ISLAMIC FINANCE RESEARCHES
Year:2016 | Volume:5 | Issue:2 (10) |Papers Count:6

Financial derivatives are new instruments through which hedging, investment and arbitrage are done in a modern economy. Although the word ' derivative' primarily reminds us of options and futures, the major focus of the equity derivatives industry worldwide is on index derivatives. Launching index options and index futures in Tehran Stock Exchange, not only increases financial market depth and financial instrument variety, but also provides investors with instruments to hedge their portfolios and helps foreign investor attractions. Also, these financial instruments enhance the information about future prices and thus help market participants to improve their planning for future. However, there is noSharia compliant solution for index derivatives yet. This paper introduces stock portfolio futures and options. At the beginning of the contract, this portfolio and its combination are clear and physically deliverable. So, stock portfolio futures is a financial contract obligating the buyer to purchase the underlying portfolio of stocks at a predetermined future date and price and the seller to sell this portfolio. Besides, stock portfolio options are a privilege sold by one party to another, that gives the buyer the right, but not the obligation, to buy (call) or sell (put) a portfolio of stocks at an agreed-upon price within a certain period or on a specific date. The described portfolio is so designed to track the underlying index; thus, all functions of index derivatives may be achieved by launching stock portfolio futures and options.

Nowadays, the significant increase in the banks' non- performing loans is one of the main disturbances for authorities because of its bad effects on the macroeconomic index in our country such as increasing credit risk, liquidity risk and finally bankruptcy risk. Social gap in welfare programs, deviation in monetary policies, etc. are the other bad results of this phenomenon. Meanwhile, due to our major effort to implement ariba -free banking system, the non-performing loans proportion to the overall banking demands may be taken by international supervisors as an index of Iran's special condition. Studying the causes of NPLs is one of the research priorities to help decrease NPLs and to improve our monetary position. In this article, we survey those causes by using Grounded theory. We have also benefitted from the opinions of some banking officials to gather data and analyze them. Finally, we show that NPLs causes can relate to both macroeconomic and microeconomic factors. We can also relate microeconomic factors to self-banking factors and borrowers' behavioral factors.

Money and capital market are among financial institutions that have significant role in economy, and coordinating synergic relationship between them could cause economic growth. The Supreme Leader of the Islamic Republic of Iran, Ayatollah Sayed Ali Khamenei, introduced the concept of resistive economy and communicated its executive policies in 1389. Resistive economy is among those models which have other forms in conventional economy. Within this framework, economic policies must be coordinated by recognizing internal and external pressures and fluctuations, and benefiting from the direction and interconnection among the essential pillars of economy in order to control, reduce and remove the negative effects. In this research, by studying the theoretical concepts of capital and money market relationship in conventional economy and explaining resistive economy, we want to map the role of these two markets in the resistive economy model. Besides, based on annual Granger test results in the years 1370-1392, the one-way causality relationship of capital market with money market was confirmed. Also, the regression results confirmed Granger test results and approved the causality relationship of money market with capital market in the Iranian economy. We can conclude, then, that by changing policy making in every market, we could develop another market. In case there is volatility in one market, based on the explanation about the two market interrelationship and by changing policies in the other market, we could control fluctuations and make the Iranian economy resistant against both money and capital market fluctuations. Finally, we suggest some policies in order to reinforce macroeconomic variables, money market, capital market and interrelationship between the two.

Accounting is a social knowledge which is inherently related to the environment, values and economic, social and cultural norms of the society where it is used. Thus it is better to consider the requirements, conditions and qualities of the target society when using the theoretical framework and standards of financial reporting. Therefore, according to some researchers, the unconditional use of current accounting and reporting system cannot meet the Muslims' information needs that must accord with their norms and values. Due to the fact that Islam is not confined to individual domain, but prepares an integrated system of political, economic and social domains for human life, the importance of paying attention to the form and content of financial reporting is doubled. Some studies show that the implementation of Islamic accounting is necessary. The aim of this study is examining the feasibility of Islamic accounting in Iran. The data were collected by questioning 67 accounting professors and experts, and the results were analyzed by one-sample t-test and SPSS and Excel. These indicate that it is possible to implement Islamic accounting, i.e. the accounting’s spiritual and value-laden dimension in Iran.

Recently, financing knowledge-based companies as a strategic issue in Iranian economy has been considered by many domestic bankers. In this regard, the establishment of venture funds and the allocation of credit lines may be considered as major activities of the banking system. However, there are many challenges on the road to achieve effective financing of knowledge-based companies, namely the existing risks, absence of supervision, valuation approaches to science-based projects, etc. that despite extensive studies provide some improving opportunities in this area. Here, the Export Development Bank of Iran due to its supportive role in Iranian international trade is being engaged with an expert study for presenting a novel idea based on Islamic financial instruments as one of these achievements. This article will explain the aspects of the model and is organized as follows: At first, it reviews some statistics related to venture capital in Iran and the world and tries to analyze the current situation of knowledge-based financing. It continues with the development of literature reviews and determines the desired situation. Then the proposed model is to cover the gap between these situations and finally, it benefits from experts to validate the model and its applications.

Today continuation of economic activities requires access to timely and adequate financial resources to provide working capital for enterprises, and any decision in this area has a considerable effect on the operational efficiency of the business unit and will lead to changes in the value of the company and ultimately shareholders' wealth. In current conditions, because of the volume of outstanding debts of banks, and consequently, the lack of adequate capacity to respond to the increasing demand for loans, the access to financing is more difficult, leading to undesirable and inappropriate management of working capital and companies' loss of their competitive deals. Accordingly, one of the requirements of enterprises for improving the business environment is the effectiveness in providing working capital through the development of methods to achieve short-term funding from the capital market. In this paper, by using a descriptive analytical method with fiqh -based approach and considering the requirements of sharia and the country's laws, efforts have been made to develop a model for the issuance of securities that lead to efficient working capital of firms. Thus, according to the research carried out in our country and experiences gained in the field of securities, Sukuk Al Dayn based on accounts receivable is recommended as a new model for an efficient working capital management in Iran's financial market.