The importance of small and medium businesses today is not hidden from anyone. These companies include a large part of the employment and production of countries. Financing these companies has always been considered one of the main problems of these units. Until now, the external financing of these companies has generally been done by banks; The high dependence of financing SMEs on banks has caused serious constraints in their growth and development. Recently, advanced countries have tried to improve the financing of SMEs by using the capacity of the capital market. This article seeks to present a model based on WAKALAH sukuk to finance SMEs. In terms of goal this research is practical and in terms of nature of data is (qualitative-quantitative). It is also considered descriptive-survey based on the data collection method. In this research, we provide a model based on WAKALAH by using the descriptive analysis method and using library studies. Then, the relevant model was evaluated and approved from the aspects of efficiency for financing SMEs, attractiveness for issuers and investors, and acceptability from the supervisor point of view, using a questionnaire and using inferential statistics.

Financing has always been one of the main challenges of SMEs in Iran. Therefore, developing financial instruments for these companies and reducing their dependence on bank financing is always one of their essential needs. Despite the development of the Sukuk market in recent years, the capacity of this market has not been provided for SMEs. This article seeks to provide an optimal model for financing SMEs. The present research is considered to be mixed (qualitative-quantitative) from the point of view of the applied goal and qualitative-quantitative from the point of view of the nature of the data and descriptive-survey from the point of view of the data collection method. In order to design a suitable model, first, in interviews with experts in the field of financing SMEs, as well as available resources, the financing challenges of these companies were analyzed. In the next step, based on two assumptions, 7 models were designed for issuing Sukuk. Then, based on the TOPSIS method, these models were prioritized and WAKALAH model is choosed.

In recent years, the volume of issuance of various types of Islamic securities in the capital market of Iran has grown significantly, and this indicates that the attention of many companies has been directed to financing through the capital market. One of the important requirements for the development of financing through securities is the design of securities according to the characteristics of the applicants. Even though the board of directors of the stock exchange organization approved the instructions of attorney in 2018, the applicants for financing have not used the capacity of these bonds so far. While power of attorney is a widely used financing mechanism in Islamic countries. The purpose of this research is to redesign WAKALAH sukuk according to the experience of its publication in Islamic countries. In this regard, by studying the laws, regulations and experiences of selected Islamic countries, the important components in the redesign of WAKALAH sukuk were identified and classified into three categories: jurisprudence, legal and executive. Based on these components, the guidelines and decrees of the Jurisprudence Committee on WAKALAH sukuk were analyzed, and finally, corrective solutions regarding the directives, the decrees of the Jurisprudence Committee and the resolution were presented.

Takaful is an Islamic insurance concept which is grounded in Islamic transactions, observing the rules and regulations of Islamic law. Like the traditional Insurance companies, Takaful companies and institutions are designed to cover future possible damages and threats.In Addition, takaful plan contributors are participated in their benefit from profitable investments and activities. Mudharabah-based family takaful and mudharabah-based publictakaful are models of takaful that have been explained in this paper.Although these models have been designed on the basis of certain contracts such as mudharabah, hiba (gifting) qardh (benevolent loan) and wikalah (agency), given the specific objectives that these companies follow, takaful models are mixed contracts that don' t conform to anyone of these contracts specifically.Jurisprudential analysis of these two models presented in this study benefiting from content analysis research method has confirmed their accuracy. It seems that in addition to materializing insurance companies' goals, and in view oftakaful contributors taking benefit from the surplus profit obtained, takaful models are more compatible with Islamic principles and justice.

Leasing companies in the world use various methods to finance and allocate resources, but in Iran these methods are less considered. One of these methods, which has different forms, is factoring. Factoring is one of the new methods in equipping and allocating resources to leasing companies. Given that the main specialty of these companies is in credit affairs, this function can help the increase of the firms’ capacity as well as their financing. Leasing companies can play a dual role. First, they can act as agents for collecting receivables from manufacturing companies. Second, given the high volume of receivables in their financial statements, they can gain more access to cash through interacting with a firm that has appropriate credit ability. This article, which has used a descriptive-analytical method and a jurisprudential approach, after mentioning the nature and types of factoring from different views, has explained the various methods of its application in leasing companies. The factoring process, whether the leasing company acts as an employer or factor, is a combination of different activities such as collection of claims, financing and combination of them. Here, contracts that can be used in factoring, such as buying debt, WAKALAH, ju'alah and ziman (guarantee) have been studied from a jurisprudential perspective. Since the mentioned contracts constitute the main structure of the factoring, and according to the jurisprudential assessment of these contracts there is no obstacle to using them, factoring is suitable for financing and allocating resources in leasing companies.

Previllage Deposit (also known as: cooperative deposits, Vamkhvah deposits or rotational deposits) is the new generation of Qur'd al-Hassanah activities in the country that can, along with traditional models and the first generation of Qur'd al-Hassanah, improve access of low and average incomes groups to finance. The main question of this research is that: "What are the operational models of privilege deposits within the framework of religious rules in the area of Qur'd al-Hassanah? " The article uses a descriptive method and content analysis to examine the hypothesis that "the privilege deposit is possible within the framework of the Imamiyah jurisprudence and the usury free banking operational law". The research findings show that using the capacity of sources of jurisprudence, two operational models, the "borrowing model" and "WAKALAH-based model", could be used to execute privilege deposits. Both models are approved by the Imamie jurisprudence and can be used in the financial system of the country. However, the patterns are different in two ways: First, the privileges deposits in the borrowing model are not binding on the financial institution, and do not create legal rights for the client. However, in the WAKALAH-based model, the privileges given to the financial institution are obligatory and give the right to customers. Secondly, in the borrowing model, the fee should be at least as much as the wage (expenses), but WAKALAH-based model, a financial institution can, under the supervision of the supervisory authority (central bank), determine it less or more than the cost.

Over the past 100 years, three approaches have been presented in the literature about the nature of the bank, including "financial intermediation", "Deposit Multiplier", and "money creation" theory of banking. In the present article, using analytical-descriptive method, these three perspectives are analyzed and the compatible approach with the reality of modern banks is introduced. Besides, the precise investigation of the laws and regulations regarding usury (interest) free banking in Iran, especially the definitions, the contracts between depositors and the bank, and the mechanisms designed for dividing bank income from Joint/Non-joint activities, shows that these regulations are designed based on "financial intermediation approach".In order to increase the consistency between these laws and regulations and the nature of modern banks, recommendations are made, including definitions for banking operations and deposits; amending contracts related to depositing (WAKALAH and Qard-al-hasan); and modifying the method for identifying and sharing bank revenues between the bank and depositors. Nevertheless, regarding the relationships between banks and the central bank, and also among banks in the interbank market, serious problems can arise, which make the compatibility between the modern bank's nature and the regulations for usury free banking almost impossible, through the use of WAKALAH theory. Accordingly, continuing attempts to eliminate usury form banking system, based on the financial intermediation approach (the current ruling approach), will not be fruitful. Although as a short-term strategy, the above suggestions can be useful, but a fundamental and long-term approach to eliminate usury from the financial system necessitates different arrangements and institutions from modern banks.

Islamic Venture capital is one of the new methods of Islamic finance which despite gaining approval of many professionals about its special advantages and efficiency, it has not been adequately considered by Islamic finance experts. Hence, most studies conducted so far have only introduced Mudharabah and Musharakah for financing in the process of Islamic venture capital while it is possible to use some other structures in this process. In fact, this study describes the structures and patterns that comply with sharia used in Islamic venture capital industry and also describes the performance of them in the Islamic venture capital companies.The results, obtained with descriptive analysis method, and from library resources, documentary analysis, and research and development, indicate that in addition to Mudharabah and Musharakah contracts, some contracts such as Musharakah Mutanaqisah, Ijarah Mawsufah Fi Al Dhimmah, Ijarah Wa Iqtina and WAKALAH-Ijarah Mawsufah Fi Al Dhimmah can also be used in the process of Islamic venture capital.

The well-known Imami Shi’a jurists (Fuqaha) believe the voidance of the companies of Labour (Bodies or Abdan), Negotiation (Mufawadha) and Reputations (Wujooh). There are no absolute proofs or evidences to prove the voidance of thesepartnerships in the Holy Quran, Islamic traditions and intellectual judgment but only proofs such as ijmae (consensus), the possession of the nonexistent, the absence of proofs for validity and risky (gharar) of such transactions (Muʻamalat) has been cited. The Imami Shi’a jurists (Fuqaha) believe that the validity of these transactions (Muʻamalat) are proved by Sulh (peace) and WAKALAH (Agency) contracts or other mechanism (solutions). The legislature has not mentioned these partnerships and legal authorities (decrees). With analyzing the evidences of the well-known Imami Shi’a jurists (Fuqaha) sayings and after evaluating its criterion, the author has reached to this result that the clarified proofs are not sufficient to prove their claim. But these contracts have been and are of the accepted and conventional legal acts among people and there is no certain reason for the voidance (annulment) of these companies and because of its generality (currency) of these transactions among individuals, the Imami Shi’a jurists (Fuqaha) should inevitably seek a consideration (deliberation) for the validity of these contracts. Although the attitude of the validity of these contracts is contrary to the saying of the well-known ImamiShi’a jurists (Fuqaha), but some of the contemporary Imami Shi’a jurists (Fuqaha) are proponents of this saying. From the view of the civil code of Iran, article 10 which determines the principle of freedom of contract or Liberty of Contract can strengthen or encourage the attitude of validity of such transactions.

Before the enactment of The Family Protection Act of Iran (1391), the agreements for the acceptance of the right of custody or to pay special privilege to other parent takes place they had not explicitly been attached to the legal ruling case. But after the enactment of the mentioned law in Article 41, it has been implicitly legitimized. For the most important factor to perform agreements is will and agreement of both parties. The principle is the party autonomy and because custody is the parents' right and responsibility. Each party can give the exercise of the right and performance of the responsibility based on these agreements to other party if it does not stipulate that the obligor or accountable person should directly implement the liability. This paper has examined the role of parents’ will on concluding agreements between parents with each other or with the third person. With observing this research, it is understood that in the law of Iran custody based on its dual nature cannot be waived or assigned but parties can representatively transfer the performance of right to an agent. Therefore, it is possible to conclude these agreements in the time of marriage or divorce, consequently, the possibility of assignment to the third party (private enterprises-organizations-, employing nurses, giving the custody of children to the social workers… ) it is in the formation of nominate contracts-defined contracts-such as leas, sulh, WAKALAH, ju'alah, … or in the formation of innominate contracts (Article 10 of the civil code). Because the principle of autonomy in the agreements of custody is more limited than the other contracts, Child’ s benefits as specifier (Arabic: مخصص mukasis) is constantly considered by the courts.