This paper by modeling the behavior of economic agents in an Islamic economy and develop a general equilibrium model investigates the Capital Market equilibrium in an Islamic Economy. Accordingly, have tried to determine the Capital Market regulator variable, by determine the affecting factors on supply and demand of Capital in an economy without interest. According to result, in compared with an economy with interest, that determined exogenous interest rates in the money Market is regulator for Capital Market, variable profit sharing ratio of families in the productive partnership is earned as a Capital Market endogenous regulator variable in an economy without interest. Also in this article, Capital Market equilibrium point, maximum production point of producers is obtained, which means more investment in an economy interest-free to the economy is with interest.

Mutual Fund is a specialized financial institution in which a investments are made in diverse baskets of portfolio with the money received from the investors, against which the fund gives its own 'units' to them. Each unit of investment of the fund represents an appropriate proportion from the portfolio which the fund buys and manages on behalf of the investors.The type of securities which is the fund buys will depend on the goals of the investment fund. Portfolio selection of these funds in Islamic countries, especially in Iran, is subject to certain restrictions. While avoiding usury, these funds and their investment patterns should, in accordance with the Islamic jurisprudence and the Holy law, be designed in such a way that they could manage the desired profitability and win the acceptance of the general public.Accordingly, this article while introducing the characteristics and explaining the performance of some Islamic Securities (Sukuk), also designs and presents the structure of investment funds with Islamic Securities.The research method in this article is descriptive and contents analyses using credible sources. Using this method, we verify this assumption that "extension and of Mutual Funds, consisting of Islamic Securities (Sukuk), keeping in view the fixed and variable returns, according to the nature of these securities, will result in stock Market boom in the Islamic society."

One of the essential elements for ensuring compliance with the Shari'ah is financial, banking and insurance activities in different countries. As defined by the Islamic Financial Services Board, the Shariah system of governance relates to a set of institutional and institutional arrangements Through them an institution providing Islamic financial services is assured Beyond its structures, there is effective and independent religious supervision. Taking into consideration the challenges and challenges of religious supervision in the Iranian Capital Market, we are looking for components to promote religious supervision. In this research using the focal group method, while reviewing and applying IFSB and AAOIFFI standards and related research in this area, A standard questionnaire was developed by experts in the field in the focus group, the components of promoting religious supervision of the Iranian Capital Market were extracted. The results of the research can include: jurisdiction jurisprudence jurisprudence, jurisprudence committee independence, jurisprudence committee responsibilities, conflict of interest management in the jurisprudence committee, native structure of the jurisprudence committee and appropriate organization dimensions, access to information and confidentiality. The Jurisprudence Committee cited Shariah Compliance, Continuous, Comprehensive and Systematic Monitoring.

Due to the discrepancy amongst motivations of bank and the recipients of bank facilities, there is always an information asymmetry between the two parties. This brings about risks for the bank in granting facilities. There are several methods which banks can employ in order to decrease the risks involved in granting facilities. One of the methods is using the generated opportunities in the Capital Market, especially secondary Markets, for the screening as one of the methods used for reducing and managing credit risks. Respecting religious law in granting facilities is necessary in Islamic Banking system. Due to this fact, Islamic banks can also make use of religious screening based on Islamic law (Sharia) in Capital Market.This paper is based on descriptive and content analysis method using library resources. It verifies the hypothesis of whether Capital Markets can help Islamic banking in improving the screening of the recipients of facilities as well as other economic sections. Other evident results of screening, using Capital Market, include reducing banks'' outstanding claims, decreasing the limitations of benefiting from facilities by individual consumers, higher accessibility of bank resources for applicants, reducing the role of collateral in granting bank facilities, reducing the risk of adverse selection, improving facilities portfolio and reducing Sharia risk in Islamic banking.

Murabaha is defined as a particular kind of sale contract where the seller expressly discloses to the buyer the cost he has incurred on the commodities including purchase price, transport and storage costs, and sells it to him by adding some profit or mark-up thereon. Murabaha sale contract can be concluded in cash or on deferred payment basis. Normally, the profit margin in deferred payment basis is more.Recently Muslim scholars, in order to fill the vacuum of omitted loan certificates, have benefited from the features of Murabaha sale and embarked on designing bonds called Murabaha certificates which can be an appropriate supplement to Islamic asset and Capital Market for financing and as an instrument of the asset policy.Murabaha certificates can be designed in different forms some of the most important of which are: 1) Murabaha certificates for financing; 2) Murabaha certificates for meeting cash requirements; 3) Murabaha certificates for building assets of trade companies; 4) Collateral Murabaha certificates for turning into bonds the demands of banks and leasing institutes.In this article, Murabaha certificates are examined in terms of compliance with Shari’ah laws and economic standards. It has been demonstrated that the first and fourth type of Murabaha certificates are allowed only as per Shiite’s famous jurisprudence (fiqh) and can therefore be applied within the country (Iran). As for the third type, it complies with both Shiite as well as Sunni jurisprudence and can be applied in Iran and in the international level.The second type is faced with a serious jurisprudential problem and cannot therefore be publicized.

Given the limited financial resources for the implementation of micro and macro projects, as well as the available liquidity that can be the source of adverse economic effects, the accumulation of public Capital and the injection of these resources into the real sector of the economy can be very helpful. Therefore, in this research, in order to make the process of providing resources more efficient and taking in to account the Capital Market capacities as a platform for financing the production and consolidation of public Capital, the investor’s behavior and the structure of the Capital Market was analyzed according to principles, regulations and rules; Because understanding the behavior of brokers can help policymakers and executives to improve or reform the existing structure. Accordingly, by explaining the reality of economic action of individuals from the perspective of behavioral economics, an attempt has been made to examine the appropriate structural model. Considering behavioral biases as an index of deviation from the rational man subject of conventional economics, the relationship between the five biases of eventism, loss avoidance, overconfidence, familiarity and self-documentation with the decisions of Capital Market brokers was examined through structural equation method and lisrel software. The results suggest a significant and positive relationship between

Hedging is one of the most important topics in investment field, which could be noticed from different points of view. We evaluate the role of gold relative to different indices in Tehran Security Exchange (TSE) as a representative of Iran Capital Market. In this topic gold charecterristics of “ save haven” and “ hedge” versus TSE are studided. Daily Price Returns of 21 TSE stock indices and daily price returns of world gold (ons) are used as research data. Utilizing these data and GARCH model, two charecteristics of “ safe haven” and “ hedge” related to long position and short position of world gold for each stock indice is determined. This way it provide us with deciding on proper position in world gold, whether long or short position, to hedge downfall of a certain stock. In accordance with outcomes, we find long position in gold is not a strong hedge for non of the studied groups except for transportation indice. In addition, short position in gold is a weak hedge for two groups of non-metalic minerals and metals. Regarding safe haven, long position of gold played as a strong safe haven role for all groups in 10% quantile but not in non of 5% & 1% quantiles. Long position of gold is a safe haven for most of indices. However, there are little groups for which short position of gold is a safe haven.

Introduction: Financial provision through the Capital Market has grown significantly in recent years with the development of guidelines for the issuance and supply of debt securities. On the other hand, due to the young nature of the issuance of these bonds in the Capital Market, the dimensions and elements of financial provision through these instruments have not been completed. Based on these cases, the current research has extracted the evaluation indices of Islamic debt securities centered on Sukuk in the Capital Market. These indices are the basis for measuring quality. Debt bonds have been published and are used in many cases, especially in the formulation of credit rating or value rating of these bonds. In this research, after studying the theoretical foundations, including the laws and instructions issued by the Capital Market supervisory body, the theoretical and scientific principles regarding the evaluation of securities, and the procedure of prominent financial institutions in the field of evaluation of securities such as credit rating agencies, indices The evaluation of this type of paper has been extracted. Then, the indicators were prepared, using the Delphi research method, subject to the opinion of experts. Finally, based on the comments received, the final indicators for the evaluation of Islamic debt securities in the Capital Market of Iran have been compiled...

Introduction and ObjectiveInside information is important and confidential information that, if publicly disclosed, would affect the price of securities or investors' decisions to trade securities. Individuals who use this information can buy securities at lower prices or sell them at higher prices before this information affects the price and, after the information is publicly disclosed, make a profit or prevent their loss. Inside information is defined in the Capital Market regulations of each country based on the conditions and requirements, and these definitions are very similar to a large extent. Inside information, according to Article 1, Clause 32 of the Securities Market Law of the Islamic Republic of Iran, is defined as “any information not disclosed to the public that directly or indirectly relates to securities, transactions or their issuer and, if published, would affect the price or decision of investors to trade securities.” Most countries have not specified examples of inside information in their laws and regulations and have assessed the application of examples to the concept within the competence of the Capital Market supervisory body and the courts. However, for example, events leading to fundamental changes in the company's profits, the process of merger, acquisition or liquidation, major legal claims, major changes in shareholder ownership, major and influential events, etc., are among the examples of this information mentioned in the regulations of some countries. Given that inside trading have so far been less studied from a jurisprudential perspective, and its various dimensions from a jurisprudential perspective and the policies of the supervisory body in dealing with these transactions have not been fully explained, this study aims to respond to this issue and determine the relevant validity and mandatory rulings, and has conducted a jurisprudential analysis of these transactions from the perspective of individual jurisprudence and governmental jurisprudence.2.  Method and MaterialsIn this research, the multi-level ijtihad method has been used to analyze the insider trading. based on the method, first a thematic analysis conducted, and then the jurisprudence dimensions of the subject were identified and insider trading was analyzed from the perspective of individual and governmental jurisprudence. In the jurisprudence analysis, using a descriptive-analytical method, these transactions were examined and compared with various and related jurisprudence principals including the rule of falsehood and incorrect possession of property, no loss principle, misrepresentation, fraud, incorrect possession of deposits, betrayal of trust, preservation of system, justice and expediency. In the next stage, challenging cases were consulted with jurists, and finally, the jurisprudential analysis was conducted along with the responses to the consultations in a focus group of economic jurisprudents. A focus group is a type of in-depth interview in a group, the most important feature of which is the possibility of interaction between members within the group. Group members influence each other with their answers to questions and their contributions during the discussion. The group moderator guides the discussion with his/her comments or points, and the basic data produced by this method is obtained from the implementation of group discussions and the group moderator's summaries.3.  Research FindingsBased on the results of the study, at the individual jurisprudence level, the execution of these transactions by both groups of insider information holders is an example of the rule of prohibition of falsely acquiring wealth. In addition, the execution of these transactions bythe holders of primary insider information causes losses for all shareholders of the company and will be invalid and forbidden according to the rule of no loss. Other jurisprudential rules examined at the level of individual jurisprudence do not result in a ruling that these transactions are invalid, but given the existence of fraud, unauthorized possession of the deposit, and betrayal of trust in some circumstances, the person with confidential information has committed a forbidden act, and the person without information will have the option of termination. In the jurisprudential analysis at the governmental level, according to the results of the research, the prevalence of these transactions will weaken the economic system of the Islamic society and cause harm to the entire Capital Market and abuse of public rights; therefore, the transactions are invalid and forbidden due to the failure to observe the rule of maintaining order and harm at the governmental level. Other jurisprudential rules examined at the level of governmental jurisprudence do not result in a ruling that these transactions are invalid, but the failure to observe the rules of justice and expediency due to the prevalence of these transactions can lead to the issuance of a mandatory prohibition order.4. Discussion and ConclusionBased on research the misrepresentation proves the option of cancellation, and fraud causes loss compensation. comparing these transactions with incorrect possession of deposits and betrayal of trust provides the possibility of dismissing the managers who conduct inside trading. Failure to observe justice and expediency with the prevalence of these transactions does not have an effect on the Transaction authenticity and leads to obligatory prohibition. Based on the summary, insider trading is void and tabu at the level of individual jurisprudence based on the rules of incorrect possession of property and no loss principle and at the level of governmental jurisprudence based on the rules of preservation of system and no loss principle.5. AcknowledgmentsFinally, I would like to express my deepest gratitude and appreciation to the esteemed Chairman of the Fiqh Committee of the Islamic Republic of Iran Securities and Exchange Organization, Ayatollah Dr. Mesbahi Moghadam, and the esteemed members of the affiliated Fiqh Subcommittee, Ayatollah Abolghasem Alidoost, Hojjatoleslam Dr. Majid Rezaei, Dr. Mahmoud Hekmatnia, Hojjatoleslam Jafar Najafi Bostan, Hojjatoleslam Dr. Gholamali Masouminia, Hojjatoleslam Seyyed Mohammad Taqi Alavi Faridani, Hojjatoleslam Dr. Seyyed Abdul Muttalib Ahmadzadeh Bazaz, and Hojjatoleslam Dr. Seyyed Hadi Arabi, who accepted the effort as members of the focus group of this research. JEL Classification: G14, G18, G28.