EGHTESAD-E ISLAMI
Year:2017 | Volume:17 | Issue:65|Papers Count:8

In traditional economics' literature, wide range of studies have took place on affecting factors on economic growth. Theoretical and experimental studies have introduced several affecting factors. Being accurate in Islamic resources, shows that in addition to factors introduced in traditional economics’ texts, religious texts introduce charity as one of factors that increase revenues and assets. Religious texts not only does not count the charity as a factor of assets’ decrease, but also count it as a factor of assets' maintenance and growth and a factor that brings moral and hereafter reward for the payer of charity. This article through Vertical Auto Regressive model (VAR) and Granger causality test, is to test the hypothesis that "there is a causative two-way relationship between charity and economic growth". To do this, two variables of GDP’s growth rate according to 2004’s fixed prices and aggregate revenues (sum of special revenues and donations) of Imam Khomeini’s Relief Committee are used as an index of charity in Iran’s economy during years 1987-2013. Based on Dikki-Fuller test, both two variables are in a stable level and first difference grade is the optimum grade. Finally, the main hypothesis of the article claiming a causative two-way relationship between charity and economic growth was proved.

In mainstream macroeconomics, money borrow by households, government and firms, consists the demand side of loan funds that have a reverse relation with interest rate. The supply side, are savers that the amount they provide, has a direct relation with the interest rate. Because of the prohibition of riba, Islam proposes another alternative. The main purpose of this article is the derivation of suggested pattern of borrowed funds’ market and factors that affect their supply and demand curves. The proposition of this research is that Islam has paid attention to this market and has presented solutions to increase its’ efficiency. With thematic content analysis of Quranic verses, we conclude that, in supply side of this pattern, through strengthening Muslim’s hereafter motives, they are appreciated to lend (Qard) and demand side is established by guaranteeing loan repayment through legal instruments like writing the Qard agreement, taking witness, taking collateral and making the government pay the Qard of miserable. The tasks of Islamic government in order to increase the possibility of the settlement of this market are controlling inflation, increasing the efficiency of legal and judicial system, moral training of people in order to increase their moral motives, recognizing their basic needs (for example marriage and job creation) and appreciating people to allocate some of their funds to basic needs of others.

Money market is one of the most important financial markets in conventional banking system that has different functions like price discovery of short term funds. Accepting or refusing this market in an Islamic framework, can have important effects on theory and practice of Islamic banking that cannot be ignored. Having reviewed the subject of money market in the conventional financial system, this paper tries to evaluate the possibility of creating an Islamic money market through short term financial instruments. The results which are based on an analytical-descriptive approach, show that: firstly, the Islamic money market is theoretically plausible. In fact, it is quite possible to make Islamic money market by making use of Islamic short-term instruments. In addition to theory, the Islamic money market is practiced in some Islamic countries like Malaysia and Iran. Secondly, in the Islamic Fiqh, different kinds of Islamic contracts with fixed and predetermined return rate are available (like Murabaha). It is possible to use these contracts in the Islamic money market. Finally, unlike the conventional money market where all the contracts are done based on buying and selling of bonds, all the Islamic money market contracts are based on Sukuk; which is related to the real sector of the economy. In addition, unlike the conventional money market, all the instruments and Sukuk used in the Islamic money market have different kinds of risk over and above the credit risk. These two are the most important differences of Islamic and conventional money market.

This Paper is to answer this question that how the best system (nidham-al-ahsan) can be introduced as one of fundamental principles of Islamic economics. The hypothesis that the paper is to prove it is that the best system proposed in Islamic theology and philosophy explained with a Quranic approach, can be taken as one of philosophical principles of Islamic economics and make role as a proposition in theories of Islamic economics. The most important finding of this paper is that it shows how "fate", "divine rules", and "good and evil" that are of main elements of the best system from the viewpoint of Quran, are not in contradiction with growth and development and strengthen growth and development. Paper uses the comparative study and studies the classical economics. As the best system is a philosophical concept, its philosophical meaning has benn proposed at first and then its effects on economics have been studied. The interpretational approach of the paper is analytical-reason methodology. Accepting the best system a philosophical foundation for Islamic economics, is a new idea that has rarely been studied in the past.

Contracts, exchanges and trade-offs are the necessary and unavoidable part of social life of human. Although from old times, ‎societies have always tried to go legalized to reach security, social peace, public discipline and preparing and maintaining people’s benefits, but as human needs and wants are naturally alike, there have always been struggle to gain more profits and welfare. Islam also has paid attention to this subject. This paper through a descriptive-analytical methodology, studies the effect of jurisprudential (fiqhi) effects of business like banning the hoarding (ihtikar), banning the najsh, banning the deceit (gharar), banning the collusion for overcharging and… on removing the information asymmetry and related misuses and based on this study, presents a pattern of exchange system from the viewpoint of Islam.Studying Islamic resources including Quran, tradition (sunnat), reason (aql) and consensus (ijma), shows that in a society that rules and real criteria of Islam dominates and the culture and behavior of its’ people is based on Islam rules, the society will have a clear space and all the people will have an equal access to information. No one will go toward hiding the information and misusing it on behalf of himself/herself. Lying, deception, breach of promise will have no place in such a society and in opposition, the truth, transparency and loyalty to contracts will substitute; jurisprudential (fiqhi) rules also confirm this subject.

Article (shartd) rule is the most used jurisprudential (fiqhi) rule in banking contracts. This rule means that some articles (al-shoroutd) can be included in contract that are binding where they have the validity (sihhat) conditions. Based on this contract, not every article (shartd) can be included in contract; it will be binding where it has some qualifications. The main question of the paper is whether banks have correctly benefitted from the capacity of article (shartd) rule in making banking contracts. The paper through a descriptive methodology and content analysis method and using imamiyya jurisprudence (fiqh), tests this hypothesis that conditions included in contract (shoroutd dimn-al-aqd) in some of banking contracts have some insufficiencies from the point of accommodation with measures of condition (shartd) rule. If this hypothesis proves to be true, banks should review banking contracts in order to correct them. The results show that conditions like consideration (vajh-al-iltizam), irrevocable power of attorney (wikala bila azl) and compensating the loss in mudaraba have canonical deficiencies. Moreover, conditions like determining insurance costs, probable losses, taking hands off from lesion option in an imposed manner and one-way condition are in in behalf of bank such that make the whole contract unjust and the applicant of loan is put under coercion (idtirar) conditions.

According to estimates, like the world, elder population of Iran will increased year by year. As young generation has the task of supporting old generation, the created inequilibrium in future, will be one of greatest worries of pension system policymakers. The increase of longevity in recent decades and its’ growing trend, results in significant uncovered liabilities of pension projects with defined advantages. In recent years, combined pension projects, because of its’ special features, like high flexibility and high potential for risk management, is increasing worldwide.This research is a jurisprudential (fiqhi) feasibility study of these projects based on imamiyya jurisprudence. Based on jurisprudential analysis, deceit (gharar) and riba, are two basic problems of pension projects. This research, through an analytical-inferential Methodology, has presented solutions for revising projects and resolving problems. "Disambiguation of pension projects", "annuity payment from the assets of pension projects' member" and "annuity payment related to eligible investment" are of those presented solutions.