فصلنامه اقتصاد اسلامی
پیاپی 16 (زمستان 1383)

The back ground of qarzolhasane is as long as human's social life. In the works of thinkers and political – religious leaders which come down by inheritance to the recent generations, this institution, allocated a special part to itself; furthermore it owns an acceptable extent. In the fallowing paper we are going to affirm the accuracy and legality of the said institution from narrative – interpretive point of view. We will see verses which use "qarzolhasane", don’t indicate on idiomatic interest – free loan. Anyhow we can use Quran's common expressions and many traditions to affirm accuracy and legality of qarzolhasane. These traditions include the encouragement of supply, the limitation of demand and the comparison of qarzolhasane with other contracts in different guilds. At last relying up on them, without using the mentioned verses, we can indicate any doubt regarding the accuracy and legality of qarzolhasane is unfounded.

One of the characteristic of Islam's economic teaching which was encouraged is granting qarzolhasane.The exact experiment showed how qarzolhasane institution was affective in solving people's difficulties and problems. Therefore all Islamic system parts (government, parliament, judicature) should try their all best to make this holy institution more powerful, accurate and efficient.Funds and institutions of qarzolhasane as money instrumentalities absorb people's surplus Funds through opening saving accounts and in some cases through opening draft accounts and then offer them to the applicants in the form of qarzolhasane loans.Consequently they will influence the liquidity supply of society, total demand and general level of prices though increasing money supply and increasing the velocity of circulation. So central bank should always control the kind and amount of qarzolhasane institution activities; so that central bank could consider them in economics monetary macro policies. The abuse of some institutions or Fund's management or board of directors and their mismanagement due to their unfamiliarity with fractal management or applying personal style endanger depositor's sources and waste borrowers rights. So it is necessary to specify the kind, method, instrument and activity amount of qarzolhasane institution through approving the necessary laws. In addition the competent authorities and different problem solving solutions should be clarified in order to grant permits, inspect, control and cancel the specific permit. Dividing qarzolhasane funds in to three groups local, small and big funds we will present a plan for managing them.

These funds which started to establish since 1967 with a political-revolutionary and economic point of view, and continued their operations under the supervision of Islamic Economy Organization as official institutions after the victory of Islamic Revolution, are now regarded as an intricate for the economy of Iran. The problem of bankruptcy of these institutions is going to become as a nation-wide crisis and in addition to negative effects on the economy, it has dangerous social consequences for the money and capital market of the country. The Credit Co-operations and Gharz-al-Hasane Funds which are expanding everyday have practically changed into profit-based money intermediaries. They accept deposits at high rates and lend money to their clients. According to the authorities of the Central Bank of Iran, they are not anymore non-profit Qarz-al-Hasane Funds, because their activities are not limited to small emergency loans. Many of these institutions in addition to accepting Rial deposits, they accept foreign exchange deposits and practically, practice under ground activities. In addition to opening current accounts and time deposits, they pay profit (interest) to depositors, and issue checking accounts, which are some of their violations. Their activities are not under the control of the Central Bank, and create disorder in the money and capital market and some times work on opposite direction of monetary policies.The aim of the present paper is to study the difficulties created by the operation of these institutions without the control and supervision of the central bank. These difficulties include growth of liquidity, the increase of multiplier, extending loans in access to their capacity, without having any legal deposits at the central bank, and more over, conducting artificial activities and money laundering. Some strategies for improving their activities under the supervision of the central bank will be presented at the end of this paper.

In this paper the meaning of investment opportunity cost and its related meaning such as elimination rate and next optimal variant will be explained and proved. From Micro perception, investment opportunity cost in interest based economy with assumption perfect competition and long term is exactly the interest rate. On the other hand if we ignore the said assumption which means non - existence of a perfect competition in interest based economy and in interest free economy, investment opportunity cost in one project whould be the best yield rate of the other. From Macro perception, in which the opportunity cost of all investment projects are considered, interest rate is the opportunity cost of all projects on the assumption that we have a perfect competition market in a long term, but If we ignore the mentioned assumptions in both interest - based economy and interest free economy, investment have only elimination rate and not opportunity cost.

Studying Imam Ali's words about economic issues indicates the fact that, economical behavior in economic scope should be a compiled within a definable framework. Observing the mentioned framework has the following sure efficiency with justice, equilibrium in income distribution, observing the public interests and in one word the economic which is based on justice and ethics.In the following paper the said framework and rules which were adopted from Imam Ali's word will be analyzed and extracted with an regard to the production scope.

Sustainable development has two meanings: economic and environmental. In economics, sustainable development means the ability of an economy to meet a selected growth target andmaintain it for a long-run steady state. For the environmentalists, it means development that maintains a steady supply of delectable natural resources. This paper deals with the economies of the Muslim countries. It will focus of the economic sustainability of development without neglecting the ecological aspect whenever it is relevant.This paper divided into four Sections, in addition to its introduction and a conclusion. Section One is a necessary introduction that lays the ground for other Sections; it surveys some of the main indicators of the level of economic and social development of the Muslim countries.Section Two will focus on the Islamic economic approach to the development theory in general and to sustainable development in specific. This will be derived from the existing literature on Islamic economics. Section Three will discuss the most important prerequisites for sustainable development in the Muslim countries in the light of the contribution of the Islamic economics’ literature. Finally, Section Four will discuss policy recommendations.

Islamic countries try to provide pure life in spite of the limitation of resources. The imitating Secularism capitalism, socialism and welfare state strategies caused the said countries suffer from disequilibrium in macroeconomics and foreign economics.They also failed in providing pure life, essential needs and the decrease of unjust which is a part of material dimension of pure life. The fulfillment of needs and the decrease of unjust could be possible only in the fallowing case; when individuals pay attention to the important issues of the society when they are exploiting the resources. This could be done only when individuals follow the morality principles of Islam and believe in the day of reckoning.Islamic countries should ignore the unsuccessful secularism capitalism and welfare state strategies and find their own policies.Establishing social _ economic just is the main purpose of Islamic policies. The said policy has two dimensions (1) spiritual and (2) material. In the spiritual dimension, prosperity is a achieved by nearing to God and in material dimension resources as divine trust are distributed justly. The morality principles of Islam motivate individuals to achieve their personal benefits in a way which dont detriment the social welfare.The said purpose is obtained through individual's conscience, holding the resources in trust and his responsibility before God. In such cases, the maximum demand could be omitted before they could be offered in the market.The fulfillment of the morality principles of Islam is not enough alone, and it seems improving the social _ economic structure is necessary.The recognition of personal property, just prizes and benefits, agrarian reforms, village development and expansion of small firm, reforming the structure of financial institutions under the light of Islamic doctrine, reforming public Financial resources which are in accordance with Islamic doctrines are the examples of reformations.It would be better the said reformations be supported by the maximum efficiency of the Islamic redistribution programs. If Islamic countries dont apply the Islamic doctrine in economic and their society, the economic disequilibrium's will remain in its place and the fulfillment of development would be left with out any success.