Financial instruments are one of the fundamental dimensions of financial markets that guarantee their efficiency and effectiveness of these markets. These instruments playe a main role in economy to direct money from saving sources to investment needs. These instruments provide possibility of financing companies from public and private sources and also are considered as investment instruments for cash savings in an economy that can provide a suitable return for investors. Today, various financial instruments have been developed that can meet different financial needs of corporations which can comply with investor tastes and preferences. Among these instruments, commercial paper is usually considered as a short-term financing instruments for working capital expenditures of companies. Banks and credit institutions are among the main entities which issue commercial papers for their liquidity needs. In spite of this, like other traditional financial instruments, commercial papers have been developed and structured in western markets and cannot be issued in Islamic markets due to Shariah (Islam) regulations and condition. But, Islamic contracts and regulations have the capability to develop this important financial instrument in an accepted framework of prescribed contracts in Islam jurisprudence (Fiqh). The present research with a comparative study, (Delphy method) explains the conceptual model of Islamic commercial papers for banks and credit institutions in the form of Murabaha Sukuk, in a way that these papers can be structured and issued in the Islamic markets by using opinions of the experts.

Key words: Islamic finance, Commercial paper, Sukuk, Murabaha

JEL Classification: G21, G23, G32