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- To allow for easy and worldwide access to the most updated research findings, the journal is set to be an open-access... moreTo allow for easy and worldwide access to the most updated research findings, the journal is set to be an open-access journal. Yet, the journal does not charge any fee for reviewing, processing, and publishing research papers from the authors or from the research institutes and organizations. All the mentioned processes for paper publication are sponsored by the Research Institute of Hawzah and University Press. The journal is published in both a print version and an online versionedit
In this study, it is explained that the perception of the conventional economics of the bank as an intermediary institution of funds, while not conforming to reality, distorts the analysis of monetary fluctuations and subsequent economic... more
In this study, it is explained that the perception of the conventional economics of the bank as an intermediary institution of funds, while not conforming to reality, distorts the analysis of monetary fluctuations and subsequent economic turmoil; but in the alternative approach, the bank, as the most important player in the monetary system, has the power to create flexible credit. The specific question of the present study is whether it can be said that in the current form of the monetary and banking system, the interests of the bank and society are inherently in conflict with each other. To answer the above question, the library and documentary method has been used and Finally, it is concluded that the bank is an institution that can outsource the costs associated with the flexible and irregular expansion of credit and affect the economic interests of individuals in society, and in return, gain the benefits of creating credit; This important result is based on Minsky's explanation of the dynamics of bank-firm relations; In his view, the internal mechanisms of the money manager capitalism and specifically the way the firm and the bank interact, cause "stability to create instability". The result of the current research is that, firstly, the conflict between the interests of the bank and the society is the natural outcome of the unrealistic understanding of the conventional economic knowledge of the "bank", and secondly, the examples of this conflict can be seen in three recurring periods: 1. Before the appearance of the initial signs of the monetary and banking crisis. 2. After the initial signs of the crisis appear. 3. The occurrence of a widespread crisis and its spread to other sectors of the economy.
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This study explores the concept of social justice based on the ideas of four contemporary theorists. Hayek represents libertarians, Rawls the most prominent Philosopher of current century, Motahhari and Sadr as a thinker of Islamic... more
This study explores the concept of social justice based on the ideas of four contemporary theorists. Hayek represents libertarians, Rawls the most prominent Philosopher of current century, Motahhari and Sadr as a thinker of Islamic concepts. Hayek believes social justice is misdealing and the striving for it will also produce highly undesirable consequences. He defines justice by rules of individual conduct. “Spontaneous order” play essential role in his ideas. Rawls sees ‘justice as fairness’ as answering to the demands of both freedom and equality, a challenge posed by the socialist critique of liberal democracy. In this regard justice is an agreement on principles which is reached arbitrarily in “veil of ignorance”. Rawls's main guide in achieving principles of justice is maximin principle and the lack of awareness of individuals about the future social status. Motahari regards justice as observance of the law. He recognizes both the natural rights of the individual and the legal community. According to Shahid Motahari, the only way to legitimize and validate natural rights is to accept the purpose of the world order. In Sadr's view, although justice is one of the three principles of the general construction of Islamic economics, the position of justice is beyond the core and is the foundation stone of the Islamic School of Economics. Additionally, Islam has shown its sensitivity to the final makeup of facilities in society, with two principles: public cooperation and social balance.
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Corruption is a phenomenon of economic, political and cultural disorder, with more or less hazardous effects both in developed and developing countries. In this regard, North and colleagues emphasize that only in an open access system... more
Corruption is a phenomenon of economic, political and cultural disorder, with more or less hazardous effects both in developed and developing countries. In this regard, North and colleagues emphasize that only in an open access system (democracy), corruption is controlled and other measures such as improving property rights, although they play an important role, but not enough to reduce significant corruption. As this phenomenon is considered one of the most important barriers to growth of developing countries such as Iran with resistance approaches to economy, therefore need to know the roots and deal with it has become seriously considered as country's development goals. The purpose of this study was first designed to identify the phenomenon of corruption in a general equilibrium analysis, and then to investigate the relationship of corruption, property rights and democracy, based on evidences from developing economies. For this purpose, a panel model is used to analyze relevant data from 53 selected developing countries for the period of 1996 and 2013. The results indicated a significant negative effect of democracy (-0.49), property rights (-7.56) , economic growth (-0.37) and investment (-5.75) on the level of corruption. Moreover, the Gini coefficient of inequality (0/36) and political instability (19.4) showed a significant and positive effect on the corruption index in selected economies. While the results have also shown, by increasing the degree of democracy and property protection as a new variable in the model, the relationship between corruption and democracy has increased, which shows that the impact of democracy on corruption is empowered with the property property protection variable
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Moral hazard in contracts, especially international oil contracts, is a key subject under the economics of information. In this article, considering the oil and gas industry specifications, oil contracts and moral hazard models, the... more
Moral hazard in contracts, especially international oil contracts, is a key subject under the economics of information. In this article, considering the oil and gas industry specifications, oil contracts and moral hazard models, the proper model for evaluating buy-back contracts. Since moral hazard from both parties could be seen in oil contracts and both are maximizing their profit, despite the standard models, the employer (client) should consider two incentive constraints for both principal and agent. Accordingly, standard model is not proper to evaluate this type of contracts and two sided moral hazard models are more in compliance with oil contracts. The results say that in two sided moral hazard and non observable action of both party, no contracts touch first best conditions. In addition, short term essence of buy-back contracts, predefined proceeds of contract before starting point, fix interest rate, non flexibility of contract and defined obligations before operation, non flexibility of payment method from oil proceeds and lack of comprehensive reservoir study results in lack of incentive for selection of more optimal methods for for development oil fields with higher costs for maximizing mutual interests. Accordingly, buy-back contracts are not a second best optimal contract.
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Issuance of Islamic securities (sukuk) is one of the innovations of recent decades that open bright opportunities on the Islamic financial system. These bonds based on Islamic contracts are designed to substitute for securities,... more
Issuance of Islamic securities (sukuk) is one of the innovations of recent decades that open bright opportunities on the Islamic financial system. These bonds based on Islamic contracts are designed to substitute for securities, especially bonds are considered usury. The risks of this tool is the most important aspects that should be considered in the design of financial instruments. The first step in risk management, identification of risks and the next step is to reduce or eliminate it, thereby encouraging investors to buy these tools, resulting in a growth market to be provided. In this article dealt with the management of credit risk and cover this risk. So far, the country's financial rules in Iran (rules of the Securities and Exchange Money and Credit Council and the Council) have been trying to pay guarantee obligations to cover credit risk for investors. We believe that the guarantor for the bonds, despite the many advantages, but also disadvantages, which is better than other methods should be used to cover this risk. In this paper recommended credit default swaps as a good way to cover sukuk credit risk.
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We examined the resilience of Iran's economy over the years 2005-2014. To this end, a composite indigenous index comprise of the following variables is calculated: inflation rate, unemployment rate, exchange rate, ratio of budget deficit... more
We examined the resilience of Iran's economy over the years 2005-2014. To this end, a composite indigenous index comprise of the following variables is calculated: inflation rate, unemployment rate, exchange rate, ratio of budget deficit to gross domestic product, share of oil in the government budget, ratio of non-oil exports to imports, import ratio of intermediate and primary goods to total imports, total government budget to gross domestic product, ratio of government consumption to total consumption of the economy, export and import ratio to gross domestic product, underground economy, ratio of high education graduates to total government employees, Gini coefficient, literacy rates and main insured of social security organization. The empirical results indicate an increase in the Iran's economic resilience index. The highest figure in the index is in 2014 and the lowest is in 2005. The relationship between resilience index and GDP per capita indicates a positive relationship over the course of study, i.e with increasing economic resilience, GDP per capita also increases.
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Applying different methods and tools to finance Different economic sectors with risk and risk and return on investment and financing is always alongside And because of the investment decisions Always on the basis of and considerate... more
Applying different methods and tools to finance Different economic sectors with risk and risk and return on investment and financing is always alongside And because of the investment decisions Always on the basis of and considerate relationship Between risk and returns.
Investors should always invest in their decisions Consider the risk. Because of the importance and effectiveness of the risk, as well as the impossibility of eliminating risk It must identify, calculate and manage the risks.
The need to pay attention to this issue is that Expansion and deepening of the financial market in the country should be to eliminate the country's restrictions on the attraction of capital According to religious considerations and, at the same time, respond to the basic needs of society It should be done by developing the capital market of Iran and diversifying its existing tools.
Introduction of Intangible Bonds as a powerful financial tool for financing various economic sectors Considering the potential and actual risk assessment and design of risk coverage of these securities to expand and publicly accept it in Iran's financial system Can solve many challenges of Iran's financing system.
In this paper, descriptive-analytic method was used using questionnaire data and AHP method We study the hypothesis that "Among the operational models of : Bonds Istisna'a , the Stock Exchange Organization model is the optimal model for risk coverage."
To examine this hypothesis, some risks of issuing embedded securities in the form Istisna'a model Parallel Stock market Istisna'a model indirect Studied The results show that the risk coverage among the operating models of embedded securities, the stock model is the best model for risk coverage.
Investors should always invest in their decisions Consider the risk. Because of the importance and effectiveness of the risk, as well as the impossibility of eliminating risk It must identify, calculate and manage the risks.
The need to pay attention to this issue is that Expansion and deepening of the financial market in the country should be to eliminate the country's restrictions on the attraction of capital According to religious considerations and, at the same time, respond to the basic needs of society It should be done by developing the capital market of Iran and diversifying its existing tools.
Introduction of Intangible Bonds as a powerful financial tool for financing various economic sectors Considering the potential and actual risk assessment and design of risk coverage of these securities to expand and publicly accept it in Iran's financial system Can solve many challenges of Iran's financing system.
In this paper, descriptive-analytic method was used using questionnaire data and AHP method We study the hypothesis that "Among the operational models of : Bonds Istisna'a , the Stock Exchange Organization model is the optimal model for risk coverage."
To examine this hypothesis, some risks of issuing embedded securities in the form Istisna'a model Parallel Stock market Istisna'a model indirect Studied The results show that the risk coverage among the operating models of embedded securities, the stock model is the best model for risk coverage.
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In recent years, the international Islamic securities (Sukuk) market has enjoyed significant growth, and various governments and companies have entered the market worldwide and funded through the issuance of these securities. One of the... more
In recent years, the international Islamic securities (Sukuk) market has enjoyed significant growth, and various governments and companies have entered the market worldwide and funded through the issuance of these securities. One of the important issues with the Sukuk issuance is the governing law of the transactions of these types of instruments. The importance of the legal framework and the rule of law will increase when international Sukuk issues, and if the law governing Sukuk transactions is not properly selected, there will be a possibility of a problem, especially in the bankruptcy. In this research, we try to investigate the issue of the legal framework and the law governing the publication of Sukuk, in particular in the international dimension, through the review of studies and the use of a descriptive analytical method. In this regard, considering the existing practices in the law governing Sukuk transactions in other countries and examining different approaches, the requirements for the Iranian capital market will be explained in this regard.
There are various approaches to choosing the law for the issuance of Sukuk: First, the Sukuk transactions that choose English law and the exclusive jurisdiction of the English courts; Second, Sukuk transactions that partly provide for English law and jurisdiction; Third, Sukuk transactions that provide for Islamic Sharia as the exclusive law for the interpretation of the underlying agreements; and Fourth, Sukuk transactions that provide for arbitration as an alternative form of dispute resolution. In order to develop the international Sukuk market in Iran, it is necessary to consider, in relation to the legal framework and governing law, various considerations including the mechanism for determining the necessary legal framework in the upstream laws, the elimination of conflict of laws, the cooperation of regulators and further engagement with international institutions to strengthen the standards and legal infrastructures.
There are various approaches to choosing the law for the issuance of Sukuk: First, the Sukuk transactions that choose English law and the exclusive jurisdiction of the English courts; Second, Sukuk transactions that partly provide for English law and jurisdiction; Third, Sukuk transactions that provide for Islamic Sharia as the exclusive law for the interpretation of the underlying agreements; and Fourth, Sukuk transactions that provide for arbitration as an alternative form of dispute resolution. In order to develop the international Sukuk market in Iran, it is necessary to consider, in relation to the legal framework and governing law, various considerations including the mechanism for determining the necessary legal framework in the upstream laws, the elimination of conflict of laws, the cooperation of regulators and further engagement with international institutions to strengthen the standards and legal infrastructures.
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In the past few years, with the intensification of Western sanctions against Iran, the theory of resistance economy has been raised by the Supreme Leader of the Islamic Republic of Iran as a model of Islamic economics and has been... more
In the past few years, with the intensification of Western sanctions against Iran, the theory of resistance economy has been raised by the Supreme Leader of the Islamic Republic of Iran as a model of Islamic economics and has been welcomed by scholars. One of the pillars of the financial system that plays a significant role in the implementation of macroeconomic policies is holding companies. These companies are one of the common organizational structures in many countries and have an important role in emerging economies. In this study, we intend to analyze the indicators effect on portfolio selection in holding companies from the perspective of Resistance Economics Policy. For this purpose, first with content analysis of Resistance Economics Policy, we identified effective indicators. Then based on the Delphi technique 14 key components were determined. In the following, using DEMATEL technique the internal relationship between these components and the impact and influence on / from each other is determined. Finally, using the analytical network process (ANP), indicators are prioritized. Export-orientation of industries, resistance to sanctions and changes in exchange rate got the highest priority. In the end, according to the components priorities, the necessary solutions to achieve the economic policy of resistance are presented.
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Management of liquidity is one of the banks’ most important duties for which they require some instruments. In recent years, interbank market has managed to perform effective roles in supply of banks’ financial resources and management of... more
Management of liquidity is one of the banks’ most important duties for which they require some instruments. In recent years, interbank market has managed to perform effective roles in supply of banks’ financial resources and management of liquidity. As a regulatory body, the central bank bears all issues related thereto and is able to play efficient roles and assist its members in applying money policies in this market by generation of new instruments.
Money market Mutual fund is one of the most important instruments held by interbank markets applied in both Islamic and western countries. Using descriptive-analytical, content analysis, and library-based methods, the present article seeks to authenticate the hypothesis that the central bank is able to make use of instruments of Money Market Mutual Fund together with other tools in this market to make more effective the role played by interbank market in money market policies. Results of this article indicate that the Central Bank of Iran is able to make required arrangements for application of Money Market Mutual Fund by designing apposite policies for formation of this fund.
Money market Mutual fund is one of the most important instruments held by interbank markets applied in both Islamic and western countries. Using descriptive-analytical, content analysis, and library-based methods, the present article seeks to authenticate the hypothesis that the central bank is able to make use of instruments of Money Market Mutual Fund together with other tools in this market to make more effective the role played by interbank market in money market policies. Results of this article indicate that the Central Bank of Iran is able to make required arrangements for application of Money Market Mutual Fund by designing apposite policies for formation of this fund.
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This research was carried out with the aim of identifying effective factors and prioritizing strategies for realizing resilience economics in Islamic banking of Iran. After studying theoretical foundations and reviewing previous studies,... more
This research was carried out with the aim of identifying effective factors and prioritizing strategies for realizing resilience economics in Islamic banking of Iran. After studying theoretical foundations and reviewing previous studies, the paper going on with identifying important and effective factors for achievement of aims of resilient economy in the case of Islamic banking system of Iran. These factors include clarification of the banking network of the country, the honesty of the banking system, supporting domestic production and independency of central bank's decisions. Each of them were linked with 4 sub-criteria so we had 16 factors. The statistical population of the study is 61 persons from banking managers and university economics professors. Data were collected through questionnaires and were analyzed by Analytical Hierarchy Process Analysis (AHP) using Expert Choice software to prioritize these factors. The results indicate that independency of central bank's decisions has the highest priority. Supporting domestic production, honesty of the country's banking system, and clarification of the banking network of Iran respectively are in the next priority.
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The decisive role of the labor market as one of the areas of distribution of production inputs on the one hand, and the emphasis on the dignity and importance of human labor as drivers of social development, on the other hand, are of... more
The decisive role of the labor market as one of the areas of distribution of production inputs on the one hand, and the emphasis on the dignity and importance of human labor as drivers of social development, on the other hand, are of great importance to this market. Contrary to the neoclassical view of the labor market, which is largely the result of some kind of homogeneity between the rules governing this market and other markets, institutionalists provide a distinct analysis and explanation of this market by emphasizing the important labor market institutions. The different paths that eventually lead to the fundamental differences in the direction of designing labor market interactions. The difference between the institutionalist and neoclassical approaches provides new insights into labor market analysis. In presenting these new insights, this paper deals with the five institutions of labor unions and collective bargaining, minimum wage, employment protection, compulsory benefits, and the creation of a system of skills and education from an institutionalist perspective and its impact on the labor market variables has been assessed. Institutions that change performance in a functioning market structure and provide new insights into the structure and dynamics of the labor market for analysts. Finally, important differences between the neoclassical tradition and institutionalism in analyzing the structure of the specific labor market and guiding labor market policies are presented.
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In reviewing the research literature, there are many studies that have analyzed the relationship between different methods of financing and corporate governance. Some believe that good corporate governance companies are more successful in... more
In reviewing the research literature, there are many studies that have analyzed the relationship between different methods of financing and corporate governance. Some believe that good corporate governance companies are more successful in equity financing and, in contrary, some others believe in positive relationship between corporate governance and debt finance. In this paper, to analyze the relations between Sukuk financing and corporate governance, we tried to differentiate between the financier and company points of view in the financing decisions of different corporate governance quality companies. According to the results, in contrary to conventional financing, in both views, there is a positive relationship between Sukuk issuance and the corporate governance. As a case study, we also analyzed the corporate governance characteristics of Sukuk issuing companies in Iran during 2011 to 2016. The results from model estimation confirmed theoretical conclusion and corporate governance variables had positive and significant effects on the Sukuk issuance among Iranian Sukuk issuer companies.
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In Iran, the Monetary and Credit Council determines the rate of interest in terms of inflation rate and in a normative way. Critics of the country's banking system believe the issue is incompatible with the spirit of Islamic banking (i.e.... more
In Iran, the Monetary and Credit Council determines the rate of interest in terms of inflation rate and in a normative way. Critics of the country's banking system believe the issue is incompatible with the spirit of Islamic banking (i.e. sharing profits and losses). And Islamic banking is anti-business cycles, which is not possible in Iran's current banking system. This article examines the importance of the cost channel according to the new Keynesian model of the business cycle, considering the implementation of monetary policies based on Islamic banking system in Iran. And it tests the conditions under which the pattern can produce a positive response to inflation in a monetary contraction situation. The data used at constant prices in 2011 are annually for the period during 1966-2016 from the data of the Central Bank of the Islamic Republic of Iran. First, the model was linearized around the fixed point of the logarithm, and then its parameters were estimated using studies and facts revealed in the literature of Dynamic Stochastic General Equilibrium. Finally, using Blanchard and Kahn approach in Matlab software it was investigated by calculating and drawing graphs of instantaneous reaction functions. Inflation and capital rental rates move in the opposite direction after a contractionary monetary policy. Therefore, policymakers at the central bank should not worry about the short-term rise in inflation following a contractionary monetary policy.
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Qardh al-hasan (or benevolent lending known as a form of interest-free loan), is introduced as a good tool to realize the general approach of "prohibition of Riba or usury". Also, the rights and privileges this contract provides to both... more
Qardh al-hasan (or benevolent lending known as a form of interest-free loan), is introduced as a good tool to realize the general approach of "prohibition of Riba or usury". Also, the rights and privileges this contract provides to both parties make it attractive both for raising and saving funds and for the supplying of the invested funds; but the lender's complete confidence in the future purchasing power of the borrowed money is one of the key factors in people's decision to invest in Qardh al-hasan deposits, which depends on the quality of the economic environment. This paper examines the determinants of Qardh al-hasane deposits with emphasis on economic security in public and private Iranian banks over the period 1984-2016. The results show that economic security has a positive and significant effect on Qardh al-hasane deposits. Also other variables such as volume of liquidity and Qardh al-hasane deposits and savings have positive and significant effect on Qardh al-hasane deposits, while interest rate of bank deposits has negative and significant effect on Qardh al-hasane deposits.
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Low-income people are struggling to find housing. The purpose of this article is to present a housing financing solution for low-income people in the framework of Waqf-bonds through cooperatives. Then, the field survey method was used to... more
Low-income people are struggling to find housing. The purpose of this article is to present a housing financing solution for low-income people in the framework of Waqf-bonds through cooperatives. Then, the field survey method was used to measure the acceptance of the Waqf funds in the form of a willingness to pay questionnaire. The results show that the Waqf fund can be theoretically designed in three modes: In the first case, the assets of the Waqf funds are used directly to finance housing; in the second case the profits of this fund are used to finance housing; in the last case, the profits of assets in Waqf funds and the interests of the cooperative based Waqf funds are allocated to the construction of housing and finally the mail sources are invested. Also, the results of the questionnaire show that most people tend to pay more than their taxes for low-income housing. And variables such as tax rates, trust in the Waqf organization, and increased efficiency of housing by benevolent and charitable acts has a positive effect on the willingness of benevolent persons to finance the housing for the low-income people.
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Inflation as a macroeconomic variable is influenced by many policies and has many welfare implications for different groups of society. By referring to the literature of public choice we can say that inflation changes have winners and... more
Inflation as a macroeconomic variable is influenced by many policies and has many welfare implications for different groups of society. By referring to the literature of public choice we can say that inflation changes have winners and losers. In this article, the long-term persistence of inflationary conditions in Iran was investigated. For this purpose, data were collected by library method (document analysis) and general selection approach. In this regard, the institutions affecting inflation were separated from those influenced by inflation. In the first category, the behavior of those actors were analyzed that influenced inflationary policies with different economic and political motives and in the second category, looking at the welfare and political effects of inflationary conditions, the actors affected by the inflationary conditions were analyzed. Also, bank debtors, brokers and speculators and importers of consumer goods and low-income deciles are affected by inflationary conditions. The central bank is suffering from inflationary conditions due to a decline in credit and the government due to a decline in political credit due to its inability to control inflation suffer from inflationary conditions.
In other words, the government benefits from inflation in some respects and in other respects suffers from high inflationary conditions. It is assumed that the current institutional structure drives policymakers and economic decision-makers to make decisions that lead to the persistence of inflationary conditions. Therefore, the persistence of long-term inflationary conditions should not be considered an unexpected phenomenon. On the other hand, referring to Islamic theories shows the government's duty to preserve the value of money and to guarantee the devaluation of money arising from bad policies. Also, we can say with reference to Surah Al Nisa, Verse five, from an Islamic point of view structures must be designed in such a way that motivate actors to maintain value.
In other words, the government benefits from inflation in some respects and in other respects suffers from high inflationary conditions. It is assumed that the current institutional structure drives policymakers and economic decision-makers to make decisions that lead to the persistence of inflationary conditions. Therefore, the persistence of long-term inflationary conditions should not be considered an unexpected phenomenon. On the other hand, referring to Islamic theories shows the government's duty to preserve the value of money and to guarantee the devaluation of money arising from bad policies. Also, we can say with reference to Surah Al Nisa, Verse five, from an Islamic point of view structures must be designed in such a way that motivate actors to maintain value.
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Compound indices in economic literature are proper criteria to evaluate the function and the gap between the status quo and the goals of economic programs and policies. This research is aimed to present and evaluate the compound indices... more
Compound indices in economic literature are proper criteria to evaluate the function and the gap between the status quo and the goals of economic programs and policies. This research is aimed to present and evaluate the compound indices of economic justice from the viewpoint of Islamic approach using OECD method. The findings of the research show that “fair distribution of resources”, “paying attention to the rights of the production sources and factors and considering the rights of future generations”, “rewarding the production factors according to their desert and contribution”, “reproduction of income and wealth” and “thinking about the improvement of welfare of the society” are considered as the main parameters of the compound indices of economic justice considering the Islamic approach. Furthermore, the positive correlations between “physical index of the quality of life”, “the measure of the benefit from welfare facilities”, “efficiency of the production factors”, “Amartya Sen's welfare index”, “the ratio of the staff services compensations in national accounts to GDP” and “the ratio of investment in infrastructure facilities and equipment to harvesting natural resources index” are concluded in one hand. Negative correlation of the Foster, Greer and Thorbecke (FGT) Index with the procedure of economic justice is demonstrated on the other hand. According to the calculations, compound index of economic justice regarding Islamic approach has had a growing trend in Iran from 1995 to 2018 except for a few.
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In order to achieve its revolutionary goals, the Islamic Republic of Iran has faced economic challenges to which the Supreme Leader of the Revolution suggested the resilient economy as a solution. Prioritizing elements of resilient... more
In order to achieve its revolutionary goals, the Islamic Republic of Iran has faced economic challenges to which the Supreme Leader of the Revolution suggested the resilient economy as a solution.
Prioritizing elements of resilient economy , will help the policy makers to have a better understanding of the conditions in order to adopt a proper decision.
This research was conducted with the aim of identifying and prioritizing the constituent elements of resilient
Economy using the technique of interpretive structural modeling.
This technique is one of the methods of analizing systems that examines the interactions between the system elements.
In order to cluster the elements of resilient economy, the Mic Mac method was used.
Given that this method is based on experts opinion, the opinions of the group of economic experts has been used.
The findings show that “people based economy”,”knowledge based economy “,”reduction in dependency on oil income” and “ the expansion of non-oil exports”, are of great importance among resilient economy elements
Prioritizing elements of resilient economy , will help the policy makers to have a better understanding of the conditions in order to adopt a proper decision.
This research was conducted with the aim of identifying and prioritizing the constituent elements of resilient
Economy using the technique of interpretive structural modeling.
This technique is one of the methods of analizing systems that examines the interactions between the system elements.
In order to cluster the elements of resilient economy, the Mic Mac method was used.
Given that this method is based on experts opinion, the opinions of the group of economic experts has been used.
The findings show that “people based economy”,”knowledge based economy “,”reduction in dependency on oil income” and “ the expansion of non-oil exports”, are of great importance among resilient economy elements
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Stading The Origin of Khiyar (Options) in Mudarabah Contract in Islamic Banking from Point of View of Islamic jurisprudenc & Islamic law. Abstracte Nowadays, in the money market banking contracts, we are faced with a wide variety of... more
Stading The Origin of Khiyar (Options) in Mudarabah Contract in Islamic Banking from Point of View of Islamic jurisprudenc & Islamic law.
Abstracte
Nowadays, in the money market banking contracts, we are faced with a wide variety of religious jurisprudence and legal infringement. Some of these violations result from the Ribaw or simulative contracts. Among the banking contracts for the allocation and equipping of resources is Mudarabah contract, which is considered a viable alternative Islamic loan agreement for borrowing. One of the issues discussed in this bank agreement is the issue of agent guarantee (trustee), as amended in the Mudarabah bank contract as a condition of additional contract. However, there are some objections to this condition, such as opposite appropriate to Mudarabah which is opposition to the rule of abolition of Rabbi and narrations about Mudarabah. In this research with regard to vice of consent, no harm rule, autonomy of volition, the mistake and supportive theory as the base of options is investigated.
Abstracte
Nowadays, in the money market banking contracts, we are faced with a wide variety of religious jurisprudence and legal infringement. Some of these violations result from the Ribaw or simulative contracts. Among the banking contracts for the allocation and equipping of resources is Mudarabah contract, which is considered a viable alternative Islamic loan agreement for borrowing. One of the issues discussed in this bank agreement is the issue of agent guarantee (trustee), as amended in the Mudarabah bank contract as a condition of additional contract. However, there are some objections to this condition, such as opposite appropriate to Mudarabah which is opposition to the rule of abolition of Rabbi and narrations about Mudarabah. In this research with regard to vice of consent, no harm rule, autonomy of volition, the mistake and supportive theory as the base of options is investigated.
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The Central Bank can have continuous and accurate supervision of the country's macro-economy by applying timely, appropriate and accurate monetary and credit policies. Considering the Islamic nature of the system; Laws and regulations in... more
The Central Bank can have continuous and accurate supervision of the country's macro-economy by applying timely, appropriate and accurate monetary and credit policies. Considering the Islamic nature of the system; Laws and regulations in the banking system, the central bank, and monetary and banking instruments must also be in accordance with the rules and laws of Islam. Due to the current special conditions of the country, which is exposed to economic inflammation caused by the global economy and is also exposed to pressures and sanctions caused by foreign enemies, the conventional economic version does not have the necessary efficiency and is not effective. In this article, the resistance economy, which is the only healing version of the economy in these conditions, is considered to have two important characteristics of being Islamic and resilient, each of which has a great impact on the formulation and implementation of banking laws and regulations in the country. Therefore, it is necessary to study the monetary and credit policy instruments of the central bank with the criteria and characteristics of a resistance economy. In this article, the analytical-descriptive method of conventional monetary and credit policy instruments in accordance with these two criteria of resistance economics has been studied. Also, prioritization, valuation and introduction of monetary and credit policy instruments of the Central Bank based on the characteristics and criteria of monetary and credit policy instruments in a resistance economy are the results of this study. Among the conventional bonds, the first priority is with the instruments of Murabaha bonds, Istisna bonds, government lease sukuk, government debt sale bonds, Mudaraba bonds, participation bonds, and the second priority is with central bank lease sukuk bonds, central bank debt sale bonds and central bank deposit bonds. Gadgets that are grammatical are the third priority.
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The development of halal brand exports is one of the important strategies that is important in the country's economic programs and plays an important role in currency exchange. In the past few years, the demand for halal branded products... more
The development of halal brand exports is one of the important strategies that is important in the country's economic programs and plays an important role in currency exchange. In the past few years, the demand for halal branded products in Islamic and non-Islamic countries has increased significantly. As the awareness of the Muslim population of the world and non-Muslims who want more guarantees about food safety and quality products increases, the foreign trade of halal food products is increasing. Therefore, consumers of halal food products pay attention to the preparation of products with halal brand and choose the product based on awareness. Exporters of halal-branded food products should not only pay attention to customers and competitors in foreign markets, but should also consider factors such as health factors, religious factors, behavioral factors and marketing factors. Therefore, in this study, we try to examine the factors mentioned above. For this purpose, first a questionnaire was designed and then through interviews with exporters of food products of halal brand in East Azerbaijan province, information was collected and finally using structural equation method (SEM) and stata software these factors are analyzed.
The results obtained from the model indicate that all health, religious, behavioral and marketing factors have a significant impact on the export of halal food products. Among the 4 factors affecting the export of halal food products, marketing factors have the greatest impact on the export of halal food products compared to other factors. Also, the hygiene of the product from health factors, the transparency of the production process from behavioral factors, advertising and proper brand introduction in the marketing factors and the way of presenting the halal product and the halal brand from the religious factors have the greatest impact on the export of halal brand food products.
The results obtained from the model indicate that all health, religious, behavioral and marketing factors have a significant impact on the export of halal food products. Among the 4 factors affecting the export of halal food products, marketing factors have the greatest impact on the export of halal food products compared to other factors. Also, the hygiene of the product from health factors, the transparency of the production process from behavioral factors, advertising and proper brand introduction in the marketing factors and the way of presenting the halal product and the halal brand from the religious factors have the greatest impact on the export of halal brand food products.
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Increasing wage inequality is an important phenomenon in developed and developing countries. Depending on the labor market conditions, wages vary across geographic regions. Identifying the factors affecting wage inequality is essential in... more
Increasing wage inequality is an important phenomenon in developed and developing countries. Depending on the labor market conditions, wages vary across geographic regions. Identifying the factors affecting wage inequality is essential in policymaking minimum wage and labor supply and demand. Therefore, the purpose of this study was to investigate the factors affecting wage inequality in the Iranian provinces with the spatial econometric approach of combined data over the period 1385-1395. The results indicated the existence of spatial autocorrelation among the studied provinces.Also in this study, the variables of per capita income, total household expenditure, industrial investment, industrial concentration, unemployment rate have been the main explanations of wage inequality among the provinces of Iran and other results show that all variables except Unemployment rate has direct and indirect effects positive and variable unemployment rate has direct and indirect effects negative.
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Choosing an education field is individually one of the most important decisions of life; and from the perspective of the educational system and the labor market is an important social-economic process. Due to the effects of this decision,... more
Choosing an education field is individually one of the most important decisions of life; and from the perspective of the educational system and the labor market is an important social-economic process. Due to the effects of this decision, research in domain of modeling, identifying the factors affecting the choice of field and determining the weight of various factors, determining the optimality of choices from the perspective of labor market needs and finally designing and evaluating methods to eliminate mismatch between the field of study and job is very important. But this field of research in Iran is very neglected and lags behind in terms of analytical framework and method. For this reason, the question that what modeling frameworks, research methods, and policies are in place to address the field-job mismatch was selected as the central issue of the research and based on this, previous studies were categorized and analyzed. In general, three macro approaches were identified in modeling the behavior of the field selection; Modeling approach, investing in human capital approach and the mismatch approach. An examination of empirical research based on all three approaches shows that there is always a serious divergence between the outcome of discipline choice behavior and labor market needs. According to the results of meta-analysis, this gap has existed seriously over time and between different countries, even developed countries. Therefore, based on global experiences, various political interventions have been categorized and suggested to solve this problem.
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1,056 / 5,000 Translation results Translation result In the current research, the competition rights in government and private banks, in the banking industry of Iran, as the rational behavior of the legislator in providing standards for... more
1,056 / 5,000
Translation results
Translation result
In the current research, the competition rights in government and private banks, in the banking industry of Iran, as the rational behavior of the legislator in providing standards for the possibility of aggregating production factors, which ultimately leads to the optimal allocation of resources, has been the subject of economic analysis.
The approach of economic analysis of rights, with a different view from the traditional approach, examines rights with economic logic. In this approach, "Efficiency" is a fundamental concept that forms the basis of economic analysis and analysis, therefore, in this research, the economic analysis of competition rights in Iran's banking industry, relying on the science of microeconomics and applying economic theories, especially "Efficiency" to The title of the basis of evaluation and, if necessary, the modification of legal rules and regulations has been reviewed.
In this research, in a descriptive-analytical way using library resources based on the benefit-loss analytical model and the application of rationality tools in economic theories, the positive and negative consequences of deregulation and as a result privatization and regulatoryism, in the rules and constructive institutions The competition rights in the country's banking system have been examined and as a result, the effectiveness and efficiency of the laws have been achieved by making some reforms.
Translation results
Translation result
In the current research, the competition rights in government and private banks, in the banking industry of Iran, as the rational behavior of the legislator in providing standards for the possibility of aggregating production factors, which ultimately leads to the optimal allocation of resources, has been the subject of economic analysis.
The approach of economic analysis of rights, with a different view from the traditional approach, examines rights with economic logic. In this approach, "Efficiency" is a fundamental concept that forms the basis of economic analysis and analysis, therefore, in this research, the economic analysis of competition rights in Iran's banking industry, relying on the science of microeconomics and applying economic theories, especially "Efficiency" to The title of the basis of evaluation and, if necessary, the modification of legal rules and regulations has been reviewed.
In this research, in a descriptive-analytical way using library resources based on the benefit-loss analytical model and the application of rationality tools in economic theories, the positive and negative consequences of deregulation and as a result privatization and regulatoryism, in the rules and constructive institutions The competition rights in the country's banking system have been examined and as a result, the effectiveness and efficiency of the laws have been achieved by making some reforms.
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Islamic banks, as part of the economy, have higher expectations of fulfilling social responsibility as Islamic financial institutions, in line with Islamic principles. Banks provide public financial services and are one of the most... more
Islamic banks, as part of the economy, have higher expectations of fulfilling social responsibility as Islamic financial institutions, in line with Islamic principles. Banks provide public financial services and are one of the most sensitive firms in Islamic societies regarding Islamic social accountability. Banks are legally and socially bound to the social and economic needs of society, so the Islamic banking industry is the backbone of the socio-economic development of every Islamic society. Accordingly, the purpose of this study is to evaluate the impact of disclosure of Islamic social responsibility on the financial performance of banks. For the purpose of this study, the data of 10 banks listed in Tehran Stock Exchange during the period 2011-2019 were analyzed using Eviews software. The findings show that the level of disclosure of banks' Islamic social responsibility has a positive and significant effect on EBITDA, as well as the level of disclosure of Islamic social responsibility of the bank. There is a significant negative impact on the market value to equity (MTB) ratio. These results suggest the need for the central bank to establish standardized standards and the need for integrated reporting to expose Islamic social accountability in banks.
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Financing, and specialy project financing, is always affected by numerous financial and non-financial risks. Success in financing requires examining and explaining the impact of these risks on each other and on financing so that in the... more
Financing, and specialy project financing, is always affected by numerous financial and non-financial risks. Success in financing requires examining and explaining the impact of these risks on each other and on financing so that in the next step, an appropriate solution can be implemented to hedge the risks. Special circumstances and much uncertainties in our country have doubled the importance of conducting such research. For this purpose, in order to better understanding the issue, the set of risks affecting financing in general and project financing in particular with a relatively comprehensive review of internal and external scientific resources examined and then based on experts' opinions by using Dematel method in a fuzzy environment were prioritized and internal relationships of factors were extracted.
Based on the analysis of experts' opinions by fuzzy dematel method, the research findings indicate that risks due to economic conditions and instability, exchange rate risk, political risk, rules and regulations risk are the highest among the risks affecting project financing. And other factors are in the next ranks. Also, risks arising from laws and regulations, economic conditions and stability, human resource risk, political risk, inflation risk, government and governance risk and the risk of coercive events in addition to their direct effect, as maternal risks and affect other risks.
Based on the analysis of experts' opinions by fuzzy dematel method, the research findings indicate that risks due to economic conditions and instability, exchange rate risk, political risk, rules and regulations risk are the highest among the risks affecting project financing. And other factors are in the next ranks. Also, risks arising from laws and regulations, economic conditions and stability, human resource risk, political risk, inflation risk, government and governance risk and the risk of coercive events in addition to their direct effect, as maternal risks and affect other risks.
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After the global financial crisis in 2008, and revealing the devastating effects of the problem of non-repayment of banking facilities to other sectors of the global economy various schools of economics and specialy Islamic economic... more
After the global financial crisis in 2008, and revealing the devastating effects of the problem of non-repayment of banking facilities to other sectors of the global economy various schools of economics and specialy Islamic economic researchers were analyzing and presenting solutions to this crisis. Therefore, it is important to discuss about the factors affecting credit risk in order to improve its management practices. The macroeconomic variables that reflect the macroeconomic conditions of the society influences the default rate of bank facilities and the results of several studies carried out both inside and outside the country support this. On the other hand, considering the differences in risk and its management practices in Islamic banking and conventional banking, studying credit risk in the form of Islamic financial instruments seems to be necessary. Several researches have also been done to identify and manage the risks associated with Islamic financial instruments, in particular profitable financial instruments, such as Musharaka ,Mudaraba, etc. According to the above, in this research, the effect of changes in macroeconomic variables on the rate of non-payment facilities granted on the basis of Musharaka and Installment sale has been investigated in Iran. This analysis uses annual data of selected banks and used GMM model
According to the results of this study, it is found that the default rates of granted facilities based on these two Islamic contracts are affected by fluctuations in macroeconomic variables. It can also be said that the credit risk in contract, installment sales is more sensitive to the fluctuations of macroeconomic variables than in contracts, Musharaka. In addition, among the macroeconomic variables discussed in this study, fluctuations of exchange rate, more than other variables, affect the credit risk of these Islamic contracts.
According to the results of this study, it is found that the default rates of granted facilities based on these two Islamic contracts are affected by fluctuations in macroeconomic variables. It can also be said that the credit risk in contract, installment sales is more sensitive to the fluctuations of macroeconomic variables than in contracts, Musharaka. In addition, among the macroeconomic variables discussed in this study, fluctuations of exchange rate, more than other variables, affect the credit risk of these Islamic contracts.
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The Constitution of the Islamic Republic of Iran is based on the economic objectives of achieving society's economic independence, uprooting poverty and deprivation, providing the essential needs, achieving full employment, taking the... more
The Constitution of the Islamic Republic of Iran is based on the economic objectives of achieving society's economic independence, uprooting poverty and deprivation, providing the essential needs, achieving full employment, taking the country to a stage of self-sufficiency and providing the circumstances and opportunities for development of private and cooperative sectors.
The present article has an attempt by purpose of measuring Iran's five-year development plans in achieving to the economic objectives of the Iran's constitution as well as the goals of Islamic economic theory. For this aim, the paper has been to evaluate and to analyze the policies, goals and the achieved resulting for the five-year development plans by the indicators as economic independence & welfare, economic justice & income distribution, government size, labor market and employment situation and infrastructure development.
The results of the calculating the composite index for Five-year Development Plans indicate that the third development plan has the better performance in achieving to the Constitution’s Economic objectives. Also the fourth, first, fifth and second development plans & imposed war period have been to seeing in the next ranking respectively.
The present article has an attempt by purpose of measuring Iran's five-year development plans in achieving to the economic objectives of the Iran's constitution as well as the goals of Islamic economic theory. For this aim, the paper has been to evaluate and to analyze the policies, goals and the achieved resulting for the five-year development plans by the indicators as economic independence & welfare, economic justice & income distribution, government size, labor market and employment situation and infrastructure development.
The results of the calculating the composite index for Five-year Development Plans indicate that the third development plan has the better performance in achieving to the Constitution’s Economic objectives. Also the fourth, first, fifth and second development plans & imposed war period have been to seeing in the next ranking respectively.
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Contractual incompleteness is essentially related to the “unverifiability” condition and “enforceability” condition. In the complex and uncertain economic environment, financial contract is incomplete. Contractual incompleteness decrease... more
Contractual incompleteness is essentially related to the “unverifiability” condition and “enforceability” condition. In the complex and uncertain economic environment, financial contract is incomplete. Contractual incompleteness decrease contract effectiveness. We analyze banking contracts with respect to incomplete contract theory. The results show that the banking contracts in Iran are incomplete. Because of high transaction cost, uncertainty, ambiguity, complexity and unenforceable contract, lead not to perfect implementation of commitment. The fact that contracts are incomplete allows for opportunistic behavior of entrepreneur and hold-up bank inside credit contract. Some mechanisms needed for gap filling in incomplete contract. In banking contract this mechanism is designed in relationship banking that help to balanced bargaining power between parties and can reduce problems caused by Contractual incompleteness.
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VAT is imposed on the final consumer to make the economy more transparent, and its proper implementation can achieve some of the goals of allocating, redistributing, and financing the government. Expanding the tax base, making it usable,... more
VAT is imposed on the final consumer to make the economy more transparent, and its proper implementation can achieve some of the goals of allocating, redistributing, and financing the government. Expanding the tax base, making it usable, and lowering the cost of identification and collection, are characteristics of this tax. Its improper implementation may cause some negative consequences. Because in the production process, this tax is received from economic actors and then reimbursed to them, the difference remains with the government and some activists for a long time, which can harm some activists, especially in times of recession.
Issue of ownership of received VAT and capturing in it, in the stages before the final consumption are vague. This kind of tax is accompanied by tax discrimination and transfer of the tax burden and deepens their recession. This tax is not fully compatible with initial rulings of Islamic principles which do not establish any duty on consumption. Another challenge is the non-difference in tax rates for essential and non-essential goods. This paper describes in a descriptive-analytical way and with a practical approach, the concept of VAT, the chain of its receipt, the types of taxpayers in terms of benefits and disadvantages, its executive challenges, and its incompatibility with Islamic taxation. Answering the question of the main challenges of VAT and its compatibility with Islamic finance, this paper proposes the hypothesis that VAT is not fully compatible with Islamic finance and that its major challenges are enforceable and its proper implementation provides some infrastructures and little legal reforms can make it more effective and more compatible with Islamic finance.
Issue of ownership of received VAT and capturing in it, in the stages before the final consumption are vague. This kind of tax is accompanied by tax discrimination and transfer of the tax burden and deepens their recession. This tax is not fully compatible with initial rulings of Islamic principles which do not establish any duty on consumption. Another challenge is the non-difference in tax rates for essential and non-essential goods. This paper describes in a descriptive-analytical way and with a practical approach, the concept of VAT, the chain of its receipt, the types of taxpayers in terms of benefits and disadvantages, its executive challenges, and its incompatibility with Islamic taxation. Answering the question of the main challenges of VAT and its compatibility with Islamic finance, this paper proposes the hypothesis that VAT is not fully compatible with Islamic finance and that its major challenges are enforceable and its proper implementation provides some infrastructures and little legal reforms can make it more effective and more compatible with Islamic finance.
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Issuance of Musharakah bonds (Sukuk) is one of the methods of financing. Although in practice, the securities of the Mushurakah are not commensurate with the spirit of the Mushurakah, they are widely used in the financial system,... more
Issuance of Musharakah bonds (Sukuk) is one of the methods of financing. Although in practice, the securities of the Mushurakah are not commensurate with the spirit of the Mushurakah, they are widely used in the financial system, especially in Iran OTC. Mushurakah bonds (Sukuk) has the feature that can be bought and sold before maturity and is different from the nominal price in the secondary market. Across the country, Sukuk pricing is done irrespective of the expected rate of return and with the auction or negotiation method, which is flawed. In this paper, the Mushurakah bonds (Sukuk) pricing model using expected return in the form of a stochastic differential equation is presented and this stochastic differential model is transformed into a partial differential equation using the self-financing basket and then solved by numerical finite difference method. Finally, using Iranian crossover data and coding in MATLAB software, the Mushurakah bonds (Sukuk) pricing process was performed for different expected returns and it was found that with the increase of expected return, the price of the Mushurakah bonds (Sukuk) increases that the direct relationship between expected return and the price of sukuk is also confirmed in the finance's literature.
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Common financial engineering is a set of sciences or techniques that seek to find new and effective ways to provide optimal funding in the institutional framework of a system governing liberal economics. The main question is whether it is... more
Common financial engineering is a set of sciences or techniques that seek to find new and effective ways to provide optimal funding in the institutional framework of a system governing liberal economics. The main question is whether it is possible to achieve the goals and strategies of the Islamic financial system by simulating them.
In order to get the answer, the article first describes the historical and the functional course of current Islamic finance and its analysis and pathology. The prevailing approach of Islamic finance is the common passive method (adaptation, simulation, and correction), the common denominator of which is the emphasis on the reconstruction and signing of the achievements of Marginalism of the financial economy. Research at this level, by employing the system of jurisprudence lacks a specific methodology in line with the objectives.
In addition to the problem of lack of consensus on financial issues, the study conducted that the passive approach is associated with the disadvantages of inconsistency, adaptability, widespread use of trickery, complication, and inconsistency with goals. In general, it has caused the non-specificity of the terms of the contracts and the existence of the philosophy of usury ban and other indisputable rules regarding transactions. And other certain rules have been applied to transactions. This approach led to the irony of the opposition and the lack of real distinction between the innovative financial system and the current one.
It is suggested that in the first step, with the approach of systematization and the idea of moderation of jurisprudence, and within it and in accordance with the goals, the structure of the Islamic financial system should be designed to meet real financial needs.
In order to get the answer, the article first describes the historical and the functional course of current Islamic finance and its analysis and pathology. The prevailing approach of Islamic finance is the common passive method (adaptation, simulation, and correction), the common denominator of which is the emphasis on the reconstruction and signing of the achievements of Marginalism of the financial economy. Research at this level, by employing the system of jurisprudence lacks a specific methodology in line with the objectives.
In addition to the problem of lack of consensus on financial issues, the study conducted that the passive approach is associated with the disadvantages of inconsistency, adaptability, widespread use of trickery, complication, and inconsistency with goals. In general, it has caused the non-specificity of the terms of the contracts and the existence of the philosophy of usury ban and other indisputable rules regarding transactions. And other certain rules have been applied to transactions. This approach led to the irony of the opposition and the lack of real distinction between the innovative financial system and the current one.
It is suggested that in the first step, with the approach of systematization and the idea of moderation of jurisprudence, and within it and in accordance with the goals, the structure of the Islamic financial system should be designed to meet real financial needs.
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Economic resilience refers to the ability to cope with various economic shocks and the extent of recovery after a crisis. The purpose of this paper is to determine the effective factors in Iran's economic resilience index. According to... more
Economic resilience refers to the ability to cope with various economic shocks and the extent of recovery after a crisis. The purpose of this paper is to determine the effective factors in Iran's economic resilience index. According to the existing resilience literature, and using the grounded theory approach, theoretical saturation was obtained with respect to the economic resilience components and indicator factors by using the Bayesian Model Averaging (BMA) approach. In the presence of 63 variables, seven variables were identified which include: risk index, oil revenue to total government revenue ratio, the growth rate of government oil revenues, inflation rate, the ratio of government debt to the banking system to liquidity, the budget deficit to GDP ratio and the fluctuation of the growth rate of liquidity, as the most important variables determining the resilience of Iran's economy. Therefore, it is recommended to policymakers to reduce the vulnerability of economic sectors, by taking into account the impact of these variables.
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Commodification of affairs and concepts and justifying them to physical goods is the process that began from the formation of conventional economics. At this process gradually it has been struggled to put up all affairs and concepts below... more
Commodification of affairs and concepts and justifying them to physical goods is the process that began from the formation of conventional economics. At this process gradually it has been struggled to put up all affairs and concepts below economic logic and marketized them to transactions. Knowledge is a concept that commoditized after the 1950s.
This article has been written in an analytical method on the basis of economic philosophy by a critical approach to the commodification of knowledge. Knowledge is the capital and transactive structure that has been entered into economic literature and formed economics of science. Based on economics of science, knowledge can enter the transaction as a commodity on one hand and as capital into economic growth function to improve production and wealth.
Staying knowledge as market agent defined the market as the main motivator of knowledge production and ignored other motivators like need, culture, politics, security, wish and taste. Changing of conditions from marketized knowledge to progressive and perfect knowledge needs some institutions that can satisfy scientist’s wishes and incentives into parallel priority.
This article has been written in an analytical method on the basis of economic philosophy by a critical approach to the commodification of knowledge. Knowledge is the capital and transactive structure that has been entered into economic literature and formed economics of science. Based on economics of science, knowledge can enter the transaction as a commodity on one hand and as capital into economic growth function to improve production and wealth.
Staying knowledge as market agent defined the market as the main motivator of knowledge production and ignored other motivators like need, culture, politics, security, wish and taste. Changing of conditions from marketized knowledge to progressive and perfect knowledge needs some institutions that can satisfy scientist’s wishes and incentives into parallel priority.
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One of the main questions in the field of economics is identifying the factors influencing labor productivity. One of the presuppositions in this regard is the influence of religious values as a fundamental motivating factor on the Muslim... more
One of the main questions in the field of economics is identifying the factors influencing labor productivity. One of the presuppositions in this regard is the influence of religious values as a fundamental motivating factor on the Muslim workforce, which is influenced by Islamic beliefs and the crystallization of faith in these beliefs can be seen in his behavior. Based on this premise, in order to analyze the behaviors of this important factor of production, it is necessary to discover strategies to strengthen his productivity and influence the quality of human resource performance and extract a list of religious principles affecting the Muslim labor force. However, what is of great importance in such research is the use of appropriate research methods to refer to religious sources to discover appropriate propositions and provide a management model based on which a systematic program for training and productivity growth can be developed. For this reason, this study attempts to combine the two methods of interdisciplinary research "content analysis" and "subject-scientific interpretation" to extract the religious values affecting labor productivity. Also, the alignment of the extracted components with the five-year development plans of the country has been examined along this path. The results indicate that many factors beyond what economic and managerial scholars have stated have had an impact on the workforce and that it is necessary to pay close attention to the teachings of the Islamic religion in the process of transformation and localization of science.
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Benevolent activities, like other human activities, can be the subject of study in various sciences, including economics. This article seeks to find an appropriate answer to how the Infaq demand function is organized. The results of the... more
Benevolent activities, like other human activities, can be the subject of study in various sciences, including economics. This article seeks to find an appropriate answer to how the Infaq demand function is organized. The results of the analysis of this article, which has been done using descriptive-analytical method and with the method of library and expert inquiry, show that the demand for Infaq is composed of different vectors of characteristics. Therefore, the applicants determine the amount of their demand according to their degree of importance. This article has tried to obtain a complete set of these trajectories and suggestions to strengthen them in the country by using Quranic documents and narration and asking experts. Then, inspired by Lancaster's demand theory, establish the Infaq demand function based on these characteristics and derive the Infaq valuation function by using the Hedonic price function. Identifying the demand function of Infaq and introducing effective vectors in that path provides solutions to strengthen them in order to boost the Infaq market in the country.
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One of the important economic issues in Islamic societies intertwined with religion and culture is the issue of oblation. Among the most important types of oblations that are recognizable in past and present societies are the obligatory... more
One of the important economic issues in Islamic societies intertwined with religion and culture is the issue of oblation. Among the most important types of oblations that are recognizable in past and present societies are the obligatory and non-binding oblations that are performed in the context of religious boards. The purpose of this paper is to investigate the interplay of religiosity in the context of religious boards and macroeconomic indicators including employment rate, Gini coefficient, and GDP. The end is also fuzzy based on the CFCS technique and structural equations with partial least squares (PLS) are used for data analysis. Accordingly, the increase in the volume of the economy has an effect on employment growth with the path coefficient of 0.48, GDP growth of path coefficient of 0.3 and the Gini coefficient of path coefficient of 0.28. Inflation and improvement of the business environment, with the coefficients of 0.92 and 0.88 respectively, had the greatest effect on increasing the volume of rainfall in the country, respectively.
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Foreign effects are the costs or benefits that are transferred from one economic activity to another outside the form of market transactions. Given the existence of grounds for the formation of foreign influences in our society, this... more
Foreign effects are the costs or benefits that are transferred from one economic activity to another outside the form of market transactions. Given the existence of grounds for the formation of foreign influences in our society, this issue can be studied in the Iranian economy. One of the aspects to be studied in this field is the evaluation of the degree of conformity of the existing approaches in dealing with foreign influences in the Iranian economy. Among economic ideas, neoclassicists and neo-institutionalists have played a prominent role in the introduction and expansion of foreign influences. In this article, in a descriptive-analytical method, after drawing a legal approach from the neoclassical economics and neo-institutionalism approach and identifying the rules of civil liability compatible with each of the mentioned approaches, the compatibility of these approaches with the civil liability system governing Iranian law is evaluated. According to the results, first, the system of civil liability in Iranian law, contrary to the neoclassical approach, is not formed solely on the basis of pure responsibility, and second, it has not followed the approach of net maximizing the social interests of the new institutionalism. Both of these consequences are due to the fact that the system of civil liability in Iranian law is not in line with the goal of economic efficiency.
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Economic justice is one of the principles of Islamic economics and researchers in this field have made extensive theories and studies to base economic policies recommendations on this important principle. The purpose of this article is to... more
Economic justice is one of the principles of Islamic economics and researchers in this field have made extensive theories and studies to base economic policies recommendations on this important principle. The purpose of this article is to introduce "the limit of sufficiency" instead of the poverty line and to provide a criterion for measuring the limit of sufficiency in Islamic economics. By basing the theory of economic justice on "entitlement" it demands that this type of research focus on explaining this idea in Islamic economics as accurately as possible. Economic justice in Islamic teachings requires the fulfillment of at least four entitlements, namely sufficiency limit, balance, contribution of the factors of production, and moderating-conventional rights. In this paper, by the descriptive-analytical method and using mathematical methods, we will explain the subordinate limit of the sufficiency and provide solutions for its estimation, while comparing it with the poverty line in the conventional economy. The result of this paper is that the poverty line and the bottom line of the sufficiency are two completely separate criteria, and policy-making based on the bottom line of sufficiency rather than the poverty line makes greater prosperity for society.
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Islamic securities, like conventional bonds, are not safe from default. Therefore, it is important to provide solutions to manage this type of risk in the structure of Sukuk. One of the corrective measures used in Islamic countries to... more
Islamic securities, like conventional bonds, are not safe from default. Therefore, it is important to provide solutions to manage this type of risk in the structure of Sukuk. One of the corrective measures used in Islamic countries to prevent default is the restructuring of the sponsor's financial obligations. The purpose of the restructuring is to give the debtor more time to settle his obligations. This descriptive-analytic study, while reviewing the experience of Islamic countries in restructuring Sukuk as well as experience in usury banking in Iran, introduces restructuring, its implementation process, and also mechanisms for restructuring various types of Sukuk and analyzes it according to the viewpoints of Sharia jurisprudents. These solutions include: extension of maturities, rate increase, and devaluation of debt, replacement of the new Murabaha contract, bankruptcy and debt swap with ownership. Finally, according to the jurisprudential nature of the basic contract of each type of Sukuk, the mechanism (s) appropriate to each one are presented.
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the role of zakat on the social balance of the Iran’s economy has been studied by Using the data related to the Iran’s Income decades and the Agricultural Statistics Yearbook, . In addition, by calculating the parameters of the stochastic... more
the role of zakat on the social balance of the Iran’s economy has been studied by Using the data related to the Iran’s Income decades and the Agricultural Statistics Yearbook, . In addition, by calculating the parameters of the stochastic model of Zakat, its implications have been investigated in the Iran’s economy. For this purpose, based on the implications of the traditions, two assumptions are made for the payment of zakat: (1) the payment of zakat to the extent of poverty reduction, and (ii) the payment of zakat to the desired utility. For this purpose, first, the potential capacity of zakat was estimated in the monopoly of nine cases. It became clear that the level of potential zakat in the Iran’s economy in monopoly versus the volume of poverty is insignificant and can not have a significant impact on poverty alleviation.
By calculating the model parameters from Iran's economy data, firstly, the classes gap in the Iran's economy is high and, as the data and static studies confirm, considering the model assumption, there is no possibility of creating a social balance in Iran's economy without reforming the wealth structure of the zakat payer group. This strongly emphasizes that, despite the Zakat solution for poverty reduction for the Islamic economic system, and in a society where relations between phenomena are defined on the basis of different economic systems, Zakat does not have its main function. In other words, in the economic system of Islam, by establishing Islamic economic relations, the various roots of poverty have decreased and by reducing the amount of poverty, Zakat's revenues will not only help to provide the welfare level for all classes of society, but also the surplus of zakat resources can be used in other expenditures of Zakat.
By calculating the model parameters from Iran's economy data, firstly, the classes gap in the Iran's economy is high and, as the data and static studies confirm, considering the model assumption, there is no possibility of creating a social balance in Iran's economy without reforming the wealth structure of the zakat payer group. This strongly emphasizes that, despite the Zakat solution for poverty reduction for the Islamic economic system, and in a society where relations between phenomena are defined on the basis of different economic systems, Zakat does not have its main function. In other words, in the economic system of Islam, by establishing Islamic economic relations, the various roots of poverty have decreased and by reducing the amount of poverty, Zakat's revenues will not only help to provide the welfare level for all classes of society, but also the surplus of zakat resources can be used in other expenditures of Zakat.
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The financing of technological projects in the can be used to accelerate the growth, attract capital or supply liquidity to knowledge-based companies. The cooperative financing model in the framework of usury-free banking with the... more
The financing of technological projects in the can be used to accelerate the growth, attract capital or supply liquidity to knowledge-based companies. The cooperative financing model in the framework of usury-free banking with the support of the real sector of the economy and the correct implementation of bank contracts play a key role in achieving Islamic banking system. The aim of the research is to identify the factors influencing investment in the technological projects of the incubation phase and to design the model of cooperative financing of the projects in order to create a risk distribution mechanism, attract people's participation, and support the knowledge-based economy. This is a development-applied research and the way of data collection is survey type. To collect data, a researcher-made questionnaire distributed among the experts of the risky investment system and the managers of the banking system was used. Factors affecting investment were identified in two sectors, including internal to the organization such as entrepreneurial team, product characteristics and technological company, and external to the organization such as technological business ecosystem and macroeconomic factors. The method of The Partial Least Squares regression (PLS) with the help of Smart Pialas software showed that the investment stages of technological projects have a medium and high impact on investment. Then, the proposed financing model was presented by using cooperative contracts according to the operational model and playing the role of bank intermediary in the usury-free banking system.
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The tax system as a subset of the economic system serves the purposes that the economic system pursues. On the one hand, the goals of each system are based on the assumptions and values of each school, and therefore the fundamental... more
The tax system as a subset of the economic system serves the purposes that the economic system pursues. On the one hand, the goals of each system are based on the assumptions and values of each school, and therefore the fundamental function of tax systems cannot be more discrete than the underlying issues. The tax system of the Islamic Republic of Iran has witnessed changes in tax structures in recent years. A better understanding of the nature of the Islamic tax system and its functions may help to formulate and shape a more Islamic tax system. This paper examines the functions of a favorable Islamic tax system in comparison with the functions of the conventional economic tax system, using the content analysis approach, and therefore proposes some considerations for value added tax. This article uses the content analysis method of the functions of the favorable Islamic tax system in comparison with the functions of the tax system of the conventional economy and then, based on it, points about substituting the tawazon criterion in Islamic economic justice, tax principles, tax rates and bases, and share of taxes in government revenue sources. According to the Islamic policymaker, who considers justice as the basis of organizing society, taxes are also a tool for this purpose, and taxes that are compatible with achieving economic balance are considered appropriate. The balance criterion is considered in all the initial, process and final stages and the increase of tax revenues is followed by using justice-oriented methods and tax revenues can never be increased at the expense of justice. Also because in the economic system. Islam has part of the resources of wealth production (Anfal) at the disposal of the government.
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In the current fractional reserve banking system, the two functions of portfolio management and payment services are incorporated simultaneously. The portfolio management refers to the bank's function in absorbing and allocating funds.... more
In the current fractional reserve banking system, the two functions of portfolio management and payment services are incorporated simultaneously. The portfolio management refers to the bank's function in absorbing and allocating funds. The function of payment services also refers to the use of bank debt in settlement of transactions, which is required for the existence of money-creation power by banks. The current banking system has created problems such as instability, banking crises, discrimination in income distribution, undermining democracy and sustainable development, and so on. The problem of this research is to identify the optimal alternative model from the perspective of Islamic economy. The method of answering is through review, description and analysis of the material and drawing conclusions in that field. The results of this study show that in Islamic banking, the two functions of portfolio management and payment services have to be separated. Lastly, the advantages of this proposed system, in addition to solving the problems of the current fractional reserve system, are the cases of greater compatibility of this banking system with the macro goals of the Islamic economic system and the nature of Islamic banking, and removing the suspicion of usury.
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The formation of macroeconomic theory in the framework of conventional economics is mainly due to the analysis and determination of economic behavior of individuals who work under the realm of a school of thought and capitalism.... more
The formation of macroeconomic theory in the framework of conventional economics is mainly due to the analysis and determination of economic behavior of individuals who work under the realm of a school of thought and capitalism. Intellectual foundations and structures governing the capitalist economy such as the type of ownership, the type of governance and the source of the formation of behaviors had been the origion of the emergence of special institutions such as the bank and the capital market. Consequently, a new theory of macroeconomics has arrived. In other words, macroeconomic theories are in the position of resolving the crisis and the problem of the West and are rooted in the foundations, structures and institutions of the capitalist system. The question of this research paper is: can these theories work efficiently and successfully for the Iranian economy and solve its problems? In order to answer this question with an empirical-comparative method, the theories that have been formed according to the prevailing atmosphere in the capitalist system are examined, then the structures, situation and institutions governing the Iranian economy are scrutinized.
It is concluded that according to the theories emerged in the sphere of capitalism and the institutions and structures formed within the framework of western economy and the behaviors created whatsoever, substantially differs from that of Iran's economy and can not be utilised, whether in policy making or even the analysis of Iran's economic conditions.
It is concluded that according to the theories emerged in the sphere of capitalism and the institutions and structures formed within the framework of western economy and the behaviors created whatsoever, substantially differs from that of Iran's economy and can not be utilised, whether in policy making or even the analysis of Iran's economic conditions.
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One of fundamental objectives of Economy of Resistance is to pioneer a knowledge-based regional economy and aiming at achieving top rank among the region countries. Technology changes has been accelerated from the middle part of the 20th... more
One of fundamental objectives of Economy of Resistance is to pioneer a knowledge-based regional economy and aiming at achieving top rank among the region countries. Technology changes has been accelerated from the middle part of the 20th century and structural changes have taken place in the market economies and the world is transforming from industrial economy to knowledge-based economy with making revolutionary wealth.
By developing knowledge economy and information and communication technology, ICT have played an important and key role in transition towards knowledge-based economy and has an evolutionary trend as from 1970 to 2000 that were the decades of the information economy, e- economy, network & internet economy and digital economy, respectively. following the evolutionary trend, the intelligence economy as a new paradigm shift in the literature of development has prevailed since the middle of the first decade of 20th century.
The main porpuse of this article is the modelling of intelligence economy in Iran by using Grounded Theory. For this reason, by using the results of the interviews and the three phases of grounded theory (open- axial-selective coding), the summary of key findings of intelligence economy is modeled upon indicators as identification & assessment of the current situation, requirements, strategies & policies for growth and development, identification of opportunities, development of sectoral applications & desirable situation for achieving of intelligence economy.
By developing knowledge economy and information and communication technology, ICT have played an important and key role in transition towards knowledge-based economy and has an evolutionary trend as from 1970 to 2000 that were the decades of the information economy, e- economy, network & internet economy and digital economy, respectively. following the evolutionary trend, the intelligence economy as a new paradigm shift in the literature of development has prevailed since the middle of the first decade of 20th century.
The main porpuse of this article is the modelling of intelligence economy in Iran by using Grounded Theory. For this reason, by using the results of the interviews and the three phases of grounded theory (open- axial-selective coding), the summary of key findings of intelligence economy is modeled upon indicators as identification & assessment of the current situation, requirements, strategies & policies for growth and development, identification of opportunities, development of sectoral applications & desirable situation for achieving of intelligence economy.
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The purpose of this study is to investigate the impact of macroeconomic variables and Sukuk "Sharia Compliant bonds" on the profitability of banks. Two definitions have been used for profit. First: the ratio of bank's profit to its total... more
The purpose of this study is to investigate the impact of macroeconomic variables and Sukuk "Sharia Compliant bonds" on the profitability of banks. Two definitions have been used for profit. First: the ratio of bank's profit to its total assets. Second: the ratio of net operational income of the bank to its total deposits. The time range of the research is the period of 2012 to 2019 and the research sample includes 16 banks listed on the Tehran Stock Exchange. Data analysis and hypothesis testing were performed using multivariate regression model and hybrid data. The results showed that GDP growth as well as inflation have a positive and significant effect on both profitability indices, but the growth of exchange rate and total Sukuk traded in the capital market has a negative and significant effect on both profitability indices. Operating leverage has a negative and significant effect, and the size of banks has a positive and significant effect on both profitability indices.
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A fundamental question in examining the monetary system is “who should have the right to create money?” The response provided by the conventional monetary system (fractional reserve system), is to distribute this right between the central... more
A fundamental question in examining the monetary system is “who should have the right to create money?” The response provided by the conventional monetary system (fractional reserve system), is to distribute this right between the central bank and commercial banks. But this “historical response”, is a “Public Choice”, not necessarily based on efficiency or equity. In recent decades, eminent economists such as Simmons, Fisher, Friedman and Tobin have criticized fractional reserve system from different points of view and have recommended a reform toward full reserve banking. Among Muslim economists, Monzer Kahf, Mohsin Khan, Mirakhor, Dallali and Al-Jarhi have such a view.
In the present paper, using documentary research method, the theoretical basis of the full reserve banking and the views of its most famous supporters are examined. Then, the most important criticisms regarding the fractional reserve banking are described from two points of view: efficiency and justice. In terms of efficiency, the main critique of the fractional reserve system are the aggravation of monetary shocks and escalation of macroeconomic fluctuations, increasing the risk of bank-run, the need for increased government interventions and complex regulations, inefficient allocation of resources as a result of information asymmetry, and the continuous increase of public and private debt. On the other hand, in terms of justice, the main critique of the fractional reserve system are granting the power to decide about the most important near-public good to private-motivated enterprises, institutionalizing usury (interest) in contracts, violating distributive justice (bankers' monopolistic profitmaking vs. loading banking system losses on the general public), and the transfer of assets ownership without complying with legitimate property rights.
In the present paper, using documentary research method, the theoretical basis of the full reserve banking and the views of its most famous supporters are examined. Then, the most important criticisms regarding the fractional reserve banking are described from two points of view: efficiency and justice. In terms of efficiency, the main critique of the fractional reserve system are the aggravation of monetary shocks and escalation of macroeconomic fluctuations, increasing the risk of bank-run, the need for increased government interventions and complex regulations, inefficient allocation of resources as a result of information asymmetry, and the continuous increase of public and private debt. On the other hand, in terms of justice, the main critique of the fractional reserve system are granting the power to decide about the most important near-public good to private-motivated enterprises, institutionalizing usury (interest) in contracts, violating distributive justice (bankers' monopolistic profitmaking vs. loading banking system losses on the general public), and the transfer of assets ownership without complying with legitimate property rights.
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One of the most important challenges for policies concerning economic freedom is its inequalities effects. Mnay researches have examined the various channels and mechanisms in order to find the components of economic freedom which... more
One of the most important challenges for policies concerning economic freedom is its inequalities effects. Mnay researches have examined the various channels and mechanisms in order to find the components of economic freedom which influences the distribution of income. Previous studies on the relation between economic freedom and income inequality have produced varied results. The paper examines this relationship for two groups of countries based on high (18 country) and low (16 country) degrees of economic freedom. Using panel date during 2004-2018 with quintile regression, results showed that in both groups with different levels of economic freedom, increasing economic freedom at low and middle levels of income inequality, had improved income inequality, but increasing economic freedom in high levels of income inequality did not show any meaningful effect on income inequality. The implication of this research findings for Iran economy showed that when Gini index is lower than 41.4%, increasing economic freedom improves income inequality, while it is meaningless when Gini index is between 41.4 – 48.4%.
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The targeting of contemporary societies to achieve maximum economic growth Has had two serious consequences on the individual and social spiritual body of human beings. These include abandoning the spiritual dimension as well as trying to... more
The targeting of contemporary societies to achieve maximum economic growth Has had two serious consequences on the individual and social spiritual body of human beings. These include abandoning the spiritual dimension as well as trying to deviate, personalize, and use spirituality as a tool for economic purposes. Meanwhile, Islamic spirituality, with its principled, rooted and Sharia-oriented nature, is comprehensive in such a way that adherence to its principles not only does not block the path of economic progress, but also leads to revision of goals and better progress. In this research, using grounded theory, the relationship between Islamic spirituality and economic progress and the quality of their influence on each other have been investigated. The results show how the components of Islamic spirituality relate and affect the process of economic development in three foci: causal, intervening and contextual conditions. Therefore, it is necessary to first prepare the necessary platforms for the occurrence of the phenomenon by the background conditions, and in the next stage, by creating the conditions and using the intervention conditions correctly, the components of the strategy should be provided and completed. The total of positive spiritual elements presents the comprehensive strategy of “the lifestyle of the believers” to achieve economic progress in the path of excellence, growth and all-round happiness of man and expresses specific theoretical and administrative orders; On the other hand, by following the path of “secular life” and focusing on economic growth, the negative spiritual elements create dangerous consequences for mankind
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Capital adequacy ratio is a key indicator in analyzing the situation of the bank, according to which it can be understood to what extent the bank's assets are invested in a suitable portfolio and in terms of risk and capital use in... more
Capital adequacy ratio is a key indicator in analyzing the situation of the bank, according to which it can be understood to what extent the bank's assets are invested in a suitable portfolio and in terms of risk and capital use in various assets. Among the factors that strengthen the capital adequacy ratio is the issuance of sukuk, which has received more attention, especially after Basel III (the third Basel Accord). For this purpose, the data of 15 selected banks and credit financial institutions accepted in the Tehran Stock Exchange during the period 2014-2020 has been used. Data analysis was performed using panel data method. Findings showed that the development of the Sukuk market has had a positive and significant effect on the capital adequacy ratio of banks, which means that with the increase in the development of the Sukuk market, banks have the opportunity to invest in high quality Sukuk. This reduces the share of risk-weighted assets (denominators of capital adequacy ratio) and thus the presence of a developed sukuk market helps banks to finance their operations at a very low cost and in a timely manner. In turn, will lead to strengthening the capital adequacy ratio of banks.
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The concept and theory of equilibrium in conventional economics is one of the central points in economic theory. The relationship between the concept of equilibrium and the coordination of economic individuals' behavior is a key point in... more
The concept and theory of equilibrium in conventional economics is one of the central points in economic theory. The relationship between the concept of equilibrium and the coordination of economic individuals' behavior is a key point in understanding the equilibrium theory i.e., in the market system, to achieve collective interest without the direct intervention of governments. In many works on Islamic economics, monetary and real equilibrium in different markets have been extracted without mentioning the basis of this concept. In fact, it has been viewed with a value perspective. After a brief overview of the concept of equilibrium in conventional economics, this article goes on to concisely discuss equilibrium application in works on Islamic economics. The main idea of the article is that if people's interaction with each other and the theory of government intervention in Islamic economics is not clarified, speaking of equilibrium in the conventional sense is a kind of misplaced assumption. In some works, such as Iqtisaduna "Our Economy"a book by Muhammad Baqir al-Sadr, one can find important distances with an equilibrium perspective. An alternative approach can be seen due to the presentation of a different picture of government intervention and people participation in the economy. The present paper dealt with this important issue by reviewing and comparing texts.
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The stock price index is the overall result of capital market activity in the real sector of the economy; but its sharp decrease or increase, unrelated to production, is due to speculative performance. The purpose of this article is to... more
The stock price index is the overall result of capital market activity in the real sector of the economy; but its sharp decrease or increase, unrelated to production, is due to speculative performance. The purpose of this article is to investigate the impact of banks' commercialization, including commercial, specialized, privatized and private, on the stock price index. Estimates have been made using a data panel model during the period 1392 to 1398. Banks' behavior has been examined using the variables of deposit surplus, banks' debt to the central bank and non-current facilities. The results show that the speculative performance of non-governmental banks on the stock market index is much higher than state-owned banks. Regarding the effect of model variables, the elasticity of the stock price index to surplus deposits in privatized banks ranked first, in private banks ranked second, commercial banks ranked third and specialized banks ranked last. The elasticity of the stock index to the debt of banks to the central bank was significant only for the debt of private banks, and the elasticity of the index in other banking groups to the central bank was not significant. The elasticity of the stock index to non-current facilities in specialized banks was ranked first. The amount of this elasticity in private, privatized and commercial banks was almost equal.
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The oil industry in countries with reserves needs to attract high investment and use new and advanced technologies, which are usually provided through upstream contracts. However, one of the crucial issues in using these contracts in the... more
The oil industry in countries with reserves needs to attract high investment and use new and advanced technologies, which are usually provided through upstream contracts. However, one of the crucial issues in using these contracts in the Iran's economy is the compliance of their provisions with the rules of Imami jurisprudence (Fiqh). The main question of the research is what are the most noteworthy jurisprudential doubts related to the discussion of the cost of money in the upstream oil and gas contracts (including reciprocal sale and IPC) and the Sharia solutions to resolve these doubts. The research findings, achieved by descriptive and content analysis method showed considering that the legal nature of these contracts is not borrowed, the cost of money in these contracts can not necessarily be considered usury. Because in these contracts, there is collaboration between the employer and the contractor to carry out real activities in the field of oil and gas, this interaction can be analyzed in the form of a new contract or a peace contract. The surplus related to the delay in payment of the debt can be accepted according to the opinion of many jurists and the Guardian Council, if it is mentioned as a condition in the contract. Finally, since the cost of money in upstream contracts usually determined on a floating basis (Libor plus a fixed number), the suspicion arises regarding these contracts. However, this challenge can be solved by using the jurisprudential solution of "mitigation";
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Financing is one of the most basic requirements for development and production projects in petroleum reservoir. The specific characteristics of oil projects limit the optimal financing methods to the specific conditions of this industry.... more
Financing is one of the most basic requirements for development and production projects in petroleum reservoir. The specific characteristics of oil projects limit the optimal financing methods to the specific conditions of this industry. The exploration and production (E&P) stages of oil and gas reservoirs impose a higher risk on the oil contractor than the production stage. Therefore, in the exploration phase, the contractor tends to share the risk and issue shares. But in the process of development and production, the method of borrowing and lending is used. Loans based on reserves are a unique method of financing oil companies in the phases of reservoir development and production. In this method, the oil company can use bank facilities in the form of a loan up to a peculiar limitation (borrowing base) determined based on the reservoir under the possession of the oil company. The use of this method depends on the conditions and restrictions of possession in oil reservoir. In this paper, the feasibility of using the above-mentioned financing method was discussed from the point of view of Islamic jurisprudence (Fiqh) and law.
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In view of the limitations of recent modeling in Iran's economy, especially in financial economics, where behaviors contrary to economic theories had observed, the gap of participation of intellectual capital in economic models is... more
In view of the limitations of recent modeling in Iran's economy, especially in financial economics, where behaviors contrary to economic theories had observed, the gap of participation of intellectual capital in economic models is significant, likewise, the recursive preferences function under rational expectations has been the focus of many financial experts. Due to the fact that modeling such functions requires solving complex mathematical relationships, researchers often refuse to use them. The present study, in the framework of a random dynamic model, tries to analyze the effect of productivity impulse on the macroeconomic components of the country by considering recursive preferences in the household model and presenting the firm model under two types of physical and intellectual capital, emphasizing the role of intellectual capital. The statistical population of this study is Iran's economic data in the period from 1996 to 2017. The model parameters had extracted as a combination of calibration and Bayesian using Dynare package in MATLAB software. The aforementioned general equilibrium model had designed in the form of neoclassical economic theories. Based on the results, the highest average difference between the leveraged returns of physical capital and intellectual capital belongs to the base scenario in which three factors including heterogeneous productivity of capital products, long-term productivity risk and intellectual capital were taken into account. This result shows the importance of the intellectual capital contribution in the model to justify market events and productivity impulse effects. Generally, the results showed that economic realities are explainable only under a recursive preferences function and high relative risk aversion combined with the separation of capital components.