Model Selection and Optimal Risk Coverage Solution in Operational Istisna Securities Models

* Seyed Javad Emadi/ Instructor in Financial Engineering, Rahbord Shomal Institute of Higher Education  j.emad.p@rahbordshomal.ac.ir
Mehdi Jafari/ Assistant Professor, Accounting Management Department, Tolouemehr Institute of Higher Education  jafari@tolouemehr.ac.ir
Ruhollah Ebadi/ PhD student in Economics, Research Institute of Hawzeh and University                    rebadi@rihu.ac.ir
Farnaz Falahati/ M.A. in Financial Engineering, Rahbord Shomal Institute of Higher Education         farfalahati63@gmail.com
Received: 2021/04/22 - Accepted: 2021/09/16

Abstract
The development of Istisna securities as one of the Islamic financial instruments requires identifying and analyzing its risk. This article seeks to select the model and the optimal risk coverage solution in the operating models of Istisna securities. According to the findings, the selection of the optimal model in the risk coverage of Istisna securities has led to attracting liquidity of risk-averse groups of investors and will provide the financial resources needed by economic institutions in the community. Using a descriptive-analytical method, using the questionnaire tool and its distribution in the statistical community of scientific elites and financial market experts and specialists and utilizing the five-choice Likert spectrum this research has been proposed. The results show that among the operational models of Istisna securities, the Islamic Stock Exchange model is the best model. Among the risk hedging strategies, the central bank strategy and the commitment method can be recommended as the best strategies. 
Keywords: Istisna securities, Risk coverage, Risk coverage strategies 
JEL Classification: G10, E44, G24.