EGHTESAD-E ISLAMI
Year:2006 | Volume:6 | Issue:23|Papers Count:7

 Sayyed Abbas Musavian More than 23 years of experience in the execution of the laws concerning banking operations without usury based on the present model indicates that the practice has, of course, had its moments of success, while at the same time it has shown to have its own shortcomings some of which are as follows: Training bank clerks becomes complicated, time-consuming and costly due to the excessive banking contracts.Insufficient training of bank clerks leads to inappropriate choices regarding the drawing up of contracts and also to the clerks' failing to make the clients understand the nature and conditions of the contracts and this, results in the formality and thus the annulment of many contracts.Some of these contracts do not conform to banking activities, and therefore the correct implementation of such contracts is not possible.Some of these contracts need continuous control and supervision, while not all banks have sufficient tools and human resources for the implementation of such control and supervision.The correct execution of some contracts is coupled with heavy operational costs and is therefore not financially viable for all banks.Some contracts are not appropriated to the clients' tastes and aims, and as a result. the clients have little inclination in carrying out the procedures of the contracts correctly.For the resolution of such difficuities, another model has been designed which is referred to as "the New Model of Banking without Usury". The basis of this model includes the clients' tastes, aims and expectations on the one hand, and the qualitative difference of Islamic contracts on the other.The new banking model divides banks into three groups: commercial banks with a fixed rate of interest based on exchange contracts, specialized banks with a variable rate of interest based on joint contracts, and general public banks with a special composition of exchange and joint contracts. The new model appropriates these divisions in such a way as to answer the expectations of all bank clients according to their aims and tastes, through the drawing up of agreements in accordance with Islam.After having taken a brief look at various models of banking without usury, regarding the supply of equipments and allocation of resources, the article assesses the present model of banking without usury in order to study and clarify its religious and legal foundations.

The founding of any science like other phenomena is in need of preliminary requisites. One of the necessary preconditions for this is the idea and the approbation of scientists and intellectuals about the possibility, necessity and the status of that science. Because it is only in this way that their intellectual capacities for the formation of new concepts and copiling of them in the form of a new science will become readier.Enquiry into the possibility of the science of Islamic economics, is too one of the debates that has occupied the minds of scientists and intellectuals, and Islamic economists in particular. This article, by adopting a logical method, is trying to research the structural theoretical basis which may enable us to have a clear judgment about this dilemma. The study of what has gone before in a comparative way is a comparison having taken place with classic economics, so that this experiment will act as a specimen towards the verifiability of this structure.The conformityof the structureof the prefaceswithhas been for this porposea few, subject' saccordancewiththe limitedopportunitythe articleallows.

The aim of this article is to study about one possibility: Had there been the possibility of formation of economic science (which had concern to recognition of economic reality), in Islamic noble civilization.If the answer is positive, then, which facilities (i.e. epistemology's background and methodological tools which such science is originated from their heart) have mad possible the realization of this possibility? And if the answer is negative then what were the obstacles (epistemological or non epistemological).Undoubtedly, this possibility has had a strong relation with the kind of Moslems view to economic phenomena and above it, with the kind of their view to the world and human being. History give us a suitable background for studying the mentioned possibility.As it is clear from the topic of the article and last sentences, the stand taken in This article is only referred to past tense and is mute about current time and future.

Despite the importance and the status of goals in any economic system, the literature applied to the Islamic economic research into the goals of such an economic system tends to be inappropriate and lacking in scientific logic.Some researchers have not differentiated between the aims of an Islamic economic system and other economic systems, while others see political and cultural affairs counting as the goals of an Islamic economic system. Some others consider welfare as the goal of an Islamic economic system. In any event, it can be claimed that an Islamic economic system, in so far as its aims are concerned, is in a state of ambiguity. To clear the doubts and uncertainties, calls for adopting a logical method in the designation of the ends and aims.In this paper, primarily the status of the social system has been determined with the economic system being introduced as one of its subsystems. We have also stated that the aims' of such an economic system vary from the aims of other subsystems, and that the belief basis of an economic system plays a key role in the designation of its goals.Based on the fundaments of Islamic belief, all individuals and the economic system as a whole, needs the perpetual guidance of God almighty through both the innate disposition and guidance of the prophets. God has created human beings with wisdom and the power of reason, and by sending His prophets and Holy Books, He has presented the most desirable Islamic economic behaviors, policies and strategies. Therefore, in determining the goals of an Islamic economic system, we can benefit from wisdom and tradition (Koranic verses and what has been narrated from the life of the prophet by his followers as setting an example for a desirable Islamic behavior).By turning to what we learn from revelation through the Holy Koran, tradition and wisdom, three levels of goals for the Islamic economic system can be discovered. Public welfare is seen as the ultimate goal of an Islamic economic system while justice, security and economic growth have been identified as intermediate goals, and affairs such as creating employment opportunities, stabilizing the & eneral price level, balance in levels of payments (balance of payments) are the primary goals.The realization of goals at one level creates the precedence for the realization of goals at a higher level. By the same token, if there should be a conflict in aims at one level with the aims of a higher level, the latter has precedence. In case there should be a crossing of paths between goals at the same level, then those goals which are more important should have precedence over the simply important goals.

We have tried in this paper to extract the theory of "religious knowledge demand" in the framework of economics but with an Islamic approach. Its empirical examination entails another opportunity. To include a broader scope, the term "knowledge" has been used instead of "science" because it often used in empirical sciences.Explaining capital and Gonsumernature ot"religious knowledge" based on new institutionalism methodology, the demand function of religious knowledge is extracted finally. The author regarding his research proposal is bOl: llldto launch an empirical study based on this theoretical framework after its accomplishment. Need not to say that the commentaries and complementary notes on this paper, which have been an object of its publication, will be highly appreciated.

This article is made up of two parts; The first part is on the definition and the domain of Islamic economics.The author has, in this part, tried to give an analysis and criticize of definitions given by Islamic economists. In the last analysis, the author states his own views. Finally in his opinion economics is also in part, a study on civilization and the human society which is defined as follows: "The study of individual and social behavior of man in relation to the use of resources in the direction of satisfying the material goals of man" The author is against the adding of Islamic stipulations to economics, and at the same time he believes that this science comprises part of what God has ordered us to learn in this world, in order to understand His divine providence.On such basis, the domain of economics, if it is to be redefined according to the Islamic point of view, is stated as follows: "Man's behavior in all its aspects and under any kind of ethical and religious value system and within any social and political and legal framework".The second part is on the subject of methodology, and answers the question that whether the Islamic economics calls for a special methodology, or whether as a comprehensive economics, it will accept the West' s scientific methods in economics and its general frameworks.The author, in this part, differentiates between the Islamic economic system and economics, and continues in two pivots: - The method of exploitation of an Islamic economic system.- The Islamic methodology of economics.From this point of view, the economic system is made up of three elements; Islamic philosophy or ideology, basic premises and the executive laws.Islamic economists must discover all the comprising elements of the system, in the shape of a concrete and manageable whole. The method of discovery is similar to that used in discovering theories and general rules in jurisprudence, some of which can be found clearly in the Holy Koran and the Tradition, and some others must be deduced from the collection of verses and narrations on various fields.About the Islamic methodology of economics, the author believes that: 1. In spite of the general of economical laws, their discovery is a process affected by the values held by the researchers themselv~s, as well as the social circumstances and the ethical schools of the social units.Islamic economists must recognize the effects of value systems on economics and differentiate between the two.2. The second duty of Islamic economists is to integrate the basic premises taken from religion into the positive economics.3. In the implementation of the above duties it is necessary to differentiate between the presumptions which are affected by the values held and the tools which are much less affected in the same way.4. In cleansing the laws of economics from non-Islamic values, and integrating Islamic values into economics and thus enriching economics and with the non-value basic premises taken from revelation, Islamic economists are obliged to redefine and correct a number of basic definitions of the theory of economics, but they do not need to reject the inductive method and the tools used for analysis of economical theories.