Islamic Securities Pricing Model
Keywords:
Islamic securities pricing, factors affecting Islamic securities pricing, grounded theory, Delphi techniqueAbstract
The study aimed to design and conceptualize a comprehensive model for the pricing of Islamic securities within Iran’s financial system based on Shariah principles. This developmental–applied research employed a mixed-methods approach. The qualitative phase utilized grounded theory through semi-structured interviews with 19 experts in accounting, jurisprudence, and Islamic finance. Data were analyzed using MAXQDA software through open, axial, and selective coding. In the quantitative phase, 14 specialists participated in Delphi rounds to validate and prioritize indicators, and structural equation modeling was performed using SmartPLS. The results identified five key causal factors influencing Islamic securities pricing: business management, governance attitudes, regulations, banking system management, and time factor. Economic conditions, misdirected investment policies, cost system inefficiencies, and state-dominated economy served as contextual elements. Intervening variables included currency mismanagement, existence of “dirty money,” and banks’ non-banking activities. Strategic recommendations emphasized federalizing the banking system, promoting private Islamic banking, and establishing Shariah-based supervisory infrastructure. Consequences included enhanced social justice and improvement of national and macroeconomic indicators. Delphi analysis further highlighted “attention to the Islamic economy” as the top priority, while “national income” and “regional-Islamic cohesion” were decisive determinants in Islamic securities pricing. The study concluded that developing a Shariah-based Islamic securities pricing model can enhance financial transparency, promote distributive justice, strengthen the Islamic capital market, and foster regional economic integration toward an interest-free financial system.
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Copyright (c) 2025 Hossein Naghavi (Author); Heider Mohammadzadeh Salteh (Corresponding author); Ebrahim Navidi Abbaspour, Akbar kanani (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
