Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-330061220140823Privatization through Edalat Stocks and Offering New ModelsPrivatization through Edalat Stocks and Offering New Models930266FAAliSaeediAccounting Assistant Professor, Faculty of Management and Social Sciences, Islamic Azad University,
North Tehran BranchAboozarSoroushPh.D Student, Faculty of Finance Management, University of Tehran.Journal Article20080831According to Iran privatization policy, Edalat stocks plan would be implemented to<br />distribute wealth within the various groups of people especially the low-income<br />stratum. This plan has several strengths and weaknesses. Since most beneficiaries of<br />this plan have no sufficient information about financial instruments and markets,<br />they don’t have any precise image of stock risks, so they normally wait to receive<br />the fixed annual interest.<br />The article while endorsing the lofty goal of the Edalat stocks planners will criticize<br />the operational process of this kind of privatization and finally offer 2 alternative<br />models for Edalat stocks.<br />The present article is a practical research and is based on survey methodology and<br />library based sources.According to Iran privatization policy, Edalat stocks plan would be implemented to<br />distribute wealth within the various groups of people especially the low-income<br />stratum. This plan has several strengths and weaknesses. Since most beneficiaries of<br />this plan have no sufficient information about financial instruments and markets,<br />they don’t have any precise image of stock risks, so they normally wait to receive<br />the fixed annual interest.<br />The article while endorsing the lofty goal of the Edalat stocks planners will criticize<br />the operational process of this kind of privatization and finally offer 2 alternative<br />models for Edalat stocks.<br />The present article is a practical research and is based on survey methodology and<br />library based sources.Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-330061220140823Right, Justice and SocietyRight, Justice and Society3157267FAAlirezaLashkariFaculty Member of Research Institute for Islamic Studies and Social Sciences, Hawzah and UniversityJournal Article20090806Justice has been one of the loftiest aspirations of humanity and it is one of the key<br />words and central concepts studied in social and economic sciences. Although much<br />discussion has been going on about it from the time immemorial, its expanse and<br />depth are continuously increasing with the result that no consensus or agreement<br />exists about its operational and conceptual aspects. There is no clear perspective as<br />to the concept of justice due to multiplicity of views and opinions concerning it.<br />One of the debatable discussions about justice is whether justice has something to do<br />with processes. Does it relate to the rules and regulations between economic agents,<br />income and ownership of the outcome of the efforts by the individuals? Or does it<br />have to do with the final result, i.e. the situation brought about as a result of the<br />implementation of the processes?<br />Both views have proponents among Western intellectuals and economists. However,<br />when it comes to the foundations of 'right' and 'justice', it seems that Islam's<br />perspective surpasses the foregoing two answers.<br />This article seeks to study and determine such aspects from the concept of justice and<br />it has first embarked on providing the definitions of justice and then presenting an<br />account of the chronological development of the aforementioned views. Thereupon,<br />with the concept of 'right' in view, it has followed the discussion on the impact of<br />genuine concept of 'right' on justice and social justice in the above-mentioned stages.Justice has been one of the loftiest aspirations of humanity and it is one of the key<br />words and central concepts studied in social and economic sciences. Although much<br />discussion has been going on about it from the time immemorial, its expanse and<br />depth are continuously increasing with the result that no consensus or agreement<br />exists about its operational and conceptual aspects. There is no clear perspective as<br />to the concept of justice due to multiplicity of views and opinions concerning it.<br />One of the debatable discussions about justice is whether justice has something to do<br />with processes. Does it relate to the rules and regulations between economic agents,<br />income and ownership of the outcome of the efforts by the individuals? Or does it<br />have to do with the final result, i.e. the situation brought about as a result of the<br />implementation of the processes?<br />Both views have proponents among Western intellectuals and economists. However,<br />when it comes to the foundations of 'right' and 'justice', it seems that Islam's<br />perspective surpasses the foregoing two answers.<br />This article seeks to study and determine such aspects from the concept of justice and<br />it has first embarked on providing the definitions of justice and then presenting an<br />account of the chronological development of the aforementioned views. Thereupon,<br />with the concept of 'right' in view, it has followed the discussion on the impact of<br />genuine concept of 'right' on justice and social justice in the above-mentioned stages.Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-330061220140823Feasibility of Stock and Cash Waqf: A Financial Stock and Cash Waqf Institution in IranFeasibility of Stock and Cash Waqf: A Financial Stock and Cash Waqf Institution in Iran5989268FAGhulam RezaMesbahi MoghaddamFaculty member of Imam Sadiq UniversitySajjadSayyahDoctor of financial management, University of TehranMoh'd MahdiNaderi Noor'ayniDoctor of accounting, Allamah Tabatabai UniversityJournal Article20090927The institution of Waqf (endowment) has played a significant role throughout Islamic<br />history, ever since the time of the holy Prophet (pbuh). Although this institution existed<br />before the coming of Islam, Islam was the first religion to develop its legal framework<br />and to regulate it. Thus, it became one of the devices created by the Muslims to render<br />many crucial services in various sectors that are today financed by the state or the<br />government, such as education, health care, national security, commercial business,<br />transportation facilities shelter and food for the poor and needy, creating jobs, besides<br />supporting the agricultural and industrial sectors without inflicting any cost on the<br />government. This article underscores the importance of the establishment of this<br />institution as a non-profit and a redistribution organization so as to drawn attention to the<br />fact that it can provide financial support to the needy sectors of the Islamic world.<br />This can be done by focusing on two sections: First, we will study the legal<br />framework for the stock and cash Waqf; thereupon, by highlighting the role of the<br />non-profit institution in the developed countries we will present a dynamic model of<br />an effective financial waqf institution that performs simultaneously two roles of<br />maximizing stakeholders’ wealth and optimizing resources allocation, albeit in<br />complete compliance with Shari'ah rules and the goals set by the endowers.The institution of Waqf (endowment) has played a significant role throughout Islamic<br />history, ever since the time of the holy Prophet (pbuh). Although this institution existed<br />before the coming of Islam, Islam was the first religion to develop its legal framework<br />and to regulate it. Thus, it became one of the devices created by the Muslims to render<br />many crucial services in various sectors that are today financed by the state or the<br />government, such as education, health care, national security, commercial business,<br />transportation facilities shelter and food for the poor and needy, creating jobs, besides<br />supporting the agricultural and industrial sectors without inflicting any cost on the<br />government. This article underscores the importance of the establishment of this<br />institution as a non-profit and a redistribution organization so as to drawn attention to the<br />fact that it can provide financial support to the needy sectors of the Islamic world.<br />This can be done by focusing on two sections: First, we will study the legal<br />framework for the stock and cash Waqf; thereupon, by highlighting the role of the<br />non-profit institution in the developed countries we will present a dynamic model of<br />an effective financial waqf institution that performs simultaneously two roles of<br />maximizing stakeholders’ wealth and optimizing resources allocation, albeit in<br />complete compliance with Shari'ah rules and the goals set by the endowers.Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-330061220140823Evaluating the Role of Human Development Components on Poverty, and Income Distribution from an Islamic Perspective (Case Study: OIC member countries)Evaluating the Role of Human Development Components on Poverty, and Income Distribution from an Islamic Perspective (Case Study: OIC member countries)91119269FAMuhammad MahdiAskariAssistant professor, Faculty of Economics and Islamic Studies, Imam Sadiq University (I.S.U.),
Tehran, IranHosseinMeisamiM.A. Student of Islamic Studies & Economics, Faculty of Economics and Islamic Studies, Imam
Sadiq University (I.S.U.), Tehran, IranJournal Article20090826An overview of the economy-related verses and narrations reveals the fact that<br />reducing poverty and improving income distribution are among the most important<br />economic goals of Islam and subsequently Islamic economics. On the other hand,<br />Islam has underscored the importance of the components of human capital like<br />education and health. However, a quick glance at the current situation of the Muslim<br />countries shows something different. In fact, there is a big gap between Islamic<br />teachings about income inequality and poverty, and the present condition of Islamic<br />countries. Having gone briefly over the Islamic literature on poverty, inequality and<br />human capital, the present study examines the impact of the various components of<br />human capital on the income inequality and poverty rate in Islamic countries.<br />Statistical results, using least-squares estimation technique in a multivariate linear<br />regression, indicate that enhancing the components of human capital in the Muslim<br />world, will reduce poverty and change income distribution toward equality.An overview of the economy-related verses and narrations reveals the fact that<br />reducing poverty and improving income distribution are among the most important<br />economic goals of Islam and subsequently Islamic economics. On the other hand,<br />Islam has underscored the importance of the components of human capital like<br />education and health. However, a quick glance at the current situation of the Muslim<br />countries shows something different. In fact, there is a big gap between Islamic<br />teachings about income inequality and poverty, and the present condition of Islamic<br />countries. Having gone briefly over the Islamic literature on poverty, inequality and<br />human capital, the present study examines the impact of the various components of<br />human capital on the income inequality and poverty rate in Islamic countries.<br />Statistical results, using least-squares estimation technique in a multivariate linear<br />regression, indicate that enhancing the components of human capital in the Muslim<br />world, will reduce poverty and change income distribution toward equality.Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-330061220140823Models of Mudharabah-based Islamic Insurance (Takaful) in Terms of Operational and Jurisprudential MechanismsModels of Mudharabah-based Islamic Insurance (Takaful) in Terms of Operational and Jurisprudential Mechanisms121148270FAAsgharAghamahdaviAssistant Professor, Faculty of Fiqh, Imam Sadiq UniversityHamid RezaIsmaeli GiviM.A Student, faculty of management, Imam Sadiq UniversityMojtabaKavandM.A Student, faculty of management, Imam Sadiq UniversityJournal Article20090816شرکت و نهاد تکافل با همان اهداف شرکت بیمه یعنی به منظور پوشش خسارات و خطرهای احتمالی در آینده طراحی شده است که علاوه بر رسیدن به چنین هدفی، تکافل شوندگان را در سود حاصل از فعالیت ها و سرمایه گذاری های سودآور شریک می نماید. تکافل خانواده مبتنی بر مضاربه و تکافل عمومی مبتنی بر مضاربه، الگو هایی از تکافل هستند که در این مقاله توضیح داده شده اند. گرچه این الگو ها بر اساس عقود معینِ مضاربه، هبه، قرض و وکالت طراحی شده اند؛ ولی با توجه به اهداف خاصی که این شرکت ها دنبال می کنند، عقود مرکبی هستند که با مقاصد هیچ از این عقود به تنهائی مطابقت ندارد. در این تحقیق تحلیل فقهی ارائه شده نسبت به این دو الگو که با استفاده از روش تحقیق تحلیل محتوا انجام شده است، صحت این الگو ها را تایید می نماید. به نظر می رسد تکافل علاوه بر اینکه اهداف شرکت های بیمه را تامین می کند با توجه به بهره مندی تکافل شوندگان در مازاد حاصله، با مبانی اسلام و عدالت سازگارتر باشد.شرکت و نهاد تکافل با همان اهداف شرکت بیمه یعنی به منظور پوشش خسارات و خطرهای احتمالی در آینده طراحی شده است که علاوه بر رسیدن به چنین هدفی، تکافل شوندگان را در سود حاصل از فعالیت ها و سرمایه گذاری های سودآور شریک می نماید. تکافل خانواده مبتنی بر مضاربه و تکافل عمومی مبتنی بر مضاربه، الگو هایی از تکافل هستند که در این مقاله توضیح داده شده اند. گرچه این الگو ها بر اساس عقود معینِ مضاربه، هبه، قرض و وکالت طراحی شده اند؛ ولی با توجه به اهداف خاصی که این شرکت ها دنبال می کنند، عقود مرکبی هستند که با مقاصد هیچ از این عقود به تنهائی مطابقت ندارد. در این تحقیق تحلیل فقهی ارائه شده نسبت به این دو الگو که با استفاده از روش تحقیق تحلیل محتوا انجام شده است، صحت این الگو ها را تایید می نماید. به نظر می رسد تکافل علاوه بر اینکه اهداف شرکت های بیمه را تامین می کند با توجه به بهره مندی تکافل شوندگان در مازاد حاصله، با مبانی اسلام و عدالت سازگارتر باشد.Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-330061220140823Evolution of an Institutionalist Economist's Research ProgramEvolution of an Institutionalist Economist's Research Program149174271FAAbulqasimMahdaviAssociate Professor, Faculty of Economy, University of TehranAli NasiriAghdamResearch Assistant Professor, Jehad Danishgahi of Faculty of Economy, University of TehranJournal Article20090727The purpose of this paper is to investigate the evolution of Douglass Cecil North's<br />research program. Our study indicates his plan has been directed by this question:<br />What are the effective factors on the success or the failure of the economies and why<br />the performances of economies are so different? Realizing the strong effect of<br />institutions on economic performance, in 1970s North conducts several studies<br />about institutions, economic growth and change. However, because of his reliance<br />on the tool box of neoclassic economics, he could not explain the inefficiency of<br />institutions which govern the economies worldwide. Therefore he abandons the idea<br />of efficient institutions, substitutes the assumption of bounded rationality for<br />instrumental rationality, follows the concept of path dependence, and presents a<br />model to explain inefficient institutions and weak economic performance. In<br />subsequent decades North tends in a gradual manner to cognitive science, goes<br />beyond the assumption of bounded rationality, and instead of emphasizing on<br />the computational aspect of cognition emphasizes on the connectionist aspect<br />of cognition. North believes it is the ideologies of the individuals that, during<br />years and in a cumulative way, determine the individual choice and the path of the evolution of economic systems. Therefore, without understanding the process of cognition, it is not possible to obtain a correct understanding of economic changes.The purpose of this paper is to investigate the evolution of Douglass Cecil North's<br />research program. Our study indicates his plan has been directed by this question:<br />What are the effective factors on the success or the failure of the economies and why<br />the performances of economies are so different? Realizing the strong effect of<br />institutions on economic performance, in 1970s North conducts several studies<br />about institutions, economic growth and change. However, because of his reliance<br />on the tool box of neoclassic economics, he could not explain the inefficiency of<br />institutions which govern the economies worldwide. Therefore he abandons the idea<br />of efficient institutions, substitutes the assumption of bounded rationality for<br />instrumental rationality, follows the concept of path dependence, and presents a<br />model to explain inefficient institutions and weak economic performance. In<br />subsequent decades North tends in a gradual manner to cognitive science, goes<br />beyond the assumption of bounded rationality, and instead of emphasizing on<br />the computational aspect of cognition emphasizes on the connectionist aspect<br />of cognition. North believes it is the ideologies of the individuals that, during<br />years and in a cumulative way, determine the individual choice and the path of the evolution of economic systems. Therefore, without understanding the process of cognition, it is not possible to obtain a correct understanding of economic changes.Research Institute of Hawzah and University; "Hawzah wa Dāneshgāh Research Institute"Journal of Iran's Economic Essays (JIEE)1735-330061220140823NeuroeconomicsNeuroeconomics175195272FAAli AsgharHadaviniyaAssistant professor, Economics Department, Academy of Islamic Culture and ThoughtMahmoodMutavasseliProfessor at University of Tehran Economic DepartmentJournal Article20080908The interactive relations between economics and other sciences have usually ended<br />up in the creation of new branches of this science. For instance, the interactions<br />between economics and mathematics and statistics in the early 20th century resulted<br />in the creation of mathematical economics and econometrics. Now, as a result of the<br />interaction between economics and neuroscience (branch of psychology), the ground<br />for the coming into being of yet another branch of economics has been paved. This<br />is neuroeconomics. This paper seeks to develop the internal literature within<br />economic sciences through introducing this new economic branch so that it may<br />help better explain future economic difficulties and consequently make more<br />appropriate policy prescriptions available for the human society.<br />On the other hand, neuroeconomics can also have influence on the kind of<br />understanding about religion and economics. This science claims to be endeavoring<br />for basic changes in classical economics-related perception about choice and<br />rationality, so it can be considered as something endorsing which religion has<br />propounded. Neuroeconomics' emphasis on the status of beliefs in micro foundation<br />of an individual's decision-making, can be a good confirmation.The interactive relations between economics and other sciences have usually ended<br />up in the creation of new branches of this science. For instance, the interactions<br />between economics and mathematics and statistics in the early 20th century resulted<br />in the creation of mathematical economics and econometrics. Now, as a result of the<br />interaction between economics and neuroscience (branch of psychology), the ground<br />for the coming into being of yet another branch of economics has been paved. This<br />is neuroeconomics. This paper seeks to develop the internal literature within<br />economic sciences through introducing this new economic branch so that it may<br />help better explain future economic difficulties and consequently make more<br />appropriate policy prescriptions available for the human society.<br />On the other hand, neuroeconomics can also have influence on the kind of<br />understanding about religion and economics. This science claims to be endeavoring<br />for basic changes in classical economics-related perception about choice and<br />rationality, so it can be considered as something endorsing which religion has<br />propounded. Neuroeconomics' emphasis on the status of beliefs in micro foundation<br />of an individual's decision-making, can be a good confirmation.