Presenting a Hierarchical Model of Factors Affecting the Issuance of Sukuk without Maturity with a Focus on Shari'ah and Operational Principles

Structural diversity in Islamic financial instruments is growing rapidly. One of the newest Islamic financial instruments is the issuance of Perpetual Sukuk. These bonds structure are similar to debt and equity forms and have regular returns with no maturity date. These bonds are issued by Islamic banks, the government and the private sector in the form of Al-Musharaka, Mudaraba and Wakalat contracts. Such tools face serious criticism in terms of Shari'ah nd operational principles. In this study, a hierarchical model has been performed to improve the financing method using the issuance of Perpetual Sukuk. The methodological approach of this research is qualitative-quantitative, in the qualitative part 13 indicators are extracted and in the quantitative part with the help of self-interaction matrix, the research model is designed by interpretive structural modeling. The result of this research is a 9-level model, the most influential index of which is the verses of the Holy Quran and the most influential index of secondary transactions.