ISLAMIC FINANCE RESEARCHES
Year:2014 | Volume:3 | Issue:2 (6)|Papers Count:6

Since the start of modem banking in Islamic countries, some scholars have tried to provide a certain interpretation of riba prohibition in Islam which does not cover the interest-based banking system. Hence, it is completely possible to use conventional banking in Islamic countries. On the other hand, some others have tried to come up with a more comprehensive understanding of riba and criticize the conventional banking as a whole. According to this view, the possibility of using the conventional banking innovations in the Islamic context is very low. In this paper, both of these extreme views will be criticized. The results, which are based on an analytical-descriptive approach, show that these views cannot be accepted when considering the Islamic fiqh. In addition, because of the fact that the Islamic jurisprudence, over and above disallowing riba, approves different economic agreements (useful for diverse economic goals and incentives) and makes it possible to design new economic contracts, there is no need to come up with extreme views about the riba prohibition.

Islamic Venture capital is one of the new methods of Islamic finance which despite gaining approval of many professionals about its special advantages and efficiency, it has not been adequately considered by Islamic finance experts. Hence, most studies conducted so far have only introduced Mudharabah and Musharakah for financing in the process of Islamic venture capital while it is possible to use some other structures in this process. In fact, this study describes the structures and patterns that comply with sharia used in Islamic venture capital industry and also describes the performance of them in the Islamic venture capital companies.The results, obtained with descriptive analysis method, and from library resources, documentary analysis, and research and development, indicate that in addition to Mudharabah and Musharakah contracts, some contracts such as Musharakah Mutanaqisah, Ijarah Mawsufah Fi Al Dhimmah, Ijarah Wa Iqtina and Wakalah-Ijarah Mawsufah Fi Al Dhimmah can also be used in the process of Islamic venture capital.

Limited government resources, inadequate domestic bank resources and international financial restrictions are major obstacles to the implementation of infrastructure projects in the country and providing development programs. Now the proceeds from the sale of crude oil are the main source of revenue for the country's infrastructure development. Meanwhile, sukuk of istisna can prove their capabilities in the capital markets in Islamic countries and dispel doubts about the existence of interest (riba), to attract financial resources. This article, by using a descriptive analysis using library resources, is to evaluate the hypothesis concerning the possibility of different types of sukuk of istisna to provide the required fmancial resources by the oil industry. Therefore, while providing operational patterns of Sukuk of istisna, combined sukuk of istisna, hire-purchase, and sukuk of Murabahah combination with istisna, we have evaluated possible economic effects of the issued securities and their consequent secondary market risks, and by using hierarchical analysis and field studies we have ranked the risks addressed. The results indicate that the positive economic effects of the proposed sukuk of istisna in the portfolio can finance the oil industry. Also, inflation risks and political and exchange rate risks, are the most influential factors on the choice of investors to buy the bonds between groups and should be duly focused upon by users.

Sometimes the losses in insurance companies are so considerable that even the total sum of capitals and reserves of the company are not enough to compensate them. That's why the reinsurance companies were established. As reinsurance is necessary for survival of the insurance companies at unexpected losses, the Retakaful operation is vital for takaful companies which perform the insurance operation according to the Islamic contracts. This research which is the analytical- descriptive approach is done by the documentary method. The main purpose of this research is the comparison between the Reinsurance and the Retakaful.There is also a survey of Iran's reinsurance operation in internal and external sectors. Islamic Republic of Iran Central Insurance, on the one hand, and Reinsurance Pool and International Reinsurance Companies, on the other, are examined for the internal sector and external sector respectively, and their limitations are specified. The conclusion shows that the Retakaful can be proposed as complementary to other kinds of insurance coverage in the Islamic Republic of Iran.

Nowadays, buying on margin is one of the most widely used instruments for different types of investors in the capital markets in the world. In Iran's stock exchange, this instrument has been launched from several years ago but there has not been any comprehensive approach so far that could cover its different shortcomings from jurisprudential and operational standpoints. In this article, after reviewing models and risks of buying on margin in different stock exchanges in the world, we have tried to explain a new model that is matched with imamiah jurisprudence. All solutions presented before that are based on "Qarz-e-Hasana" and "Jua/a" and "Musharakah" contracts. The reasons for the weaknesses of each of these solutions are presented in this paper. This practical study has used an analytical descriptive method which tries to suggest different solutions for buying on margin in the Islamic exchanges based on "Musharakah" and "Murabaha" contracts. The presented model has overcome defects of other ones. Its risks and ways of covering those risks are also mentioned.

One of the major problems for the implementation of infrastructure projects in various sectors of the economy, especially the energy sector, is the lack of liquidity. To solve this problem, project financing is created. BOT contracts comprise one of the most common methods, particularly in infrastructure and energy sectors, and build-lease-transfer (BLT) is a relatively new method of this approach. The operation of the contract faced some challenges because of legal problems in some of the BLT contract's implementation. Methods of project financing based on Islamic contracts such as Istisna Sukuk independently or a combination of these methods with BLT contract can be among operational techniques ahead which require comparative and combined research. The first step of this study is to gather experts' comments to determine the measures appropriate for the economic and energy project situations in Iran and then, based on these measures and AHP analysis, to rank independent lstisna Sukuk and Istisna Sukuk- BLT Contract annexation. The research findings show that Istisna Sukuk - BLT Contract annexation is appropriate for financing energy projects in Iran.