فصلنامه اقتصاد اسلامی
پیاپی 85 (بهار 1401)

Central bank Wadiah Sukuk is one of the latest innovations of the Iranian Central Bank in the implementation of open market operations in accordance with Sharia, which has features such as simplicity, protection from inflation, and no need for the Central Bank to enter the activities of the real sector of the economy (unlike other types of Sukuk). The main question of the research is what is the operational model and jurisprudential principles of using Wadiah Sukuk based on the decision of the jurisprudential council of the Iranian Central Bank and what are the religious considerations related to this instrument? The research findings obtained by the descriptive method and content analysis show that in Wadiah Sukuk, the holders' relationship with the central bank is based on a Wadiah contract and not a loan contract, and therefore the collected funds do not become the property of the central bank; It is blocked in order to carry out contractionary open market operations. Overpayment on this Sukuk is also not a contractual obligation; It is a surplus paid unilaterally by the central bank to encourage buyers. Also, although the issue of compensation for the devaluation of money is one of the disputed jurisprudential issues, this challenge does not cause any damage to the approved pattern of Wadiah Sukuk; Because the jurisprudential-legal basis of overpayment in this Sukuk is "unconditional gift". Finally, the secondary market of Wadiah Sukuk is limited and in order to prevent the jurisprudential doubt of money-money transactions (Riba), it is only possible to transfer the Sukuk at face value. The research policy recommendation is the need to monitor the proper execution of the Wadiah Sukuk in practice and in particular to prevent the unconditional gift from becoming an implicit condition (or association) over time and creating suspicion of usury.

Portfolio management is an activity by investment legal entities in the field of investment called portfolio management, which under a contract under the rules and instructions approved by the stock exchange institution, on behalf of the investor and from the place of cash, securities and receivables, in return Receiving a commission commensurate with the return of the stock portfolio, by adopting an appropriate strategy and in terms of the investor's profit, monitors the maintenance or purchase and sale of the contents of the portfolio in the capital market. Despite the prominent role of portfolio management in the capital market and the wide range of its audience, there are obstacles in the legitimacy of portfolio management, which has necessitated their jurisprudential analysis in a descriptive-analytical manner and the study of library resources. . The results indicate that the two contracts of power of attorney and forgery are the closest contractual contracts under which portfolio management can be entered. Of course, according to some sources, this entry has some drawbacks. But even in this case, the correction of the neck basket will be possible with the option of the theory of non-exclusivity of contracts and the completeness of the evidence for the validity of non-contractual contracts. Also, accepting the legitimacy owed by the portfolio manager is absolutely not smooth. At the same time, there are doubts about the single acceptance of risk and risk-taking as a legitimate source of profit. Also, the loss of customers due to gaps in some of the regulations governing portfolio management, the legitimacy of portfolio management is challenged.

Economic Growth is one of the Important Goals of Macroeconomics in any Society and Therefore Identifying the Factors Affecting Economic Growth is of Particular Importance. In addition to the Factors Affecting Economic Growth that are Addressed in the Conventional Economy, the Islamic Economic System has also Introduced and Presented Mechanisms that Play an Important Role in the Economic Growth of Islamic Societies. One of these Mechanisms is Zakat. Zakat is the Cornerstone of the Islamic Economic System and has many Economic and Social Effects and can play an Important Role in the Economic Growth of Islamic Societies. The Main Purpose of this Study was to investigate the Role of Zakat in The Effect of Monetary and Productivity Shocks on Investment and Economic Growth in Iran Using Seasonal Time Series Data of Macroeconomic Variables during the Period 1379 to 1396. For this Purpose, a New Keynesian Stochastic Dynamic General Equilibrium (DSGE) Model in a Closed Economy for the Iranian Economy, as an Islamic Country with an Emphasis on Zakat Payment, is explained and then Compared with the Effects of Productivity and Monetary Shocks on Investment and Production is discussed in two Systems of Conventional Economics and Islamic Economics. The Results show that when External Shocks Occur in the Islamic Economy (with zakat), Investment and Production do not Decrease and Zakat has no Negative Effect on Economic Growth.

In recent years, e-commerce has developed rapidly and many transactions are made through websites and applications. According to asymmetric information theory, one party (buyer or seller) usually has more information than the other party in the transaction, and this causes loss of one of the two and disrupts the efficiency of the market. The problem of asymmetric information in online markets seems to be greater than in physical markets. In physical markets, the buyer and seller or their representative are physically present in the transaction; In online commerce, on the other hand, buyers and sellers do not have a physical presence, even at the same time. Asymmetric information in these transactions can be related to the identity of the buyer and seller, the quality and quantity of the product, price, payment operations, delivery, contract obligations and so on. Because of the importance of information symmetry in market efficiency, online marketers try to reduce asymmetric information in a variety of ways. In the present article, content analysis of the experiences of users of online markets for second-hand goods shows that asymmetric information has many negative consequences. Analysis of Islamic texts also indicates that in Islam there are rules to eliminate or reduce information asymmetry, which if used in the regulation of Internet transactions can greatly reduce the negative consequences. Online trading intermediary platforms should have a supervisory role in transactions and judge in accordance with Islamic law in cases of dispute in order to increase the efficiency of transactions and prevent one party from being deceived.

Khums in Islam, especially among Shiite communities, is one of the most important religious aspects for the establishment of the Islamic economy. Islamic economics is very important for creating an Islamic treasury. The purpose of this good descriptive-exploratory research is to fit the calculations made of the country's potential Khums during the years 1380 to 1393 and design a mathematical equation to predict the amount of potential Khums in the Islamic economy of Iran using the quadratic equation of the Fourier series in Matlab software. While calculating the types of Khums, the results of the research have a coefficient of determination R2 equals to 0.9521 for total Khums, 0.9027 for revenue Khums and 0.9561 for mining Khums and a modified coefficient of determination R2 Adjustment are 0.8443, 0.7892 and 0.9048, respectively, with a coefficient of correlation 95% was obtained, which indicates the goodness of accurate fit of the calculations. In this article, for each of the two Khums, the calculation formula with the output of specific coefficients recorded by MATLAB software is presented, which is an efficient method in predicting results in other sciences; which is able to accurately predict the types of Khums in the treasury of the Islamic economy of Iran.

One of the most important factors in investment and financing in the Muslim community and Islamic countries is the conformity of the type of investment, financing methods and contracts with sharia standards (in Iran, compliance with Imami jurisprudence is considered). In addition, the laws governing transactions and contracts in order to maintain investment security, promotion and economic stability, has been the biggest concern of companies, investors, as well as lawyers and officials. This study examines the jurisprudential, legal and economic aspects of bold Islamic investment, which is one of the ways to finance start-ups with technological ideas in the international market and in most Islamic countries in the last two decades. It is considered and also paves the way for the development and progress of small and medium companies in Iran. The use of this investment procedure requires pathology in various fields, the three main axes of which are jurisprudence, law and economics in this research, using the opinions of experts in two stages in the form of a questionnaire, in a society consisting of legislators. The professors of the seminary and the university and the managers of the knowledge-based companies were interviewed after the calculation of validity and reliability and finally using the survey method as well as hierarchical analysis and selection of three main criteria and 26 sub-criteria was also identified. The research finding is that the investing community in Iran is acutely concerned about the type of contracts and the lack of confidence in adhering to Islamic rules in contracts, property rights, as well as stability in economic indicators. Finally, it offers remedial solutions.