ORIGINAL_ARTICLE
Developing of a Technical-Marketing Model in Designing and Implementing Ijarah Sukuk in Iran: A Jurisprudenical Study
Debt markets, as an important part of the financial system, play an effective role inproviding funds. Islamic law (Shari'ah) prohibits the charging and payment of fixedinterest. Therefore, in Islamic law system, traditional debt markets can not be used.We need some appropriate alternative tools for traditional debt securities that arecompatible to the Islamic law.This article offers a conceptual model - based on marketing and technical approaches -that discusses the implementation and religious aspects of Ijara Sukuk. The authors ofthe present paper finally conclude that Sukuk securities are suitable and usefulalternative for conventional bonds and participation bonds. Therefore, it is necessaryfor the government to define and support this new financial tools and also develop asecondary market in Iranian economy which individual investors need.
https://iee.rihu.ac.ir/article_238_d370ae061531ae813772edd16b04ab48.pdf
2011-03-21
9
37
Ijarah security
Ijarah in Islamic Jurisprudence
Sukuk structure
Ali
Saleh Abadi
1
Assistant Professor of Imam Sadiq University
AUTHOR
Sajjad
Sayyah
sayyah77@gmail.com
2
Ph.D Student Financial Management, University of Tehran
AUTHOR
Mehdi
Najafi
3
Ph.D Student Financial Management, University of Tehran
AUTHOR
ORIGINAL_ARTICLE
Comparing the Efficiency of Transactional Agreements and Cooperative Agreements in Free of Interest Banking System Using Data Enveloping Analysis Approach (Case Study: Mellat Bank Branches in Kermanshah Province)
Bank's resources are allocated according to different Islamic agreements in free of interestbanking system. Estimating of the efficiency of this Islamic agreements in free of interestbanking system can be used in policy making for banking sector. Therefore study of differentIslamic agreements efficiency in free of interest banking system through modern scientificapproaches is of outmost importance. Then in the pesent study the efficiency of transactionalagreements and cooperative agreements are compared utilizing the DEA approach. In thisdirection, by using DEAP 2 software and processed data related to five variables as input andthree variables as output, the level of efficiency in transactional agreements and cooperativeagreements has been estimated. The data related to 52 branches of Mellat bank in Kermanshahprovince as case study were used for estimation. The finding of this research states that in thecase of estimating of transactional facilities efficiency, 40 percent of branches stay on theefficiency border and in the case of estimation of cooperative facilities efficiency, 35 percent ofbranches stay on the efficiency border so they are efficient. Moreover, estimated model showsthat under the condition of variable return to scale, the average technical efficiency fortransactional facilities in branches is equal to 0.85, and for cooperative facilities in branches isequal to 0.74. So, the efficiency of transactional facilities is more than the efficiency ofcooperative facilities. Also the results indicate economies of scale because most of the branchesown increasing return to scale for both transactional facilities and cooperative facilities.
https://iee.rihu.ac.ir/article_239_6ced7051edb6d56aa8cb44169be25593.pdf
2011-03-21
39
60
Technical Efficiency
allocation efficiency
economic efficiency
Data Enveloping Analysis
economies of scale
return to scale
transactional facilities
cooperative facilities
Mellat bank
Kiomars
Sohaili
ksohaili@razi.ac.ir
1
Associate Professor of Razi University
AUTHOR
Mojtaba
Almasi
2
Assistant Professor of Razi University
AUTHOR
Elham
Lorestani
3
M. A. in Economics, Razi University
AUTHOR
Asghar
Sepahban Gharehbaba
4
M. A. in Economics, Razi University
AUTHOR
ORIGINAL_ARTICLE
Theories of Walfare and Happiness: A Comparative Study
Welfare and happiness has been looked upon for ages as the major desires of humanbeings and societies in such a way that positions, policies, and economic institutionsare evaluated in the light of their effects on individuals' welfare. However, there hasbeen much disputation about its quiddity and its essence. From the westernperspective, welfare basically addresses, the material part of human life and sees allthe values in enjoyments and luxurious life. Following this perspective, mainstreameconomists, in order to escape the philosophical discussions and probably providingobjective criteria, have consigned it to the individuals' preferences. From the Islamicperspective, on the other hand, it has been seen as happiness. In this article, firstlythe current theories of welfare and happiness in western point of view are describedand evaluated, and, finally, the Islamic perspective is presented. What the presentarticle mainly focuses on, following a philosophical approach along with analyticdescriptive method, is the meaning and essence of welfare, and little attention, if atall any, has been given to the policies of welfare. Regarding to the innate differencebetween human and human values in western and Islamic standpoint, the articleclaims that Islamic view of welfare is perfectionist one and welfare and happiness ofhuman being is pledged in perfection of both the physical and spiritual aspects ofthem. The author of the present paper argues that in western views recognition ofmankind's good firstly was setup to instincts while reason played an instrumentalrole and due to failures of these views in some recent theories reason has been giventhe basic role that is the recognition of human's good and bad.
https://iee.rihu.ac.ir/article_240_32351f079f861a030789672b0a26f64c.pdf
2011-03-21
61
87
welfare
happiness
theories of welfare
Islamic perspective of well-being
Seyyed Hadi
Arabi
sharabi@gmail.com
1
Faculty Member of Department of Economics of Research Institute of Hawzeh and University
AUTHOR
ORIGINAL_ARTICLE
The Impact of Development of Health Sector on the Economic Growth in Iran: With an Approach to the onstitution of I. R. I.
Health is being addressed as a right in the constitution of Iran. Moreover it is a tool, inthe form of investment, to preserve the ability and efficiency of labor. It causes anincrease in the health stock of the society directly and increases the motivation amongthe youth to continue their education and gain more skills indirectly. These direct andindirect effects will result in higher economic growth and efficiency. Therefore it issupposed that growth in the health sector of our country increases the economicgrowth. This study has tested the impact of health sector on economic growth using aVector Error Correction Model (VECM), based on time series information between1358 till 1385. Our findings through regressions show that the development ofhygienic services indexing by Hospital beds per capita and per capita physician hadpositive effect on life expectancy. Estimating the model by life expectancy variable,elasticity of domestic production, excluding oil revenue, was 0.09 and by the under-5mortality rate variable it was -0.13. These two indexes which show the development inhealth sector had positive effect on economic growth which proves the hypothesis.
https://iee.rihu.ac.ir/article_241_4e258064aa909eff729f49ce6576ef2e.pdf
2011-03-21
89
115
Economic Growth
health
life expectancy
Vector Error Correction Model (VECM)
per capita physician
under-5 mortality rate
Mohammad Naghi
Nazar Pour
nazarpur@mfidu.ac.ir
1
Assistant Professor of Mofid University
AUTHOR
Hasan Mohammad
Ghaffari
m.ghaffari.h@gmail.com
2
M. A. in Economics
AUTHOR
Seyyed Javad
Emadi
j.emadi.p@gmail.com
3
M. A. in Economics
AUTHOR
ORIGINAL_ARTICLE
Employment and its Affecting Factors in Iran's Informal Labor Market (1972-2006)
One of the major concerns experienced by almost every country in the world is therising trend of hidden and informal economic activities. Following the formation ofmodern economies, the presence of these informal activities has become a mainfeature of labor markets. A lack of available employment in the formal sector, plusthe restrictions and complicated regulations which exist in this area, has forcedindividuals to enter the informal labor market instead. Considering the significanceand the role that the labor market plays in providing economic equilibrium,understanding this market and its natures and structures is becoming more and moreessential. By using Multiple Indicators, Multiple Causes (MIMIC) Model andapplying the Partial Least Squares approach, this study tries to estimate the shareinformal workers have in Iran's labor market. Results indicate that during the 35-year period under consideration (1972-2006) this share has witnessed a number ofups and downs, but the overall trend seems to be in the increasing mode. The biggestshare is that of the (1990-2006) period, averaging around 21 percent. Total estimatedresults indicate that, tax burden, inflation, and minimum wages are the mostimportant determinants of the aforementioned trend, with income distribution andenergy consumption being highly affected by this variable.
https://iee.rihu.ac.ir/article_242_613a504e216fff0713aa3583910c3cca.pdf
2011-03-21
117
138
informal employment
informal sector
partial least square
MIMIC model
structural equations
Sadegh
Bakhtiari
bakhtiari_sadegh@yahoo.com
1
Professor of Economics, Islamic Azad University, Khorasgan Branch, Isfahan, Iran
AUTHOR
Khojasteh
Khoobkhahi
2
M. A. in Economics
AUTHOR
ORIGINAL_ARTICLE
An Analysis of Replacement of Value Added Tax (VAT) with Income Tax as to Product Companies
In this research, it was aimed to investigate and analyze the effect of replacement ofvalue added tax (VAT) with income tax as to product companies in Golestan province.To do so, the data of the absolute income tax of some 67 companies were gathered fromtheir tax records. Then the value added tax of each company was estimated, applying theadditive method and using the rates of four scenarios; 1.5, 3, 7 and 10 percents.The analysis of the data indicates that the research data wasn't normal, thereforeWilcoxon's nonparametric tests and Friedman's tests were used to examine theresearch assumptions.The research results show that the replacement of value added tax at lower rates of1.5 and 3 percents with income tax as to the product companies will cause areduction in tax revenues of the province.While the replacement of the value added tax at rates of 7 and 10 percents for theincome tax in the companies will lead to an increase in tax revenues of the province.
https://iee.rihu.ac.ir/article_243_035b815d31312378418b868d928940ba.pdf
2011-03-21
139
163
Tax
income tax
value added tax
product companies
Parviz
Saeedi
dr.parviz saeadi@yahoo.com
1
Faculty Member of Islamic Azad University
LEAD_AUTHOR
Hussein Ali
Nohtani
nohtani5761@gmail.com
2
M. A. in Financial Management
AUTHOR
ORIGINAL_ARTICLE
Roots of Inflation in Iran (1959-2007)
The authors of the present paper try to study the affecting roots and factors oninflation, using the Autoregressive Distributed Lag Model, Granger-Wald CausalityTests, Impulse Response Function (IRF), and Variance Decomposition. Theaffecting variables dealt with in this paper are as follows: liquidity growth rate,imported inflation, labor productivity, wage rate, exchange rate in informal marketin comparison with formal market, the production gap, budget deficit, bottlenecks inagriculture sector during 1959-2007. The results of this study show that the abovementionedvariables have a significant effect on inflation while the expectedinflation rate and structural limitations are regarded as the paramount factor. Theauthors finally conclude that the current theories have support from some part of thefindings, but none by itself can explain the inflation in Iran's economy.
https://iee.rihu.ac.ir/article_244_e83986dcf1adeeac15b13dd06168f63c.pdf
2011-03-21
165
188
Inflation
production gap
Autoregressive Distributed Lag
structural
limitations
Zahra
Kasaee
nazar@hamoon.usb.ac.ir
1
Associate Professor of Sistan and Baluchestan University
AUTHOR
Zahra
Kasaee
zahra-kasaee@yahoo.com
2
M. A. in Economics
AUTHOR