فصلنامه اقتصاد اسلامی
پیاپی 13 (بهار 1383)

The relations dominating labor market is generally influenced by how an economic doctrine looks at work. Tenets, morality, and practical methods have a major impact on labor market behavior that is revealed in production sector and growth of the society. Islamic tenets and ethics encourage Muslims to produce economic work and generate various incentives in them. Contrary to what is said, about religious teachings and Islamic beliefs and values have the capability to demonstrate a development promoting behavior. Religious texts and the practices of religious elites also indicate that economic work is desired and favored by them. Believing on divine Qaza and Qadar, (fate and destiny) provision of man’s sustenance by God, intercession (or shafaat), doomsday, trusting in God, piousness and patience are not only inconsistent with working incentive but having a proper perception of these concepts have a positive effect on working motives and fostering economic development.

The Rapid expansion of markets and the increasing developments in the felid of electronics and telecommunications have paved the way for innovations of new and novel banking instruments. One of the instruments that have grown substantially in recent years is the banking credit cards. The quickness of use, facility and intrestes of use of these cards have encouraged the banks, financial institutes, service and business centers and customers to welcome the application of these cards.These cards, though of different nature, may be categorized in three major groups:Cash cards, non-interest debt cards, and interest based loan cards. Each of the above groups may be classified as cards for cash, cards for purchase of goods and services, and multi-purpose cards. Most of these cards are designed in economies that recognize the interest based transactions and debts. thus, they are involved in usury and interest. Therefore, to comply with Islamic Jurisprudence they require certain modifications. The author investigates different types of such cards from a jurisprudential perspective and seeks to find a criterion to determine and distinguish the legal cards from illegal ones

Islam’s political economic theory as an interpretation of general political economy has its own constituents and characteristics. The explanation of this issue is of a great significance both from scientific and policy perspectives. The paper aims to analyze this issue in two stages. The first stage covers the introduction and the methodological and historical considerations. The second part deals with the key elements of Islam’s political economy. The paper suggests that Islam’s political economy (at least in its theoretical capacity) despite being efficient is ethic oriented. However, the Islamic political economy, may compete and be compared with conventional economic models.

This essay consists of three parts: the first part reviews the Western literature on the subject. In the second part, the related economic studies are discussed. In the third part, the theory of Islamic firm behavior, its certain assumptions, and the labor demand function from a micro/macro perspective are presented. In this part, the labor market is categorized into two types: hire based labor market and participatory labor market. Similarly, firms are also categorized into two: profit maximizing firms and production maximizing firms. The author explains the behavior of these firms and their demand for labor from a microeconomic perspective. Deriving the demand function for each firm and summing them horizontally gives the aggregate demand function for the participatory and hire labor market The paper concludes that, citrus paribus, at least for tow following reasons, the demand for labor in Islamic economics is more than the capitalist economics:a) Firms with the objective of maximizing their product;b) Participatory labor markets in profits.

Inflation is an undesired and economically culturally, and politically destructive phenomenon. Almost all types of banks deposits are vulnerable against this problem. In an inflationary environment, if the purchasing power is not taken into consideration on repayment of deposits, depositors will suffer a substantial loss resulting to a fall in savings, investment, production and public welfare and an inefficient employment of saving which deepen the inflation more. If, on repayment, the purchasing power of the people is leaved unchanged savings, deposits, investments, and production will increase, depositors’ real profit will become positive and the inflation will be contained making the people well off and leading the society towards achieving the ideal goal of social and economic justice.From a fiqhi perspective, compensating currency depreciation in the form of conventional contracts is illegal. So is there any contract or practical fiqhi consistent solution to compensate the depreciation? Some jurists allow the agreement on compensation under the terms and contracts. The studies suggest that these models are illegal from a jurisprudential point of view. However, to compensate the depreciations of the deposits, following practical solutions are proposed:a) application of Special Drawing Right (SDR);b) Creation of a national value unit;c) Good money standard;d) application of low foreign currency or gold preserve by bank;e) establishing specialized investment companies by banks.If these solutions are consistent with Islamic standards and economically and practically justifiable, they may be employed in the banking system and in public and business financial and monetary relations.

Reviewing the available literature on business ethics and the different ways to approach it indicate that this phenomena faces many theoretical and practical challenges and the further globalization advances in the future, the more complex these challenges become. The approaches to business ethics are often self-motivated and they learn from each other. The corporate ethics appropriate for business institutions at global level need further elaboration. Systemic issues should be openly addressed. The importance of decision making by individuals and their behaviors should be taken seriously.Business ethics as a scientific field needs networking and globalization. In such guidance for business activities. The ultimate objective of this field is to improve the ethical quality of decision-making and performances in all business levels.