فصلنامه اقتصاد اسلامی
پیاپی 45 (بهار 1391)

The Nozurat (vows) are one of the existing resources and potentials in Islamic society. Iran as an Islamic society society has also this potential. Hence, it is necessary to study the role of Nozurat and ways of its economic utilization in society. Nazr has two aspects: spiritual aspect and physical aspect, thus it has two essential functions: Individual functions that cause faith strength and social functions that cause social solidarity, strengthening social partnership and etc. According to the statistical limitations in determining Nozurat volume, Nozourat given to Imam Khomeini Relief Committee (PB) and to Welfare Organization (except zakat Fitarh) is considered as Nozurat volume and according to the calculation of food poverty gap in Iran from 2006 to 2010, it is resulted that Nozurat can cover some part of this gap. (in 2006 fourteen percent of this gap was covered and this figure has dropped to four percent in 2010).

Knowledge limitations in science in general and especially in economics because of limited analysis of phenomena by human beings have resulted in a special knowledge in economics. Each methodology through his method, obtains some part of reality and traditional economics due to the dominant paradigm and due to dominant perspective of its scientists has had a special explanation of phenomena and then has traversed a special direction. Any change in the philosophical foundations of science axioms, assumptions and even its dominant values that is derived from Islam's teachings can lead to a new economics. The result is attributed to Islam or not even; this new economics can eliminate the limitations of the conventional economics. This paper shows that a new, worldwide science that can be called Islamic economics is possible to be created.

The word “sarf” and its derivatives have different meanings in literature. However all meanings are referred to “going beyond the limits”. Its meaning in fiqh has a limited scope and does not contain any “going beyond the limits”. Naraghi points to the two categories of Israf: dispositional and cost or allocated. Dispositional Israf means that a commodity is disposed without a justified reason and without using it. Charity in such a way that the person who gives up becomes needy is cost israf. In this kind of israf, the commodity is not wasted, but its ownership is transferred to another one in a way that is considered israf from the sharia viewpoint. Narratives count israf as big sins. Studying verses and narratives, we can use wastage, consumption beyond the public life level, consumption beyond the financial potential, exorbitant forgiveness, using the wealth in doing sin and ignoring priority in using personal and national capital as criterion for identification of israf.

This paper tries to come up with a model for Islamic taxes as tools of fiscal policy in Islamic economics. It also tries to show that how the presence of Islamic taxes (khums and zakat) in the assumed Islamic economic system, helps the Islamic government reach the optimum tax rate. The results of the research show that unlike the Diamond (1965) model in which the market economy cannot provide efficiency and equity and the government is obliged to issue bonds and enter into a kind of Ponzi game in order to solve the efficiency problem, the Islamic economics endogenously reaches Pareto optimality and equity in income allocation with minimum government intervention and without need to issue bonds. In fact, in this economy, the rich consumers optionally pay some of their income to the poor through khums and zakat and the Islamic government can set the optimal tax rate in such a way that ensures the economic efficiency. In addition, the findings of the paper prove that the higher the Islamic taxes (khums and zakat) paid by the rich, the less the need for government intervention.

In finance literature, treasury bills are securities that show the liability of their issuer (that are usually governments) to repay their nominal value in the future. These bonds are issued at the complete support of treasury’s commitment and credit and do not have any coupon. Treasury bills are debts in nature. The main objective of this instrument is financing the budget deficit of governments but they have also other functions such as free risk interest rate measurement. They are a good instrument in implementation of monetary policy. Although its current model is discounting and includes riba (so Islamic countries cannot use it), but recent studies show that it Islamic treasury bills can be designed using the capacities of Islamic contracts.This research seek to design operational models of Islamic treasury bills proper to real needs of the government in case of budget deficit. This paper using descriptive-analytical methodology, first classifies the financial needs of the government considering the two dimension of “nature” and “time” in case of budget deficit and finally designs three financial operational model of treasury bills appropriate with different time buckets and the nature of budget deficit in order to purchase commodities, services and funding cash needs.

Financial capital and its finance is one of the important subjects for economic actors. In this regard, one of these applicable tools is the Islamic Ijara bonds. In recent years, these bonds because of having advantages such as compliance with the law and Sharia, reliable support, efficiency and being accepted, have been greatly considered by officials, and accordingly, some legal provisions is also in progress. However, there are some obstacles in the implementation of these instruments in both money and capital markets that the most important of them are legal and operational infrastructure and dependence of their returns to macroeconomic variables such as inflation and banking interest rates. Methodology of this research is both the library research and interviews and surveys of professionals and experts in academic and administrative areas (money and capital market).This study tries to identify challenges and constraints of Ijara bonds and propose solutions for the effective application of these Islamic tools in the economy.