Economic Strategy

Economic Strategy

Designing the credit risk rating model of Islamic sukuk issuers with the Fuzzy Analysis Hierarchy Process (FAHP) approach

Document Type : Original Article

Authors
hossein bakhtiari 1
Ali Khoshniat Razgi 2
Amirhosseyn shamaeezadeh 3
1 Assistant Professor, Faculty of Islamic Education and Industrial Management, Imam Sadegh University
2 Masters student, Department of Finance, Faculty of Islamic Studies and Management, Imam Sadegh University (AS), Tehran, Iran
3 Phd student, Department of Finance, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran
10.22034/es.2024.425870.1720
Abstract
Due to the fact that the reputable rating institutions in the world do not announce their rating formula and model, in this research after studying the theoretical literature related to Islamic sukuk rating and applying the results of previous statistical research in relation to the important components used 7 criteria were determined by the rating institutions, then by asking experts for their opinions, while completing and confirming these criteria through the fuzzy AHP method, these criteria were compared and prioritized. In fact, this article can be considered as a local model and can help domestic rating institutions in the field of Islamic Sukuk rating.
The results of this research indicate that among the seven effective components extracted from the literature, in the order of the variables related to credibility, profitability, market, company leverage, company liquidity, company size and the structure of the published sukuk, the most important criteria related to the rating form Islamic sukuk clauses. . In the presented model, each of the variables are rated through an expert questionnaire.
Keywords
Sukuk rating
credit rating
fuzzy hierarchical analysis
sukuk
credit risk

Subjects

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  • Receive Date 20 November 2023
  • Revise Date 09 January 2024
  • Accept Date 27 January 2024