فهرست مطالب حسین تملکی

Study of spillover effects of default risk plays a very significant role in financial institutions, their relation & interaction with each other and in portfolio selection, risk management and the credit rating of such institutions as well.This research aims to study the spillover effects of default risk between holding Companies and their subsidiaries active in Iran’s capital market. For such a purpose, in the first phase, default probability was calculated for Iran Khodro Investment Development Co. and its three subsidiaries by Black-Scholes-Merton (BSM) option pricing model, then default probability spillover for the period of 2011-2018 was measured on daily basis by multivariate GARCH model (BEKK model).As concluded, there is a spillover effect of default risk from the holding companies to their subsidiaries and vice versa.

The main purpose of this paper is to review techniques of Islamic home finance through Iran, s banking system and prioritize them using VIKOR method. Based on an extensive literature review, this paper aims to highlight, explain and discuss the basic principles underlying implementation of six techniques of Islamic home finance including: Murabaha, Ijarah Muntahia Bittamleek, Musharakah Mutanaqisah, Tawarruq, Bay Bithaman Ajil and Parralel Istisna'a, then using experts, opinions and VIKOR method, also regarding legal, financial, jurisprudential and general criteria identified, prioritize them and finally introduce the most proper technique (techniques) for implementing in Iran,s home finance market. Based on opinions of experts in Islamic finance and home finance, this paper asserts that techniques of Musharakah Mutanaqisah, Murabaha and Ijarah Muntahia Bittamleek are more compliant with Islamic economics teachings and as such should be used more by Iran, s monetary institutions.

In recent years the different methods for financing the housing sector in Islamic banking are identified. This paper investigates the common Techniques of Islamic housing finance in Iran and prioritizing them. The hypothesis of the paper is that from among the six methods of Islamic housing finance including Morabehe, Renting with option to buy, Tavaruq, Buy on credit, Estesnae Muvazi and Reduced Participation, the last one is more compatible with Islamic banking doctrines. The investigation of this claim is centered on expert's view, use of the methods of multi-standard decision-making methods and prioritization of finance methods based on chosen standards; legal-lawful, financial, jurisprudential and public. The research findings show that Islamic banks have, for many years, designed and performed different finance methods, which are almost similar to the traditional and common techniques. Among the lack of investment and finance by means of profit and loss sharing in Islamic financial system, Islamic banking restored to using rather new financial means, under the name of reduceed Participation which is rarely used. The expert's views about housing finance show that the technique of Reduced participation is highly compatible with the aims and standards of Islamic finance.

Nowadays, as financial institutions have developed and the scope of trading has extended, risk management has become significantly important in the economic studies, and various approaches and instruments have been developed to manage and reduce the different types of risks. One of widely-used instruments in risk management is swap contract, in which a set of fixed cash flows is exchanged with a set of floating cash flows. Interest rate swap contracts, as a type of swap contracts, play a critical role in managing and hedging the interest rate risk. This article, besides introducing this financial instrument, using a jurisprudential approach, tries to investigate the possibility of using this contract from the viewpoint of Imamiyyah jurisprudence and examines the possibility of its being adapted to the common Islamic contracts. In this study, the possibility of interest rate swap contract's being adapted to "Baial-dain bil dain", "Bai al-Kali bil Kali" and "Solh dain bil dain" has been examined and the practicability of their being used in the form of "Solh dain bil dain" has been confirmed. As to the interest rate swap contracts, due to the doubt of their being Gharar and Riba, we concluded that the common interest rate swap contracts in the west are not compatible with the principles of Islamic contracts and Shia jurisprudence, and that we may not use this instrument in the Iranian markets.