فصلنامه اقتصاد اسلامی
پیاپی 29 (بهار 1387)

In this paper competition and its functions have been studied from the view point of capitalism and proved that this concept of competition is not compatible with Islamic teaching. Then it will be shown that competition and cooperation in charity encourage on behalf of verses and traditions. Islam necessitates them in all economic, political, social and cultural systems to establish these two behavior principles. The competition and cooperation of the economic behavior of people settle down in the private and beneficiary sector of economic system. In the third sector, competition and cooperation prove in economic behaviors which perform according to beneficial incentive and appears in some institutions like endowment (Vaghf) interest-free loan (Gharzollhasaneh) and charity (Sadagheh).Competition and cooperation can be find out in consumption and earning in private sector and apply as a self-interest incentive. Competition in consumption leads to try to keep with the joneses in consumption, wastefulness and extravagance as well as luxury that are forbidden in Islam. Also it is not encouraged in the case of earning unless it is an example of competition and cooperation in charity which it happens whenever it is through the framework of rule, law and ethical principle of Islam. The most important law principles are: justice, contracts mutual consent, knowing trade characteristic, fulfillment of a promise and contract incident condition, honesty in trades and contracts, principle of no harm, prohibition of Riba and hoarding (engrossment), principle of observance system interest.

This paper uses a set of consistent and coherent Islamic Axioms in a systematic approach to derive the general principles of Islamic monetary system. It is obvious that these principles are just theoretical and will change and evolve over the time. Using this method, we introduced three criteria; efficiency equity and mutual consent as the comparative Islamic measures and also derived four fundamental bases of Islamic monetary system in an Islamic framework of contracts given the fair market conditions as following:1.Money value is a measurement of social equity;2.Money value roots in transactions in goods and services market;3.Possibility of assignment of shadow price for money and cash capital;4.Mutual consent in economic and financial behaviors.

Islamic banks and financial institutions established based on "profit and loss sharing" theory four decades ago. While this theory provides increasing in investment and develops bank loans distribution but it has its own challenges and problems in practice. These challenges are: separating Islamic banks interest rates from international interest rates, determining definite profit rate for investment, moral hazard for loan demanders, delay in returning debts, lack of proper ways of government financing and lack of institutional infrastructures. In this paper, it is suggested the effect of profit and loss sharing theory on investment and the development of facilitate distribution, challenges in front of Islamic banking system and their possible solutions.

Expedient should include two traits: connection to Shariah objects and cover this and the next word. Whatever reach human to prosperity is his expedient. Prosperity is super enjoyment, stability and being away from pain and sorrow in life which include this and the next word. Expedients classifies in three groups: superior, medial and operational.Disturbance to prosecute expedients arises in three aspects: disturbance in expressing the economic system expedients of Islam, the disturbance of economic system expedients with other Islamic systems, the disturbance of individual expedients with economic system. In the first and the third option determining the most important is according to achieve super expedients. In the second option it is the case if each social subsystem conducts us to the higher purpose of an Islamic system. Distinguishing expedients in individual rules is only possible through juristic principles. Valliye Faqih recognizes social behavior and relation examples through social decisions. He will discover the rule in inference sources and compare them with considered matter and if he found any disturbance between individual and social rules he would select the most important one in contrast with the others.Finally Valliye Faqih consults with experts and skillful consultants to act certainly in favor of society expedients and to achieve to the purposes of economic system in Islam. Applying preponderant probability is a method that deriving from rational methods like: analogy and juristic preference when it is impossible to take a confidence result.

Human has two aspects that Islam has considered both of them in its criteria. Upbringing prominent humans to reach to their perfection in spiritual aspect and leading them in the way of catching spiritual purposes as well as enjoying material and spiritual pleasures in material aspect are two categories has considered in Islam. They are combined with each other unlike other economic systems just maximize material gain and profit.It is studied in this paper the effect of human munificence as an ethical and normative category in economics on economic behavior and action. The belief of the writer is that human behaviors and incentive is compatible with economic system of Islam. In this regard, to prove this purpose it would specify: munificence concept, human munificence categories and economic characteristics of merciful human, its incentives and behavior and purposes of the economic system of Islam. It is concluded that:1Despite of homo economicus in capitalism merciful human maximizes spiritual and material enjoyments in accordance with divine standards and emphasizing on collective interest;2.The economic behavior and incentives of merciful human is accordance with purposes of economic system of Islam;3.Correct implementation of economic system of Islam creates and preserves human munificence.Human, Human Munificence, Economic System of Islam, Capitalism, Spiritual and Material

In this paper it is tried to explain that capital adequacy in an Islamic banking system is different from what is applied in conventional banking. We come to this conclusion after studying the capital adequacy as a criterion, designed by Basel committee as an international supervisory board, showing the soundness of bank's capital structure. We also take into consideration the special nature of Islamic banking as a new system in banking industry. The asset risk and as a consequent, capital adequacy is supposed to change in Islamic banking where Islamic contracts are based on profit-loss sharing in contrast with conventional banking. The paper starts with a literature review on capital adequacy, distinguishing features of Islamic banking and its general principles. Capital adequacy is compared in the two mentioned systems using the results of a study made by Islamic Development Bank on Islamic contracts risks. It is finally concluded that a new statement for capital adequacy in an Islamic banking is necessary while it has its own special nature and different mechanism.Capital Adequacy, Basel Committee, Islamic Banking System, Conventional Banking

Banks, as one of the important institutions in money market, have a basic role in production, industrial and housing finance.Today, some economic problems have caused particular difficulties to the financing of such projects. One of the most common methods in banking finance is to issue Mortgage backed Securities which is not of a long background in Islamic Banks.After ratifying the Securities Market Law on November 2005, conditions for designing and issuing of new types of securities were established.Now, banks can finance such projects through the capital market by issuing new financial instruments.Because of the tax law, issuing MBS in not possible. Hence, in this article we will review MBS and finally a new financial instrument named Mortgage Musharakah Securities will be presented.