فصلنامه اقتصاد اسلامی
پیاپی 33 (بهار 1388)

Latest studies in Finance show that it is possible to design various instruments, with a variety of uses, with the help of the [jurisprudentially] legal contracts. One of those financial instruments is the Salaf bonds designed on the basis of the Salaf contract. This instrument has the ability to fill-in the deficit in the government’s budget, provide for the financial needs of the firms, become an appropriate instrument for risk coverage and be used as an instrument of monetary management by the Central Banks. In this article it has been strived that, through a descriptive-analytical approach and utilizing the experiences of other Islamic countries, a feasible model of these financial papers in line with the Imamia jurisprudence and the laws and rules of the capital market be presented. The current study shows that the primary market transactions of Salaf bonds are absolutely valid. However the secondary market transactions though can be amended and validated based on the Islamic laws and general principles governing the contracts, according to the view popular among the jurists, have some flaws and faults. To get rid of these flaws, techniques have been recommended.

Today, due to the economic conditions, many Iranian firms face difficulties with regards to capital arrangement. Issuing newly designed financial instruments (Sukuk) is one of the most important methods of arranging capital in Islamic countries. In order to issue this kind of securities, the accounting and tax considerations should also be analyzed. This article aims to consider these two aspects regarding the Ijarah securities, with emphasis on Accounting Standards (AS) and Direct Tax Law (DTL) in Iran. Therefore in addition to a brief review of Ijarah Sukuk, its main components and types, the accounting and taxe considerations, from the viewpoint of investors, SPV, originator and trustee have been discussed in two parts. Subsequently taxes on three types of Ijarah Sukuk are shown in tables. And in the end, some suggestions are also presented regarding the issuance of new accounting standards for Ijarah Sukuk and modification of DTL.

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.”

Risk is an inseparable part of the banking industry. Due to the specific nature of Islamic contracts, Islamic banking, in addition to the usual banking risks, also faces other risks peculiar to itself. Credit risk is among the most common risks in banking and various methods and instruments have been used to gauge and manage it. Credit Default Swap (CDS) is one of the most important types of credit derivatives which have been extensively used in conventional trade banking for the past decade, with the aim of managing the credit risks. In this article the possibility of using this credit derivative in Islamic banking has been studied with a jurisprudential approach, and it has been shown that benefitting from this credit derivative in different ways can be validated. In this study the hypothesis of possibility of conforming the credit default swap with the Guarantee [Dhaman] and Insurance [Bee may] contracts, has been studied, and in the end in accordance with the standards of Imamia jurisprudence, has been endorsed. Similarly supposing the credit default swap as a ‘newly-created contract’ (because of possessing a new legal reality), has also been considered and it has been shown that on account of adhering to the general conditions of valid transactions, its validity as a newly-created contract is also possible.

Changing the ownership of the firms from governmental to other forms, along with the emphasis on cooperative ownership and increasing the share of this sector to 25% in Iran’s economy, is one of the main aims of the comprehensive policies of Principle 44 of the Constitution of Islamic Republic of Iran. Therefore if such a change is supposedly true, to prove the preference of the change to cooperative sector as a sector through which the Islamic economics could be spread in the society, it should be shown that the firms operating under this kind of ownership had a better or at least equivalent performance as compared to the private or government sectors. And if no noticeable distinction in the performance of the economic firms is observed from this aspect, the emphasis on the ownership change, at least from an economic view would not be supportable.This paper strives to examine the distinctions in performance of the manufacturing industries of the cooperative sector with the two government and private sectors.. Using plant-level data, labor productivity, value added per unit of paid wages and salaries, employment generated, and finally the speedy growth of the employees of the manufacturing units during the Second and Third Development Plans towards segregation of ownership, are the analytical basis of this study. The results of this study show that changing to cooperatives in place of privatization is only possible through [handsome] productivity in the cooperative sector in comparison with the private sector, and consequently through the achievement of a level of profits equal to that of the private sector.

Risk in the economic activities has forced the capital owners to guarantee the security of their principal. This fact holds more significance for the owners of micro assets like bank depositors [and investors]. Keeping in view the prohibition of Riba (usury) in Islam, the idea of including the stipulation of guaranteeing the capital in economic contracts, and in particular the stipulation of manager’s guarantee in Mudaraba contracts, has been under study of the Islamic intellectuals and financial designers. Although some of the jurists consider the stipulation of manager-guarantee as to be valid, others believe this condition is against the nature of the contract and is therefore invalid. Furthermore some of the jurists believe that this clause leads to a transformation of the contract from Mudaraba to loan. So they consider the owner’s share in profits as riba (usury). Keeping in view the importance and application of the condition of manager’s guarantee and difference of opinion among the jurists regarding this matter, this research tries to review and discuss the arguments of both the supporters and opposers. Our hypothesis was that the guarantee stipulation is against the contract nature and transforms Mozarebah into a loan, but the results show that:1- Although the stipulation of guarantee brings the agreement of Mudaraba close to a loan, but due to some fundamental differences between these two, does not transform it into a loan.2- The most important argument on invalidity of the guarantee stipulation in a Mudaraba contract, are the specific traditions (hadith) narrated regarding this issue, whereas all the other arguments are not strong enough.Mudaraba, Guarantee of the capital, Manager, Stipulation of guarantee, Loan, Riba, Contract nature.

The rights of Intellectual Property, which divides into two main branches: the industrial property and, the Literary and Artistic property; are a set of privileges, capabilities and protections that people have on an intangible, intellectual, specific, and private phenomenon. Acceptance of ownership and application of the rules and laws of property over these kinds of phenomena, has resulted in a change in the knowledge and literature of Economics, and considering the abundance of knowledge generation on the one hand, and variations in the levels of knowledge and technology generation between the countries, on the other, has made this subject prominent in the political and economic dimensions. For a more in-depth case analysis of the intellectual property, it is necessary that the objective reality of an intellectual object in comparison with other categories of property [or wealth] be explained and its status in the system of properties be explored. On the other hand the legal connection between the creator and the intellectual creation, considering the legal titles should also be determined. In addition to this, the basis of legality of the institution of intellectual property, in Islamic laws should be studied so that in accordance with the level of acceptance of this phenomenon, an economic and legal system is designed. This article, keeping in view the source of the intellectual property laws and considering the philosophical discussions of this subject, will discuss the above mentioned topics.