امكان‌سنجي اقتصادي تبديل تسهيلات فروش اقساطي به اوراق رهني

Economic Feasibility Study of Conversion of Installment Sale Financial Facilities to Mortgage Securities

مطابق تحقيق پيش‌رو بانك‌ها، بسته‌اي از تسهيلات اعطايي خود را به نهاد مالي كه فقط با هدف انتشار اوراق بهادار به پشتوانه بسته پيش‌گفته، تاسيس شده، مي‌فروشند و نهاد مالي آن تسهيلات را مي‌خرد (تنزيل مي‌كند). بنابراين بانك‌ها تسهيلات‌ را از ترازنامه خود خارج كرده و وجه نقد معادل ارزش فعلي آنها را دريافت كرده و به متقاضيان خريد مسكن، تسهيلات جديد پرداخت ‌مي‌كنند. با توجه به قوانين نظام بانكداري بدون ربا و با استفاده از مصوبه‌هاي شوراي نگهبان و كميته فقهي سازمان بورس و اوراق بهادار، احكام مربوط به امكان‌سنجي فقهي انتشار اوراق پيش‌گفته در كشورمان بررسي شد. براي بررسي بُعد اقتصادي، با مورد توجه قرار دادن جريان‌هاي نقدي ورودي (اقساط دريافتي از تسهيلات) و جريان‌هاي نقدي خروجي (سود پرداختي به اوراق) و هزينه‌هاي تامين و به‌كارگيري وجوه پيش‌گفته و همچنين وضعيت اقتصادي حاكم بر كشور و بازار، درباره امكان‌سنجي اقتصادي استفاده از اوراق رهني در كشورمان اقدام شد كه در نتيجه ضمن ارايه يك مدل عملياتي، استفاده از اوراق رهني، امكانپذير و در صورت برقراري وضعيت خاص اقتصادي بر بانك ملي ايران، انتشار اوراق رهني مناسب و اقتصادي دانسته شد.

According to this research, banks sell their finance facilities to a financial institute, which was previously founded with the only aim of issuing financial papers backed by that financial facility. The financial institute purchases (discounts) the mentioned facility from the bank. As a result, the banks remove the said facilities from their balance sheets and receive an amount equal to current value of the facilities in cash. Those facilities are then reissued to applicants of house purchase. Keeping in view the laws of Interest-free banking system and benefiting from the enactments of the Guardian Council and Jurisprudential Committee of Securities and Exchange Organization, the rules related to the juristic feasibility of issuance of the mentioned [financial] papers in our country, were studied. In order to study the Economic aspect, along with considering the cash inflows (the receipts of facility installments) and outflows (profit paid on securities) and the arrangement and utilization costs of the said amounts and similarly the economic conditions ruling over the country and market, with respect to the economic feasibility of using mortgage papers in our country, steps were taken. As a result, while presenting an activity model, the usage of mortgage papers, was found to be possible and in case of maintenance of particular economic conditions over the Melli Iran Bank, the issuance of mortgage papers was found to be appropriate and economic.