نشریه مطالعات اقتصاد اسلامی
سال دوم شماره 1 (پیاپی 3، پاییز و زمستان 1388)

An economic system is comprised with three sub-systems of production, distribution and consumption, in which the core of the all, is the institutional arrangements among productive resources, known as apriori and apostrori theory of income distribution. Ironically, the neoclassical economists tried to deny the relevance of "capitalism," saying it made no difference whether capital hired labor or labor hired capital. And that is true in the kinds of models that they constructed. But the question was, in the real world, did it make a difference? Furthermore, besides the core economic questions of, what?For whom? By who? How? What quantity? Where? When? Should be produced, there is a neglected question in classical mainstream thought that, who decides and answers for these question, and own the business? By contrast, constructing a theory of take-overs was an important component of the Islamic Economics, in which, who make decisions, and thus who control the firm matters. In this paper we introduce the problem and showing the importance of whether to construct “cooperative” or “principal-agent” institutional arrangements among productive inputs, and exclusively through the conceptual and jurisprudential- contractual analysis of money and time, defining their positions in Islamic Economics’ distribution theory.

There are several ways for divine activities, one of the most indelible and everlasting ways is vaqf; in vaqf people and endowers allocate a part of their assets (such as land, house & garden) for philanthropic purposes according to the needs of the society. By elapse of the time and growth of the population, one of the inconveniences that institution of vaqf has faced is that while majority of people interest in admirable activity of vaqf, they can’t do this activity individually. In other words, only few number of people can allocate their properties and real estates for “individual vaqf”. The “group vaqf” approach specially in the form of issuing equities which has been discussed among Muslim scholars in recent two decades, in addition to reinforcing the spirit of cooperation and participation that is one of the basic thoughts of Quran, has the ability of compacting with the inconveniences of the institution of vaqf.This research which has an analytical-practical approach tries to design vaqf papers that in accordance with Islamic Shariah, especially Shiite jurisprudence, has this ability to administrate mentioned aim, in other words, in this research the “group vaqf papers” model is designed and specified for financial procurement of non beneficial projects.

Securitization as a most common tool in risk management and financing is being utilized in insurance and reinsurance companies for managing the risk of covering catastrophic risks. Catastrophe (CAT) bond Issuance may be defined as the transfer of catastrophic risks to the capital. Rather than an insurer transferring its underwriting catastrophic risk to a (re)insurer, the risk is transferred to the broader capital markets. Securitizing insurance risk involves theA problem facing creation of this modern financial-insurance instrument is it's conformity with holy Islamic religion (Shariah). In this study, comparative approach is adopted to Jurisprudential examination of Catastrophe (CAT) bonds. By comparative approach we mean the use of Jurisprudential judgments of other securities and contracts which is defined, to find the parallel judgments for Catastrophe (CAT) bonds. Here, there are three probabilities about Catastrophe (CAT) bonds:1- These bonds are like conventional bonds.2- These bonds are like asset-backed securities (ABS).3- These bonds are like Insurance contract.Despite of term similarity with conventional bonds, Catastrophe (CAT) bonds arent conventional bonds and their Jurisprudential judgment of prohibition couldnt apply to Catastrophe (CAT) bonds. Likewise, the Catastrophe (CAT) bonds arent asset-backed securities and so their Jurisprudential judgment couldnt apply to Catastrophe (CAT) bonds. But, as Catastrophe (CAT) bonds, similar to insurance contract, are risk transferring tool, the Jurisprudential judgment of insurance contract, as a modernistic permissible contracts, could apply to Catastrophe (CAT) bonds. Thereby we can conclude that Catastrophe (CAT) bonds are accepted and permissible in an Islamic framework.

Creating new financial instruments, known as derivatives, may expand the stock exchange on one hand and provide us with a suitable condition in managing the risk on the other, for the sake of reducing producer's anxiety. This study collected data from documents, including research conducted in this field, books, journals, articles taken from the World Wide Web. Because of compatibility and incompatibility with the principles and rules of Islamic Shariah, requires analysis of Islamic fiqh texts and correct explanation of the contract, can be said, method will be analytic - Inferential.In this article tried to set forth an introduction to futures contract. It also examines the consistency of this financial instrument with fiqh principles and rules. Here the If this fiqh theory should be based that firstly, the promises is considered as mandatory, and secondly, non-delivery contract price in the contract of salam does not lead to nullity, and third, the sale delayed to delayed absolutely not invalidate, Futures contracts not contradict with Islamic Sharia rules. But the opinion majority of fiqh scholars about contract of salam and sale delayed to delayed to be based, Future contract from the fiqh point of view is confronted with the problem.Of course If a) the futures market is planned in the way that the seller and buyer undertake to respect the contract in future, b) the fiqh rule of respecting the promises is considered as mandatory and c) the margin account plays just as a security and none of the parties of the transaction is allowed to withdraw from this account as the profit of the contract, then it seems that from fiqh point of view, this market is legitimate.

Although all of the Islamic jurisprudential schools are in consensus about this fact that Zakah is an Islamic obligatory payment, there is a wide disagreement about the Zakah base. Some of the schools confine Zakah in the nine exactly stated assets in the Hadiths and others develop its base in a way that includes any valuable asset.As a result, the choice of the Fighi view will have great influence on the increase or decrease of the Zakah payments and hence on solving the problem of poverty in the Islamic society. Emerging the extended view of Zakah base by the scholars near the Imams era, imposition of Zakah on horse cattle in Imam Ali government, and the existence of some Hadiths clarifying the imposition of Zakah on unemployed tradable assets during the year, may be some evidence for the extended theory of Zakah base.

Observation of justice in income distribution is one of the aims of Islamic economic system. Principles and criteria of implementation of this goal is the main question of the paper. After studying the major criteria of income distribution in different schools of economics, we practice the justly criteria of this subject in Islamic system and it has been tried to with an inference that is based on the concept of “truth” restudy the structure of income distribution system.With a regard on the Islamic sources, we can understand that among different criteria of income distribution index, the criterion of “eligibility” -subject to observation of Islamic principles in market- in the stage of distribution of earned returns and incomes; and the criterion of “equality” in usage of facilities, opportunities and natural factors, are upheld according to the Islamic rules. But with regard to the definitions and interpretations that exist for utilitarianism, we cannot find such a sign for utilitarianism.The method of functional distribution in Islamic topics has a great similarity with outcomes of conventional economics, while the topic of “quantity redistribution” in Islamic economic system which according to the arguable Shariah bases is considered an individual and social duty, in the atmosphere that is based on the concept of “truth”, has a major and general role.

This paper evaluates the concept of Riba in Quran and then discusses some of its related rules. Focusing on the arrangements of the revelation of Riba versus, the rationale of their revelation, the stages of the prohibition of Riba in Quran, the terminology of Riba, the rationale behind the prohibition of Riba and analysis of the different views of Fiqh scholars are some of the topics that this paper will shed lights on. In addition, the evaluation of the justice as a principle will not be forgotten. The methodology of the paper is content analysis in which the writer tries to evaluate the main sources. The prohibition of Riba in four stages shows the difficulty of this action prevailing in the age of prophet. For sure, the phenomenon of Riba is not only for the time of the Prophet (peace be upon him) but also it can be seen in all ages.