فصلنامه اقتصاد اسلامی
پیاپی 88 (زمستان 1401)

In his many works, the late Mousaviyan has examined the main issues of Islamic banking and Islamic capital market. In the first years of research, he found the country's banking and capital market performance to be inconsistent with Islamic standards. He believed that this existing system has not eliminated the truth of usury and has not been successful in achieving the goals of growth and justice. In rooting to factors such as the formality of some activities, weakness in the correct understanding of Islamic contracts, weakness in monitoring the Shariah of bank operations, lack of proper distribution of bank contracts in accordance with the business model of banks, etc., payment and according to each factor in research He offered solutions, but he did not address the main problem, i.e., the usurious and liberal structure of the money and capital market. This caused most of the solutions provided to solve the problem to aggravate the problems. In this article, by directly quoting some material and analyzing it, it has been proven that the result of all the solutions is to help strengthen the truth of usury in the financial markets and the governance of a financial system in accordance with the capitalist system, which is also of its bad type, i.e., financial capitalism in the name of Islam. Of course, if the desired structure of Islamic finance is designed, many of his researches can be used in a proper structure.

Money creation as the most important function of commercial banks is one of the most controversial issues in Islamic economics. This banking process has been opposed by some jurists and Islamic economists. One of the most important reasons for opposing the money creation process is that this process cause falsehood and incorrect possession of property (akl mal bialbatil). Examining the conformity of money creation with the rule of akl mal bialbatil, the paper considers jurisprudential legitimacy of money creation. Illegal income of banks from money creation, impossibility to return deposits, betrayal of trust, being based the creation of money on usury, violation of property rights and inflation are opponent's reasons that are given for adapting the creation of money to akl mal bialbatil rule. The paper tries to show if the process would be under proper governance and in accordance with specified laws and standards, the money creation will be legitimate. However, some performance of Iranian banks makes money creation an example of this rule. What raises the suspicion of illegitimacy is lack of law compliance and soundness standards of banking activity.

The long and time-consuming process of the initial offering of shares makes companies unable to use the appropriate market conditions for the initial offering of their shares; Therefore, a solution is suggested in this research, so that companies can finance themselves before the initial offering of their shares, through the issuance of convertible sukuk. In this research, the possibility of issuing pre-ipo sukuk r is examined from the financial, jurisprudential and legal perspective. This is qualitative research, which is a descriptive survey from the point of view of the applied goal and from the point of view of the method of data collection. The method of collecting information in this research is documentary and questionnaire. In this research, the descriptive analytical method was used to analyze the legal and jurisprudential aspects, and the descriptive survey method was used for financial feasibility. The statistical sample of the research is 20 financial experts who were selected purposefully. The results show that the power of attorney has a suitable and flexible structure for the design of convertible bonds and the proposed structure is approved in jurisprudence. According to experts, the proposed structure of convertible power of attorney bonds is proposed as follows: (1) optional conversion into shares (2) conversion time from the time of stock offering to the maturity of the bonds (3) periodic or cumulative interest payment (4) conversion Completely in the form of shares or a combination of cash and shares (5) determining the conversion rate at the time of issuing the bonds (6) the possibility of simultaneously using two buying and selling options (7) the time horizon of the bonds is one to three years (8) in case of a change of ownership The company exercises the put option for bondholders.

Today, Islamic contracts are one of the tools of economic jurisprudence in order to change the attitude towards interest-free facilities, as opposed to conventional banking. Emphasizing on the practical procedure of banks and the economic analysis of the rights based on judicial practice, it is important that the bank generally seeks to obtain a certain amount of profit regardless of the actual results, that the spread of such a thought of the concluded transaction towards the usurious transaction. It creates ambiguity in the distribution of profits between the agent and the bank and creates the image that the actual legal act is not approved by jurisprudence and civil law.Johesh aims to use a descriptive-analytical method to examine the concept and introduction of the contract of goods in equipping and allocating financial resources of Islamic-Iranian banking, to explain the ineffectiveness of some contracts based on realism, and to explain the incorrect jurisprudence and the failure of usury-free banking in practice due to Analyze the misunderstanding of the functions and duties of contracts. As a result, it seems that the way out of this problem requires structuring in the implementation, focusing on the analysis of the neglected capacities of the verses of the Qur'an (Kanzal-Irfan) and the rules of the Qur'an (Jisas) with the application and usefulness of the contract of goods in usury-free banking by compensating for the shortcomings of the phenomenon of curtailing the effectiveness of contracts. Through the creation of facilities, it is a confirmation of the position of economic jurisprudence and civil law.

Access to financial services is one of the most important factors for progress and development. The basic indicators of financial inclusion (access to banks and service points) are appropriate in Iran, but the status of the credit access index is still not very good and the efforts made in the field of microfinance have not been completely successful. Resolving these issues requires a systematic look at microfinance supply and related institutions and activities. The problem of the present study is the pathology of the country's micro-financing supply and the design of the Islamic micro-financing supply chain model. This research has used a mixed-method (qualitative and quantitative). First, using the analysis of the contents of documents and expert interviews, the financial inclusion situation in the country and domestic and foreign efforts in microfinance were reviewed and the challenges in the microfinance supply sector were analyzed. Then, using the opinions of experts, the model of the supply chain of microfinance in the country was designed. Then, in order to assess the validity of the designed model in terms of economic efficiency and social effectiveness, a questionnaire was distributed among the experts, and the proposed model was reviewed and approved by the experts. The proposed model, using five circles of people, local institutions, centralized institutions, investors, and the Steering Council, with a special focus on popular circles, encourages social cooperation and by systematizing the path of government support in the field of micro-financing, deepens the relationship between people and the government pays. Also, dividing the work between local units and centralized units has caused more specialized affairs in the field of micro-financing and by introducing the microfinance steering committee, it has tried to regulate the relationship between microfinance and governance.

The construction industry is one of the industries that requires significant capital. Funding is one of the main concerns of builders. Failure to provide it on time causes delays in the implementation of projects and as a result increases the cost. Among the financing methods of this industry are capital market instruments, especially sukuk. Despite the development of Islamic financial instrument and the use of other industries and economic enterprises, these methods have not yet been welcomed by manufacturers. There is a lack of acceptance even regarding istisna bond. So far, significant researches have been conducted in the field of jurisprudence and legal issues of this tool, but the research gap regarding the practical model and the reasons for its lack of acceptance is noticeable. One of these reasons is the impossibility of pre-selling the residential units of the project as a method of financing and risk management. The research question is about the possibility of using pre-sale in istisna bonds made by the founder. In this research, an attempt has been made to overcome this limitation by using two contracts of Salam and ijarah. In this regard, the proposed contracts have been analyzed from the aspect of jurisprudence and economic issues, and the advantages and suggested solutions for risk management of the models have also been presented. The results of the research indicate the possibility of using both contracts for pre-sale based on jurisprudence and economics. Of course, using an ijarah due to the payment of the unit price in the form of rent installments is a more desirable method and has the maximum compliance with the custom of this industry.