نشریه مطالعات اقتصاد اسلامی
سال دوازدهم شماره 2 (پیاپی 24، بهار و تابستان 1399)

Implication of "Money creation effect on interest rate" is the main question of this paper. To explain the Idea this paper emphasizes on reserve or fed funds market. Money creation-the most important feature of modern monetary system-improved Bowerk and Irving Fisher's natural interest theory to market interest theory that introduced by wicksell and followed by Keynes.This paper discusses these orthodox and also Islamic interest theories in brief by analytical method then concludes that determination of interest in real sector that Islamic banking supports, conflicts with accepting money creation. Because money creation that is accepted by Muslim economists; makes reserves market that its rate  not only doesn't have any relation with real sector but also completely determined by money. To consider Islamic theory of interest as a reality explanation, Money creation would be disappeared and natural rate of interest that is determined by real forces would be market clearing rate.  This paper try to help Islamic banking to be a consistent discipline and more realistic.

The legislator, the relying on first-hand resources, and then using valid ijtihad and, in the absence of clear reasons, taking into account the position of the supreme leader in issuing sentences enacts the rules for the enforcement in the community. This action takes place in a legal way. It is well-known that justice is considered as the default of Islamic law and creeds. But among the laws extracted from the jurisprudential ijtihad or the legal authority, there is seen possibility for the law not being really resolving the case, which is a normal possibility that has changed the rules over the last forty years. Perhaps some laws that were once considered Islamic are opposed to the contemporary justice and cannot be implemented.The claim that laws may be unfair will be justified with the conformity of laws with Islamic law, and a sacred and unchangeable attitude to laws may prevent criticism and opposition from laws by individuals or judicial courts. But changing the rules and the practical and empirical feasibility of the existence of laws that oppose justice and fairness reinforces the critique of the law. This article, considering the research style of the jurists in dealing with the resources and the necessity of ijtihad, while explaining the necessity of justice in the laws, according to the Islamic principles on justice, makes it possible to invoke justice and opposition to unfair laws in a reasonable process. Examples of interpretation contrary to the rules in the judicial process prove this hypothesis.

Muslim scholars have tried to design suitable Islamic financial instruments to meet the financing needs of different sectors of the economy by referring to the Islamic teachings of Islam. One of the instruments is the waqf Sukuk. Waqf Sukuk can play an important role in the development of public infrastructure. An investigation of the performance of the waqf sukuks in Iran shows that although the initial purpose desired by the designers has been achieved to a very limited extent, but wider use of this Waqf Sukuk requires a comprehensive pathology and accurate revise. In the present study, according to the literature of the subject and the interview with experts, the disadvantages of the issue  of waqf sukuk in Iran and the considered solutions of experts for the elimination of disadvantage were identified and then according to the method of TOPSIS , disadvantages  of experts consensus was ranked. The basis of the TOPSIS method is the choice of options that has the smallest distance from the positive ideal and the maximum distance from the negative ideal. The results of the research show that the disadvantage (low awareness of the authorities and the crowd people about the concept and function of the waqf sukuk), (lack of active use of cooperation and participation of people, and public charities for the marketing of issue of the waqf sukuk) and (insufficient advertising and marketing), Compared to other items are, the first, second and third most important damages to the issue of waqf sukuk in Iran.

Stock leasing as one of the new topics in the Islamic capital market has a variety of financial applications including: financing of investment firms and holding through the issuance of equity based Ijarah Sukuk, organizing of justice shares and the exchange of cash flows of equity with fix cash flows. With descriptive-comparative method, the legal and juridical issues of equity leasing has been investigated. After examining the legal and juridical nature of the shares, we try to comply the requirement of the lease contract with the nature and characteristics of the shares. According to viewpoints of some jurists’ and the majority of Scholars in nature of the shares, the assignment some of the shares’ rights by the owner to the lessee is permissible for the companies with certain real leasable assets. The leas shares are not permissible if we accept the nature of the shares as being based on Virtual Property or debt.

Waqf is regarded as one of the first financial and civil systems to solve the problems in the Islamic society. Mutawilli (trustee) is legally responsible for maintaining and repairing Waqf Assets and reserving the waqf interests to be possible to enjoy legal beneficiary at any time in the future. Arena and standing property is one of the beneficial-motasarrefi waqfs of residential‏ ‏properties and has a significant contribution among the motasarrefi waqfs. The present case study gathered data through document analysis, interviews and focus group techniques and data analysis and used thematic analysis procedure to address the pathology of Waqfs revenue Model (i.e. renting). According to the stakeholder analytical framework including Waqif, waqf Asset, tenant, Mutawilli, government, and pathologies were identified and classified. The main pathologies are insignificant non-optimal conditions and restrictions of Waqif in the waqf document, increasing costs and decreasing income of waqf assets, lack of tenant's attention to contractual obligations and dignity of the waqf, Mutawilli's improper maintenance and renting of waqf assets and incorrect regulation and improper monitoring of government. Some solutions for pathologies can be the design of an electronic rental system to enhance the transparency in the performance of Endowment and Charity Organization (Oghaf organization), providing rental rate updates, assignment of rental activity to the private sector and the establishment of a special prosecutor’s office for waqf.

Financial markets, along with monetary markets, help optimally equip and allocate resources, and consequently help increase production, employment and prosperity, but abnormal speculation damages the efficiency of these markets. Abnormal speculation in the stock market raises the risk, uncertainty, price fluctuations, and increases the gap between market value and intrinsic value of stocks, and prevents optimal allocation of funds to the most productive firms. Abnormal speculation makes the market volatile, makes prediction difficult and undermines decision-making and planning power. Abnormal speculation is the abnormal cause of price changes and pushes the market out of balance. An abnormal spectacle is associated with the formation of a price bubble and its devastating consequences. In this paper, the nature of speculation in the stock market, its abnormal forms, abnormal speculative psychology, the role of professional speculators, the role of abnormal speculation in financial crises, and the mechanisms for coping with abnormal speculation are examined. In response to the question of how abnormal speculation is in terms of economics and Islam, it is hypothesized that since abnormal speculation is associated with deceptive, gambling and deceptive behaviors, and disrupts the performance of the stock market, it is not permissible. This article seeks to provide a more complete explanation of the nature of abnormal speculation, and aims to provide more incentive to deal more severely with this very destructive phenomenon.

The discussion of inflation, devaluation of money and how to compensate for it, is one of the discussions of the scientific, jurisprudential and economic circles. Economists seek to curtail it and the jurists seek to explain the jurisprudential rulings attributed to this phenomenon. The best way to determine the jurisprudential rulings of money and its issues in Islamic economics is to base it. On the other hand, it is a prerequisite for the resolution of the basis of these rulings and the issues of rigorous analysis of the nature of money. This research, using a descriptive-analytical method with difficulty knowing the jurisprudential results of the two theories of "‘Itibari Purchasing power" and the "nominal value theory", presented a third theory of "‘Itibari property". The government guarantee and the reasons for the firm responsible for and shall pay the unfailing restoration and compensation, and given that this loss and waste in the long term in the context of the increase in nominal wages, salary compensation has been fixed at In the short term, this repair will not take place, the jurisprudential ruling of the compensation for the devaluation of money for long-term and short-term debts between people is different.

Based on the literature of Islamic economics, the bank facility in the form of partnership contracts is effective on investment motivation comparing to exchange contracts because of their return variety and risk distribution between bank and investor. Due to this and the implementation of usury – Free Banking law in Iran, in this study banking facilities’ effect in the form of exchange and partnership contracts on Iran’s privet investment analyzed. Seasonal data for (1999- 2013) and the ARDL approach is used. The results show that the facilities in the form of exchange and partnership contracts has positive and significant effect on privet investment in long run. Although the effect of Partnership contracts’ facilities on privet investment is more than the facilities of exchange contracts but the difference is not significant. In addition, public investment and price index has negative effect on privet investment while GDP has positive effect.

The interactions formed between the people of a society shape the “reality of the social life” of each society. It is clear that the thought of social scholars is both influencing and influenced by the formation of a particular way of interaction, but the important point is that each social thinker is trying to provide a meaningful life in his or her own perspective. But it is certain is the difference in scholars' interpretation of "improvement", "progress" or "regulated society" largely rooted in their philosophical assumptions. In this article, without going back to philosophical assumptions, we are going to provide an interpretation of economics. By this definition, we intend to rule out the "economic science (without adjective)" and to expose a new path for those interested in Islamic economics.  In this article, Islamic economics which is called the Jurisprudence of social interactions, is the science of designing and presenting mechanisms of equitable benefit to society. Each socio-economic school proposes a specific mechanism for dealing with the problem of extracting, producing, distributing and consuming any goods in society to meet the needs of individuals in the community as well as to eliminate potential conflicts between them; It will include different bundles of property rights for that particular goods. Jurisprudence of social interactions presents Islamic mechanisms by defining and restricting property rights deriving from religion. "Social Interaction Jurisprudence" reflects a different view of the purpose, subject area, and method of Islamic social science, including Islamic economics, in the construction of society.

The documents of Islamic-Iranian Model of Progress (IIMP) are the upstream documents that will be  in the expose to  the three branches of government and governmental  institutions that will, in the light of it, draw the desired future for the country. There are numerous obstacles and difficulties on the realization of the ideals of Model of  Progress, which must greatly endeavor by adopting the necessary measures and utilizing different points of view to further their goals. Among these obstacles and difficulties, being the procedure of elitist-linear assumed in the context of IIMP document, with no anticipation than future uncertainties. Whereas the conditions over the world around us, due to the presence of multiple drives, are quite different and nonlinear- participatory. In non-linear conditions, evolution and progress are  the function of  the complex and chaotic system, and the drives as the variables that, in such an opaque and fuzzy environment, are neither function to one-sided cause-effect linear relationships nor any other elite consensus dissociated from diverse populations ,enjoys necessary Sufficiency in the future thinking. This paper, while critiquing the procedure on documenting the Center for IIMP , considers the realization of each program and document to be required on two factors: 1. Given the structures and interactions of drives in complex and nonlinear systems, including the recognition of uncertainties; 2. To adjust the documents of Progress in totally to the backing the methods of participatory  futures studies to be implementing through establishment of E-government. In this paper, the data were collected through library and analytical-descriptive methods.

One of the main issues in the process of development in any country is determining the optimal economic interaction with other countries both in the field of trade (goods and services) and capital inflow and outflow; given the current political-economic conditions of Iran this issue became more important. According to the foundations of the conventional economics, concentration on free trade is one of the successful strategies of economic development, and as countries move toward trade liberalization, the level of development is increased. But there are some evidences that criticize this basis. In other words, the experience of some countries shows that the shifting towards free trade has not only resulted in development but also created a series of economic damages and problems; so, defining the framework of economic interaction with other countries plays a key role in the resilience of the economy. Thus, this paper, by examining the theoretical foundations of free trade and its effects on the development of economic development, shows that adherence to free trade as a development strategy in all economic conditions cannot lead to development. This article also, in order to explain the roadmap of the Iranian-Islamic model of progress, introduces "endogenous and extrovert strategy" as an alternative strategy for international interactions, that both have a favorable impact on the economy and will not cause such problems in the economy.

Socio-economic resilience is an important issue in any society and deserves to concentrate on it in all economic planning. However, this very important issue is ignored in almost all socio-economic plans of Iran during last decades. The risk of such an ignorance is more, when the economic indices are evaluated suitable, while from resilience perspective is not in good condition and vice versa. Thus, having faced a critical condition, it is so important to know how much an economic variable or index can resist.The purpose of this paper is to design a system of evaluating and estimating the socio-economic resilience of Khuzestan province in the period of 1991-2016. To do that, employing MIMIC and maximum likelihood (LM) approach and using micro and macroeconomic variables as well as monetary and banking indices to calculate the resilience of Khuzestan province condition. The results show that many of socio-economic indices of Khuzestan province are unstable and inelastic. However, variables such as bank deposits, amount of doctors, private hospitals, ration of suicide amount of Khuzestan to country, migrants to and from province, and the ratio of marriage to divorce are in a very critical condition