جستجوی مقالات مرتبط با کلیدواژه « اسناد خزانه اسلامی » در نشریات گروه « علوم انسانی »

Financing projects in the country has always been very important because stopping projects not only deprives the country from the benefits and services of those projects for a long time, but also because of the cost of maintaining part-time projects to the government and Also, the increase in the price of materials and services due to inflation and their price growth will drastically increase the cost of the project. Islamic treasury bounds are can cover these fluctuations; therefore, the demand and acceptance of Islamic treasury bounds should be created and strengthened, but the bounds also have challenges such as liquidity risk, to solve this challenge in the present study, the factors affecting the demand for these bounds in the OTC market were examined. Almost ideal demand and regression method were used, which based on the results of increasing investor income and reducing bank interest rates has a positive effect on the demand for Islamic treasury bounds and on the other hand, increasing ,inflation has a negative effect on the demand for Islamic treasury bounds.

How to finance the budget deficit has always been associated with many challenges in governments, and because according to studies and research, the method of financing with papers and documents has the least negative social effects. One of these types of bonds is the Islamic treasury, which has many advantages, but the budget deficit through this also has problems such as unwillingness of contractors and disproportionate emissions to the realized performance (lack of demand), liquidity risk and ultimately reduce It has a strong value in the OTC market (lack of market demand), so in this study, the factors affecting the acceptance of contractors for Islamic treasury bills were investigated. Collected from construction project contractors. Based on the results, the increase in contractor assets has a positive effect on the acceptance of Islamic treasury bills and on the other hand, based on the results of increasing inflation and discount rate in the secondary market has a negative effect on the acceptance of Islamic treasury bills that these variables should be controlled to attract documents by contractors

The budget deficit refers to the situation where the government’s expenditures exceeding its revenues According to many schools of economics, the existence of a persistent budget deficit in an economy is a sign of that country’s economic weakness, and the government of that country must implement economic reforms to eliminate or reduce it in various ways. There are various ways to finance the budget deficit such as borrowing from the central bank, borrowing from foreigners and borrowing from the people and private sectors. The present study, considering the growing trend of using Islamic treasury bills in Iran to finance the budget deficit, has addressed the importance of the impact of issuing these bonds on economic variables compared to financing the budget deficit through borrowing from the Central Bank. For this purpose, a Dynamic Stochastic General Equilibrium (DSGE) model has been developed for the Iranian economy as an open economy Results claim in order to increase the investment, enhance the state consumptions and the deflation, while facing exchange rate momentum and monetary momentum, it would be a better choice to use the Islamic Treasury Bills. Whereas to increase the consumptions, receiving a loan from the Central Bank would be a better option in the case of momentum. Moreover, results indicate that in the case using Islamic T-Bills due to these two momenta, observing variables would be less off-balance and they would return to their early balance within a short span of time.

The Iranian government has traditionally financed its budget deficit through borrowing from the Central Bank. In contrast, many countries rely on bonds as the primary method to finance the budget deficit. The Iranian economy rejects this method based on religious considerations. Islamic Economists in Iran have proposed an alternative financial instrument called the Islamic Treasury Bills, which inherently differ from bonds. This study analyzes and compares how borrowing from the Central Bank, bonds, and Islamic Treasury Bills as budget financing methods affect macroeconomic variables, such as inflation, investment, and gross domestic product. This study uses a Dynamic stochastic general equilibrium model (DSGE) for an open economy by considering various methods of financing budget deficit. Findings suggest that using Islamic Treasury Bills to finance the government's budget deficit is preferable to the two other approaches, i.e., borrowing from the Central Bank and issuing bonds.

One of the most common ways of compensating governments’ budget deficits is to issue government treasury securities. These documents are published so that they can be bought and sold in secondary markets. Due to the usury nature of the conventional treasury bonds, Islamic treasury bills have been proposed and institutionalized as an alternative to conventional treasury bills in the Islamic Republic of Iran. Islamic treasury bills are financial devices based on public sector accumulated debts to the banking system, contractors and some other general treasury debts that are issued by the Ministry of Economic Affairs and Finance on behalf of the government. Considering the experience of issuing Islamic treasury bills in financing the different needs of the government, identifying the functions and making an assessment of the jurisprudential aspects and explaining the various cases and examples of these bills, are among the objectives of the this study.    In this research, detailed dimensions of the Islamic treasury bills, including the definition of Islamic treasury bills, its types, characteristics and specifications, components and mechanism of its issuance are presented first. In the next phase, a descriptive-analytical method is employed to find out the primary and secondary markets of Islamic treasury bills, compensation for the devaluation of money in these bonds, the possibility to convert them into shares, and various types of Islamic treasury bills from the perspective of ownership union have been studied and analyzed from jurisprudential perspective.

More than 9 years after its establishment, the Iranian Rial interbank market, despite the increase in the volume of its exchanges, has not been able to expand its position in the country's monetary market by creating the necessary variety in its tools and trading mechanisms. The purpose of this study is to investigate the pathology of the interbank market and design its new structure based on providing short-term monetary instruments and creating the necessary processes and institutions. The research method of this research is in the first stage, the use of descriptive method for collecting library resources and then through analytical-inferential method for jurisprudential and financial sources. In the second part, to design the structure, tools, main components of this market, as well as proposed solutions and explain the limits and limitations of the subject through survey methods and interviews with jurisprudential, financial and monetary experts have been used. In the third stage, using the opinions of experts, 3 stages of questionnaire design and after collecting the results through statistical methods, to analyze them and also write the results in the form of designing a new structure of the interbank market with emphasis on its main components.The results of this study indicate that through the pathology of the current interbank market and the study of the structure of this market in Western and Islamic countries on the one hand and appropriate research in the field of Islamic finance, it is possible to design a new structure of the interbank market. A bank based on the views of jurisprudential experts in the monetary and financial system of Iran.

From the perspective of government accounting, the Publishing of Islamic Treasury Bills, due to the nature of these bonds that transfer of debt is permissible, there will be no additional financial burden for the government in the form of principal and interests of them. In other securities, on the other hand, the government is bound to pay the principal and its interests on the date of maturity to its holders. Paying the interests of the bonds as a new cost resource will affect government Fiscal sustainability. So, over the time, government debt will rise and get into Ponzi game. Regarding the growing trend in the use of securities in financing and the growing use of Islamic Treasury Bills, along with other debt securities recently, it is imperative to examine the aspects of Islamic Treasury Bills that can effect on the government fiscal sustainability, as a main way to achieve to a stable macroeconomic framework. This is followed in this thesis using the design of a stochastic dynamic general equilibrium model for the Iranian economy. The results show that when the government uses the Islamic Treasury bills, along with other debt securities, the debt-to-output ratio which is considered in this study as an Index of Fiscal sustainability, during productivity, monetary and oil shocks, reflect the Fiscal unsustainability of the government budget in the long run. In contrast, through the private sector investment shocks, mark-ups, exchange rate shocks, and government spending shocks, reflects budget sustainability.

Considering the importance of the issues surrounding resistance economics and the essential role of the capital market in fulfilling the objectives of the policies stated therein, it would be necessary to survey the functions of modern Islamic financial instruments in the capital market to be utilized promptly by the government. Treasury documents are one of those instruments and the main question in this article is how they can serve to attain the resistance economics objectives. To answer the question, by adopting the analytical-descriptive method and using library resources, we have verified the hypothesis that Islamic Treasury documents can affect the components of the resistance economics through supporting national production, Iranian labor, entrepreneurship, transparency of government debt, maximum use of the resources and reducing the government's dependence on oil.

Various types of Islamic Treasury bills are extensively raised in Iran's financial markets and had significant functions in handling economic policies. Therefore, studying the jurisprudential nature and sentences of these bills can in many cases have significant effects on the performance of these bills in applying various economic policies and economy in the country. In this study, using content analysis and jurisprudential ijtihad method, after reviewing various sale of obligation and analyzing the opinions of the jurists, the Islamic treasury bills in the secondary market have been examined from the angle of its performance with the functions of the usury markets. Also, in this research, have been extracted using famous jurisprudential views, five types of treasury bills and their sentences in the primary market. After reviewing and analyzing the comments, the result of the research is that the secondary market of Islamic treasury bills has the function of usury from a macro jurisprudential point of view. Finally, the terms of each of the five types of Treasury bills in the primary market have been expressed separately.

Islamic treasury bills are new financial instruments which the government introduced in 1392 to settle private creditors' claims from the government. These types of documents, considered debt securities, are means of compensating for government deficits in the short run in other countries. In Iran, two Islamic treasury bills have been introduced. The first type is used to settle private contractors' claims from the government and this is not to be confused with conventional treasury bills and those employed in pre-revolution Iran to compensate for the government's budget deficit. In contrast, there is the second type of Islamic treasury bills used to cover temporary budget deficits of the government functionally similar to the conventional ones. In Islamic jurisprudence, the question is whether the first type treasury bills can pay extra to creditors due to their delay in paying off their debts. Furthermore, identifying the legal nature of the basic contract of issuing Islamic treasury bills and its comparison with its similar entities such as treasury securities clearing can clarify the comprehensiveness of the regulations governing this type of securities, the rights and obligations of the contract parties and its implications. In this research, the above questions are examined and some amendments are proposed about the basic laws for issuing these documents.

The Islamic Treasury bills market is one of the significant influential factors on the implementation of the resistance economy in Iran. Therefore, in this research, due to the importance of the Islamic Treasury bills market in adapting to the resistance economy and its impact on the Iran economy, first, extracthng the principles of resistance economy relating Islamic Treasury bills, using library method, and then are reviewed and ranked these principles by experts, using Analytical Hierarchy Process(AHP) method. In the following, are adapted the main types of Islamic treasury bills to each of the principles of resistance economy, and Finally, are designed the treasury bills adopted to the resistance economy, using the relevant principles. Show, by extracting seven principles of resistance economy in relation to treasury bills, the results of the research that, firstly, the common Islamic Treasury bills, in most cases are not consistent with the principles of resilient economics, with the exception of investment treasury bills (matching four cases). Secondly, align these bills with the principles of resilient economy, the design of the treasury bills on two bases: “Adjustment with inflation” and “market pricing(tender)”, except for the secondary market of Islamic Treasury bills and Treasury bills flattening the budget.

Islamic treasury bills (ITB) in Iran's Securities Market are the latest financial innovation in Islamic financial instruments. They were issued for the first time in Iran's Fara Bourse on 94/8/7. To finance government projects, Iran's Securities Market is extending Islamic treasury bills. So it will be useful to investigate some other aspects of ITB such as risks identification and risks ranking.
This article wants to clarify these questions: what are the risks of ITB and how do they affect ITBs efficiency. At first, we describe these questions by using a descriptive method and then we are going to rank risks by analytical hierarchy process. The results show that the interest rate risks, liquidity risks, inflation risks and exchange rate risks have more probability of occurrence. Furthermore, interest rate risks, liquidity risks, credit risks and inflation risks have more effective impact in the process of issuing IBT.

Decreasing the oil revenue in recent years has de facto led to acceleration of government budget deficit significantly. Besides in the absence of well developed debt market in Iran, the government is per se compelled to resort to the Central Bank and banking network for borrowing and financing its public expenditures, Sine die. However, issuing the debt securities will assist the government to finance its expenses without relying de jure on the Central Bank and banking system resources. It is obvious that, this act of government can pave the way to augment the scope of independency of the Central Bank in process of decision making and optimal implementation of monetary policy Ipso facto. In this context, the Central Bank can exert its prominent role, viz-a-viz open market operation and deal with transaction of debt securities in the second market, to control the volume of liquidity and or accepting these bonds as collateral in the interbank market to reduce the impact of unexpected hike in the cost of short term financing the banking system, quid pro qua. Nonetheless, in Iran, among the various available financial instruments to settle the government debts with different contractors, there is the typical Islamic Treasury Bill, Sui generis. Hence, in this paper, an attempt is made to investigate the existing challenges and loopholes of Islamic Treasury Bill market in Iran. The results prima facie indicate that Islamic Treasury Bills unlike the Treasury Bills issued in other parts of the world, are bearing the risk premium and consequently, the market participants believe that there may be all probabilities for them to be dishonored in certain circumstances. Moreover, the Islamic Treasury Bills are endowed with observed marketability and plausible degree of liquidability in toto. Thus, we can conclude that in the Iranian economy, one may expect that there will be adequate demand for further issuing the Treasury Bills, Sine qua non.

After exceeding eight years from its establishment, and despite its considerable size of dealings, Iran's Rial Interbank Market has not yet managed to develop its position in the state’s money market through creation of necessary diversities in transactional mechanisms. Application of treasury bills as a short-term monetary instrument is globally fostered. After adoption of sale of debt in the state’s monetary system, application of Islamic treasury bills was lodged in the 2014 Budget Act. Supplying these bills in the capital market one year later could result in formation and development of a secondary market for such bills. The main question of this research is posed as “How could Islamic treasury bills be used to promote the efficiency of Iran's Rial Interbank Market?” By explicating the performance and recognizing Iran's Interbank Market shortcomings, the present article intends to examine the application of Islamic treasury bills as a short-term monetary instrument in Iran's Interbank Market. Findings of this study achieved through a descriptive-analytical methodology by referring to Shiite jurisprudence and finance texts are expressive of the fact that Islamic treasury bills are capable of being applied in Iran's Rial Interbank Market.

Treasury Bills are contained the proof of face value payment of bonds in the future by the publisher (typically by governments). Issuing conventional Treasury bills, due to usury based nature of Treasury bills, in Islamic financial systems is not possible. So Islamic financial experts have designed the Islamic Treasury bills.
Islamic Treasury bills are registered or bearer securities that of the Treasury of the Ministry of Economic Affairs and Finance, with a certain maturity and without interest coupons issue and can be used for Settlement of public sector debts to the Central Bank, the banking network and contractors. This model is examined in terms of jurisprudence and law and it is applicable but appropriate discount rate and in fact Treasury valuation model has not been studied yet.
This article will explain the appropriate model to determine the discount rate for these securities. It seems to be the best assess to discount rates or pricing Islamic T-bill’s is the mean return of the market that these instruments have been issued for them. This means for the purchasing goods Islamic T-bills, the average estimated return on the market that the required goods are purchased from it. In purchasing services Islamic T-bill’s, the average rate of return of the operation of the project. And in funding Islamic T-bill’s, the average rate of returns gold trades in the horizon of securities is the best criteria to determinate the rates.

Government in the implementation of development projects is facing with liquidity problems and delays in the implementation and operation of the projects. Despite the anticipated release of Islamic Treasury bills in the budget laws in recent years havent been remarkable performance. The main question in this study is whether the use of Islamic treasury bills to finance short-term projects may be its mode of operation and, if yes, how? The hypothesis is that the Islamic treasury bills may be issued at the beginning of a shortage of funding for projects, acquisition of nonfinancial assets (construction), especially in the first half of the year. The method proposed in this paper, adequate funding for the implementation of projects and delays in the completion of construction.

Issuing traditional treasury securities is an important and effective means for funding the budget deficit which governments face. But, the other factors, such as short-term investment, the measure for fixing financial market prices and the effective means of central bank in performing monetary policy make this means have a key role. But, it has no practicability in Islamic financial system because of its interest-based property.Using a descriptive-analytical method, this research investigates the kinds of Islamic treasury bonds to see whether or not they conform to Islamic law. According to the paper’s findings, if the debts which the government owes to banks, companies, private and public institutions are intended to pay for purchasing goods and real services, such as contract agreements, buying and selling them is, according most of Islamic schools of thought including Imamites and Iranian laws, permissible, and it is possible to issue short-term bonds with low risk under the name of Islamic treasury securities.

In finance literature, treasury bills are securities that show the liability of their issuer (that are usually governments) to repay their nominal value in the future. These bonds are issued at the complete support of treasury’s commitment and credit and do not have any coupon. Treasury bills are debts in nature. The main objective of this instrument is financing the budget deficit of governments but they have also other functions such as free risk interest rate measurement. They are a good instrument in implementation of monetary policy. Although its current model is discounting and includes riba (so Islamic countries cannot use it), but recent studies show that it Islamic treasury bills can be designed using the capacities of Islamic contracts.This research seek to design operational models of Islamic treasury bills proper to real needs of the government in case of budget deficit. This paper using descriptive-analytical methodology, first classifies the financial needs of the government considering the two dimension of “nature” and “time” in case of budget deficit and finally designs three financial operational model of treasury bills appropriate with different time buckets and the nature of budget deficit in order to purchase commodities, services and funding cash needs.

Treasury bills are one of the important and useful instruments used in financial markets. Although these instruments are distributed with the principle aim of making up government budget deficiencies, various other uses such as: being a medium of short term investments, a scale to gauge financial market's floor and most importantly,acting as an effective instrument for the Central Bank in execution of monetary policies; have given a special role [and status] to these instruments. Considering the prohibition of usury (interest) in Islam traditional treasury bills, because of their usury oriented nature, are not functional in an Islamic financial system. Thus an Islamic financial market's need towards having short term and low-risk financial instruments, which can substitute treasury bills in monetary and financial operations, is completely evident. The main question infocus in this article is that: referring to the teachings of Islamic jurisprudence is it possible to draft short term low-risk financial papers as Islamic treasury bills? Using a descriptive-analytic method of research, this article analyzes various types of Islamic treasury bills from the aspect of their compatibility with religious principles. In the end we demonstrate that in cases where government dues towards banks, companies and public or private institutes, belong to actual purchases of goods and services such as supply or construction contracts, buying and selling of such bills according to most of the Islamic sects, including Shiitejurisprudence and Iranian laws, is permissible. Therefore, based on such dues,short term financial bills with low risks can be offered as Islamic treasury bills.