انتخاب كارآمد ابزارهاي مالي اسلامي و اطلاعات نامتقارن

Islamic bankers use a combination of equity and non-equity financial instruments for financial investment purposes. Choice of an efficient portfolio of financial assets requires direct functional relationship between the supply of fund via each instrument with its rate of return and a negative relationship with its risk. Asymmetric information hinders selection of efficient equity instruments, unless Islamic bankers monitor the implementation of contracts with their partners. Although monitoring is a costly operation for bankers it is at the same time an investment for obtaining new information which will be used for the choice of efficient equity tools and their supervision. The performance of 24 regional supervisory units of Agricultural Bank all over the country during a five-year period of this study verifies this hypothesis. That is, the allocation of financial resources among equity and non equity instruments has been found to have a significant positive relationship with the rate of recovery and a negative relationship with the risk of selected instruments. It is, therefore, concluded that monitoring services of the bank is instrumental in the choice of an efficient selection of equity and non equity financial tools in Islamic banking.