||As it is known, the, monetary and financial policies in a countries economy play an important and vital role in its stability.those policies can be applied through some instruments. In the section of monetary policies the effect of important Economic factors can be through three important tools, namely the rate of required Reserves, discount rate, and open market operations.the first two instruments are indirect and the open market operation being one of the mentioned policy Instruments are directly mentioned in this dissertation.
The tools of open market include bonds, participation paper and recently sukuk. Based on law and by permission from the central bank are issued so as to control Liquidity, inflation, investment and a share of national constructive budgets Issuance of bonds was stopped since 1358 and was replaced by participation Paper. Through statistics and evidence show an increase in its usage culture in these years. However in the recently years due to the increasing inflation rate These papers have not been attractive to the investors inflation policy, these Papers have a very important role in financing of projects (establishment,Supplement and development) because the government issues and delivers Participation paper instead of borrowing money from the banking system to provide Financing of projects. The advantage of this method is that borrowing from the bank system creates Liquidity and consequently inflation.however, the issuance and delivery of these Participation paper collects savings, reduces the purchasing power of people and Finally lowers inflation.In the legal section, the legalizes, effects and directive Of this paper is mentioned accordingly the bond papers based on the pre-Determined interest rate which is seen as reba and has a loan contract nature.
The loan or the borrowed money can be consumed every where. However, the Participation paper are based on the interest rate and the relationship between Attorney and the client and the final interest rate after the participation period Is payable.the nature of this contract is a civil participation and can be used in Productive, constructive, service and ………affairs and can be used except for Business matters.