JOURNAL OF ISLAMIC ECONOMIC STUDIES
Year:2018 | Volume:10 | Issue:1 (19) |Papers Count:8

The IS-LM framework was a result of Hickian synthesis. Hicks (1937) merged the Keynesian and Classical macro models in a context of a general equilibrium framework. This analytical frame was rapidly became a standard apparatus to examine the monetary and fiscal policy. In order to teach and analyze macroeconomic policy with an Islamic perspective, many Muslim researchers have developed their own version of Islamic IS-LM framework. Those who have tried to do Islamization of IS-LM model have eliminated interest rate from this framework and replaced it with either the financiers (capital owner) share in the profits of the firms or expected rate of profit. The main goal of this paper is to analyze the stability and consistency of Islamic models with an IS-ML structure. It shows that the Islamization of this framework would not resolve the possible instability of the IS-LM models. An unstable Islamic IS-LM model may in turn result in inconsistent aggregate demand and aggregate supply (IS-LM-AS) framework. More specifically, when the system is not stable, it is not possible to derive a standard aggregate demand and hence one cannot predict the effect of monetary and fiscal policy. Our finding suggests that the Muslim researchers should be more caution when applying this framework to Islamic economics. Otherwise, the shortcomings and weaknesses of this Hicksian analytical tool can be easily transferred to an interest-free IS-LM model built upon it.

Hoarding is one of the economic problems that affect social life. The lack of supply of basic goods and consumables items that needed for people life, increases prices and, in turn decrease the social welfare. On the other hand, hoarding affects the mental security of the people of the society. Unfortunately, over the long years, dealing with this phenomenon has been a passive, and for the breakdown of hoarding, hoarder was obliged to supply its goods to the market. If social policymakers do not have precise knowledge of the causes of hoarding outbreak, they will not have the possibility to battle with it immensely. In response to this need, this paper try to identify the various cultural, social, legal, and political factors affecting the hoarding outbreak and then prioritize these factors through Analytic Hierarchy Process (AHP). The results of the study indicate that "The prevalence of Western-market-based culture", "The lack of proper management of economic shocks" and "non- abomination of hoarding in the view of people" are the three main factors that cause rampancy of hoarding.

Conventional approach considers explicitly a concrete and precise concept for ‘theory’ insofar as you think all economists look at the clear concept. In order to evaluating this approach, we survey concept of ‘theory’ in historical and analytical perspectives.In this philosophical analytical article after historical survey around modality of ‘Theory’ appear among Renaissance economists, we follow the possibility of founding the coherent characteristics for Economic Theory. Then we referred our results to Sadr’s points of view. It is rejected that: economists have a consensus about nature of theory and there is a specific and clear definition for this word.But we can extract some nonconsensus characteristics that can show some dimensions of economic theory. Based on Methodological Individualism and Methodological Partialism, Independence of Theory from Method and From theorist (be Scientific, realistic and explanatory), based on unique analytical factor, possibility of independence of knowledge disciplines and theory specialization, mathematical logic governance on theories and empirical method governance on theories are basic affaires of Economic theories that Sadr criticize all of them.

Derivatives were created in the financial markets to cover the variety of risks facing the firms. This type of tool, were created initially only to cover the financial risks such as fluctuations in asset prices, interest rates, exchange rates, etc. but because they have very high performance are also entered in other areas such as credit risk, weather and natural disasters. Weather futures contracts position as a means of emerging market derivatives, has been very good in this market. Weather futures contracts are used for hedging sale and return for firms. In this article, initially introduce history and literature review of weather future contract in conventional finance, and then survey this tools with juridical approach. The paper present that the first model of weather future in accepted by Islamic finance principals but the second model in accepted by sehhat, lozoom, prohibition of zarar, prohibition of riba, prohibition of gharar and prohibition of ghemar is but in not accepted accordance with Eccles by void. The paper presents a model for this tool is also provided in accordance with Islamic principles, which should make the real sector of the economy.

Rent Securities is an instrument for Fiscal policies. These papers are mainly based on the lease-purchase contract. The essence of this contract is disputed among scholars. They call it Rent, Sale, combination of the two, Rent with condition of sale, Suspended sale or regard it an independent nature. Some principles of accuracy of contracts are intention of the words and their meanings and Serious will to create those meanings, at the time of conclusion of the contract. Neglecting these principles along with some other causes, creates the suspicion that contract is formal. Formalization of contracts leads to formalization of securities. Purchasers of securities do not care about the nature and elements of the contract, including the type of property, price, buyer, profit, ownership of property and its rent and only think about interest rate. These evidences along with other challenges suggest that these securities can not play a more effective role as a financial instrument.

Ethics in Islam are based on Islamic norms. Adherence to these principles can promote behavioral patterns in Islamic banking and improve interaction of banks with each other or with other organizations, clients, and employees. Islamic banking introduces new products and resources and also a different ideology which create challenges in the competitive environment of banking. Besides, Islamic banking has expanded dramatically in the international banking market. This paper studies the problem of asymmetric information in banking from the perspective of Islamic Economics and does modeling the relationship between the lending applicant and the bank in the form of a dynamic game of incomplete information. This study discusses the major risks in Islamic banking products and points out the importance of regulations and ethical codes. It is necessary to consider problems arising from adverse selection and moral hazard due to the different structure of Islamic banks and financial institutions. Adherence to the principles of Islamic ethics can prevent the negative effects of adverse selection and moral hazard.

One of the most important issues about ANFAL jurisprudence is the discovery of a religious policies related to the use and ownership of it. the ownership structure in order to and the type of quality and method of production and sustainable consumption of ANFAL, is very important. There are principles and criteria for correct use and optimal allocation of resources in General Policies of Resistive Economy. But whether these policies regarding the allocation and use, in accordance with the principles derived of jurisprudence. Proving the thise assertion is redouble necessity attention to achieve the objectives of Resistive Economy. Further, the current status of the petrochemical industry as one of the ANFAL users How far is with these goals and objectives?On this basis, By using descriptive-analytic methods This study seeks to answer this questions: On the basis of Jurisprudence, How ANFAL S. ownership, especially natural gas and What is the its consumption and allocation criterias? Are these criteria consistent with the General Policies of Resistive Economy?Results indicate that the principles of Shiiaa jurisprudence and rules about ANFAL consumption could be extracted, and those are in conjunction with the General Policies of Resistive Economy and The implementation of this policy ensures Sharia compliance in this regard. Also about the case study, The current status of allocation of natural gas to the petrochemical industry is distinct with the objectives of Resistive Economy.

the long history of the government budget deficit and its Unpleasant externalities in Iranian economy create important Concerns about its solutions.According to the major share of Public Benefit Projects in the State budget, Governmental Musharakah sukuk issuance is a probable solution. The researches show the using of this kind of sukuk for public benefit projects financing has jurisprudential challenges.The results of this paper demonstrate if the provisional profit of this sukuk is guaranteed similar to liability insurance by third party and non - governmental financial resources and so the government pricing and buy it based on Present value, there are not jurisprudential challenges with it. Also it seems the using of Qarz and Havaleh contracts can decrease the others challenges.