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Nowadays resources mobilization besides identifying optimum financing methods is one of the top priorities for economic policy makers. Undoubtedly, the growing trend of literature on Sukuk would be regarded an act in this line, so that various studies have been conducted on usage methods of them until now. Most of these studies have focused on explaining conceptual, legal, administrative and religious jurisprudence aspects of the bond as well as their applications in different economic sectors such as agriculture, industry, tourism and have paid less attention to intra-sectors such as external trade. In this article, we review non-oil export structure of Iran and analyze the feasibility of export financing through applying sukuk securities from operational, institutional, and religious jurisprudence points of view. The results imply that at the time being Mudaraba and Istisna are the proper options for financing export of goods and technical & engineering services. Meanwhile Musharaka security can be applied for both as well. At the end of paper the operatable-national framework of three-sukuk securities issuance has been developed.  

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Optimal performance of an economic system depends on the presence of efficient, strong, and supplementary real and financial sectors. Working together of them is necessary and sufficient condition for the survival of the economic system in general. This study aims to explain the impact of transaction cost on financial development for OPEC members during 1990-2012. In the present study, the effect of transaction costs on financial development is estimated by an econometric model according to Baltagi et al (2007). In this regard, the index of the banking sector efficiency (private credits) is used to explore the development of the banking sector, and stock market turnover ratio (in percent) and Total Value (of shares) Traded (TVT)/GDP (in percent) is used to study the development of the non-banking sector. Explanatory variables include the transaction costs, the government size, the per capita income, and degree of openness of economy. The estimation results using Panel Data indicate that the transaction costs affect financial development significantly; and the reduced transaction costs result in increasing financial development. With regard to property rights, we conclude that guaranteed property rights raise the financial development. Also, per capita income and government size have positive and negative relationships with financial development, respectively.