Ma`rifat Eqtesadi

Over the past decade, microfinance has witnessed significant growth in terms of its conceptual scope, objectives, institutions, instruments, and the range of both providers and clients. Today, microfinance programs are being designed to address a variety of needs. The necessity of engaging with the microfinance revolution and the urgent need to design an Islamic microfinance system in the country is undeniable. The target group of microfinance consists of microenterprises (a segment of MSMEs) and micro-entrepreneurs. The aim of this study is to assess the feasibility of utilizing capital market instruments to provide working capital and meet the investment needs of these businesses. The findings indicate that it is possible to design microfinance securities based on third-type Murabaha bonds and fourth-type Ijarah bonds. In this model, a group of microenterprises (MSMEs) serve as both owners and lessees, and their capital and consumer goods—which were previously financed through microfinance instruments based on Murabaha and Ijarah Muntahia Bittamleek contracts—can now be financed through the capital market.