JOURNAL OF ISLAMIC ECONOMIC STUDIES
Year:2014 | Volume:6 | Issue:2 (12) |Papers Count:6

Articles 14 and 15 of the Grand Policies of Resilient Economy emphasize the following two principles: i) "Enhancing the strategic reserves of Iranian oil and gas … and improving the production capacities …" and ii) Observing the “maximum efficient rate of recovery (within IOR/EOR programs). Hence, oil contracts are optimum upon the satisfaction of these two principles. An emphasis is also given, in the introduction to the Grand Policies of the Resilient Economy, as to the necessity of "an economy based on knowledge and technology, founded on [the principles of] justice, endogenously driven with outward-looking approach, dynamic and progressive." The application of these four requirements in designing optimum oil contracts may provide four other principles, namely, improving technical-managerial capability of NIOC, securing the inter-generational interests in exploitation of oil reservoirs, transforming NIOC to a national-international oil company, and attaining a competitive status in the global oil market. From the above-mentioned six principles, this paper examines optimum oil contracts by using MER and IOR/EOR principles only, with a brief reference to NIOC technical-managerial improvement. We have shown that the structural conflicts between the objectives of IOCs and NIOC, i.e., the profit maximization within the principles of profit-seeking corporations, and the economic value maximization of reservoirs within the framework of securing long-term national interests, will make it impossible to conclude an optimum contract with IOCs satisfying the requirements of the resilient economy. This paper concludes that the only contracts which are compatible with the principles of resilient economy are technical and managerial support and cooperation contracts with oil service companies.

Since human beings are confronted with diverse needs, their not being satisfied leads to the multidimensional poverty. The economists, therefore, have recently paid attention to the necessity of multidimensional approach to poverty measurement, have specified some criteria in regard to the phenomenon and have enumerated three approaches of income (welfare), capability and social participation. Examining the concept of poverty in Islamic jurisprudence and teachings also reveals that Islam adopts a more comprehensive approach to this issue, and that some of the poverty kinds and dimensions that have been pointed out in Islam are not found in the conventional economics at all, which is due to the difference between their principles and foundations. The author also compares the multidimensional poverty approaches in Islam and the conventional economics, and concludes that Islam doesn't adopt the income approach and doesn't determine a unique poverty line, but the jurisprudential criteria of poverty consider relative rather than absolute poverty, and that by emphasizing on relative poverty, Islam aims at eliminating inequality and bringing the different social classes closer to each other. Such cases as the Fourteen Innocent Ones' providing the poor with production instruments rather than with direct financial aids and their not making people to perform non-professional and non-favorite jobs resemble the capability approach, and the introduction of the concept of "status" into the jurisprudence resembles the social participation approach in conventional economics. This makes the Islamic poverty line criteria different from the relative poverty in conventional economics. Indeed, observing one's status and merit is a more specific criterion in order to decrease the difference between the economic standards of livening of the persons inhabitant in any class.

Zakat is one of the religious duties of Islam in Iran was collected and distributed by government agencies. Collection and distribution the zakat has several effects, particularly on the aggregate consumption and the impact can cause the solution to poverty, providing basic necessities to the needy and economic growth. Therefore, This study examines the impact of zakat distribution on aggregate consumption in Iran. The study uses panel data of 30 states in Iran for the period of 2004-2012 (8 years) and analysis is done by using the fixed effect model. The study finds that zakat distribution has a positif impact on aggregate consumption. However, the impact is small and short run. Hence this study recommends that zakat distribution should be not limited to the fulfilment of consumable needs only but should also cover other forms of monetary aid that can generate a continuous flow of income for zakat recepients.

The main purpose of this descriptive research examining the relationship between faith in god on consumer behavior in sabzevar. The population of this study is all persons living in Sabzevar. The importance and availability instance, the number 171 was chosen as the sample size. Research tool, a questionnaire prepared by the researcher in the form of 23 questions and was Likert five options. Questionnaire, approved by the supervisor, advisor and specialists and experts and its reliability by calculating Cronbach's alpha was related to the amount of 0.703, respectively. Correlation test showed a positive relationship between faith and consumer behavior and result of Kruskal - Wallis test revealed consumer behavior based on the degree of faith is different.

"Rational behavior" theory and its pertinent models in conventional economics which are dominated by neoclassical approach have suffered from certain shortcomings in terms of showing reality, explaining and predicting some of which have been resolved. The present study firstly intends to investigate whether using other sciences including philosophical, scientific, rational or experimental ones have been effective in tackling the deficiencies. Secondly, could such problems have been alleviated if the Islamic notions had been used? Hence, this interdisciplinary issue was investigated via a historical approach. Using library research as well as applying a descriptive-analytic approach, it firstly was revealed that the rational behavior theory is the product of analogical approach in philosophy which has made its way into different fields such as economics. Since the theory has been constructed on the basis of economic behavioral models, it is founded on various conventional issues emphasized in various fields of study. Yet, due to the emergence of certain doubts, the theory has been tested on different occasions the results of which were not confirmatory. Nonetheless, certain modifications have been successfully incorporated through other sciences. Secondly, one of the remaining deficiencies is its incapability in explaining altruistic behaviors known as "irrespective of self". Finally, given the fact that in the Islamic thought both "human self" and "natural self" have been prevalent for centuries, it is obvious that the conventional economics could not have considered self-sacrificing behavior as unjustified had it used the Islamic notions. Indeed, such a self-sacrificing behavior meets the “human self” need which are of higher priority. Therefore, it is evident that this rejection has roots in the divergence between rationality in conventional economics and Islamic rationality.

According to evolutions of economics specially in financial area, the experts created Financial Engineering in recent decades in order to coordinate these evolution and developments, which design new instruments in financial area and manage the risk of these instruments. In order to interaction with these evolution, the Islamic economics created one branch of Islamic financial economics as Islamic Financial Engineering. The Islamic Financial Engineering considers not only the maximum efficiency but also the common Ebaheh principle so as to match the instruments with Islam religion in designing the instruments. The most important instruments designed and highly accepted by the Islamic investors are Sakouk and types of it. In this article, the researcher tries not only to introduce and explain the necessity of Financial Engineering, but also the designed instruments in this discipline in detail and does a kind of analysis between ordinary Financial Engineering and Islamic type of it. In this paper, the juridical views about ordinary Financial Engineering and its instruments will be introduced and if possible the designed instruments by the Islamic financial engineers which are being developed daily, will be explained.