istisna' bonds hold the next ranks in terms of risk coverage.