https://iee.rihu.ac.ir/ Journal of Economic Essays: an Islamic Approach en daily 1 Wed, 23 Sep 2026 00:00:00 +0330 Wed, 23 Sep 2026 00:00:00 +0330 https://iee.rihu.ac.ir/article_2501.html Extended Abstract  Introduction and Objectives: The insurance industry plays a fundamental role in economic development, financial stability, and social welfare by transferring and managing risk. However, rapid technological advancement, evolving customer expectations, and increasing environmental uncertainty have significantly challenged traditional insurance business models. In recent years, the emergence of InsurTech startups and the growing importance of data-driven decision-making have transformed core insurance functions, including underwriting, pricing, claims management, and customer engagement. Technologies such as big data analytics, artificial intelligence, blockchain, and digital platforms are reshaping the global insurance landscape and intensifying competition.Despite these developments, the Iranian insurance industry has experienced a comparatively slow pace of digital transformation. Structural constraints, regulatory rigidity, limited technical infrastructure, and shortages of specialized human capital have restricted the effective adoption of advanced technologies. Consequently, the future trajectory of the Iranian insurance industry remains uncertain and highly dependent on the evolution of key driving forces.Under such conditions, traditional forecasting approaches are insufficient to capture alternative future developments. Scenario planning, as an exploratory and forward-looking method, provides a systematic framework for understanding plausible futures by focusing on critical uncertainties. Accordingly, the primary objective of this study is to identify and prioritize the key drivers shaping the future of the Iranian insurance industry and to develop alternative future scenarios based on these drivers. In particular, this research emphasizes the role of InsurTech collaboration and the adoption of data-driven and big data analytics. The study aims to support strategic decision-making by insurance managers, policymakers, and industry stakeholders facing high levels of uncertainty.Method: This study adopts a mixed-method research design grounded in scenario planning methodology. The research was conducted through several sequential stages. In the first stage, a comprehensive review of academic literature, industry reports, and policy documents was undertaken to identify global trends, challenges, and technological developments affecting the insurance industry. In parallel, semi-structured interviews were conducted with insurance executives, industry experts, academic scholars, and technology specialists. As a result, an initial list of 33 potential driving forces influencing the future of the Iranian insurance industry was identified.In the second stage, the extracted drivers were screened and refined using the Fuzzy Delphi method. This approach was selected to address uncertainty and ambiguity in expert judgments and to facilitate consensus building. Experts assessed the importance of each driver using linguistic variables, which were then converted into triangular fuzzy numbers. Following aggregation and defuzzification, drivers that did not meet the predefined threshold were eliminated. This process resulted in the selection of eight key drivers for further analysis.In the third stage, the selected drivers were prioritized using the Combined Compromise Solution (COCOSO) method. This multi-criterion decision-making technique integrates the strengths of several ranking approaches and provides a robust mechanism for evaluating the relative importance of drivers. Finally, the two highest-ranked drivers—namely, the level of collaboration between insurance companies and InsurTech startups and the extent of adoption of data-driven and big data analytics—were selected as critical uncertainties. These drivers were used to construct a two-by-two scenario matrix, forming the basis for developing four alternative future scenarios.Results: The results of the Fuzzy Delphi analysis indicate that eight out of the initial 33 identified drivers achieved acceptable fuzzy values and were considered critical for shaping the future of the Iranian insurance industry. These drivers represent a combination of technological, organizational, regulatory, and market-related factors, highlighting the multidimensional nature of change within the industry.Subsequent prioritization using the COCOSO method revealed that two drivers possess significantly higher importance than the others. The first driver is the nature and intensity of collaboration between insurance companies and InsurTech startups. The second driver is the degree to which data-driven approaches and big data analytics are utilized in insurance operations. These drivers were identified as both highly influential and highly uncertain, making them suitable foundations for scenario development.Based on the interaction between these two drivers, four distinct future scenarios were developed. Each scenario represents a different combination of opportunities and challenges. The first scenario depicts a future characterized by strong InsurTech collaboration and extensive adoption of big data analytics, leading to a highly innovative, digitalized, and customer-centric insurance ecosystem. The second scenario reflects strong InsurTech collaboration but limited use of data-driven analytics, resulting in partial digital transformation and operational inefficiencies. The third scenario illustrates weak InsurTech collaboration alongside advanced data analytics adoption within traditional insurers, leading to incremental improvements rather than disruptive innovation. The fourth scenario portrays a pessimistic future with weak collaboration and minimal use of data-driven approaches, resulting in stagnation and declining competitiveness.Discussion and Conclusions: The findings of this study highlight InsurTech collaboration and data-driven decision-making as the most critical levers shaping the future of the Iranian insurance industry. The scenario analysis demonstrates that sustainable growth and competitiveness are unlikely to be achieved without simultaneous progress in both dimensions. Collaboration with InsurTech startups can accelerate innovation, improve operational efficiency, and enhance customer experience, while data-driven analytics enable more accurate risk assessment, fraud detection, personalized products, and optimized pricing.Nevertheless, the results also reveal major challenges, including insufficient technological infrastructure, data governance issues, and a shortage of skilled professionals in data science and artificial intelligence. Without targeted investments in digital infrastructure and human capital development, the potential benefits of emerging technologies may remain unrealized. Moreover, concerns related to data privacy, security, and regulatory compliance must be carefully addressed to maintain customer trust and ensure sustainable digital transformation.From a managerial and policy perspective, the study suggests that insurance companies should adopt proactive digital strategies focused on strategic partnerships with InsurTech firms and the gradual integration of data-driven tools into core processes. Policymakers and regulators also play a crucial role in facilitating innovation by establishing supportive and adaptive regulatory frameworks.In conclusion, this study contributes to the literature by integrating Fuzzy Delphi, COCOSO, and scenario planning to explore the future of the insurance industry in a developing economy context. The proposed scenarios provide a structured framework for strategic thinking and decision-making under uncertainty.Acknowledgments: The authors would like to thank all experts who participated in the interviews and Delphi surveys for their valuable insights.Conflict of Interest: The authors declare no conflict of interest.JEL Classification: G22; C53; O33. https://iee.rihu.ac.ir/article_2542.html Extended Abstract  Introduction and Objectives: The expansion of short-term and speculative transactions in markets such as foreign exchange, gold, housing, and automobiles in Iran has contributed to asset price inflation, the formation of price bubbles, and the diversion of capital away from productive sectors. In response, the “Law on Taxation of Speculation and Speculative Trading” has been enacted with regulatory and deterrent objectives. The main research question is whether such deterrent taxation possesses legitimacy from the perspective of Imami (Shiʿi) jurisprudence and, if so, within which juristic framework it can be analyzed. The primary challenge is that many speculative transactions are conducted within the framework of legally valid sales contracts and with a genuine intention of transferring ownership; therefore, they cannot categorically be deemed void or intrinsically prohibited. The purpose of this study is to provide a juristic analysis that justifies deterrent taxation without requiring a ruling of invalidity or inherent prohibition of speculation. The central question is whether a deterrent tax on speculative activities can be considered an instance of monetary taʿzīr (financial discretionary punishment) and a form of legitimate policy within an Islamic government. The research hypothesis suggests that if a systemic economic harm is established, such taxation may be analyzed within the authority of the guardian of the community (walī al-amr), relying on principles such as preservation of the social order (ḥifẓ al-niẓām), the rule of no harm (lā ḍarar), and the prohibition of unjust consumption of property (akl al-māl bi-l-bāṭil), without contradicting the principle of validity of contracts. This study aims to fill a theoretical gap in the juristic-economic literature by distinguishing between the validity of transactions at the individual level and the government’s authority to impose taʿzīr at the macro level.Method: This research is fundamental in purpose and employs a descriptive-analytical and inferential method. Data were collected through library research and consultation of primary Imami jurisprudential sources, including al-Makāsib by Shaykh Anṣārī, Jawāhīr al-Kalām, Sharāʾiʿ al-Islām, and Taḥrīr al-Wasīlah by Imam Khomeini (r.a), as well as contemporary works on governmental jurisprudence by scholars such as Muḥammad Bāqir al-Ṣadr, Ḥusayn-ʿAlī Muntaẓirī, Muʾmin Qummī, and Mūsawī Bujnūrdī. Relevant Iranian legislation, including the 2025 “Law on Taxation of Speculation and Speculative Trading,” and reports of the Research Center of the Islamic Consultative Assembly were also examined. The analytical approach is based on juristic reasoning (ijtihād) and is structured in four stages. First, key concepts such as monetary taʿzīr, deterrent taxation, and speculation are conceptually defined. Second, the juristic evidences supporting the legitimacy of monetary taʿzīr—including the authority of the walī al-amr, the generality of taʿzīr in juristic discourse, the practice of rational agents (sīrat al-ʿuqalāʾ), the principle of preserving social order, and the rule of no harm—are extracted and analyzed. Third, these foundations are applied to the law on speculation taxation. Fourth, juristic objections to this policy—such as conflict with the principle of contractual validity, the inviolability of Muslim property, and the prohibition of unjust appropriation—are critically evaluated. This four-stage framework enables reconciliation between the presumption of contractual validity and the regulatory authority of the Islamic government.Findings: The findings indicate that the basic principle in Islamic jurisprudence is the validity and enforceability of contracts, and the mere intention of profit-seeking from price differences does not invalidate a transaction. Consequently, speculation cannot categorically be classified as an invalid or forbidden form of transaction. However, Imami jurisprudence—particularly within the domain of governmental jurisprudence—possesses extensive capacity to intervene in economically harmful behaviors. Taʿzīr in Imami jurisprudence refers to a discretionary punishment determined by the ruler in cases where no fixed ḥadd penalty exists, and there is no conclusive evidence restricting it to corporal punishment alone. Given the nature of economic offenses and the central role of financial incentives in such activities, financial sanctions may constitute a legitimate form of governmental taʿzīr.Examination of the structure of the speculation tax law reveals that its progressive rates—imposing higher taxes on short-term transactions—are inherently deterrent in nature. If such a policy is based on the recognition of genuine systemic harm and enacted to preserve economic order, it can be interpreted within the framework of monetary taʿzīr. Furthermore, the rule of no harm functions here not as an independent basis for legal legislation but as supportive evidence for the necessity of governmental intervention against systemic harm. Classical juristic precedents—such as compelling hoarders to release goods to the market, state price regulation under conditions of necessity, and financial interventions by the ruler in market activities—demonstrate historical precedents for such regulatory measures in Islamic jurisprudence.Discussion and Conclusion: The answer to the central research question is affirmative. A deterrent tax on speculative activities can be justified within Imami jurisprudence as a form of monetary taʿzīr and legitimate public policy, provided that it is grounded in demonstrable public harm, observes the principles of proportionality, tax justice, transparency, and the right of oversight and objection, and is primarily aimed at reducing market volatility and directing capital toward productive activities rather than merely generating state revenue. This innovative approach avoids conflict with the principle of contractual validity and the rule of the inviolability of Muslim property by distinguishing between “the validity of a transaction at the individual level” and “the government’s authority to impose disciplinary regulation at the macro level.” Critical examination of objections reveals that concerns about legitimizing speculation or unjust appropriation of property stem from conflating these two analytical levels. In reality, deterrent taxation does not represent a religious endorsement of the act itself but rather a regulatory policy adopted by the government to prevent systemic harm. It is recommended that continuous economic and juristic evaluations accompany the implementation of this law to ensure that it remains within the legitimate and proportionate boundaries of taʿzīr. This study may also provide a framework for the juristic analysis of other emerging economic policies—such as capital gains taxation and taxes on vacant or luxury housing—within the context of Imami governmental jurisprudence.Acknowledgments: This research is the result of collaborative scholarly work based on numerous library sources. The authors express their gratitude to all scholars and researchers whose works contributed to the preparation of this article.Conflict of Interest: The authors declare that there are no financial or non-financial conflicts of interest related to the content of this research. https://iee.rihu.ac.ir/article_2494.html Extended Abstract   Introduction and Objectives: The rapid transformations in contemporary financial systems and the increasing complexity of financial instruments and institutions have heightened the need for economic actors to possess adequate levels of financial literacy. Financial literacy enables individuals to comprehend financial concepts, evaluate economic information, and make informed decisions at both individual and organizational levels. However, in Islamic societies, conventional financial literacy alone is insufficient, as financial decision-making must comply with Shariah principles, including the prohibition of riba, avoidance of gharar, adherence to profit-and-loss sharing mechanisms, and observance of ethical norms and distributive justice. These requirements underscore the necessity of developing the concept of “Islamic financial literacy.” Despite the growing literature on Islamic banking and finance, empirical studies on Islamic financial literacy—particularly those focused on its measurement—remain limited and fragmented. Most existing studies center on students, customers, or the general public, while the role of bank employees, who are key actors in the practical implementation of Islamic banking, has received far less attention. This gap is especially salient in the Islamic Republic of Iran, where the banking system formally operates under a non-usury framework, yet no standardized, indigenous, and validated instrument has been developed to assess the Islamic financial literacy of banking personnel. Accordingly, the primary objective of the present study is to design and validate a comprehensive and context-specific scale for measuring the Islamic financial literacy of employees in Iran’s banking system. Specifically, this study aims to: identify the core dimensions and components of Islamic financial literacy through a systematic meta-synthesis of prior research; develop measurable indicators aligned with Iran’s legal, institutional, and Shariah frameworks; and empirically test the validity and reliability of the proposed scale using Partial Least Squares Structural Equation Modeling (PLS-SEM). Thus, the study seeks to provide an analytical tool for assessing employees’ Islamic financial literacy and supporting evidence-based policy-making, human resource development, and the design of targeted training programs within Iran’s Islamic banking system. Methodology: This study employed a mixed-methods design implemented in two consecutive phases: qualitative and quantitative. In the qualitative phase, a systematic meta-synthesis was conducted to identify the dimensions and components of Islamic financial literacy. Following the seven-step approach of Sandelowski and Barroso, a comprehensive search of Web of Science and Scopus for studies published between 2000 and 2025 was carried out. After applying inclusion and exclusion criteria and removing duplicates, 46 relevant studies were selected for analysis. To ensure contextualization, regulatory documents—including selected directives of the Central Bank of Iran’s Shariah Board and the Unified Banking Contracts—were also reviewed. Qualitative content analysis was performed using MaxQDA 2020, through which key concepts and categories were extracted and integrated into a unified framework. This process resulted in the identification of three main dimensions of Islamic financial literacy: Islamic financial knowledge, Islamic financial attitude, and Islamic financial behavior. In the quantitative phase, the identified dimensions were operationalized into measurable indicators, and the initial questionnaire was developed. Content validity was assessed by 25 experts, including specialists in Islamic banking, Shariah compliance officers, and university faculty members. Using content validity ratio and reliability indices, items were refined accordingly. Subsequently, data collected from 100 employees of the banking system were used to examine construct validity and reliability. Data analysis was conducted using PLS-SEM via SmartPLS 3, an approach deemed appropriate for exploratory studies and moderate sample sizes. In this stage, the measurement model was evaluated in terms of internal consistency reliability, convergent validity, and discriminant validity, after which the structural model was tested to examine the relationships among the dimensions of Islamic financial literacy. Results and Findings: The integrated qualitative and quantitative findings provide robust empirical support for the proposed Islamic financial literacy scale. In the qualitative phase, analysis of the selected studies led to the identification of a three-dimensional conceptualization comprising Islamic financial knowledge, Islamic financial attitude, and Islamic financial behavior, reflecting the cognitive, attitudinal, and behavioral aspects of Shariah-compliant financial decision-making. In the quantitative phase, evaluation of the measurement model showed that all constructs exhibited satisfactory internal consistency, with Cronbach’s alpha and composite reliability exceeding accepted thresholds. Convergent validity was confirmed through adequate average variance extracted values, and discriminant validity was supported by the Fornell-Larcker criterion and the HTMT ratio. Analysis of the structural model revealed that Islamic financial knowledge had a significant positive effect on Islamic financial attitude, and Islamic financial attitude exerted a strong, significant effect on Islamic financial behavior. In contrast, the direct effect of Islamic financial knowledge on Islamic financial behavior was not statistically significant. However, mediation analysis showed that Islamic financial knowledge exerted a significant indirect effect on Islamic financial behavior through Islamic financial attitude. This indicates that employees’ professional attitudes play a pivotal role in transforming Shariah-related knowledge into practical, Shariah-compliant behaviors. Furthermore, the acceptable levels of explained variance for endogenous constructs demonstrated the model’s adequate explanatory power and confirmed the empirical robustness of the proposed scale. Discussion and Conclusions: The findings of this study demonstrate that the Islamic financial literacy of bank employees is a multidimensional construct comprising knowledge, attitude, and behavior. While Islamic financial knowledge provides the cognitive foundation for understanding Shariah principles and regulations, the formation of Shariah-compliant financial behavior depends primarily on employees’ attitudes and professional values. In other words, increasing theoretical knowledge alone does not necessarily lead to behavioral change in the workplace; rather, the internalization of Islamic banking values and attitudes is crucial. Practically, the proposed scale offers a diagnostic tool for assessing employees’ Islamic financial literacy, identifying knowledge and attitude gaps, and designing targeted training programs across the banking network. The findings also provide a basis for developing professional competency standards for Islamic banking personnel and strengthening Shariah governance mechanisms in banks. Accordingly, it is recommended that the Central Bank and related training institutions develop standardized competency frameworks encompassing the knowledge, attitudes, and behaviors required for Islamic banking roles and integrate periodic assessments of employees’ Islamic financial literacy into human resource development programs. Additionally, redesigning training programs with a stronger focus on attitudinal development, standardizing the process of explaining Shariah-compliant contracts to customers, and embedding Shariah controls within banks’ operational processes can enhance the quality of Islamic banking implementation. Overall, by presenting an indigenous and validated scale for assessing the Islamic financial literacy of banking employees in Iran, this study contributes to improving professional competencies, enhancing the quality of Islamic contract implementation, and strengthening Shariah compliance within the country’s banking system. Acknowledgement: Gratitude and appreciation are extended to the Monetary and Banking Research Institute of the Central Bank of the Islamic Republic of Iran for their financial support. https://iee.rihu.ac.ir/article_2564.html Extended Abstract  Introduction and Objectives: Economic justice is a fundamental concept in development studies, public policy, and Islamic economics. This concept is not limited merely to income distribution but encompasses broader dimensions such as equitable access to resources, economic opportunities, public facilities, quality of life, and the reduction of regional disparities. In most conventional studies, the measurement of economic justice has primarily focused on indicators such as the Gini coefficient, poverty rates, or income inequality. However, these indices alone fail to provide a comprehensive representation of the justice status at a regional level. In Iran, particularly at the provincial level, structural differences between developed and underdeveloped regions highlight the need for a multidimensional, localized index tailored to the country’s specific conditions.Against this backdrop, the present study attempts to simultaneously analyze and index economic justice from the perspectives of both conventional economics and Islamic thought. Within this framework, economic justice in Islamic thought is regarded not only as a moral principle but as a social and religious end that must be reflected in the policymaking process and resource allocation. Conversely, conventional economics has also explored aspects of justice through perspectives such as the capability approach, Rawls’ theory of justice, and the Atkinson and Gini indices; however, these have predominantly centered on income inequality. Consequently, the primary research problem is the absence of a comprehensive composite index for measuring economic justice in Iranian provinces—an index capable of reflecting both distributive components and the dimensions of opportunity, benefit, and social balance.Research Methodology: This research is descriptive-analytical in nature, utilizing provincial panel data for 28 Iranian provinces covering the period from 2012 to 2021 (1391-1400 SH). The data include a set of socio-economic variables at the provincial level, such as household expenditures and facilities, per capita consumption of electricity, gas, and water, per capita public budget, education index, household income, value-added, poverty, and inequality indices. The primary objective of gathering this data was to construct a composite index to measure economic justice through a multidimensional approach.In the first stage, the collected variables were scaled using the Min-Max normalization method to facilitate inter-provincial comparisons. In this process, undesirable indicators such as poverty, the Gini coefficient, the Atto-Fricke index, and other inequality measures were reverse-coded so that higher values ultimately represent a higher degree of justice. This point is methodologically significant, as the ultimate goal was to create an index where an increase in value corresponds to an improvement in the state of economic justice.Two primary indices were designed and calculated. The first index, TR1, is a preliminary measure constructed using the arithmetic mean of four selected variables: human development, Amartya Sen’s welfare index, the absolute poverty rate, and the Atto-Fricke index. This index serves as an initial gauge of the overall status of justice in the provinces. The second index, TR2, is a more comprehensive and theoretical measure based on three core dimensions of economic justice: first, access to public facilities (measured by electricity, gas, water, public budget, and education); second, the degree of benefit from production (measured by the ratio of household income to value-added); and third, income imbalance (explained by the Gini coefficient, the 10th to 1st decile ratio, the Atto-Fricke index, and relative poverty). Thus, TR2 provides a multilayered and more precise depiction of economic justice.Results: The research findings indicate that economic justice is not uniformly distributed among Iranian provinces, revealing a clear center-periphery gap. Based on the TR1 calculations, provinces such as Yazd, Tehran, and Isfahan ranked higher in economic justice, while provinces like Kurdistan, Sistan and Baluchestan, and Ilam occupied the lower ranks. Specifically, Yazd (0.78), Tehran (0.75), and Isfahan (0.72) were among the leading provinces, whereas Kurdistan (0.45), Sistan and Baluchestan (0.42), and Ilam (0.40) were at the bottom.The results of the TR2 index generally confirm the same pattern of inequality, though the differences between provinces are more pronounced due to the inclusion of additional dimensions. In this index as well, Yazd and Tehran remained at the top, while Sistan and Baluchestan ranked last with a score of 0.38. This suggests that some provinces may perform well in one dimension but suffer from severe weaknesses in others. For instance, Khuzestan performs adequately in certain components but ranks lower in the comprehensive TR2 index due to income inequality. Additionally, provinces like Chaharmahal and Bakhtiari show signs of improvement and the potential to bridge the gap. Overall, the results suggest that in the absence of compensatory policies, regional economic inequalities in Iran are prone to reproduction. Therefore, relying on one-dimensional indices provides an incomplete picture of reality.Discussion and Conclusion: The central argument rests on the idea that economic growth alone does not guarantee justice. A province may grow in terms of production or certain economic indicators, but if this growth is not accompanied by a balanced distribution of opportunities, equal access to public facilities, and a reduction in income inequality, economic justice will not be realized. From this perspective, development without a regional justice component can deepen the existing gap between prosperous and deprived provinces. While traditional indices like the Gini coefficient are useful for measuring inequality, they are insufficient for understanding the multidimensional nature of justice. Composite indices TR1 and TR2 provide a more holistic evaluation and can serve as a suitable basis for regional policymaking.Economic justice must be regarded as an independent policy goal in regional planning. To achieve this, several recommendations are proposed: allocating budget based on justice indices, establishing a regional justice development fund, asymmetric investment in the infrastructure of deprived provinces, strengthening multi-level governance, developing local employment, and implementing social security and wealth tax policies. In other words, economic justice in Iran requires policymakers to move beyond purely growth-oriented approaches toward distributive and compensatory models. Ultimately, integrating the foundations of Islamic economics with the analytical tools of conventional economics allows for a localized and multidimensional index to measure economic justice. This index can be utilized not only to assess the current situation but also to design policy interventions aimed at reducing regional disparities and strengthening social cohesion across Iranian provinces.Acknowledgments: The authors sincerely thank the Statistical Centre of Iran, the Central Bank of the Islamic Republic of Iran, and other statistical institutions for providing the data used in this study. We also extend our gratitude to the professors and reviewers whose scientific suggestions significantly enhanced the quality of this research.JEL Classification: D63, I32, O18, R11. https://iee.rihu.ac.ir/article_2562.html Extended Abstract   Introduction and Objectives: Financial security—a state in which individuals and households possess the capacity to meet their current and future basic needs while remaining invulnerable to economic shocks (illness, unemployment, natural disasters)—is the cornerstone of social stability and human development. Conventional economic systems primarily rely on government interventions (progressive taxation, unemployment insurance, conditional cash transfers) and financial markets. However, these approaches face challenges such as budget deficits, bureaucratic inefficiency, and inability to fully cover vulnerable populations. Islamic economics offers a unique paradigm in which financial security results from religious obligation, social justice, and economic balance. The Holy Qurʾān has established a comprehensive wealth redistribution system through three main institutions: zakat (mandatory levy with eight expenditure categories specified in Qurʾān 9:60), infāq (voluntary charity driven by faith-based motivation), and waqf (endowment—permanent retention of assets while dedicating their usufruct for public benefit). These three institutions operate at different levels with complementary mechanisms to create a multi-layered financial safety net. Despite the theoretical richness of this system, contemporary Islamic finance faces critical problems: (1) incompatibility of traditional niṣāb thresholds and frameworks of zakat and waqf with modern forms of wealth (stocks, cryptocurrencies, intellectual property); (2) weak governance, lack of transparency, and low public trust in collection and distribution institutions; and (3) siloed and uncoordinated performance of these institutions with each other and with state welfare systems. In Shia jurisprudence, the institution of khums (20% on annual surplus income) complements this framework and covers many of zakat’s shortcomings regarding modern wealth forms. The main objective of this research is to provide a comprehensive research analysis of the Qurʾānic wealth redistribution system and its role in creating sustainable financial security and economic resilience, along with identifying structural obstacles and presenting operational solutions for modernizing and revitalizing this system in contemporary societies. The central question is: how can the threefold system of zakat, infāq, and waqf (alongside khums in Shia jurisprudence) create financial security and economic resilience in 21st-century societies, and what are the innovative solutions for realizing these potentials? Method: This research employed a mixed method (systematic review and qualitative content analysis). In the first phase, searches were conducted in reputable scientific databases including Scopus, Web of Science, Google Scholar, JSTOR, as well as specialized Islamic science databases (NoorMags, Comprehensive Humanities Portal, Noor Specialized Journals) between 2000 and 2024. Articles and books related to zakat, infāq, waqf, khums, and financial security were collected. Keywords included: “zakat”, “infaq”, “charity”, “waqf”, “wealth redistribution”, “financial security”, “Islamic economics”, “social justice”, “economic resilience”. Inclusion criteria were: peer-reviewed studies with clear research methodology, focus on socio-economic functions of zakat/infāq/waqf, and publication period 2000-2024. After initial screening (520 titles), 87 articles and 25 books were fully text-analyzed. Data analysis was conducted using directed qualitative content analysis with MaxQDA software version 2020. In the second phase, Qurʾānic verses related to the roots “z-k-w” (38 verses), “n-f-q” (approximately 70 verses), and concepts related to waqf (e.g., “ongoing charity”, “retention”, “sustainable giving”) along with hadiths and prophetic traditions from major hadith collections (Ṣiḥāḥ Sittah, Wasāʾil al-Shīʿah, Mustadrak al-Wasāʾil) were examined using conceptual content analysis. Classical and contemporary exegeses including Al-Mīzān (Ṭabāṭabāʾī), Fī Ẓilāl al-Qurʾān (Quṭb), Al-Tafsīr al-Kabīr (Fakhr al-Rāzī), and Jāmiʿ Aḥkām al-Qurʾān (Qurṭubī), as well as the views of scholars such as Al-Ghazālī, Ibn Khaldūn, Shahīd Ṣadr, and Imam Khomeini were analyzed. The theoretical framework is based on three layers: motivational-ethical, functional-economic, and legal-structural. Finally, data from both phases were integrated and analyzed using a maqāṣid-oriented (based on higher objectives of Sharia) and trans-madhhab approach. Validity was confirmed through triangulation of data, methods, and sources, as well as independent review by two researchers. Results: Findings show that the Qurʾānic threefold wealth redistribution system creates a multi-layered and intelligent framework for combating poverty, reducing inequality, and enhancing household economic resilience. Zakat (and khums) functions: Zakat acts as an automatic macroeconomic stabilizer. With fixed rates (2.5% for zakat and 20% for khums) on liquid assets and surplus income, during recessions it generates predictable liquidity and injects it directly into lower income deciles (with high marginal propensity to consume), thereby stimulating aggregate demand. This function was emphasized by Ibn Khaldūn (14th century). At the micro level, zakat aims at sufficiency and need-fulfillment, and can enhance psychological resilience by reducing financial stress. Infāq functions: Infāq strengthens organic social support networks. Positive psychology findings indicate that giving activates the brain’s reward system (release of serotonin, dopamine, oxytocin), increasing happiness, life satisfaction, and reducing cortisol levels (stress hormone) in recipients. Waqf functions: Waqf converts unproductive or depreciating private wealth into productive collective capital (land, buildings, business enterprises), creating a sustainable income stream independent of government budgets. Islamic civilization history shows that endowments funded hospitals (e.g., ʿAḍudī Hospital in Baghdad), schools (Niẓāmiyyah, Al-Azhar), libraries (Dār al-Ḥikmah), caravanserais, and qanāts for centuries. However, four major challenges were identified: (1) outdated niṣāb and tax base (traditional incompatibility with stocks, cryptocurrencies, service income, intellectual property); (2) lack of transparency and weak governance (efficiency below 60% in some countries according to IRTI, 2022); (3) lack of coordination with modern welfare systems and macro policies; (4) institutional legitimacy and trust crisis (over 70% of people prefer to pay zakat directly). In Shia jurisprudence, khums naturally covers many tax-base deficiencies, but governance, transparency, and coordination issues affect both zakat and khums institutions. Discussion and Conclusions: The main argument is that the theoretical potential of the Qurʾānic wealth redistribution system is very high, but its realization in the contemporary world requires deep institutional, jurisprudential, and technological modernization. Without this modernization, there is a risk of marginalization and reduced impact of these fundamental pillars of Islamic economics. The proposed framework, titled “Integrated Smart Islamic Financial System,” comprises four operational axes: Digitization and maximum transparency: Using blockchain for immutable transaction records, smart contracts for automated fund distribution, and artificial intelligence for precise beneficiary targeting (accuracy above 90%). Indonesia’s BlokZakat experience showed transparency increased from 40% to over 95%. Jurisprudential-economic redefinition of niṣāb and expenditures: Forming permanent collective ijtihād committees of jurists, economists, and technologists to include digital assets, stocks, cryptocurrencies, service income, and intellectual property in the tax base. Smart integration with macro policies and SDGs: Coordination with government tax systems, social protection programs, and targeting projects related to collective goals (quality education, public health, clean energy). Cultural and psychological promotion: Using modern media and gamification to explain the worldly benefits of charity (happiness, social cohesion, health) alongside otherworldly rewards. This framework fully aligns with the Islamic-Iranian Model of Progress and the Resistance Economy policies (popularizing the economy, reducing dependence on government budget, sustainable production and resilience against shocks). The final conclusion is that revisiting and modernizing the Islamic wealth redistribution system is not merely a religious necessity, but an efficient, timeless economic strategy for achieving sustainable development goals and creating inclusive, just, and resilient societies. Acknowledgments: The author extends his appreciation to the Research Institute of Hawzah and University and the Department of Qurʾān Studies for their support. Conflict of Interest: The author declares that there is no conflict of interest regarding the present research. JEL Classification: Z12, D31, D63, D64, H23, I38, P48. https://iee.rihu.ac.ir/article_2563.html Extended Abstract  Introduction and Objectives: Production value chains, as a set of interconnected activities from the supply of raw materials to the delivery of final products, play a fundamental role in shaping the economic structure. These chains, through improving production processes using modern technologies, enhancing product quality, and focusing on high value-added activities such as innovation, design, and marketing, provide the basis for improving productivity and increasing economic competitiveness. Within the framework of the resistance economy, strengthening production value chains is considered one of the key requirements for realizing the “investment for production” approach and creating an endogenous and smart outward-oriented economy.In Iran’s economy, despite significant production capacities, challenges such as international sanctions, weak logistics infrastructure, and technological limitations have hindered the effective attraction of targeted investments. The relationship between strengthening production value chains and attracting targeted investment is bidirectional and reinforcing. On the one hand, improving efficiency and advancing technology in production chains creates competitive advantages that attract investment. On the other hand, domestic investment is strengthened through creating new opportunities for small and medium-sized enterprises to participate in value chains.Despite the importance of the subject, a review of the literature reveals a research gap in the systematic structural analysis of this relationship within the context of Iran’s economy with its structural and geopolitical constraints. Therefore, the main objective of this research is to identify key factors affecting the attraction of production-oriented investment in Iran’s economy with a resistance economy approach, emphasizing the role of value chains, and to analyze the structural relationships among these factors using a mixed fuzzy Delphi and MICMAC approach. The innovation of this research lies in analyzing the structural relationships of factors within the framework of Iran’s resistance economy and providing a basis for effective policymaking toward achieving sustainable economic growth.Method: This research is applied in terms of purpose and mixed (qualitative-quantitative) in terms of method. The statistical population included experts in economics, resistance economy, value chain management, and investment policymaking. Purposive and snowball sampling was used, and 15 qualified experts were selected. Selection criteria included holding a doctoral degree in related fields, at least 10 years of teaching or research experience, and having publications in the areas of resistance economy, value chains, or investment attraction.In the first stage, through a systematic review of domestic and international literature, 28 key factors related to attracting targeted investment and strengthening production value chains were extracted. Then, using the fuzzy Delphi technique and a five-point Likert questionnaire in two rounds, the factors were screened. Factors with an average importance score of less than 3.5 were eliminated, and ultimately 9 final factors were selected.In the quantitative stage, the interrelationships among factors were analyzed using the MICMAC model. Experts evaluated the relationships between factors on a scale of 0 (no influence) to 3 (strong influence). A direct influence matrix was formed, and then the indirect influence matrix was calculated. Factors were classified into four categories based on the influence-dependence diagram: drivers, dependent, autonomous, and linkage. The matrix fill rate was 86.42%, indicating strong and structured relationships among the variables. The combination of fuzzy Delphi and MICMAC was chosen due to the ability of these approaches to manage uncertainty in expert opinions and analyze the complexity of structural relationships in semi-ambiguous environments.Results: The results of fuzzy Delphi screening showed that among the 28 initial factors, 9 factors had the highest degree of importance and consensus among experts. These factors are: digitalization of the supply chain, utilization of fourth industrial revolution technologies, development of domestic capacities, institutional and economic stability, improvement of logistics and transportation, creating locational advantage through infrastructure development, use of artificial intelligence in value chain optimization, inter-sectoral upgrading of value chains, and directing capital toward production.MICMAC analysis revealed that the components of supply chain digitalization, institutional and economic stability, logistics and transportation improvement, and fourth industrial revolution technologies were located in the driver factors zone. These factors have high driving power over the entire system and can determine the path of production-oriented investment developments. In contrast, components such as artificial intelligence, inter-sectoral upgrading, and directing capital toward production were placed in the dependent factors group, meaning these variables are more influenced by the quality of performance of other factors rather than initiating change themselves.In terms of direct effects, supply chain digitalization had the highest direct influence. In the analysis of indirect effects, the development of domestic capacities had the highest total influence and dependence, indicating the pivotal role of this factor in the sustainability of the investment attraction structure. The matrix fill rate of 86.42% indicates a dynamic and interconnected system where changes in some key variables can have widespread consequences on the entire economic structure.Discussion and Conclusions: The results of MICMAC structural analysis showed that supply chain digitalization, logistics and transportation improvement, fourth industrial revolution technologies, and institutional and economic stability are the most important driver factors in the production-oriented investment attraction system. This finding indicates that success in attracting investment depends more on the quality of institutional, technological, and value chain infrastructures than merely on the volume of financial resources. The research results are consistent with the findings of Luo and Xu (2018), Wang et al. (2017), and Shojaei et al. (2024), who emphasized the role of physical and digital infrastructure and modern technologies in enhancing countries’ positions in value chains.Furthermore, institutional and economic stability is one of the most important factors affecting investment attraction, which is consistent with the results of Enderwick (2005), Fathi (2013), and Esmaeili-Rad et al. (2020). The development of domestic capacities, as a linkage variable, both is influenced by driver factors and affects other variables. Overall, it can be concluded that strengthening value chains, developing technological and logistical infrastructure, enhancing institutional stability, and investing in domestic capacities are the most important requirements for attracting production-oriented investment in Iran’s economy.Based on the findings, policy recommendations include short-term priorities (strengthening institutional stability and clarifying investment laws and regulations, rapid improvement of logistics infrastructure in target production regions) and medium-term priorities (implementing a comprehensive supply chain digitalization program and deploying fourth industrial revolution technologies, developing industrial clusters and strengthening linkages among small, medium, and large enterprises). Realizing these requirements can, while increasing productivity and competitiveness, provide the basis for achieving the goals of the resistance economy, reducing dependence on oil revenues, and increasing the country’s economic resilience.Acknowledgements: The authors sincerely thank all the experts and specialists who assisted this research by dedicating their time and providing valuable opinions during the fuzzy Delphi stages and completing the cross-impact matrix.Conflict of Interests: The authors declare that there is no conflict of interest regarding the present research. https://iee.rihu.ac.ir/article_2547.html Regional development policymaking is at a normative crossroads: Are only “interindividual inequalities” reprehensible or are “interregional inequalities” also reprehensible? And if policies to reduce “interregional inequality” are necessary, what are their goals? This research, using an analytical-descriptive method, surveys the answers to the above question in common approaches such as egalitarianism, Rawls' approach, Amartya Sen's and Nussbaum's "capability" approach, market failure approach, intergenerational justice approach, and etc. Then, using Narrative evidence, it expresses the Islamic approach. According to the results of this study, people-based policies that reproduce regional poverty and unemployment, by increasing regional inequality or regional development traps, are contrary to the Islamic perspective. It is also demonstrated that reducing regional inequality, due to the existence of two correlations, can realize the jurisprudential rule of "social balance": the correlation of "regional inequalities" with "increasing the income class gap between the top and bottom deciles at the national scale" and "reducing intergenerational income mobility in some regions". Furthermore, using the rule of "prohibition of conventional oppression," the necessity of confronting unequal regional processes or outcomes (e.g., resulting from the long-term persistence of self-reinforcing cycles of underdevelopment) is substantiated in conditions that are conventionally considered oppression.Therefore, according to the Islamic approach, "interregional inequality" can be reprehensible in certain circumstances, so instead of people-based policies, it is necessary to design People-Based policies (or similar) with the aim of reducing regional inequality. https://iee.rihu.ac.ir/article_2576.html Introduction and Objectives Social justice, as a pivotal concept in Islamic thought, has long been an interdisciplinary subject at the intersection of ethics, jurisprudence (fiqh), and politics. Despite extensive discussions, its precise role as an inferential principle in Islamic legislative theory, particularly in governmental jurisprudence, requires more systematic investigation. This study focuses on the views of Shahid Sayyid Muhammad Baqir al-Sadr to explore how social justice, based on his theory, can function as an independent juristic principle in deriving, expanding, or restricting religious rulings, especially in cases of juridical uncertainties (shubuhāt ḥukmiyyah). The main objectives of the research are: • Elucidating Shahid Sadr's definition of social justice and its two main pillars: social solidarity (takāful) and social balance (tawāzun). • Analyzing the ontological and semantic status of the rational judgment concerning social justice. • Examining the possibility of utilizing this principle in the process of ijtihād, both by relying on and without relying on the principle of correlation between rational and sacred judgments. Research Method This qualitative research adopts an exploratory and analytical-descriptive approach. Data were collected through library research and reference to Shahid Sadr's original works. The primary method of data analysis is "istinṭāq" (interrogation), a method innovated by Sadr himself for thematic Qur’anic exegesis. This method involves a dynamic and inquisitive "dialogue" with a coherent body of texts (here, Sadr's works) to extract a comprehensive theory in response to a specific research question. By posing the research question to Sadr's works, relevant propositions were gathered, their interrelationships examined, and his coherent theory reconstructed. Findings The most important findings of the research are: • Conceptual Status of Social Justice: For Sadr, social justice is not merely an ethical ideal but a ultimate goal of Sharīʿah, realized through two pillars: "social solidarity" (the state’s guarantee of a minimum livelihood) and "social balance" (the state’s commitment to providing balanced opportunities and resources). • Semantic and Ontological Status of the Judgment on Justice: Shahid Sadr believes in the objective reality of ethical necessities, such as justice, which are perceived by practical reason. He strongly rejects the dependence of good and evil (ḥusn wa qubḥ) on personal considerations or their mere conformity to external interests (maṣāliḥ) and harms (mafāsid). • Application in Ijtihād: A key finding is that there is no need to prove the principle of correlation between rational and sacred judgments for the juristic application of social justice, as the foundations of this principle are also rooted in sacred texts (the Qur’an and Sunnah). This principle can function as a superior and governing principle over other juristic evidence, with the following functions: o As a contextual indication (qarīnah labiyyah) for interpreting other rules (e.g., interpreting the rule of "lā ḍarar" in a way that excludes minor individual harms in achieving overall social justice). o As a basis for establishing new rulings in the "zone of discretion" (manṭaqat al-furāgh) by the ruling authority (walī al-amr). o As a criterion for suspending or modifying some primary rulings (e.g., restricting the revival of wastelands) when they conflict with the ultimate goal of justice in a new social context. • Scope: The primary domain for the application and implementation of this principle is governmental jurisprudence (fiqh al-dawlah), and the ruling authority (Islamic ruler) plays a central role in identifying its instances and execution. Discussion and Conclusion This research demonstrates that Shahid Sadr’s theory provides a solid framework for employing social justice as a dynamic and practical principle in Islamic jurisprudence. By dual reliance on rational objective ethics and sacred texts, Sadr offers a way to address modern legal and social challenges without being entirely constrained by the debate over the principle of correlation. The ultimate conclusion is that, from Sadr’s perspective, social justice is a meta-principle governing the process of ijtihād (especially in the socio-political sphere), enabling the jurist and the Islamic ruler to derive context-sensitive rulings that preserve the objectives of Sharīʿah (maqāṣid al-Sharīʿah). The main challenge is the objective identification of instances of justice, which, from Sadr’s viewpoint, is the responsibility of the qualified ruling jurist (al-faqīh al-jāmiʿ al-sharāʾiṭ al-ḥākim) in consultation with experts. This study contributes to the development of Islamic legal theory by highlighting the potential of Sadr’s model for enhancing the responsiveness of fiqh to contemporary issues of justice and social welfare. It is suggested that future studies undertake comparative analyses with other jurists or practical applications of this theory to specific socio-economic policies. https://iee.rihu.ac.ir/article_2602.html In wartime, the collapse of supply chains and increased uncertainty create a fertile ground for speculative behavior. Hoarding goods, as an example of disrupting the economic system, not only leads to an artificial shortage of supply but also exacerbates price instability by stimulating inflationary expectations. The main objective of this research is to explain the relationship between hoarding and disruption of the economic system with inflation in wartime conditions and to analyze legal solutions to curb it. ‪The main research question is: Through what economic and legal mechanisms does commodity hoarding in wartime conditions lead to disruption of the economic system and exacerbation of inflation?‬ This research, using a descriptive-analytical method and relying on library studies, examines the criminological foundations of disrupting the economic system and comparatively analyzes the approaches of the United States (Defense Production Act) and Russia (command market management). Findings show that hoarding in wartime plays a driving role in inflation by creating supply-side shocks and reinforcing speculative behaviors. The research results indicate that merely criminal prosecution, without supervisory support and transparency in the distribution chain, is inefficient in curbing this phenomenon. Therefore, adopting a combined model, including "smart monitoring of the supply chain" and "immediate deterrent enforcement," is proposed as an optimal solution to restore market balance in emergency situations.‬ https://iee.rihu.ac.ir/article_2608.html Extensive AbstractIntroduction and Objectives: The Ramadan War, the second brutal invasion of Iran by the United States and the Zionist occupation regime in 1404, although it was a severe defeat, was accompanied by serious and widespread damage to the Iranian economy and has confronted the Iranian economy, which was struggling with the consequences of stagflation, with new issues in post-war economic reconstruction (Central Bank of Iran, 1405). On the other hand, the occurrence of this war at a time of changing global order has made reconstruction equations more complicated. Thus, any policy adoption must be made by considering the fluid state of the global economy and its future requirements.For many years in the last century, Iran's possession of huge oil and gas reserves has given Iran a significant role in the global economy and has given it a strategic position. In this context, the revenues from it have played a prominent role in the Iranian economy and have always been considered as one of the important engines of growth, development and construction of the country. These revenues have had a large share in the government budget for many years (50 to 60 percent). Also, about 80 percent of export revenues and about 18 to 20 percent of GDP are provided from these sources.This phenomenon formed one of the major damages to the Iranian economy and, with the country's economy's dependence on fluctuations in oil revenues, made the country's economy affected by oil market shocks. In addition, in the international arena, the United States tried to reduce foreign exchange revenues and, while hurting the economy, force Iran to submit to its demands.The Seventh Five-Year Development Plan of the Islamic Republic of Iran has identified damages in the energy sector of Iran, including: energy imbalance, gasoline shortage, excessive consumption of natural gas, high energy consumption and intensity, gas flaring, which causes annual waste of a large volume of gas that can be collected, a decrease in the crude oil recovery rate (only a 1 percent increase in the entire program is predicted, which indicates a weakness in technology and investment), the lack of an integrated system for intelligent monitoring and control of energy flows, incomplete delegation of governance tasks from entrepreneurship, lack of competitiveness and transparency, production of heavy products, and low fuel quality (non-compliance with Euro 4 and higher standards).Accordingly, the strategies presented by this program can be seen in three axes (Parliamentary Research Center, 2015); increasing production and recycling from joint fields and refinery development, optimizing consumption through the savings certificate market, flaring penalties and a smart system, and energy diplomacy to transform Iran into a regional hub for gas, electricity, and products. With the attacks by the United States and the criminal Israeli regime on the country’s petrochemical infrastructure on 17 Farvardin 2006 and the Iranian steel industry, great damage was caused to these infrastructures and as a result, part of the country’s production and export capacity was lost. This not only led to a wave of severe inflation in the downstream goods production chain, but also led to a resurgence in inflation and, on the other hand, a deepening of the economic recession. According to the report of the Eqtesad and Bank of Iran News Network, $16 to $20 billion in foreign exchange was also lost (Eqtesad and Bank of Iran News Network, 2015). It can now be predicted that as a result of the recent imposed war, the expected inflation in society will also increase and have a positive impact on the inflation rate (Central Bank of Iran, 1405).Studies on the process of developments that have taken place in the shift towards a new order show that elements such as energy and metals that will be in the production cycle of basic goods and vital materials will play a fundamental role in the formation of the new order. In the future world, large economies will try to dominate the global market and be the dominant economic power by dominating the raw materials of essential goods. The attempt to take possession of these materials will be the root of many current and future competitions and conflicts and the formation of global blocs.Based on the recognition of the pre-existing capacities and challenges that have arisen from the recent US war against the Iranian nation and the possible scenario in Iran’s future international relations, this article has identified and proposed strategies to complement the strategies previously presented by the Majlis Research Center and other centers in the field of hydrocarbons.Methodology: The method used in this article is qualitative-analytical in nature and has chosen a futures research approach to present a strategy. After analyzing the current conditions of the Iranian oil and gas industry and the new global economic order, it has identified strategies for economic reconstruction in the hydrocarbon sector, taking into account the most likely scenario for the future of the Iranian economy.Results: The article proposes the implementation of strategies in four phases for the resilient reconstruction of hydrocarbons in the Iranian economy;Phase one (short-term - first year): Urgency in reconstructing refineries and main pipelines; barter exchanges with neighbors to provide basic goods; inflation management and support for employment and production.Phase two (medium-term - two years): Redesigning petro-refineries with new technologies to reduce crude oil feed and increase value-added products; investment and completion of the South-North Corridor railway lines; reconstruction and capacity building in downstream steel industries such as sheet metal, profiles.Phase Three (Long-Term - Five Years): Transforming Iran into a regional gas hub by participating in joint projects with regional countries; Developing large energy projects with joint investment from China, Russia, and possibly India.Phase Four : Consolidating Iran's position as an energy transit hub, creating a regional gas market backed by domestic production; Transforming geopolitical threats into geoeconomic advantages.Discussion and Conclusion: Iran's post-war economic reconstruction is not a purely domestic project, but rather a multi-faceted one.Conflict of interest: There is no conflict of interest. https://iee.rihu.ac.ir/article_2612.html Abstract: This study employs a New Keynesian dynamic stochastic general equilibrium (DSGE) model within an open economy framework to examine the effects of negative oil price shocks on macroeconomic variables and the role of macroprudential policy, particularly the reserve requirement ratio, in managing these shocks and maintaining financial stability. The results indicate that, in general, a decline in oil prices leads to lower foreign exchange revenues, constrained bank lending, currency depreciation, and reductions in output, employment, and consumption. In the short term, substitution effects and reduced imports temporarily boost the non-oil sector and employment; however, this effect is not sustainable, and the economy eventually moves toward recession. Moreover, the findings show that implementing countercyclical macroprudential policy through adjustments in the reserve requirement ratio—specifically, reducing it during recessions induced by negative oil shocks—enhances banks’ lending capacity and mitigates the adverse responses of macroeconomic variables compared to a scenario with a static, microprudential-oriented reserve requirement. Therefore, dynamic and countercyclical adjustment of the reserve requirement ratio can serve as an effective tool to reduce the negative impacts of oil shocks and promote financial stability in the Iranian economy.