Ranking of Islamic Securities for Iranian Armed Forces Using The Combined AHP-SAW Method

Document Type : Original Article

Authors

1 Professor, Department of Economics, Faculty of Economics and Management, University of Tabriz, Tabriz, Iran.

2 PhD in Economics, Faculty of Economics and Management, University of Tabriz, Tabriz, Iran.

Abstract

Issuance of Islamic securities (Sukuk) is one of the means for financing the armed forces،. Given its varieties, the question arises as to which type of sukuk is suitable for issuing and financing the armed forces. Inevitably, an answer to this question is contingent on the consideration of the special feasibility and securities compatibility involved in funding the Armed Forces. The objective of this paper is to assess and rank of Islamic securities for financing the armed forces, and thereby, propose an appropriate one based on needs. For this purpose, a four-level hierarchical structure with two main criteria and nine sub-criteria was used to rank the seven different types of common sukuk، using the AHP-SAW method. Data and evaluations were collected by engaging the opinions of experts through a questionnaire. The results indicate that Sukuk Al-ijarah and Sukuk Qardh Al-hasan are respectively the most suitable instruments for the issuance of finance for the Armed Forces. On the other hand, the least suitable type of Sukuk for this purpose is identified as Sukuk Al-Mudarab. The reason for the suitability of Sukuk Al-ijarah is based on its lease agreement which is conditional of ownership. This condition renders Al-ijarah the best instrument for obtaining heavy military equipment، such as destroyers.

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