Extended model of financing the construction projects of Islamic Azad University using new financing tools

Document Type : Research Paper


1 Department of Accounting, Zahedan Branch, Islamic Azad University, Zahedan, Iran

2 Department of Accounting, Payame Noor University, Tehran, Iran

3 Department of Accounting, Sistan and Baluchestan University, Zahedan, Iran


One of the important paths of development in any country is the development of financing tools for various projects. There are different methods of financing business activities that different organizations can use for financing. Therefore, the aim of the current research is to present the developed model of financing construction projects of Islamic Azad University using modern financing tools. The statistical population is all employees of the headquarters, financial affairs management, credit affairs management, investment department, managers and vice-presidents of Islamic Azad University, which was conducted in the time period of 2011 using a probabilistic method and 141 people were estimated. In order to collect data, a questionnaire tool was used, which confirmed the face validity and reliability of 93.9% and was analyzed through SPSS and PLS software. According to the opinions of the experts, the results of ranking and importance regarding the new financing instruments, in the order of participation bonds, derivative instruments, futures contracts, Sukuk, mortgage bonds and certificates of deposit, as well as the results of the structural model of Sukuk, have the highest direct effect and future contracts have the least effect. It is about financing the construction projects of Islamic Azad University. The results of the research hypotheses indicate the great impact and role of partnership bonds, derivative instruments, future contracts, sukuk, mortgage bonds and certificates of deposit in the construction projects of Islamic Azad University.


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Volume 14, Issue 5
May 2023
Pages 243-257
  • Receive Date: 12 September 2021
  • Revise Date: 14 March 2022
  • Accept Date: 20 April 2022