A Comparative Comparison of Murabahah and Salam Contracts through the Effect on the Utility of the Parties to the Contract (Applied to the Genetic Algorithm)

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HASANI MOGHADAM RAFI; Dana Mazraeh Hassan

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Journal Paper

Paper Information

Journal: JOURNAL OF ISLAMIC ECONOMIC STUDIES Year:2020 | Volume:12 | Issue:1 (23) Page(s): 209-232

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Information Journal Paper

Title

A Comparative Comparison of Murabahah and Salam Contracts through the Effect on the Utility of the Parties to the Contract (Applied to the Genetic Algorithm)

Author(s)

HASANI MOGHADAM RAFI | Dana Mazraeh Hassan | Issue Writer Certificate

Keywords

Genetic AlgorithmQ2

OptimizationQ2

SalamQ2

MurabahahQ2

Expected UtilityQ2

Abstract

The purpose of this paper is to compare the two types of Islamic finance instruments (Murabahah and Salam contracts) by influencing the contracting parties' utility. In other words, in this paper, the behavior of the economic agent in the form of the consumer of intermediate goods and the producer of intermediate goods in a two-period economy for the contracts of Murabahah and Salam is examined and optimized, and then using the Genetic Algorithm, The model has a numerical solution and it is determined: the total Expected Utility of the producer and consumer of the intermediary commodity in the financing of Murabahah method is more than the sum of the Expected Utility of the producer and consumer of the intermediary commodity in the financing by the inductor. In economic terms, Murabahah's contract is related to the Salam Pareto Optimal. In other words, given the degree of risk aversion, the utility of the intermediate goods producer and consumer in the Murabahah contract is more than the Salam. In this article, the necessary conditions for maximizing the utility of the parties to the contract are also extracted in the contracts of the Salam and Murabahah.

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APA: Copy

HASANI MOGHADAM, RAFI, & Dana Mazraeh, Hassan. (2020). A Comparative Comparison of Murabahah and Salam Contracts through the Effect on the Utility of the Parties to the Contract (Applied to the Genetic Algorithm). JOURNAL OF ISLAMIC ECONOMIC STUDIES, 12(1 (23) ), 209-232. SID. https://sid.ir/paper/220797/en

Vancouver: Copy

HASANI MOGHADAM RAFI, Dana Mazraeh Hassan. A Comparative Comparison of Murabahah and Salam Contracts through the Effect on the Utility of the Parties to the Contract (Applied to the Genetic Algorithm). JOURNAL OF ISLAMIC ECONOMIC STUDIES[Internet]. 2020;12(1 (23) ):209-232. Available from: https://sid.ir/paper/220797/en

IEEE: Copy

RAFI HASANI MOGHADAM, and Hassan Dana Mazraeh, “A Comparative Comparison of Murabahah and Salam Contracts through the Effect on the Utility of the Parties to the Contract (Applied to the Genetic Algorithm),” JOURNAL OF ISLAMIC ECONOMIC STUDIES, vol. 12, no. 1 (23) , pp. 209–232, 2020, [Online]. Available: https://sid.ir/paper/220797/en

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