نشریه تحقیقات مالی اسلامی
پیاپی 19 (پاییز و زمستان 1399)

Corporate governance is aligning interests between managers and shareholders and reducing information asymmetry. Accordingly, four principles including fairness, transparency, accountability, and responsibility are representing corporate governance based on shareholder and protecting shareholder interests. Recently and based on Islamic research, the aim of corporate governance is respecting the rights of all stakeholders and taking care of maintaining equilibrium between shareholders and other stakeholders. According to the fact that Iranian banks operate on the basis of Islamic law, the level of establishment of corporate governance based on shareholders or stakeholders was considered in this paper. We use the questionnaire method and ANOVA test for analyzing the level of establishment of corporate governance based on shareholders or stakeholders in state banks, private banks and financial and credit institutions in Iran. The questionnaire in this paper was designed by studying the literature and the criteria and sub-criteria for model development in accordance with the Organization for Economic Cooperation and Development (OECD). The results show that private banks are in a better situation than state and financial and credit institutions in corporate governance. In other words, private banks implement corporate governance at stakeholder level while state banks and financial and credit institutions are at the shareholder level.

Providing facilities in the form of bank contracts increases the bank's income and survival, but this should not reduce the bank's ability to respond to depositors, nor should it increase the risk of overdue receivables, as these are factors that can lead to the bankruptcy of the bank or credit institution. Banks are more successful in this space, having a better strategy for combining their resources and consumption. In this research, a linear programming model is presented to identify the optimal combination of resources and expenditures of the bank with simultaneous attention to increasing revenues and reducing risks. Therefore, this research is quantitative and applied. The necessary data have been gained from the information sources of a sample bank in 2018. Model variables are facility values that are paid in the form of various contracts and the method of data analysis, modeling and programming is linear. The results of the research determined the optimal values of each facility and these results were compared with real figures. Also, the level of risk for each loan was determined and finally the parameters of the model were analyzed sensitively. The results of solving the linear programming model showed that the optimal values ​​are significantly different from the real values in qarz al-hasan, mudaraba and ju’alah. Also, the interest rates of conditional lease facilities, predecessor facilities and debt purchase facilities have the largest role in the bank's income. Applying this model can reduce unemployment resources, increase income and reduce the risk of overdue receivables in the bank. Even in cases where the bank is making a loss, this model can minimize the loss and at the same time reduce the likelihood of the bank going bankrupt.

Social banking is a new approach to banking that guides all bankers and economic groups to make decisions and links economic and social goals. The present study seeks to identify the antecedents and consequences of the social banking model in Iran. Hence, the research has fundamental and practical orientations. The philosophical approach of this research is inductive-deductive and its strategy is a combination of qualitative and quantitative approaches that are done by designing combined heuristic methods. The statistical population includes academic experts and senior banking managers of the country. For this purpose, banks that have been active in this field were selected for review and in-depth interviews were conducted with eleven people using the theoretical sampling method (snowball). The results of this study showed that categories such as value orientation, culture, the need for good governance and infrastructure are the preconditions of social banking. The categories of social responsibility, social capital, social entrepreneurship, meaning-making, investment in the health sector of the economy, qarz- al- hasan (benevolent loans), micro-financing and alignment with national production are the dimensions of social banking. Finally, organizational brand improvement, customer value creation, social implications, cultural enhancement, and economic and global implications are consequences of social banking. Structural equations were tested. In the quantitative part, the extractive model was tested with the structural equation modeling approach.

Risk and its management make one of the most important concerns of different firms and industries. Insurance is one of the most important institutions in this field. Also the origin of confidence is one of the most important pillars of the capital market that the insurance industry can easily provide for market participants. One of the new tools used by the insurance industry and the capital market for risk management in recent years is Insurance-Linked Securities. After the introduction of Insurance-Linked Securities into the insurance industry, there emerged a variety of securities in this industry. Catastrophe swaps are one of the Insurance-Linked Securities instruments for transferring risk on both sides of transaction in the insurance market. The idea of a trade-off for catastrophe swap can greatly help to form the market for the non-life insurance market swaps. In this paper, besides investigating the catastrophe swaps from the perspective of definitions, types, features, mechanisms, applications, advantages and disadvantages using the descriptive-analytical method, we attempt to present the final design of the non-life insurance market swaps including actors, pillars and instruments used in the market that are jurisprudentially and financially approved.

The stock market is a complex financial system with heterogeneous members; it can produce huge amounts of data. It is clear that analyzing this huge data and inferring practical results from that creates a significant competitive advantage for its participants. One method of analyzing financial market data expanded significantly after the global financial crisis is complex network-based analysis that considers the structure of interdependencies of a system's members. Therefore, the current study analyzes the Iranian stock market using the graph theory in mathematics. First, the correlation network of stock market groups is constructed in three time scales of daily, seasonal and annual, and then their topology will be compared. In the next stage, using the centrality indexes in the graph theory, the importance of each market group is calculated and the groups are ranked in the network. The results of this study have significant implications for market participants and regulators for making investment decisions, regulating and controlling risk.

New financial technologies strengthen the financial system to provide smarter, more agile and broader services. The widespread influence of new financial technologies has changed people's lifestyles as well as banking rules. Leading companies in the field of financial technology are covering more and more parts of the value chain of banks every day. One of the main conditions in the discussions of economic growth is the discussion of public access to financial services (financial inclusion), which is in line with the principles of justice and equality in the Islamic financial system. Another important benefit of fintechs is financial transparency, which is emphasized by most stakeholders. The present study has been conducted with regard to the importance of the financial services sector and the transformative capacity of new technologies in promoting banking services in the direction of economic development of the country and the role they play in their survival and competitiveness. In terms of purpose-based classification, this research is of applied research type and in terms of data collection, it is of survey type. For data analysis, heuristic factor analysis method and SPSS and Amos software were used. The results of the questionnaires have been approved for model design. The findings show that the independent variable called new financial technologies, through indicators of cost reduction, improvement of financial services, revenue growth, financial security, financial transparency, asset management, increase in cash flow, reduction of information asymmetry and time dependent auditing on the variable (Banks' ecosystem), is especially effective in interest-free banking in Iran.

Financial institutions today have a tremendous impact on the economy by providing a variety of services, and innovative activities have found a special place in the financial system. The systematic legislation and networks of The Seal of Religions, i.e. Islam, make us believe that the needs and requirements of the present age, along with the cure of the pains and problems of the modern world, can be achieved in the light of adherence to divine commands. In this article, which is exploratory in purpose and descriptive-analytical in substance, a qualitative methodology and Delphi technique have been used to analyze the data and achieve elite consensus. This study expresses the principles and rules governing the activities of the financial institution at the level of the Islamic society so that by observing rules such as paying attention to spiritual values, supporting the creation of real added value, prohibiting the circulation of wealth in the hands of a particular group, creating benefits for all members of society and protecting social capitals, we could accelerate the movement towards the ultimate Islamic civilization. The financial institution at the level of the Islamic system must adhere to certain rules and criteria so that it could be adorned with an Islamic character. Therefore, it is suggested that in designing the Islamic financial system , while observing the rules that govern tools and Islamizing them, markets and institutions be redefined within religious principles and regulations and replace the versions that have a mere Islamic appearance.

Leasing companies in the world use various methods to finance and allocate resources, but in Iran these methods are less considered. One of these methods, which has different forms, is factoring. Factoring is one of the new methods in equipping and allocating resources to leasing companies. Given that the main specialty of these companies is in credit affairs, this function can help the increase of the firms’ capacity as well as their financing. Leasing companies can play a dual role. First, they can act as agents for collecting receivables from manufacturing companies. Second, given the high volume of receivables in their financial statements, they can gain more access to cash through interacting with a firm that has appropriate credit ability.  
This article, which has used a descriptive-analytical method and a jurisprudential approach, after mentioning the nature and types of factoring from different views, has explained the various methods of its application in leasing companies. The factoring process, whether the leasing company acts as an employer or factor, is a combination of different activities such as collection of claims, financing and combination of them. Here, contracts that can be used in factoring, such as buying debt, wakalah, ju'alah and ziman (guarantee) have been studied from a jurisprudential perspective. Since the mentioned contracts constitute the main structure of the factoring, and according to the jurisprudential assessment of these contracts there is no obstacle to using them, factoring is suitable for financing and allocating resources in leasing companies.

Platform- based banking is one of the most innovative trends in the banking industry that has attracted the attention of many major banks around the world and Iran by providing a variety of APIs for major corporate consumers and fintechs. The purpose of this paper is to utilize banking expert views for developing a conceptual model of platform- based banking strategy implementation in Iranian commercial banks. To achieve the stated purpose, and through targeted sampling, the data of twenty banking experts were collected and analyzed through semi-structured interviews, and using the data-driven theory approach, a platform-based banking strategy implementation model was presented. The findings of this qualitative research show that this model has six components: economic management and banking process reform, customer experience management, infrastructure engineering and implementation mechanisms, digital and data-based strategic management of customers, and achievement of structural productivity and digital governance facilitation through knowledge partnership with competitors. Also, development and implementation of platform-based banking model depends on the superior management of these components. The results showed that the platform-based implementation model can be classified into 51 components, 25 sub-categories and 6 main categories.

Health care financing in Iran uses a multiple model in which the government, insurance companies and patients simultaneously bear the costs of health care. Despite the government's extensive expenditures and the share of some expenses by insurance companies, patients’ out-of-pocket payment is significant which necessitates their being supported. One is banking facilities provided through Qard al-Hasan (benevolent loan). This, however, being somehow against Banks’ interests, is practically unsuccessful, and in many cases patients need to apply for loans to meet their needs, which is a form of formalization. The purpose of this paper is to provide a model to address this shortcoming in the health financing system. This model is presented using analytical-descriptive method and comparative comparison so that in addition to securing the interests of banks, it also meets the medical needs of facility applicants. The results show that the diversity of medical needs in the forms of diagnostic, medical, nursing and home nursing services has necessitated a diverse range of banking contracts. Compliance of medical needs with banking contracts shows that facilities like Ju’alah, Murabaha (installment sale), Istisna’ and Ijarah can be used in such cases. The three main players in this model are banks, patients and hospitals, and the communication mechanism is designed in such a way as to prevent moral hazards and adverse selections.

The phenomenon of banking entrepreneurship has become one of the major problems of the banking system today. The banking system is the main source of financing the production sector and the country's economy, but, unfortunately, banks' involvement with entrepreneurship has created serious challenges for their financing of the country's economy. Certainly, one cannot blame entrepreneurship altogether, and if it is performed within the framework of the country's regulations and interests, it can benefit the country's economy under sanctions. The purpose of this study is to extract and identify the factors affecting bank entrepreneurship in Iran. This research is practical in terms of purpose and descriptive in terms of data collection. Structural equation and partial least squares methods have also been used to analyze the data. The results confirm ten factors that lead to the creation of entrepreneurship, and has placed each factor under one of the hidden variables of government, central bank, banking performance and macroeconomic environment in regard to the proposed conceptual model. In the end, the most important solutions are suggested.

Transition from conventional (interest-based) to usury-free banking system by eliminating interest rates and replacing them with profit rates as a key variable in the money market is among the fundamental shifts in Iran's economy since the victory of the Islamic Revolution. Deposit rates have faced many operational challenges in practice during the enforcement of usury-free banking law. In this study, after reviewing library resources and analyzing interviews with experts, the factors that led to these challenges have been identified and each conceptually validated within six areas of policy-making, depositors, market structure, bank activity(performance), macroeconomics and supervision and punishment using the partial least squares method (PLS). Finally, a number of seventeen challenges were acknowledged as factors affecting profit-rate inefficiency. At the end, appropriate solutions for each of profit-rate challenges were presented after their being reviewed and confirmed in the focus research group consisting of some banking and finance university professors.