Investigation and Evaluation of Islamic Financing Instruments for Knowledge-Based Enterprises; Evidence from Iran Capital Market

Document Type : Article

Authors

1 Department of Finance, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran

2 Department of Finance, Tehran Institute for Advanced Studies (TeIAS), Khatam University, Tehran, Iran

10.30497/rmg.2025.248361.1029

Abstract

Subject: One of the key infrastructures for the growth and development of Knowledge-Based Enterprises (KBEs) is providing financial facilities This study investigates the KBEs financing through Islamic financial instruments.
Methodology: In terms of data collection, it takes a descriptive-survey approach. Data required are collected using a structured questionnaire. The statistical population includes KBEs active in Tehran and simple random sampling method was applied to reach final community. The statistical sample consists of 80 specialists and experts in the financial field in knowledge-based companies, and a questionnaire was used to collect data. Experts' opinions were used to check validity and Cronbach's alpha was used for reliability test, which confirmed the validity and reliability of the tool.
The Structural Equation Modeling (SEM) method was used to analyze the data.
Originality: So far, many researches and studies have been done regarding the growth and development of knowledge-based companies; However, in none of them has attention been paid to the financing of these companies from the capital market. For the first time, this research aims to present the capacities of the capital market for financing knowledge-based companies.
Result: The results of this research indicate that innovative financing instruments such as sukuk, mortgage bonds, and project fund instruments, saving certificate instruments, deposit certificate instruments and bonds play a positive role on the financial provision of KBEs.

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History

  • Receive Date: 25 May 2025
  • Revise Date: 15 July 2025
  • Accept Date: 15 July 2025

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