نشریه اقتصاد و بانکداری اسلامی
پیاپی 41 (زمستان 1401)

The use of new Islamic financing tools is one of the logical ways to improve the performance of banks in Islamic countries. Islamic instruments are considered as the simplest method of financing and liquidity, which, while relying on physical assets and reducing credit risks, have no legal problems and the experience of recent years indicates the high efficiency of these instruments in strengthening the performance of the country's banks. Accordingly, in the present study, the effect of Islamic financing (through rent sukuk and Murabaha bonds) on the allocation of banking resources in Iran is examined  during the period 2012: 4 to 2021: 2 (based on quarterly data) using Markov Switching econometric technique. The results show that sukuk bonds in both regimes have a positive effect on banking facilities, but nevertheless, the impact coefficients are not very significant. Therefore, we must look for ways to attract foreign and domestic investment in order to issue different types of sukuk in order to increase the resources of banks.

While many studies have pointed to the importance of branding as an important component in marketing, so far many local models have not been introduced in relation to the factors affecting the promotion of a bank's brand in Iran. In this regard, the present study was conducted with the aim of designing a brand promotion model for Bank Melli Iran, as the largest bank in the Islamic world.In terms of purpose, this research is an application that has been done with a mixed (qualitative-quantitative) approach. The statistical population in the qualitative section includes 13 officials of the general offices of Bank Melli Iran and in the quantitative section a sample consisting of 400 customers of Bank Melli has been selected. Semi-structured interview and researcher-made questionnaire were used to collect data in qualitative and quantitative sections, respectively. In the qualitative part of the research, data-based theory has been used to identify the components of the pattern of brand promotion mechanisms of Bank Melli Iran, and in the quantitative part, the partial least squares method has been used to validate the proposed model. In the final phase of this research, using hierarchical analysis process, the components of Bank Melli Iran brand promotion are ranked. The results of validation of the proposed model with the partial least squares technique showed that the proposed model in this research has a good validity. Criteria prioritization also showed that the brand equity criterion, brand promotion criterion, and strategic branding planning criterion are of the highest importance, respectively.

Gharz al-Hasna facility is one of the tools of the Islamic banking system to equip the resources of the business environment. These facilities have various economic and non-economic effects. The question of how Qarz al-Hasna facilities affect the economy has always occupied the minds of policymakers and financial decision-makers. This research is an attempt to identify the economic effects of Qarz al-Hasna facilities and their ranking. For this purpose, first, by reviewing various articles and literature in the field of Qarz al-Hasna facilities and its economic effects, an attempt was made to count all the identified economic effects of Qarz al-Hasna facilities. Then, using Delphi technique and AHP method, the most important economic effects were identified and ranked. The results show that the provision of Qarz al-Hasna facilities, respectively, to meet the diverse financial needs of the people, growth and development, employment, consumption, business development, investment, financing, social justice, equitable distribution of income, financial development, productivity, Savings and production are affected. In addition, the research findings did not confirm the impact of Gharz al-Hasna facilities on money transfers from classes, per capita income, poverty, institutionalization, social security, class distance, and recession.

Crises stemming from the financial sector of economy and their possible effects on the structures of the real sector of economy including total factor productivity (TFP), labor productivity, employment and economic growth are the principal problem statement of the present study. To analyze of this problem two non-linear models have been specified. Both of them employ Iran’s macro data as well as indices generated using approaches like State-space models, over the 1985-2020 period. The first model, utilizing Markov-Switching model, beside the covering of the the crisis effects, captures the dynamics and persistence of the shocks on the dependent variable. The second one, for the robustness checking of the previous model, tries to narrow its concentration on, and by a general and theoretical specification examines, the non-linear effects of the independent variables. This model is estimated using non-linear least squares (NLS) estimators. Study results, verifying the dynamics of all dependent variables, show that both models highlight the negative and significant effect of the currency crisis.  Also, the persistence of the adverse effects cannot be rejected. Under the second model when the interrelation effect of currency crisis and credit contractions is included into the model the effects become more deteriorating. Furthermore, the nonlinear effect of research and development and mitigating heinous effects of crisis by other controlling variables cannot be rejected. Theses results have some saliant policy implications for Iran’s Economy.

Predicting stock prices is complicated; various components, such as the general state of the economy, political events, and investor expectations, affect the stock market. The stock market is in fact a chaotic nonlinear system that depends on various political, economic and psychological factors. To overcome the limitations of traditional analysis techniques in predicting nonlinear patterns, experts over the last two decades have used intelligent techniques, especially networking. They have used artificial neural networks and genetic algorithms to improve stock price forecasting. This study, considering the increasing development of forecasting methods in financial markets and also, since stock price is one of the most important factors influencing investment decisions and its forecasting can play an important role in this field, In this research, an attempt has been made to provide a model based on which the movement of the stock price can be predicted with high accuracy. Accordingly, a hybrid model for predicting stock price movement using artificial neural network is presented. For the statistical sample, the top companies of the stock exchange in the second quarter of 1399 have been selected. Then for each purpose, 32 variables were calculated. These variables are the input of the model and are optimized using the artificial neural network algorithm. The results show that the model performs much better in predicting the movement of stock prices and has a higher accuracy compared to traditional methods.

Banks and financial institutions are among the most important institutions in the financial system of any economy. The proper functioning of banks and financial institutions with the right monetary policy making can play an important role in the economic growth of the country. The practical purpose of the present study is to evaluate the technical efficiency and market power of Gharz al-Hasna Valiasr funds in Babol with a random border approach. For this purpose, the translog random border cost function was used. In addition, the size of the loan and deposit markets concentration index was obtained using branches of the Gharz al-Hasna Fund during the the Herfindahl-Hirschman concentration index for in both loan and deposit 2 The results showed that the concentration in Branch 2017-2016 period respectively. In addition, the ,,4086 and 0٫1244 markets was higher than other branches and was branches. In addition, the average technical results showed that market power was significant in efficiency of the branches during the study period indicates that the efficiency is increasing.

The purpose of this study was to investigate the performance of Qarzat al-Hasna institutions as microfinance institutions in Iran. For this purpose, the statistical information of the country's banking system in the period 2009 to 2020 and the panel data method were used. In order to estimate this relationship, diagnostic tests were performed on the research variables and finally the experimental model was estimated using the panel data method with fixed effects. The results showed that Gharz al-Hasna facilities had a positive and significant effect on the production of various economic sectors. In addition, bank size variables as well as money supply as a measure of monetary policy have also had positive effects on output. On this basis, it is suggested that the policies of providing loans inbanks should be shifted to start-up and self-employed businesses.

This essay examines the effect of religious faith on the allocation of time for doing deeds in the way of God among the citizens working in free jobs in Zahedan city. The statistical population is the citizens working in free jobs in Zahedan city, and the number of samples was calculated using the Cochran formula of 500 people, the data was collected with a questionnaire. The questionnaire consists of four parts: the first part is the general information of the respondents; the second part is related to religious expenses and the third part is related to time allocation. The fourth part deals with measuring people's faith. In data analysis, descriptive statistics (mean and standard deviation), inferential statistics (correlation coefficient, independent t-test and anova) and regression analysis were used. The findings show that the amount of money spent in the way of God, religious faith and net job income have a positive effect on the amount of time allocated to doing deeds in the way of God. While age, education, place of residence and daily household expenses have a negative effect on allocating time to doing deeds in the way of God.

Reducing poverty, as the most important goal of social policy, includes aspects beyond the economy and the market and looks at different aspects of quality of life. In this article, we are looking for an answer to the question of what the relative deprivation has to do with the quality of life. The statistical population consists of people aged 18 and over who lived in Tehran in 1400. Survey research method and information has been collected by face-to-face interview technique in the form of a questionnaire. The sample size is 404 people and the samples were selected by systematic cluster type probability sampling method. Evaluate the hypotheses, correlation coefficient test (Pearson, Spearman), multivariate regression and path analysis were used. The findings show that: By reducing the relative deprivation of citizens, the quality of life increases and vice versa. If the material well-being, welfare values, family income and social class of citizens increase, the quality of life also increases. Also, the family's income and savings have decreased during the outbreak of Covid-19. So it can be said: the right to enjoy equal opportunity has a direct impact on the well-being of citizens and this impact is through the provision of services or income. Since poverty and ill health are two sides of the same coin, And poverty itself creates deprivation, inequality and insecurity, Therefore, considering people as equal in front of the law, creating equal opportunities for everyone in the form of distributing facilities and resources equally, can provide a suitable basis for realizing justice and increasing the quality of life in society.

The aim of this study was to investigate the effect of volume shock on abnormal stock returns. In terms of research method, this research is in the category of descriptive-correlational research and in terms of research purpose, it is in the category of applied research. The statistical population in this study is all companies listed on the stock exchange that 120 companies were selected as a statistical sample and the information of these companies during the years 1393 to 1399 from the database of Tehran Stock Exchange and Soft New Rahvard ideas were extracted. EVIEWS software and data panel template were used to analyze the data. The results of the data panel model showed that there is a positive and significant relationship between volume shock and abnormal stock returns. Because the probability value of this variable (0.0032) is less than the standard value of 0.05. Therefore, the research hypothesis of a significant relationship between non-volume shock and abnormal stock returns is accepted. A coefficient of 0.098 indicates that with an increase of one unit in the volume shock of transactions, the amount of abnormal stock returns increases to the rate of 0.098 units. The results also showed that there is a significant negative relationship between equity returns and abnormal share returns. According to the results, there is a positive and significant relationship between financial leverage and abnormal stock returns. The results also showed that there is no significant relationship between firm size and profit margin with abnormal stock returns because the probability value of these variables is higher than the standard value of 0.05.

The main purpose of this study is to investigate the adjustment effect of managers' entrenchment on the relationship between business strategy and the stock price crash risk of companies listed on the Tehran Stock Exchange. Business Strategy Using the Combined Model of Bentley et al. (2014) and the Habib and Hassan Model (2017), the stock price crash risk following the model of the negative coefficient of skewness of Chen, Hong and Stein (2001). Chen et al. (2011) measured. The statistical population of this research is the companies listed on the Tehran Stock Exchange and its statistical sample includes data from 111 companies for the 7-year period from 1393 to 1399. Sampling method is systematic elimination method (screening). The method used to estimate the model is the multivariate regression method using the combined data method. The results showed that there is no statistically significant relationship between business strategy and the stock price crash risk. Also, managers' entrenchment has no moderating effect on the relationship between business strategy and the stock price crash risk.

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

Cryptocurrency mining is an important issue that has attracted the government’s and people’s attention to itself in recent years, and many people are active in this field. Despite the various activities in this field, the mentioned industry has not yet been legally recognized, and because of the absence of this legislation, many misfortunes and concerns have emerged. Considering this necessity and for relieving the concerns and ambiguities existing for the legislator, the present research seeks to jurisprudentially and legally investigate the ongoing problems in the legalization of cryptocurrency mining including “the nature of the cryptocurrency mining activity”, “the unnecessariness of mining”, “appointment of the mining legislator official” and “the feasibility for levying tax for mining”. The concluding element of the present research can be summarized in jurisprudential terms in “not amounting the mining activity to gambling”, “amounting the mentioned activity to reward”, “mining efficiency in terms of its necessity for protecting the network safety and the possibility for earning foreign currency incomes” and “not raising any doubt about weakening the Islamic system and sovereignty of the aliens”. In legal terms, the present study states that the legalization of cryptocurrency mining requires some changes in the Monetary and Banking Act, passed in 1980, and in tax levy terms, the aforesaid activity is included in Articles 93 and 94 of Direct Taxation Act, passed in 1987.

Stocks are the subject of many capital market transactions. However, there are conflicting statements about the nature of the stock, which indicate ambiguity. On the one hand, explaining the nature of stocks as one of the most important financing instruments in the capital market is the basis for assessing the legitimacy of stock transactions. On the other hand, understanding the nature of the stock depends on its relationship with the joint stock company. In other words, the joint stock company has works to which the shareholders are obliged. These works explain the nature of working stock. In the present study, we intend to identify theories about the nature of stocks that distort the legal face of stock trading in three steps. Therefore, in the first place, the effective effects of a joint stock company in determining the nature of shares are counted. Then, the possibilities in the nature of stocks are considered and their compatibility with the external works of joint stock companies is examined. Finally, the effect of probabilities on stocks and corporations on the legitimacy of stock trading is analyzed. The results indicate that if we do not accept the theories of the jurisprudential company and also the ownership of shares in relation to the joint stock company with its property, there will be the ability to correct the sale and purchase of shares.

Factoring is a continuous contract in which the sellers of goods/services finance themselves by handing over all or part of their claims to the receiving company (invoice). In addition to financing,  the other tasks such as accounting, debt collection and protection against debtor's default may also be delegated to the factor. Despite the long history of factoring regulations in many countries of the world, the history of legislation in Iran in this regard reaches three years. The contract was firstly entered to  the Iranian legislative literature by Article 8 of the “Law on Maximum Use of Production and Service Capacity of the Country and Protection of Iranian Goods” approved in 2018, and described  with more details to the legal and financial system with the approval of the executive by-law of the aforementioned law in 2019.In this article, we intend to evaluate the nature of this contract in Iran's legal system with the descriptive-analytical method and using library resources, in order to inspect  whether the regulations have been able to Enter the factoring contract with international standards into our legal system? According to the research, although entering the factoring contract into our legislative literature, is appropriate and necessary; But the current regulation has not moved our legal system in the direction of joining the usual global approach as it should. Limiting the effect of the factoring contract to the assignment of claims, focus on government contracts, the need to conclude a tripartite contract by persons not subject to Article 2 of the law, and the lack of a detailed explanation of the characteristics of receivables that can be assigned are some of the defects of the regulation, that some suggestions has been made for rectifying them