ISLAMIC FINANCE RESEARCHES
Year:2014 | Volume:3 | Issue:1 (5)|Papers Count:6

An important economic indicator in each community is the proper ratio between production and consumption. Meanwhile, one of the principles of conventional economics is the paradox of thrift, especially when we recognize the different aspects of conventional and Islamic economy. Based on this principle, there is the notion that individual savings rather than spending can worsen a recession, or that individual saving is collectively harmful. In other words, when saving exceeds spending, it can create harmful consequences such as when businesses don't earn as much and have to layoff employees who are then unable to save. Therefore, an increase in individual saving rate is believed to create a flattening or diminishing of the total saving rate. This is exactly where the challenge and paradox of thrift is raised. This paper, through an analytical-descriptive method studies the Quranic teachings in the field of consumption and seeks the answer to the problem. The findings of this study demonstrate optimum consumption as "a model for optimal allocation of resources" and encourage "the increase of consumption in macro-level, for the marginal propensity to consume". This happens as a result of charity and contribution measures in the form of zakat, khums, credit unions, etc. for shifting savings to investment and consequently creating financial flows in the economy.

There is a debate in academia about whether Anglo-American accounting is the appropriate system to be accepted without question by all other cultures and people of the world. Accounting is the social knowledge which inherently relates to the environment, values, and economic, social, cultural norms of the society in which it is used. So, it is more sensible to consider the requirements, conditions and qualities of the environment of the target society when using theoretical concepts and financial reporting. This study has utilized critical, interpretive and Delphi methods to explain the necessity of this source framework in Islamic societies. The results indicate academic and professional experts' consensus over the necessity of reviewing and compiling a conceptual framework with an Islamic approach as the basic law of Islamic financial reporting, due to the existing socio-economic differences between Islamic business entities and capitalist ones, and the lack of sufficient information for Muslim users. This can help provide the necessary conditions for raising the confidence of Muslim investors and Islamic society.

The main aim of this research is jurisprudential feasibility of receivable-backed securities dividends. Liquidity management and correct guidance of them toward the productive sector is necessary for a developing country. Due to the high percentage of receivable dividend in Iran's capital market and the time- consuming nature of receivable dividend in investment companies, which leads to reducing the power of liquid assets and liquidity in these companies, receivable-backed securities dividends are so important to finance the financial institutions. In this study, the operational model was designed by library studies and by considering legal and juridical aspects. To confirm the designed model and feasibility of these securities, the researcher used financial- juridical experts' opinions with the help of interviews and questionnaires. Sample members were 9 people who had financial and jurisprudential knowledge and experience in these fields. Based on the survey of the relevant literature and the researcher's own rationale and sample experts' opinions, there is capability for issuing the receivable-backed securities dividend in Iran's capital market, provided the presented model's conditions are met.

Sometimes banks face a shortage of cash and need to be financed through banking operations. Due to adverse effects of banks' overdrafts from the Central Bank on the national economy, it seems that interbank market is an appropriate tool for financing this type of liquidity. Providing liquidity for banks by interbank market needs efficient instruments which are also in accordance with Shariah in the market. However, the prevailing monetary instruments used in conventional interbank market are interest- based tools and aren't useable in interbank market in the non- rib a banking.Accordingly, this study attempts to present an effective tool based on the Securitized Commodity Murabahah and to fulfill its feasibility study. The overall structure of the tool is such that the banks with surplus funds, at first, reallocate their resources to banks in deficit by commodity Murabahah program and then convert their demands from those banks to Securitized Commodity Murabahah, and in the end offer them in the financial markets. This study, by using descriptive method and content analysis of texts of imamia fiqh through library study, shows that Commodity Murabahah program and Securitized Commodity Murabahah have the possibility to be offered and issued in the interbank market.

The most important factor of financial institutions' failure is credit risk, which by necessity needs to be reduced by finding some solutions. One of the modem instruments of credit derivatives is collateralized debt obligations that diversify and transfer credit risk to many investors, and they are also known as a way of financing. Here is a question:" Can Non-Riba banking system utilize credit derivatives for decreasing credit risk and financing? In this article, at first we survey collateralized debt obligation and its mechanism from the viewpoint of economic science. We then compare this instrument with jurisprudential principles. One of the most important results of the research is the accordance of CDO with Islamic contract conditions. CDO is valid in terms of ijarah, murabaha, and insurance under the condition of qard (borrowing, loan). Furthermore, this research has developed an operational and local solution to decrease credit risk and finance.

Since takafol is regarded as a product with a structure formed by Islamic contracts, its assessment and consideration of stakeholders' interests as a guarantee of its stability in the insurance market are inevitable. On this basis, in this research, by a comprehensive analysis of the structure and various models of takafol at both general and family levels, we have tried to detect its vulnerabilities and compare its different models from the perspective of the main owners and stakeholders, using content analysis method. It seems that with a mere structural change of different models of takafol, our goal which is a fair pricing and observation of the interests of participants as leaders, is not 1 achieved. The solution of agency cost reduction is approaching the structure of mutual insurance, limiting TO options, increasing participants' choices, and following the interests of participants as leaders. With the reinforcement of corporate governance from the perspective of participants in takafol structure, disadvantages of asymmetric information between participants and TO, such as adverse selection and moral hazards are reduced.