Journal of Iran's Economic Essays; an Islamic approach
Year:2010 | Volume:7 | Issue:13|Papers Count:7

During the past fifty years, important theories have been introduced to economics, which have undergone great review in the past two decades. Two of these theories, which have great applicability in analyzing economic subjects especially in the field of finance, are reviewed in this paper. Decision-making in uncertainty and the Games Theory are two subjects that have applications in Islamic banking. In this article, the common economic and Islamic economic are divided into normative and descriptive statements, each. Thus, along with a general review of decision-making in conditions of uncertainty and the games theory, these concepts, too, have been divided into descriptive and normative statements. It has been shown that some of these concepts have applications in Islamic economic. Additionally, applications of the discussions related to the games theory and decisionmaking in uncertainty are provided, in areas such as finance, banking, and Islamic business.

This is a basic, data-collecting research. The research aims to provide the indices for the success of future contracts to be presented to the market in a conceptual mode. The presented model in the article has effective variables on the success of presenting a designed future, including properties of underlying assets and properties of designed contract. Each of these variables has indices that help to measure values of variables. At first, the article surveys importance or unimportance of each of indices by non-parametric statistics and their coordination or in coordination with their divisions in the presented conceptual model. Then the article surveys presumptions of the research by using subjective analysis and LISREL software. Eventually, it is depicted that both properties of underlying asset variable and properties of designed contract variable are so impressive in succeeding future and are used in order to survey how much these indices are important and whether their position is accurate in the presented conceptual model.

The most important instrument of controlling and managing liquidity in developed countries is open market type operations. However, in many developing countries, because of the lack of developed financial markets, the central banks use the open market operations as a transitional step. This article examines these new operations and transition problems by descriptive-analytic method. Then, as a transitional step and to resolve the problem of paying interest to central bank securities an Islamic monetary instrument is presented by using Islamic contracts, particularly ju’ala ,qarzul hasana and ba’i. Next, the instrument is examined in the views of economists and jurisprudence scholars. The results show that the above Islamic contracts have good capabilities for designing such an Islamic monetary policy instrument.

The issue of currency devaluation and whether or not it should be compensated has received much attention from economic and jurisprudence scholars, especially at the time of high inflation. The society has also been involved with the issue. The type of debt payment is closely related with the conception of the nature of currency. The opponents of compensation of currency devaluation believe that the nominal value of currency determines the nature of money. Thus, they believe in this compensation as interest. On the other hand, the proponents believe that the purchase power determines the nature of currency. Therefore, they stress on compensation of currency devaluation as returning the complete amount that was borrowed and not as interest. The article reasons that the nature of currency is its purchase value not its nominal value.

Liquidity management is one of the most important discussions in banking which applies to all Islamic and conventional banks. The importance of liquidity transcends the individual bank, since a liquidity shortfall at a single bank may invoke systemic repercussion causing harm to the whole financial stability of a country. Difference between maturity of assets and liabilities is the main reason that makes liquidity risk; therefore, it is important for banks and financial institutions to have adequate liquidity potential in order to obtain sufficient funds promptly and at a reasonable cost whenever they face the liquidity problem. Due to lack of liquidity instruments based on shariah principle, liquidity risk is more important in Islamic banking and financial institutions. Commodity Murabahah program is one of the innovations that can help to manage liquidity risk in short-term. This paper provides insights into the mechanism and structure of Commodity Murabahah Program as an instrument to manage liquidity.

Nowadays, export has a main role in development and growth of every country. Iran is dependent on oil in its export and so, the country is dependent on the oil revenue. It is essential for the country to develop policies that decrease its dependence on exporting a single-product and increase its export of other products and boost its trade balance. In Iran, the financial system is bank-based and so, finance of different sectors of economy - including export activities - is dependant on the banks. On the other side, banks are less active in financing of export, caused by the lack of a proper instrument. Therefore, it is essential to develop proper instruments to finance export. One proper instrument is mudarabah sukuk. After reviewing the research works about export finance and criticizing the ways to finance export, we tried to answer the question: Is the mudarabah sukuk a proper and effective instrument in financing export? The results were drawn by a descriptive-applied method and show that the mudarabah sukuk is an effective instrument in financing export, as well as presenting practical models of mudarabah in export.

A righteous wanting of our society after the Islamic revolution is establishing Islam values in all society decisions such as economic and business decisions. With this fact in mind, Islamization of universities and textbooks is a necessity of religion. However, a review of textbooks and papers in business courses - such as mixed marketing decisions including product selection, pricing, promotion and marketing -reveals that the courses are full of capitalism teachings. Moreover, managers often apply such teachings to make decisions. In this paradigm, the goal of organizations is maximization of profit by means of customer satisfaction, which is a capitalistic value. The goal of this paper is to retrieve and analyze the Islamic values in mixed marketing decisions.