اوراق بهادار (صكوك) جعاله؛ ابزاري كارآمد براي توسعه صنعت گردشگري

Juʹalah Securities (ʹSukukʹ)ʹ an Efficient Financial Instrument for the Expansion of the Tourism Industry

The tourism industry, being the biggest and the most unique industry of the world, is considered in many countries to be the main source of income, employment creation, private sector development and expanding the infrastructure. Iran, due to the presence of many historical sites, climatic and regional variety, being the centre of Shiaism, Holy places, religious seminaries and many other reasons, is categorized amongst the countries prepared for tourism on an international level. However until now, due to various reasons, she has not been able to utilize this opportunity to an acceptable level. Such that according to a study, because of its prominent geographical position, climatic variety and natural, historical and cultural attractions, Iran is placed amongst the ten best countries of the world, but from the aspect of attracting tourists, is ranked sixty seventh in the world and similarly from the view of [total] income generated by the tourism industry, is placed on the seventy seventh spot. One of the most important factors of this failure is the lack of investment in the fundamental and structural areas of this sector. As a result, it is necessary to put forward an appropriate solution which could provide the required capital for this industry. The present article after reviewing the current conditions, the economic-financial expansion barriers of the tourism industry and the potential role that this trade could play in the countryʹs economy; through a practical and exploratory approach and utilization of the Juʹalah Financial Papers (Sukuk), puts forward the practical models of financing. Juʹalah Financial Papers, one of the profit-bearing financial instruments along with a fixed return, are designed in a way that along with taking care of the religious legislative requirements also enjoys a high degree of practical capacity and economic explanation. It is expected that other than financing the tourism industry, it can also have a noticeable influence on expansion of the Islamic Financial Instruments and the capital market of Iran.