Research Institute of Hawzah and University Journal of Economic Essays: an Islamic Approach 3115-8226 5 10 2009 09 23 Formation of Islamic & Capitalistic Types of Economic Regimes Formation of Islamic & Capitalistic Types of Economic Regimes 7 37 280 FA Reza Najarzadeh Assistant Professor of Economics, Department of Economics, Tarbiat Modares University, Tehran, Iran Mahdieh Rezagholizadeh Graduate Student, Department of Economics, Tarbiat Modares University, Tehran, Iran Mehdi Zivdari Graduate Student, Department of Economics, Tarbiat Modares University, Tehran, Iran Journal Article 2008 10 01 Man's behavior has always been influenced by his moral beliefs. Generally speaking, a person's mind set or mentality is affected and also affects his surroundings. Assuming that we can separate the three phenomenon of religion, moral values and environment, we can presume a triangle based on which a person's complete behavior and attitudes are attributed to. The impact of religion and moral values on man's behavior is so profound that it can produce a whole new economic attitude in a society. A materialistic mind set tends to create a capitalistic economic system while an Islamic mentality seeks to create an economic system based on Islamic values. In other words, the way we view government, price system, distribution of production factors, monetary and fiscal tools and others, are all affected by the basic premises of an economic system. Therefore, considering such impacts, it is important to study the various effects of Islamic values and capitalism in forming economic regimes, social institutions and various economic and business tools. In this paper, we review the difference between the values based on religious beliefs and those based on a capitalistic system, and explain the formation of different economic regimes based on their values. Based on our research, a solely-profitseeking mentality directs people to a capitalistic economic system while a mentality based on religious virtues directs them to an economic regime based on moral values. Man's behavior has always been influenced by his moral beliefs. Generally speaking, a person's mind set or mentality is affected and also affects his surroundings. Assuming that we can separate the three phenomenon of religion, moral values and environment, we can presume a triangle based on which a person's complete behavior and attitudes are attributed to. The impact of religion and moral values on man's behavior is so profound that it can produce a whole new economic attitude in a society. A materialistic mind set tends to create a capitalistic economic system while an Islamic mentality seeks to create an economic system based on Islamic values. In other words, the way we view government, price system, distribution of production factors, monetary and fiscal tools and others, are all affected by the basic premises of an economic system. Therefore, considering such impacts, it is important to study the various effects of Islamic values and capitalism in forming economic regimes, social institutions and various economic and business tools. In this paper, we review the difference between the values based on religious beliefs and those based on a capitalistic system, and explain the formation of different economic regimes based on their values. Based on our research, a solely-profitseeking mentality directs people to a capitalistic economic system while a mentality based on religious virtues directs them to an economic regime based on moral values.

https://iee.rihu.ac.ir/article_280_6a9998bc153ec9b5e638414e30657b02.pdf

Research Institute of Hawzah and University Journal of Economic Essays: an Islamic Approach 3115-8226 5 10 2009 09 23 An Analysis of Social Changes in the View of North, Williamson, Greif, Laclau and Mouffe An Analysis of Social Changes in the View of North, Williamson, Greif, Laclau and Mouffe 39 67 281 FA Mahmood Motawasili Professor at University of Tehran Economic Department Seyyed Mohammad Ali Husaynizadeh Assistant Professor at Universty of Moufid Political Department Ali Niku Nisbati Master Degree of Economic Journal Article 2008 10 26 In recent years economists have, for many reasons, paid special attention to social change (value and institution) in order to understand the cause of economic changes. Institutionalism and Discourse theory are important paradigms in analysis of social changes. This article reviews Institutionalism from the view's point of North, Williamson and Greif and considers discourse theory the view of Laclau and Mouffe. The findings of this study show that both paradigms have some defects and both paradigms have similar explanation of social changes although they use different expressions. In recent years economists have, for many reasons, paid special attention to social change (value and institution) in order to understand the cause of economic changes. Institutionalism and Discourse theory are important paradigms in analysis of social changes. This article reviews Institutionalism from the view's point of North, Williamson and Greif and considers discourse theory the view of Laclau and Mouffe. The findings of this study show that both paradigms have some defects and both paradigms have similar explanation of social changes although they use different expressions.

https://iee.rihu.ac.ir/article_281_9860aeadf0d32395e239e83594240b07.pdf

Research Institute of Hawzah and University Journal of Economic Essays: an Islamic Approach 3115-8226 5 10 2009 09 23 A Modeling of Waqf Development Financing by Issuing Manfa'ah Securities A Modeling of Waqf Development Financing by Issuing Manfa'ah Securities 69 92 282 FA Gholamreza Mesbahi Moghaddam Assistant Professor, Faculty of Theology, Imam Sadiq University Mojtaba Kavand M.A Student, Faculty of Management, Imam Sadiq University Hamidreza Esmaely Givi M.A Student, Faculty of Management, Imam Sadiq University Journal Article 2008 10 18 There is a great wealth Waqf in Iran but it has not been developed. This was the reason for the inefficiency potential of Waqf to achieve welfare improvement. Such a situation is result of the need of awqaf and welfare organization for financial resources. The awqaf and welfare organization needs money to develop Waqf. Applying modern finance methods are the appropriate way for developing Waqf according to the time and place condition. One of the methods of financing is the participation of investors in issuing securities. In this article, after studying the methods and resources of modern and traditional finance in Waqf development, we touch on the necessity of using Islamic securities as a modern method of finance and then on the model of issuing securities as a modern method of financing for achieving Waqf development. There is a great wealth Waqf in Iran but it has not been developed. This was the reason for the inefficiency potential of Waqf to achieve welfare improvement. Such a situation is result of the need of awqaf and welfare organization for financial resources. The awqaf and welfare organization needs money to develop Waqf. Applying modern finance methods are the appropriate way for developing Waqf according to the time and place condition. One of the methods of financing is the participation of investors in issuing securities. In this article, after studying the methods and resources of modern and traditional finance in Waqf development, we touch on the necessity of using Islamic securities as a modern method of finance and then on the model of issuing securities as a modern method of financing for achieving Waqf development.

https://iee.rihu.ac.ir/article_282_c5f16c47ec86a47a45b41b20038a7c4d.pdf

Research Institute of Hawzah and University Journal of Economic Essays: an Islamic Approach 3115-8226 5 10 2009 09 23 Narrow Banking Narrow Banking 93 113 283 FA Parviz Dawoodi Professor of Shahid Beheshti University Muhammad Jawad Muhaqiq Educator of Economic Research Journal Article 2008 10 01 Stability is a basic requirement for the proper functioning of the banking system and the key to its accomplishing growth and development. Repeated failures of banks lead some economists to believe that banking and financial system suffer from structural problems and is in need of fundamental reform. It is necessary to examine demand and investment deposits as two distinct contracts. Demand deposits are merely loans that are fully guaranteed by banks and must be returned on demand. Investment deposits are given to banks on a profit-and-loss sharing basis. That is why some economists insist on the total separation between demand and investment deposits through subjecting the former to 100 percent required reserves. Compared to conventional finance, this sounds like narrow banking. Narrow banking would improve the competitiveness of banks and makes them tend to be more market responsive . This article examines this kind of need for further banking reform and takes a closer look at one alternative "narrow banking". The article discusses the need for fundamental banking reform and provides an overview of narrow banking. Finally the author evaluates this new system. ٭ Stability is a basic requirement for the proper functioning of the banking system and the key to its accomplishing growth and development. Repeated failures of banks lead some economists to believe that banking and financial system suffer from structural problems and is in need of fundamental reform. It is necessary to examine demand and investment deposits as two distinct contracts. Demand deposits are merely loans that are fully guaranteed by banks and must be returned on demand. Investment deposits are given to banks on a profit-and-loss sharing basis. That is why some economists insist on the total separation between demand and investment deposits through subjecting the former to 100 percent required reserves. Compared to conventional finance, this sounds like narrow banking. Narrow banking would improve the competitiveness of banks and makes them tend to be more market responsive . This article examines this kind of need for further banking reform and takes a closer look at one alternative "narrow banking". The article discusses the need for fundamental banking reform and provides an overview of narrow banking. Finally the author evaluates this new system. ٭

https://iee.rihu.ac.ir/article_283_5ea89b3587161e459a804cbc347bbf6c.pdf

Research Institute of Hawzah and University Journal of Economic Essays: an Islamic Approach 3115-8226 5 10 2009 09 23 Investigating the Efficiency of Islamic Banks in Different Countries (DEA Approach) Investigating the Efficiency of Islamic Banks in Different Countries (DEA Approach) 115 136 284 FA Saeed Ebrahimi Faculty Member of Sheikh Bahaee University Rassool Bidram Ph.D of University of Isfahan Mostafa Emadzadeh Full Professor of University of Isfahan Journal Article 2008 08 27 One of the most important problems in economic literature is the question of evaluating different parts of an organization and determining the indexes for this work. Therefore, we need some suitable indexes. In this context there are different methods, but DEA method (Data Envelopment Analysis) is a very effective and dynamic index for measuring efficiency and productivity. In this method we select one or more firms (banks) from among the efficient firms and compare them with each other and calculate the input or output slacks of each inefficient firm. In this paper according to DEA method we have measured the efficiency of 40 Islamic banks in different countries with the assumption of variable return to scale (VRS) and constant return to scale (CRS). The results indicate that with CRS assumption, Qatar international Islamic bank, Sudan state bank, Pakistan kheibar bank, Bahrain albaraka bank, Bahrain Islamic ABC bank, Yamane Islamic bank, turkish albarakat Islamic bank proved efficient banks and with VRS assumption Qatar Islamic bank, Albany Islamic Arabic bank, Pakistan habib bank, Senegal Islamic bank, Qazaqestan state bank, Egypt SAE bank, Sudan state bank, Aboozabi Islamic bank, Pakistan kheibar bank, Bahrain Albaraka Islamic bank, Bahrain Islamic ABC bank, Keshavrzi bank, Maskan bank, Melli bank, Refah bank, Saderat bank, Yamane Islamic bank and Turkish albarakat bank proved efficient. One of the most important problems in economic literature is the question of evaluating different parts of an organization and determining the indexes for this work. Therefore, we need some suitable indexes. In this context there are different methods, but DEA method (Data Envelopment Analysis) is a very effective and dynamic index for measuring efficiency and productivity. In this method we select one or more firms (banks) from among the efficient firms and compare them with each other and calculate the input or output slacks of each inefficient firm. In this paper according to DEA method we have measured the efficiency of 40 Islamic banks in different countries with the assumption of variable return to scale (VRS) and constant return to scale (CRS). The results indicate that with CRS assumption, Qatar international Islamic bank, Sudan state bank, Pakistan kheibar bank, Bahrain albaraka bank, Bahrain Islamic ABC bank, Yamane Islamic bank, turkish albarakat Islamic bank proved efficient banks and with VRS assumption Qatar Islamic bank, Albany Islamic Arabic bank, Pakistan habib bank, Senegal Islamic bank, Qazaqestan state bank, Egypt SAE bank, Sudan state bank, Aboozabi Islamic bank, Pakistan kheibar bank, Bahrain Albaraka Islamic bank, Bahrain Islamic ABC bank, Keshavrzi bank, Maskan bank, Melli bank, Refah bank, Saderat bank, Yamane Islamic bank and Turkish albarakat bank proved efficient.

https://iee.rihu.ac.ir/article_284_6876c6b359023428a2b21df881fce485.pdf

Research Institute of Hawzah and University Journal of Economic Essays: an Islamic Approach 3115-8226 5 10 2009 09 23 Studying the Effective Factors on Investing in Common Share in Stock Exchange (Case Study: Isfahan Regional Stock Exchange) Studying the Effective Factors on Investing in Common Share in Stock Exchange (Case Study: Isfahan Regional Stock Exchange) 137 162 285 FA Mehdi Abzari Associate Professor of Management Department, University of Isfahan Saeed Samadi Assistance Professor of Economics Department, University of Isfahan Hadi Teimouri Ph.D Student of Management Department, University of Isfahan Journal Article 2008 09 30 The capitalization’s importance to the economic growth and development is so that, it’s called as one of the powerful levels for achieving to the development. But should be remembered that, as noting to this matter by falling in a positive cycle, can cause the economic growth, the lack at noting to it also many Cause the economic falling and go down to a down ward movement and negative cycle. Therefore it should be stated that economic growth and increasing the public convenience during a long term without noting to capitalization and existing important factors in capitalizations. Environment is impossible. on one side, the precise study of the capitalization’s analysis and important factors in the activities environment of the capitalizes may lead to decreasing the bulk of wandering cash, inflation and in creasing the occupation, and on the other side, may cause the better management and in creasing of the capitalizor’s wealth. The major aim of the research is to study the effective factors on investing in Common Share in stock exchange. The mentioned aim is studied by two variables, variables about investors traits (risk perception, risk propensity and capital allocation) and traits about capital market (the expected rate of return and the data of the previous activities) as the questions of the research. In present research in order to collect the information related to the subject’s literature, library method like books and magazines was used; and in order to collect the data to analyze and test the hypotheses research, questionnaire was used. In this research for analyzing and test research questions descriptive and inferential statistical methods (Kolmogorof- Smironof test and two sample t test) was used. The results of the research indicate that the investigation risk perception effect on the risk propensity, the expected rate of return, capital allocation and the data of the previous activities effect on the risk propensity and the expected rate of return. The capitalization’s importance to the economic growth and development is so that, it’s called as one of the powerful levels for achieving to the development. But should be remembered that, as noting to this matter by falling in a positive cycle, can cause the economic growth, the lack at noting to it also many Cause the economic falling and go down to a down ward movement and negative cycle. Therefore it should be stated that economic growth and increasing the public convenience during a long term without noting to capitalization and existing important factors in capitalizations. Environment is impossible. on one side, the precise study of the capitalization’s analysis and important factors in the activities environment of the capitalizes may lead to decreasing the bulk of wandering cash, inflation and in creasing the occupation, and on the other side, may cause the better management and in creasing of the capitalizor’s wealth. The major aim of the research is to study the effective factors on investing in Common Share in stock exchange. The mentioned aim is studied by two variables, variables about investors traits (risk perception, risk propensity and capital allocation) and traits about capital market (the expected rate of return and the data of the previous activities) as the questions of the research. In present research in order to collect the information related to the subject’s literature, library method like books and magazines was used; and in order to collect the data to analyze and test the hypotheses research, questionnaire was used. In this research for analyzing and test research questions descriptive and inferential statistical methods (Kolmogorof- Smironof test and two sample t test) was used. The results of the research indicate that the investigation risk perception effect on the risk propensity, the expected rate of return, capital allocation and the data of the previous activities effect on the risk propensity and the expected rate of return.

https://iee.rihu.ac.ir/article_285_c4654a7a3fdcdb6bed1f9da4c63bd904.pdf

Research Institute of Hawzah and University Journal of Economic Essays: an Islamic Approach 3115-8226 5 10 2009 09 23 Designing a Model to for Selection of Effective Variables of Forecasting Future Dividend of the Firms Member Tehran Stock Exchange Designing a Model to for Selection of Effective Variables of Forecasting Future Dividend of the Firms Member Tehran Stock Exchange 163 201 286 FA Payam Makvandi Faculty Member of I. A. U. Karaj Branch Javad Jasbi Associated Professor of I. A. U. Science and Reseach Branch Department Hasam Alavi Faculty member of I. A. U. South Tehran Branch Journal Article 2008 09 15 Decision making is on the most important roles of a manager. Meanwhile, selection of effective input variables on decision making or forecasting problems, is one of the most important dilemmas in forecasting and decision making field. Due to research and problem constraints, we can not use all of known variables for forecasting or decision making in real world applications. Thus, in decision making problems or system simulations, we are trying to select important and effective variables as good data. In this paper we proposed a hybrid model of Genetic Algorithm (GA) and Artificial Neural Network (ANN) to determine and select effective variables on forecasting and decision making process. In this model, genetic algorithm has been used to code the combination of effective variables and neural network as a fitness function of genetic algorithm. The introduced model is applied in a case study to determine effective variables on forecasting future dividend of the firms that are members of Tehran stock exchange. Decision making is on the most important roles of a manager. Meanwhile, selection of effective input variables on decision making or forecasting problems, is one of the most important dilemmas in forecasting and decision making field. Due to research and problem constraints, we can not use all of known variables for forecasting or decision making in real world applications. Thus, in decision making problems or system simulations, we are trying to select important and effective variables as good data. In this paper we proposed a hybrid model of Genetic Algorithm (GA) and Artificial Neural Network (ANN) to determine and select effective variables on forecasting and decision making process. In this model, genetic algorithm has been used to code the combination of effective variables and neural network as a fitness function of genetic algorithm. The introduced model is applied in a case study to determine effective variables on forecasting future dividend of the firms that are members of Tehran stock exchange.

https://iee.rihu.ac.ir/article_286_8ac34147450add75de8cd76e0e9498c5.pdf