Ma`rifat-e Eghtesad-e Islami, Volume 17, Issue 1, No 33, Year 2026, Pages 109-134

    Review of Experiences in Using Contracts in Microfinance Institutions: Lessons for Designing Islamic Microfinance Securities

    Article Type: 
    Research
    Writers:
    ✍️ Mostafa Shahidinasab / Postdoctoral Fellow in Financial Management, Imam Sadeq University, Tehran, Iran / m.shahidinasab@isu.ac.ir
    Hosein Hassanzadeh Sarvestani / Assistant Professor, Department of Financial Management, Imam Sadeq University, Tehran, Iran / h.hasanzadehisu.ac.ir
    Mohammad hosein Ghavam / Assistant Professor, Department of Financial Management, Imam Sadeq University, Tehran, Iran / ghavam@isu.ac.ir
    109-134 2026/09/19 2026/09/19 2026/09/19
    dor 20.1001.1.20422322.1404.17.1.5.7
    doi Registering DOI...⏳
    Abstract: 
    Microfinance has grown exponentially over the past decade in terms of its conceptual scope, objectives, institutions, tools, and range of providers and applicants. Microfinance programs are now being designed to meet different needs. The need to address the microfinance revolution and the need to design an Islamic microfinance system in the country is an undeniable fact. The target population of microfinance includes micro-businesses (part of MSMEs) and micro-entrepreneurs. The purpose of this paper is to assess the feasibility of using the capital market capacity to provide working capital and also to meet the capital needs of these businesses. The results of the research show that microfinance bonds can be designed based on type III Murabaha bonds and type IV Ijarah bonds. In this model, a set of micro-enterprises (MSMEs) are placed in the role of owners and tenants, and through these, their capital and consumer goods, which were previously allocated through microfinance based on Murabaha and Ijarah contracts with the condition of ownership, will be financed through the capital market.
    Keywords: 
    Islamic microfinance
    Microfinance
    microfinance bonds
    Murabaha bonds
    Ijarah bonds
    Capital market
    چکیده و کلیدواژه فارسی (Persian)
    Title :بررسی تجارب استفاده از عقود در نهادهای تأمین مالی خرد: درس‌هایی برای طراحی اوراق تأمین مالی خرد اسلامی
    Abstract: 
    تأمین مالی خرد در طول دهۀ گذشته رشد فزاینده‌ای از حیث گسترۀ مفهومی، اهداف، نهادها، ابزارها و دامنۀ عرضه‌کنندگان و متقاضیان داشته است. اکنون برنامه‌های تأمین مالی خرد به‌گونه‌ای طراحی می‌شوند که توان پاسخ‌گویی به نیازهای مختلف را داشته باشند. ضرورت پرداختن به انقلاب تأمین مالی خرد و لزوم طراحی نظام تأمین مالی خرد اسلامی در کشور حقیقتی انکارناپذیر است. جامعة هدف تأمین مالی خرد شامل کسب‌وکارهای خرد (بخشی ازMSMEs ) و کارآفرینان خرد هستند. هدف این نوشته امکان‌سنجی استفاده از ظرفیت بازار سرمایه جهت تأمین سرمایه در گردش و نیز تأمین نیازهای سرمایه‌ای این کسب‌وکارهاست. نتایج تحقیق نشان می‌دهد که می‌توان اوراق تأمین مالی خرد را مبتنی‌بر اوراق مرابحة نوع سوم و اوراق اجارة نوع چهارم طراحی کرد. در این مدل مجموعه‌ای از شرکت‌های خرد (MSMEs) در حکم مالکان و مستاجران قرار می‌گیرند و از طریق این کالاهای سرمایه‌ای و مصرفی ایشان که سابقاً از طریق تخصیص تأمین مالی خرد مبتنی‌بر عقد مرابحه و اجاره به شرط تملیک می‌شد، از طریق بازار سرمایه تأمین خواهد شد.
    Keywords: 
    تأمين مالي خرد اسلامي
    تأمین مالی خرد
    اوراق تأمین مالی خرد
    اوراق مرابحه
    اوراق اجاره
    بازار سرمایه
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    APA | MLA | HARVARD | VANCOUVER

    Shahidinasab, Mostafa, Hassanzadeh Sarvestani, Hosein, Ghavam , Mohammad hosein. (2026) Review of Experiences in Using Contracts in Microfinance Institutions: Lessons for Designing Islamic Microfinance Securities. Ma`rifat-e Eghtesad-e Islami, 17(1), 109-134 https://doi.org/10.22034/marefateeqtesadi.2026.5003298.

    APA | MLA | HARVARD | VANCOUVER

    Mostafa Shahidinasab; Hosein Hassanzadeh Sarvestani; Mohammad hosein Ghavam ."Review of Experiences in Using Contracts in Microfinance Institutions: Lessons for Designing Islamic Microfinance Securities". Ma`rifat-e Eghtesad-e Islami, 17, 1, 2026, 109-134

    APA | MLA | HARVARD | VANCOUVER

    Shahidinasab, M, Hassanzadeh Sarvestani, H, Ghavam , M.(2026) 'Review of Experiences in Using Contracts in Microfinance Institutions: Lessons for Designing Islamic Microfinance Securities', Ma`rifat-e Eghtesad-e Islami, 17(1), pp. 109-134

    APA | MLA | HARVARD | VANCOUVER

    Shahidinasab, M, Hassanzadeh Sarvestani, H, Ghavam , M. Review of Experiences in Using Contracts in Microfinance Institutions: Lessons for Designing Islamic Microfinance Securities. Ma`rifat-e Eghtesad-e Islami, 2026; 17(1): 109-134