Journal of Iran's Economic Essays; an Islamic approach
Year:2019 | Volume:15 | Issue:30|Papers Count:7

Article forty-fifth of the Iranian constitution considers the mines including oil and gas as a part of the Anfal and public wealth. Conservation is one of the most important subjects in production of oil. The study of how to finance the government expenditure is one of the subject matters of Islamic economics. According to Islamic teachings, Anfal is regarded as a main source of funding for the government expenditures. Based on jurisprudential rules like “ the rule of Itlaf (indirect cause)” , “ the rule of Tasbib (direct cause)” , the Rule of La Darar (denegation of harmfulness)", and “ the rule of Nafye Sabil (Rejection of Foreign Influence)” , each "Gheyre-syanti" (Non-conservation) method of production from oil reservoirs which leads to the loss of oil resources and accelerates the exhaustion of the country's oil reserves and results in the dependence on foreigners is not allowed. Efficiency in extraction from oil fields, development of oil reservoirs in line with the Muslim society’ s consolidation and satisfaction of its real needs, generational and intergenerational equity, referring to the intellectuals and assigning the technical tasks to the professionals are among Islamic criteria which affect the necessity of oil exploitation and its mode of operation.

The interest rate in the conventional banking system by limiting the return on investment creates a gap between investment and savings, reducing labor incentives, limiting employment levels, and increasing inequality of income. In the economic system of Islam, Gharz al-Hasanah has been considered as one of the effective ways and means to reduce the income distribution inequality; Thus, Gharz al-Hasanah can play an important role in stabilizing the income of the needy by transferring money from wealthy to low-income classes, creating the ground for changing the pattern of production, increasing employment and meeting the essential needs of the above mentioned classes. Accordingly, the purpose of this paper is to analyze the effects of Gharz al-Hasanah facilities on income distribution in Iran using impulse response functions IRF and variance decomposition analysis VD analysis techniques during the period (1984-2013). The results of the stimulatory response functions indicate that a positive shock in the logarithm of the Gharz al-Hasanah facilities of banks and non-bank credit institutes for a half-course of action it has increased inequality and then reduced inequality up to the tenth period. However, the decline in income inequality has been trifling. Also, the results of analysis of variance indicate that the logarithm contribution of banks' Gharz al-Hasanah facilities and non-bank credit institutions in explaining the Gini coefficient was 30. 5%.

Oil price fluctuations in global markets have a significant impact on the economic structure of oil-dependent countries. Resistive economy is to lead to an optimal allocation of resources in a dynamic and sustainable manner during events and crises or on the path to goals. Therefore, the recognition of the direct and indirect consequences of Iran's economy's dependence on oil revenues and its impact on economic variables is very important to have a proper policy in the event of a crisis in line with the resistance economy and reduce the country's economic dependence on oil revenues. In this paper, the three consequences of effective real exchange rate fluctuations, GDP changes and deindustrialization have been evaluated in the framework of vector error correction model. To this end, the VECM method has been used during the period 1991: 01 to 2015: 04. The results indicate that there are three co-integration relationships based on the consequences; as the 10 percent increase in oil prices will increase real exchange rate by 5 percent, GDP decline will be 0. 7 percent, and the reduction in the non-trade output ratio to exchangeable production will be 11 percent. Also, the results of the calculations show that the indirect consequences of oil price fluctuations through foreign reserves of the central bank and the ratio of government spending on real exchange rates, through the real exchange rate on GDP and through industrial productivity, affect the non-exchangeable production ratio to exchangeable production.

The concept of digital money or electronic currency means encrypted money, in order to facilitate financial affairs and to create money without the presence of intermediaries (banks) and through community members. Digital money does not have any central service or financial institution to control the transfer; because everything is based on peer-to-peer communications. The number of digital money in the world is increasing, including Bitcoin, the most widely used and most valuable electronic currency in the real world. Bitcoin is a public internet system that has introduced a pay-as-you-go payment system and e-money. Bitcoin takes power from users and, from their point of view, Bitcoin is an internet money. It seems that Bitcoin can not be considered as a kind of money; rather, it's a "digital asset. " In order to examine bitcoin from the point of view of Islamic jurisprudence, it should first be seen whether it is considered as an asset and property? And then, by explaining the nature of money, it should analyze the bitcoin monetary nature and then examine the issues of Ghorar and loss and disorder in the system and speculation in the Bitcoin network from the Islamic jurisprudence perspective.

The financial distress of banks is a serious problem in economic environment of the country. Personal expenses and social costs of financial crisis leads to survey studies in the impact of financial crisis on commercial firms' performance. This research examines the effect of the financial crisis on banks' performance based on the CAMEL model during 2009-2015, to respond the question of whether financial crises had any effect on banks performance. By approving this, did banks turned to non-operational activities to improve their performance and getting out of the financial crisis? The research sample is 9 selected commercial banks, which fulfil the research conditions. The financial crisis of bank measure as follow: three consecutive years of losses (operating loss, net loss or retained), reduction in distributed dividends of each year relative to the last year by more than 40 percent and included article 141 of the commercial law for every company. Research results by multivariate regression model indicated that, at the 95% confidence, the financial crisis have a negative and significant effect on profitability and other performance indicators reveal no significant relationship. Also, the sixth hypothesis test of the research showed that banks will not go through non-operating activities as the financial crisis increases.

Zakah (Zakat), a form of alms-giving treated in Islam as a religious obligation or tax, is one of the pillars of Islam, which, by Quranic ranking, is next after prayer (salat) in importance. Throughout the history of Islamic jurisprudence (Fiqh) Shia and Sunni jurisprudents and scholars have written many books on this subject. The Sire of the Prophet (pbuh) and his successors shows that Zakat is mandated and collected by the state and they received it with a systematic structure and the sacred verse of the Holy Quran also includes a portion of Zakah for the use of agents of collecting and distributing Zakah. But in the history of Islam, there have been political changes that have removed Zakat from Shiite jurisprudence in theory and practice and it has been altered into a government-run voluntary zakat contribution. This paper seeks to prove that although Zakat is most commonly used to eradicate poverty, but if a government is founded on righteousness and justice, it must be received and paid by the ruler and the Islamic State. An overview of the Zakat and Fatwa's traditions of the Shi'ite jurisprudents shows that it is "Taklif" (a legal charge or obligation) for the owners of the property to pay Zakat and Shi'a jurists are less likely to consider Zakat as a sovereign state. The main question of the research can be: is Zakat from the Islamic government's available financing resource for eliminating poverty and other purposes, or is it essentially non-governmental? In this article, by analytical method and based on jurisprudential traditions and texts, it has been proven that Zakat is essentially from the financial resources of the Islamic ruler to fulfill the goals stated in the Quranic verse. And the reason for the obsoleteness of this opinion in the view of some Shi'ite jurisprudents was the lack of "BASTE-YAD" (the de facto guardianship of Imam (a. s) or his deputy) in the era of presence and occultation of the Imam. Now, with the establishment of the Islamic Republic of Iran which its ruler is "Velâ yat-e Faqih" (The Guardianship of the Islamic Jurist) Zakat must be at the disposal of the Velâ yat-e Faqih.

This study explores the concept of social justice based on the ideas of four contemporary theorists, with an emphasis on the nature of justice. Hayek represents libertarians, Rawls as the most prominent political philosopher of current century in the West, and Motahhari and Sadr were selected as Islamic theorists. Hayek only believes in individual justice and maintains that there is no concept as social justice. For him, justice constitutes rules for individual conduct. The concept of “ spontaneous order” plays an essential role in his ideas, and he maintains that most of the social phenomena follow such an order. Rawls’ main goal sees ‘ justice as fairness’ as answering to the demands of both freedom and equality, a challenge posed by the socialist critique of liberal democracy. In this regard justice is an agreement on principles which is reached arbitrarily in “ veil of ignorance” . Rawls's main guide in achieving principles of justice is maximin principle and the lack of awareness of individuals about the future social status. Motahari regards justice as observance of the law. He recognizes both the natural rights of the individual and the legal community. According to Shahid Motahari, the only way to legitimize and validate natural rights is to accept the purpose of the world order. In Sadr's view, although justice is one of the three principles of the general construction of Islamic economics, the position of justice is beyond the core and is the foundation stone of the Islamic School of Economics. Additionally, Islam has shown its sensitivity to the final makeup of facilities in society, with two principles: public cooperation and social balance.