نشریه معرفت اقتصاد اسلامی
سال سوم شماره 1 (پیاپی 5، پاییز و زمستان 1390)

After many years of the domination of financial-standard paradigm on the field of financial studies, financial experts tried to change their view when they discovered the deficiencies caused by the reliance of this paradigm on complete rationality and maximizing the expected desirability. This change in view manifested itself in a financial-behavioral paradigm. The two main bases of financial-behavioral paradigm are: limitation in "Arbitrage" and psychology. Using a library method, the present paper sheds light on the financial-standard paradigm and financial-behavioral paradigm and show their strengths and weaknesses. On the other hand, it introduces a third approach, namely, the Islamic rationality model (reasonable life) to overcome the failure of the aforementioned paradigms to interpret rationality. The new approach not only provides a new interpretation of rationality and defines Islamic anthropology as a basis for recognizing man's behavior but also challenges the ontological and epistemological principles of these two paradigms, which are arranged in form of modernity rationality.

One of the main differences between Islamic banking and interest-based banking is how Profit is paid on bank deposits. In an interest- based banking system, an investor's return is determined by the fixed interest rate and time span of investment; in interest-free banking, however, only Profit portion is determined while the amount of Profit is determined at the end of the transaction and after examining the benefits and losses. According to this research, the degree of Islamic bank's commitment to paying uncertain Profits on bank deposits can be evaluated in terms of the convergence of the amount of bank Profit rate with the amount of stock market's long-run return. To test this hypothesis, the long-term relationship between the bank Profit vate in the banking system of the Islamic Republic of Iran and the cash return of stocks in Tehran stock exchange and the relationship between the Profit rate on short-run stocks and the changes in stock price index from 1374 to 1389 (1995- 2010) have been analyzed. The results of this research which a new bound testing was used show that there is no long-run relationship between the two variables: short-run Profit rates and stock return – concerning cash return or the return resulting from price changes.

The current model of interest-free banking in Islamic Republic of Iran has some deficiencies and shortcomings despite the many advantages it has over the pre-Islamic Revolution banking model. In recent years, some alternative models were introduced, one of which is the model of separating the banks into Qard-al-Hassaneh banks, investment, banks and leasing firms. The present paper studies the efficiency of the separation model and its effectiveness in solving the problems of the current model in Islamic Republic of Iran. This research argues that the separation model is more efficient than the current model of interest-free banking in Iran. For examining this hypothesis sixteen fiqhi, moral, and economic criteria are proposed as indexes of the desired Islamic banking. The research findings show that the separation model can meet 93% of the criteria of the desired Islamic banking.

One of the most important effective aims of Islamic banking is the mobilization of bank resources, especially long-term deposit accounts based on Islamic principles. In most banks, the mobilization of long-term deposit accounts is based on paying interest on these deposits. Because Riba (interest) is forbidden in Islam, the alternative model proposed by Islamic banking for this product are investment deposits. Islamic banks generally use two models to put these accounts into effect. One of them is a unique model called Wakalah model which function within the framework of interest-free banking operations in Islamic Republic of Iran. The other one is called Mosharekah a model which is common in most countries. Each of these models has its advantages and disadvantage. Criticizing and analyzing these two interest-free banking models of mobilizing investment resources, the present paper offers a new model in an attempt to overcome the shortcomings of these two models by making use of the advantages of Mosharekah model. The research findings show that this new model is more efficient than either Wakalah model and Mosharekah model because the advantages of Mosharekah model are included in it and are strengthened by transferable bonds and financial engineering.

A study of the market conditions and evaluating the degree of its conformity with the desired Islamic market requires providing calculational indexes. The present paper provides synthetic index of truthfulness which is one of the indexes of evaluating market conditions. This index measures the contributory, process and compensatory variables of truthfulness in cognitive, structural and behavioral field. By truthfulness, we mean an acquired moral habitus which manifests itself in the relationship between one and oneself, one and God, one and others, and one and environment, and ensures conformity between one’s sayings, writings and behavior. Market truthfulness means that the interaction between suppliers and demanders, physical environment, light reflection way of displaying goods and the atmosphere dominating the market are so realistic that no deviation or twist from truth will be noticed in the market, and if, for some reasons a deviation, the market will have the flexibility required for compensation. The proposed synthetic index of truthfulness is a weight mean of "cognition index" which consists of four indicators as contributory index: "order and law- centeredness index", "ethics domination index" with its own indicators as the index of timely information circulation, and "options index" as the index of compensation for market deficiency or deliberate concealment.

According to developing an act or new financial tools and markets to facilitate the enactment of the policies in the Article 44 of the Constitution approved in Azar 88 (November 2009) by the Islamic Consultative Assembly, and necessity to attract foreign and local Muslim and non-Muslim investors, we found that we have to develop and diversify Islamic financial tools which are compatible with the principles of Islamic Law and are financially and economically justifiable. One of the most common ways to achieve this end is using Sukuks (Islamic bonds). Nowadays, Muslim companies and states focus on Modarabah Sukuks in order to find financial resources (due to the particular features of these Sukuks compared with other Sukuk bonds). Since observing "juridical, legal, designing financial model, risk management, computational, and tax dimensions" in designing any Islamic financial tool has special importance, the risks of Modarabah Sukuks were first classified into investor's risks, risks of commercial association (the founder) and risks of financial association (the broker) based on Delphi research method. Then the risks of price fluctuation of the goods relating to commerce, inflation, obligations of Modarabah Sukuks, market, and liquidity were arranged in the order of priority from 1 to 5 by using a combination of SAW and TOPSIS techniques.

The question of the nature of Islamic economics has always been one of the concerns of researchers of Islamic economics. Although there have been many discussions about the nature of Islamic economics, no clear-cut answer is given to this question. The present paper makes further inquiry into the nature of the discipline of Islamic economics, classifying, examining, and criticizing the different approaches to defining the nature of Islamic economics. According to the classification, the approach to this discipline which the researchers of Islamic economics adopt are discussed in terms of subject, resource, end, and researcher. The research hypothesis is that cognition source – of course, full cognition sources represented in reason and the traditions according to Ayatollah Jawadi Amoli's interpretation- is a more rational and logical criterion for defining the identity of Islamic economics at this juncture. The author refers to the works about Islamic economics written in terms of aforementioned cognitive knowledge and introduces logical evidence in order to confirm the hypothesis.