Murabaha Certificates (Sukuk)
A Suitable Funding Instrument for Islamic Finance and Capital Market
Sayyid Abbas
Musaviyan
Associate professor, Academy of Islamic Culture and Thought
author
text
article
2009
per
Murabaha is defined as a particular kind of sale contract where the sellerexpressly discloses to the buyer the cost he has incurred on the commoditiesincluding purchase price, transport and storage costs, and sells it to him byadding some profit or mark-up thereon. Murabaha sale contract can beconcluded in cash or on deferred payment basis. Normally, the profit marginin deferred payment basis is more.Recently Muslim scholars, in order to fill the vacuum of omitted loancertificates, have benefited from the features of Murabaha sale and embarkedon designing bonds called Murabaha certificates which can be an appropriatesupplement to Islamic asset and capital market for financing and as aninstrument of the asset policy.Murabaha certificates can be designed in different forms some of the mostimportant of which are:1) Murabaha certificates for financing;2) Murabaha certificates for meeting cash requirements;3) Murabaha certificates for building assets of trade companies;4) Collateral Murabaha certificates for turning into bonds thedemands of banks and leasing institutes.In this article, Murabaha certificates are examined in terms of compliancewith Shari’ah laws and economic standards. It has been demonstrated thatthe first and fourth type of Murabaha certificates are allowed only as perShiite’s famous jurisprudence (fiqh) and can therefore be applied within thecountry (Iran). As for the third type, it complies with both Shiite as well asSunni jurisprudence and can be applied in Iran and in the international level.The second type is faced with a serious jurisprudential problem and cannottherefore be publicized.
Journal of Iran's Economic Essays (JIEE)
Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"
1735-3300
6
v.
11
no.
2009
9
31
https://iee.rihu.ac.ir/article_273_4b0cc22e46b5674360252ae8a6563484.pdf
Assessment of Economic Transition under Neoliberalism Teachings
Hasan
Sobhani
Associate professor, faculty of economic sciences, University of Tehran
author
Behrooz
Maleki
MA in Economics
author
text
article
2009
per
From late 1970s, with the change of dominant developmentparadigm, most countries followed Washington Consensus policy.According to it, with no roles for states, markets increase economicefficiency but practically countries which followed these policiesencountered more economic, social and political problems due to lackof necessary institutional infrastructures.In this condition, revisionary thoughts called Post-WashingtonConsensus gradually appeared in economic development literature.This approach was developed as a result of Washington Consensusweaknesses and experiences of different developing countriesespecially Eastern Europe and East Asian countries. Consequently, thenew economic and social development paradigm was foundedaccording to which, state should have an important role in economicreforms. Therefore, economic transition from state oriented economy tomarket economy without considering the necessary prerequisites andinstitutional capacities will result in volatility and instability ineconomy.
Journal of Iran's Economic Essays (JIEE)
Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"
1735-3300
6
v.
11
no.
2009
33
60
https://iee.rihu.ac.ir/article_274_1bbe669394d4c202e60bcb70ed43d351.pdf
Social Security and Economic Development
Sayyid Reza
Husseini
Faculty member of Research Institute for Islamic Studies & Social Sciences, Hawzah and University
author
text
article
2009
per
This article studies empirically the causal relationship between theexpenditures of social security and economic development in Iran’seconomy during the years 1961 to 2003. Social security programscan affect economic development through different ways such astheir impacts on saving motive, work and utilization of labor force.As for the relationship between social security and saving,theoretically there exist different views each relying on empiricalevidences. Examining the relation between saving and social securityis necessary in terms of the significance of savings in providinginvestment resources and economic development. However, in thefinal analysis, what is much more important is the nature of therelationship between the expenditures of social security andeconomic development. Theoretically, there exist three differentviews in this regard. Peter S. Barch (1969) holds that every singlepercent increase in the expenditures of social security causes 0.7increase in economic growth rate. Some like Martin Feldstein (1985)reject this view and maintain that social security expenditures act incontrast with the economic growth rate of the countries. A third view,such as that put forward by Samuelson (1975) considers thiseffectiveness to be linked with capital balance as compared with thegolden-rule level of saving and the type of governing social securitysystem. The present study, while elaborating on this relationship andendeavoring to determine the causality direction, benefits from VARmodel and Granger causality test. The article demonstrates inconclusion that there exists a relationship between causality from theexpenditures of social security and economic growth but the oppositeis not true, and increase in social security expenditures shall lead to ameaningful increase in national revenue.
Journal of Iran's Economic Essays (JIEE)
Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"
1735-3300
6
v.
11
no.
2009
61
82
https://iee.rihu.ac.ir/article_275_f89d5e7eba435144a616e98e7b0fc899.pdf
Introducing a Prediction Model in Total Stock Price Index Using Neural Networks Approach
(Case Study: Tehran Stock Exchange)
Alireza
Pakdin Amiri
Department of financial management, member of Young Researchers Club, Islamic Azad University
author
Mojtaba Pakdin
Amiri
Department of business management, faculty of economic and administration Sciences, University of
Mazandaran
author
Morteza
Pakdin Amiri
Department of accounting, Islamic Azad University, member of Young Researchers Club
author
text
article
2009
per
The object of this research is to present a prediction model of priceindex in Tehran stock exchange using artificial neural networks. Forthis reason, the industry index, financial index and the annual TEDIXindex were introduced as (independent) input variables. The MLPplan accompanied with post-processing algorithm and multi-factormodel have been used to evaluate neural network model. The resultssuggest that the proposed neural networks model is potent ofpredicting price index in Tehran stock exchange. In the closing part,conclusion has been drawn and applicable suggestions and alsodirections have been given concerning pursuing and following upsimilar researches.
Journal of Iran's Economic Essays (JIEE)
Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"
1735-3300
6
v.
11
no.
2009
83
108
https://iee.rihu.ac.ir/article_276_cb7b08510e9d6e513c481164645dc3a0.pdf
impact of fiscal policy to income distribution and economic growth
1973-2003
Ali
falahati
Assistant professor of razi university
author
Mojtaba
almasi
Assistant professor of razi university
author
Fateme
aghaei
M.A in Economics
author
text
article
2009
per
In recent years discussion about the role of government ineconomic has been the center of attention . One of the most importantduties of the government for attaining economic growth is herdistributive role .In this paper , it is attempted to pinpoint this rolethrough fiscal policies and the important tools available togovernment for achieving this goal are the Transfer payment andTaxes which have been discussed,through using time series data,and the method used for this paperis the simultaneous equation system And the effect of fiscal policies(taxes and subsidies) on income distribution and economic growth isanalyzed. from 1973-2003The finding of this paper shows that fiscal policies of the country(increase of taxes and subsidies) has caused more equitabledistribution of income and reduction of economic growth. The indexof evaluation of better distribution of income is the Ginni coefficient . the data used for this paper have been collected from various publication of Central Bank of Iran . Increase in oil revenues andGDP have been a good reason for more equitable distribution ofincome and more growth of the economy
Journal of Iran's Economic Essays (JIEE)
Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"
1735-3300
6
v.
11
no.
2009
109
131
https://iee.rihu.ac.ir/article_277_b38a1b2f08c3a9f23af1bd7d81130399.pdf
The Effect of Applying the Real Price of Energy on the
Elasticity of Energy Demand and Estimating Energy Substitution
Elasticity in the Industrial Sector in the Long Run
(A case study: industrial factories including more than 50
workers during the years 1995 to 2006)
Alireza
Shakibayi
Assistant professor, department of economics, Shahid Bahonar University of Kerman
author
Zeinlabden
Sadeghi
استادیار گروه اقتصاد دانشگاه شهید باهنر کرمان
author
Hassan
Aama Bandaqarayi
Scientific assistant, Payame Noor University, Center of Kashmar
author
text
article
2009
per
Applying the real price of energy and redistribution of itssubsidies have been one of the most critical and controversial issuesin the Iranian economy in the last few years. Concerning this issue,the industrial institutes’ reaction to the energy’s real price and itsrelated effects on industrial demands elasticity is especiallyimportant. In this study, using the Translog Cost Function andshepherd’s lemma, the function of the share of each of the productionfactors has been estimated from the total cost. From theseestimations, elasticities of own and cross have been worked out.Murishima Elasticities of Substitution (MES) has also beenestimated. Since the MES elasticities indicating the percentage ofvariation in the proportion of the factors due to the price variation isone of the critical factors, it is therefore by the aid of these elasticitiesthat the procedure of implementing these factors has been considered.
In part of this study, scenario building and a 75% increase in theenergy price has been manipulated and its effects on the abovementionedelasticities have been examined. The relevant productionfactors in this study include: capital, labor force, and energy. Theresults of the study implies that the 75% increase in the energy pricehas significantly reduced the own – price elasticity of demand and theother elasticities.
Journal of Iran's Economic Essays (JIEE)
Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"
1735-3300
6
v.
11
no.
2009
133
155
https://iee.rihu.ac.ir/article_278_4ec1d71c3bf209ca99fb56edb62f3343.pdf
Identifying and Evaluating Weak-Form Efficiency
Barriers of Tehran Stock Exchange Using BSC and
MADM Techniques
Daryush
Farid
D o c t o r o f b u s i n e s s m a n a g e m e n t ( D .B . M .), Puna University of India, Assistant professor, faculty
member of economic sciences, management and accounting, University of Yazd
author
Ghulam Reza
Burdbar
D.B.M, Puna University of India, faculty member of economic sciences, management and accounting,
University of Yazd
author
Hussein
Mansoori
Corresponding author, D.B.M. University of Yazd
author
text
article
2009
per
Capital market efficiency is an important concept, in terms ofeconomic growth and development. The efficiency of the emergingmarkets assumes greater importance as the trend of investments isaccelerating in these markets as a result of regulatory reforms andremoval of other barriers for the international equity investments.According to previous study results that show inefficiency of Tehranstock exchange, investigation of Weak-Form Efficiency Barriers ofthis capital market will help identify existing limitations, reformfuture courses of action and eventually promote market efficiency.Therefore, the present research endeavors to study the Weak-FormEfficiency Barriers of Tehran stock exchange and to offer strategiestowards improving efficiency and removing barriers. The studymethod is descriptive-analytical and data gathering is on the basis ofliterature and case study. In this study, we identified the effectivebarriers of weak-form efficiency using Delphi method and factor analysis. Thus, the factors which prevent Tehran stock exchange,albeit within BSC four dimensions, from attaining its strategic goalswere recognized as barriers of weak-form efficiency. For ranking ofthe barriers importance, we applied some MADM techniques such asAHP and TOPSIS. We found that, generally, the barriers on the fourdimensions of BSC have a significant effect on capital market weakformefficiency. In addition, findings of this study suggest thatinternal process perspective factors are the main barriers in Tehranstock exchange weak-form efficiency. Also, finally, suggestionsmeant for improvement and promotion of stock exchange have beengiven.
Journal of Iran's Economic Essays (JIEE)
Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"
1735-3300
6
v.
11
no.
2009
157
194
https://iee.rihu.ac.ir/article_279_72723bd46eec73ab3b06d87173a620b3.pdf