EGHTESAD-E ISLAMI
Year:2010 | Volume:9 | Issue:36|Papers Count:8

In previous decades, the spread of the Coase proposition and coming to light of the economics of Ownership Rights, have made the necessity and possibility of economic analyses of legal principles and regulations, more and more obvious. The main question of this research is the manner in which the Islamic juristic rules, regarding ownership rights, influence the transaction costs. In the era before the rise of Islam, Northern Arabia was void of any particular legal system efficiently defining the ownership rights. As a result the costs of establishment and application of contracts were extraordinary. In such conditions it was expected that rise of a specific legal system, like the one of Islam, which defined and explained the ownership right on a very broad scale, will have an important role in reducing the transaction costs.While presenting a new categorization of the types of ownerships accepted in Islam, the current article strives to analyze three important subjects of Private ownership, Public ownership and Free Access Systems in the perspective of transaction costs, and discuss the effects of instruments, which support ownership, on the costs of execution of contract. The conclusions show that by relying on the available historical and legal facts, this hypothesis cannot be accepted: “the teachings of Islamic law did not result in a reduction of transaction costs, in the realm of ownership rights.”

Ethics is a branch of knowledge which strives so that man chooses for himself the right way of living, individually and socially, without any threats and punishments. It makes an effort, based on which, man suitably benefits from human and natural resources of the world, while also respecting others rights to such benefits.Based on the ethical fundamentals of Utilitarianism, unfair consumption and wastage of resources is in direct contradiction with personal and social benefits, thus such a behavior can easily be categorized as a negative one.On the other hand, because the wastage of resources and unfair consumption provides the grounds for oppression and transgression over others’ rights, two kinds of oppressions; internal and inter-generational, can be mentioned in this regard. This clearly explains that in Deontological perspective, unfair consumption is unethical.In the Islamic ethical view too, based on rational goodness and badness, improper consumption and wastage of resources provide the grounds for oppression over others and wastage of Divine bounties and is considered despicable. On the other hand, according to human conscience too, which is considered one of the tools to recognize ethical and non ethical acts in Islam, is considered reprehensible.With an analytic-descriptive method, in this research, first improper consumption is studied from the viewpoint of ethical fundamentals of Deontology and Utilitarianism; considered the most popular ethical foundations of the West. Subsequently, this behavior will be studied from the viewpoint of Islam’s ethical fundamentals.

The conceivers of Islamic banks expected that, removal of interest from the funds’ collection and utilization methods and using Islamic contracts, will secure banking from the accusations of usury. The variety of customer needs with respect to deposits and finance, disagreements in identifying the suitable Islamic contracts for them, differences in juristic opinions, differences in the understanding of banking issues among the jurisprudents, and numerous other factors give birth to a phenomenon in Islamic banking, known as the Shariah risk. Today the mere claim of being Islamic, does not give any reliability to a bank’s transactions.On the other hand, through the invention of a variety of modern instruments, the banking industry continues to cover various and everchanging needs of economic agents, and is finances economic plans and projects. Reliance on regular banking instruments has brought the competence of Islamic banks under doubt and will gradually remove it from the competition arena.Through a descriptive and matter-analysis method, this article follows this supposition that creation of a Jurisprudential Council, will promote the level of legality and competence of Islamic banks. Such an institute, with a supervision over harmoniousness of banking laws and activity with Islamic rules, will help bankers feel confident in themselves, create an environment of confidence for the customers, will reduce the Shariah risk, and, on the other hand, by updating the Laws of Banking Activities and designing new financial tools, will increase the competence of Islamic banks.

Interest [or usury], among the subjects of Islamic Economics, holds a particular importance. This is because, on the one hand, it is one of the most important differentiating points between Islamic economics and Capitalism and, on the other, its presence or absence can have a determining role in economic planning, which can be know from the fact that majority of Capitalist economists consider it the agent that allocates resources and creates an economic balance.In this article, which has been compiled through a library-oriented technique, the subject of interest in Islam and Christianity and the similarities and differences of these schools regarding it, have been studied. In a comparative study, the behavior of Christians and Muslims with respect to interest and the tricks and justifications used with respect to this Divine rule, will be determined.Keeping in view the changes in ideological discussions; the expansion of markets, increase in the number of legal instruments and financial mechanisms, have been studied in contemporary teachings of Christianity and Islam.The importance and necessity of discussing interest can be judged from the importance of discussing the arrangement of finance in the economy and the vital role that it plays in dynamism of it. In compilation of this article, in which the stance of Islam and Christianity with respect to this issue was researched, the approaches that have been undertaken were studied and it has been strived that the weaknesses and strengths of the two are identified. Keeping in view the expansion of economies of various countries, the importance of developing modern financing techniques, has been stressed.

One of accepted principles in finance is “the more the risk, the more the income”. This paper investigates this principle in investments field and under perspective of Islamic courses. So, at the beginning, the article explains the meaning of risk and different types of it and its importance, and then practices the principle of risk taking in Islam, considering and referencing Quran Verses, Imams narratives, and habitude of rational characteristics. The next section of the article looks up the Shariah compliant types of risk. Based on findings of this section, it can be concluded that under perspective of Islamic Courses, just such types of risk are allowed to be taken that are (1) useful,(2) productive, and (3) controllable. Finally, at the last section of the paper with reasoning on rewarding and pricing of risk in manufacture process, bank guarantee, and insurance contract, and with using of analyzing-deducting method, it is concluded that: (1) useful, productive, and controllable risk is valuable in Shia jurisprudence and the taker of such risk can claim the financial equivalent, and (2) everyone who tolerates more risk, can be claimer of more income.

According to this research, banks sell their finance facilities to a financial institute, which was previously founded with the only aim of issuing financial papers backed by that financial facility. The financial institute purchases (discounts) the mentioned facility from the bank. As a result, the banks remove the said facilities from their balance sheets and receive an amount equal to current value of the facilities in cash. Those facilities are then reissued to applicants of house purchase.Keeping in view the laws of Interest-free banking system and benefiting from the enactments of the Guardian Council and Jurisprudential Committee of Securities and Exchange Organization, the rules related to the juristic feasibility of issuance of the mentioned [financial] papers in our country, were studied.In order to study the Economic aspect, along with considering the cash inflows (the receipts of facility installments) and outflows (profit paid on securities) and the arrangement and utilization costs of the said amounts and similarly the economic conditions ruling over the country and market, with respect to the economic feasibility of using mortgage papers in our country, steps were taken. As a result, while presenting an activity model, the usage of mortgage papers, was found to be possible and in case of maintenance of particular economic conditions over the Melli Iran Bank, the issuance of mortgage papers was found to be appropriate and economic.

One of the main aims of all Economic Systems, particularly Islamic Economics, is the achievement of Economic Development and Growth. In this respect, various models of economic growth, specially the Neo-classic growth model, believe that the variance in economic activities of countries originates from variance in economic factors such as; capital (physical and human) and output. However, the variance in capital storage and output itself has its roots in factors, introduced by the Institutional economists as, the institutional structure of each country.In this study we shall look into the effect of institutional factor, alongside other economic factors, on economic growth.Based on this, the hypothesis under study in this research is the analysis of a positive and meaningful relation between the institutional environment and the economic growth.Here, the institutional factor includes governmental institutions (the right to express an opinion and being answered, political stability, corruption control, rule of law, bureaucratic conditions and effectiveness of government) which have been studied, generally and specifically, for the Islamic countries under consideration from amongst countries of different development levels, in the period between 1980-2005, by using the method of compositional data. The results show that the level of influence of institutional and governmental factors for Iran, Egypt, Turkey and Indonesia, in comparison with other countries, is of a lesser degree.