ORIGINAL_ARTICLE
Estesna'a; negotiable papers, as a complementary for capital market of Iran
Excluding government bonds and possibility of Islamic contracts indevising different financial instruments has made Muslim scholarsthink of designing Islamic financial instruments; in such a way, whichdifferent Islamic financial instruments were developed in a shortterm.The present study explains one of these instruments, designedon the basis of Estesna'a contracts. Through this instrument, thoseministries, municipalities or government and private companieswhich want to launch or run a major project and have not enoughfinancial credit, order the project to the contractor, according to theEstesna'a contract and then, guarantee the payment of project costs toa contractor in a definite timing. In this way, the employer givesnegotiable papers of Esteesna'a to the contractor instead of any otherpayment, regarding the improvement of the project. In due date,contractor acquires the ownership of negotiable papers of Estesna'a orhe/ she can sell them in a secondary market before due date.Negotiable papers of Estesna'a, considered as profit-making financialinstruments with definite output rate, are expected to be encouragedby non-risky and common people. They are also known asappropriate instruments for financial and monetary policies besidesencouraging investment. As well as, it is a suitable complementary forthe capital market of Iran which suffers a shortage of differentfinancial instruments.
https://iee.rihu.ac.ir/article_287_f9ce086695c255868ce7d6359e200fe3.pdf
2007-09-23
13
38
Estesna'a
Negotiable papers of Estesna'a
Primary and secondary market
financial and monetary policies
Abbas
Mosaviyan
samosavian@yahoo.com
1
Faculty member of Institute for Islamic Culture and Thought
AUTHOR
ORIGINAL_ARTICLE
Gharar in stock option transactions A Shi'a jurisprudence approach
In transactions, Gharar has always been noticed by Shi’ajurisprudence (Figh) and Muslim scholars have always tried to avoidit. Ghararian transaction is one that its results are so vague thatproduce unusual probability for loss. As a whole, there are threefundamental cases of Gharar, including vagueness in sold existence,descriptions and ability to deliver it. In risk management, one of themost applied transactions all over the world is stock optiontransaction. Benefiting from financial instruments, the dubiety ofGharar in this transactions has always been challenging and underconsideration. By an exact jurisprudential consideration it is foundthat this transaction is divided into two stages. The first stage is anexchange of engagement for price and the second one is selling right.There almost always have been disputes on selling rights amongscholars. Assessing reasons given by those in agreement ordisagreement, it is concluded that selling right is approved (in someshi'a jurisprudence approaches such as those by Imam Khomeini).Existence of credit risk, vagueness in option's descriptions and optioncontract qualification for delivering the right possession are problemswhich generate the dubiety of Gharar in these transactions.Considering clearing room role, existence of standard contracts andbeing common the credit delivering instruments in use amongrationales, the dubiety of Gharar in these transactions is rejected inshi'a jurisprudence approach.
https://iee.rihu.ac.ir/article_288_ac9c90e701400dd14454371567aaedc8.pdf
2007-09-23
36
65
Gharar
Stock option
Right
Vagueness
Sale
Gholam Reza
mesbahimoghadam
1
Faculty member of Imam Sadiq University
AUTHOR
ESmaeel
ganj
rganji79@yahoo.com
2
M.A in Imam Sadiq University
AUTHOR
ORIGINAL_ARTICLE
Demand in Islamic market in comparison with highly - competitive market
Values of western culture have combined with economics in differentdelicate methods. These values play an important role in theories.Three principles including: observation of values, efficient allocationof resources and brotherhood (friendship and understanding betweenpeople) can be concluded from Islamic solutions on demand.Although economic subjects have the potentials of accepting newmethods but regarding the rules govern the behavior of aneconomical Muslim man, a little change can be made in the conceptsrelated to the literature of capitalist economy to present thediscussion.The principles of brotherhood, economy and avoidance ofmerrymaking (or efficient allocation of resources) make people tendto use basic necessities where they are limited and not more available,i.e.; people from different social classes, on low or high income, areinclined to buy particular goods and commodities.Stabilizing the conditions, the level below the curve of a Muslimdemand graph is less than a non-Muslim one in regard to the levelbelow the curve, but the level below the curve on a demand graph inIslamic market is more in regard to the highly – competitive market. Ifprices exceed the purchasing power of consumer in regard to thebasics for living, the Islamic government or people on high incomecan pay for, through donations to reach to the utility level. In otherword, the effects of income, in two levels of prices, based on the highamount of consuming ( waste ) and lowest amount of consuming (living necessities ).
https://iee.rihu.ac.ir/article_289_f26d13195bb6dcc95f1793c5771bf740.pdf
2007-09-23
66
100
Utility
Indifference curve
Demand
Islamic Market
Value
localization
Islamic economy
Mohammad Kazem
Rajaee
smk_rajaee@yahoo.co.uk
1
Faculty member Research Institute of Hawzeh and University
AUTHOR
ORIGINAL_ARTICLE
The effect of social (and spiritual & religious) capitals on economic growth and development
In this paper, first, social (and spiritual & religious) capitals arediscussed and explain their concepts; introduce components and thetype of relationship exists between them. Then, the effect of social(and spiritual & religious) capitals on economic growth anddevelopment is determined and demonstrate the most importantmechanisms of this effectiveness. At last, this paper includes the mostconclusive mechanisms as: reducing inequality and alleviatingpoverty, increasing the effectiveness of market, encouragingeconomic growth, reducing costs, increasing efficiency of othercapitals, creating economic institutions and organizations andimproving their operations, expanding financial markets andencouraging investments, increasing full employment, conductingmore transactions, fostering innovations and improving technology.
https://iee.rihu.ac.ir/article_290_2fd07e61cf9b2ce70a0269b23dee82a9.pdf
2007-09-23
101
121
social capital
Spiritual capital
Religious capital
The effect of social capital
The economic growth and development
Mohammad Mahdi
Askari
m.mahdi.askari@gmail.com
1
عضو هیئت علمی دانشگاه امام صادق علیهالسلام
AUTHOR
Abolghasem
Tohidinia
atohidinia@yahoo.com
2
PH.D. Student in Imam Sadiq University
AUTHOR
ORIGINAL_ARTICLE
Monetary studies and its position in the jurisprudential rules for “Currency Depreciation”
Currency depreciation is such a remarkable and curiousphenomenon, which as it has been continued and intensified, has leftunpleasant and unjust effects on Iran's economy in the monetarytransactions (esp. in the long term ones). The present theories hadbeen propounded for currency with its past nature, and also therelative stability of its value, are no longer fulfilling the real needs ofthis condition.Emphasizing the turning point of the change of the nature ofcurrency in the third phase of issuing bank notes and comparing itwith the coins in early Islam, this article explains that mere creditcurrency, especially in the condition of the severe and constantdepreciation of the currency, is a new phenomenon which requiresnew jurisprudential and legal rules, so that higher assurance andvalidity are secured in all monetary transactions.Therefore, it is necessary for new theorization, bound up withpreservation of the jurisprudential principles and rules, to make thissubject known again. It also seeks the basic changes that can causesome revisions in jurisprudential rules for money subject toclarification in an analytical method.
https://iee.rihu.ac.ir/article_291_2e222cbe2e8ec8c4f04591ab229682f7.pdf
2007-09-23
122
159
Currency
currency depreciation
currency development
money functions
a Quranic standpoint and reviewing
rules of currency
Ali Reza
Amin
ali-r-amini@hotmail.com
1
Faculty member of Azad University
AUTHOR
Abbas
Samavati
samavatiabbas@yahoo.com
2
PH.D. Student in Azad University
AUTHOR
ORIGINAL_ARTICLE
Penetration of pragmatism in institutional economics
This paper aims to show that pragmatism is the philosophical andmethodological base for the institutional economics. It alsodemonstrates that institutional economists, based on pragmatism,where they take it as an approach, use the qualitative researchmethod. Institutional economists, particularly, believe in pragmatismof Dewey and Pierce. According to the results of the analysis, madethrough this study, there are fundamental differences between thelogical positivism, as a philosophical base for mainstream, and thepragmatism. The research method concluded from pragmatism is aqualitative one, which vs. quantitative research method. Thequantitative research method in economics has arisen from logicalpositivism.
https://iee.rihu.ac.ir/article_292_d3142d54dfccc254a23b05c67ecc3236.pdf
2007-09-23
160
182
Mainstream Economics
Institutional economics
positivism
pragmatism
research method
Abolghasem
Mahdavi
mahdavi@ut.ac.ir
1
Faculty member of Tehran University
AUTHOR
Hamid
Padash
maasoom@gmail.com
2
M.A. in Economics
AUTHOR
ORIGINAL_ARTICLE
The Role Of Different Population Growth Rates In External Trade; An Analysis Of General Models By Hechscher- Ohlin
In this paper, it is supposed that there are only two countries in theworld, with two different population growth rates, depend on twofactors for production and own two sectors in producing goods. Ananalytical generalized equilibrium model has been used to explorepossible implications of population dynamics differential for externaltrade. (Research group was a combination of the young and theelderly). The pre- supposed countries are characterized by identicalpreferences for consumption and production technologies as in theHechscher- Ohlin framework .The results of this research indicate thatdifferences in population growth rates create comparative advantagesin the same way as suggested in Hechscher- Ohlin model, butcontrary to the predictions by this model, free trade would notnecessarily cause welfare gains for both of them. This research papermainly aims to demonstrate the role, importance and advantages ofwork power in the process of production and trade.
https://iee.rihu.ac.ir/article_293_6777997e58d97fd406b14fc9b2f42a74.pdf
2007-09-23
183
204
Different population growth rate - Hechscher- Ohlin model – steady state equilibrium
Ramin
Bashir Khodaparasti
ramin_clujnapoca@yahoo.com
1
Faculty member of Oromye Uni
AUTHOR