EGHTESAD-E ISLAMI
Year:2010 | Volume:10 | Issue:38|Papers Count:14

There exists a difference of opinion between the jurists with regards to ownership of the asset which has become subject of ‘waqf’ [mauquf]. Is the benefactor or owner of the asset [waqif], the owner? Or are the beneficiaries [mauquf alayhim], the owners? Or is Allah [SWT], the owner? Or is there a difference in rulings between private waqf and public waqf, such that in the former the beneficiaries are the owners while in latter Allah [SWT] is? Or the asset put to waqf does not need an owner at all and is an artificial legal person, which has principle and corollary elements and has a law named mauqofa and a trustee (mutawalli), supervisor (nazer), judge, law and ultimately the ‘waliy-e-faqih’ [Jurist who is in Authority] is responsible for protection and promotion of benefits of this legal person in the society? Discussion regarding this topic rectifies the view of all parties involved in matters of waqf. Such a modification will result in reformation of the institution of waqf. The hypothesis of this research is that: “Considering the legal personality of the asset put for waqf, along with the model presented in Imam Ali’s (AS) practice, which adds a condition of change in mauqufa whenever the benefits in the waqf deed [waqf namay] decrease, will provide a route for reformation of the institution of waqf.” The research method is descriptive-analytic. The results show that such an institution will increase the capacity of spirituality, a just growth and efficiency inside an Islamic society.

An Economic School is the product of reflections of a group of thinkers and includes concepts which have a common rational orientation, have similar intellectual structure and are all in connection with economic concerns. The question is that, is there a specific system which exists between the concepts of each economic school? The necessity and importance of answering this question, is the fact that access to this systemization, in reality is a logical indicator which can be used for identifying and designing am economic school including, Islamic Economics.The supposition that this article looks into is that the current concepts in each economic school carry a particular systemization. In order to get to that system a special research method was adopted. This method started by relying on a process of understanding. It will continue by logically grouping together the concepts that can possibly be used in each economic school. In order to know this system, in addition to introducing the elements, relations between them must also be specified.One of the achievements of proving this supposition is to answer one of the important questions of methodology which must be answered in Islamic Economics: Which of the human cognitions can be attributed to Islamic Economics? Reaching a particular criterion, which can become an appropriate reason to attribute a science with the scope of Islamic Economics, will actually play its role in creating a common language between thinkers. In addition to this, modern discussions, the study of which will cause Islamic Economics to expand and develop, depends upon achieving such a criterion and reasoning.

Researches undertaken by capitalistic economists, show that in order to achieve optimal conditions of market economy, interest rate must be zero. On the other hand, in Islamic economics usury is forbidden and its appearance in economic relations is prohibited. Is there any relation between recent economic propositions of zero interest rate and the law of forbiddance of usury in Islamic economics?The current paper, with its analytical-descriptive approach, will look into the following hypothesis: Theories of zero interest rate in Capitalist economic system are different from law of forbiddance of usury in Islamic economic system and the concept emphasized in the forbiddance of usury is not extracted from these theories.In order to analyze this supposition, in the beginning the article generally analyzes the historical trend of changes in interest rate theories in Capitalist system up to the time it reached the zero interest rate theory. Subsequently, while relying on the conclusions of previous analysis, it evaluates the relation of these theories with the Islamic viewpoint regarding usury. The conclusions achieved show that theories of zero interest rate are different from law of forbiddance of usury, in Islamic economics, and the concept of elimination of usury from loan, is not extracted from those theories.

Today all banks have long term development and growth targets, in order to achieve which, they chalk out plans. However, in the short run they face various risks, in particular liquidity risk, which if not managed properly, damage the performance and credibility of the bank. Interbank markets have a determining role in management of liquidity risk of individual banks and safety of banking system.Creation of an interbank market depends upon the existence of financial instruments and most of the interbank market instruments are made up of interestbased loans. Therefore, there are doubts with regards to development of an efficient interbank market in Islamic Banking system. While on the other hand, development of the banking system, establishment of private banks and privatization of some of the governmental banks, has necessitated the problem of management of liquidity and designing an interbank market for Iran’s banking system.Along with a jurisprudential analysis of interbank instruments in traditional banking and experience of some of the leading Islamic banks and banks of the Interest-free banking in Iran, and suggesting new instruments to be used in interbank transactions, this article strives to introduce a rather comprehensive market for Islamic banking system. The results achieved show that Islamic Interbank market, in addition to strengthening mutual investment instruments, which are currently in limited use, can use other more efficient instruments to organize the market, instruments such as: discounting of interbank loans, buying and selling of Islamic treasury certificates, creation of a fund with deposit certificates, participation bonds and other Islamic securities (Sukuk).

Almost all experts of the Banking Industry accept that the banking system has not given a satisfactory performance in implementation of the participatory contracts; the contracts which, in many academic literatures, have been considered as a distinctive feature of the Islamic Banking System.The present research consists of three main parts. In the first part, while discussing the current level of performance of the banking system of our country with respect to the application of the law of Interest-free banking activities, we have undertaken an analysis of the execution process of this law, with a statistical approach and referring to time series data of the Central Bank in relation with banking contracts. Subsequently in the second part, the hurdles related with proper execution of participatory contracts have been discussed. It has also been mentioned that what are the factors upon which the current performance of the banking network, regarding the execution of contracts based on participation and association, depends. In the third part of this research after an overall study into the nature of money market, we have enumerated its structural weaknesses in execution of this type of contracts. In the end we have recommended, benefiting from the mechanism and working of the capital market, in the form of investment funds, for better execution of contracts based on participation and have also mentioned, the difficulties and hurdles that lie ahead.

One of the instruments which can be designed based on original Islamic contracts is Mudaraba Sukuk. As a basis for issuance of Mudaraba Sukuks and legal concepts and relations between elements of the said securities, Mudaraba contract has given it a particular legal discipline and has created a legal system with special features from it. The existing relations in the process of issuance and execution of Mudaraba papers are based on these legal natures and general legal principles. Due to this very fact, a legal analysis of these papers is a necessity.The current research which is based on the descriptive-analytic method, works on the primary question that from legal aspect, what does the analysis of nature of mechanism and relations existing in execution models of Mudaraba Sukuk’s issuance, say? The results achieved by researches show that the process of issuance of the said securities, from jurisprudential and legal aspect, is not defective at all and its executive mechanism can be organized from the aspect of legal mutual relations. In order to make them executable the legal performance guarantee and compulsion to perform the promises between two parties, can be brought in play through the use of legal rules and principles.

As an unmatched desire, economic development, in recent decades, has always been a concern for human societies; the developing ones in particular. It made everyone believe that in order to achieve it the great human and material resources of these countries must be utilized. There is no doubt that numerous factors, in different levels, play a role in the achievement of economic development. However, in the middle of all this, the factors that can influence other factors carry more importance. Human culture and factors related with it, have a wide and close connection with human being; as a factor, a motivator, basis, and ultimate goal of development. On the other hand, it also has an influence on other factors. Keeping these two aspects in view, they can play a crucial role in the process of development.In many Islamic societies, a credible part of Islamic culture is looked at as one of the ideal cultures and has not appeared in the form of real culture. Therefore, efforts to realize the ideal culture are very important. In order to take some initial steps, the current article, while using a descriptive and content analysis approach and utilizing reliable available sources, has strived to prove the hypothesis that: “Without changing the real culture, economic development will not become possible and when the ideal Islamic culture becomes a reality, it can provide appropriate grounds for economic development in an Islamic society”.