Abstract
Despite development and extension of different ways of financing in financial markets, encompassing Islamic and conventional financing, the mechanism of Electronic Funds Transfer (EFT) of project financing both as borrowed and non-borrowed methods has not been considered at most. Moreover overall IT infrastructures development namely Real Gross Settlement System (RTGS), Automatic Clearing House (ACH), Scriptless Security Settlement System (SSSS) and International Bank Account Number (IBAN) for authentication process and the international meta bank network of Single Euro Payment Area (SEPA) and also international integrated banking networks including the Society For Worldwide Interbank Financial Telecommunication (SWIFT) and Interbank Information Transfer Network (Shetab), and other accomplished endeavors are not efficient in absorbing international contributions for project financing through foreign exchange funds in the different countries, satisfactory E-Payment mechanism in informative portal systems for investment projects are weak. In this way, the role of applying E-Payment systems for attracting foreign investment through retail resources mobilization and design of financial instruments with the capability of transacting in the secondary markets should be reconsidered. In this paper by having a glance at different types of investment project financing, we introduce a new project financing mechanism based on E-Payment with non-usury financial instruments to complete investment project financing chain in the form of Rastin Profit and Loss Sharing (PLS) banking.Sharia compliance of financing instruments in one side and accessibility in absorbing international retail foreign exchange sources on other side are two fundamental discussible items in this paper. In this way by designing a new system of "Non-Usury Scriptless Security Settlement System" (NSSSS) with non-usury mechanisms -avoiding legislative (Sharia) circumvention- can provide the two cited goals in designing non-usury financing instruments through IT-based non-usury financial innovations which includes of Rastin Certificates in Rastin PLS banking, and Non-Usury Bonds namely Rastin Swap Bonds.
Highlights
Investment is a reliable method for accelerating economic growth and employment and could be applied as an accelerator for speeding up economic growth and development
Buyers of bonds are not confronted with any risks and the paying back the principle, and interest in this kind of debt based financing is an obligation for the issuer of the bonds
Non-Borrowed financing includes those foreign resources that principle and interest return and risk of the investment are to be transferred to investors, and the government has no commitments against any parties
Summary
Investment is a reliable method for accelerating economic growth and employment and could be applied as an accelerator for speeding up economic growth and development. Traditional financing methods for importation and injection of capital to investment projects do not suffice with respect to information and communication technology (ICT) progresses and development of international financial networking. Vol 4, No 1; 2019 outflow based on capital rate of return are some significant reasons for existing hard competency over the products of the investment project at global markets. In this way, the significant endeavor of the entrepreneurs of the investment projects is to how finance and to reduce mark-up prices of the products and services. We are going to introduce some IT based new non-usury financial innovations
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