نشریه تحقیقات مالی اسلامی
سال دوازدهم شماره 1 (پیاپی 23، پاییز 1401)

This study examines how the early scholastic thinkers dealt with the issue of the value of money and also its theoretical teachings with Analytical-library method for the study of Islamic economic. The results of this study show that money was significant for scholastic thinkers both from a moral and teleological perspectives and therefore became an analytical subject for them. Accordingly, scholastic thinkers developed three doctrines of chartalism, metalism, and combined approach in relation to the value of money. Based on the findings of this study, paying attention to the thematics of economic institutions can help in the dynamics of religious thought in the application of religious norms on new topics. Also, using the teleological method in the thematics of economic institutions provides the necessary ground for harmonizing thematics with religious norms. On the other hand, the need to pay attention to the dynamics of economic institutions over time to avoid simplification in analysis is one of the other implications of the analytical approach of school thinkers to the issue of the value of money for the study of Islamic economic.

Khums is one of the most important financial rules of Islam, which many jurists and Islamic economists have introduced as one of the main Islamic taxes and the most important sources of income for the Islamic state. . In the modern government, if the people do not pay taxes, it decides to collect taxes from the people in the people's accounts or deprive them of some citizenship rights so that they have to pay the taxes. This method of obligation to pay tax and guarantee of execution and heavy tax crimes is common in different ways. In Zakat, it is permissible to collect without consent in case of non-compliance. The main subject of this research was the debate on the possibility of the legal obligation to pay khums by the government. The methodology of the article is in response to the issue of the same method of ijtihad with this governmental jurisprudence. The research indicates that, firstly, according to the jurisprudence principles of the government, khums belongs to the Islamic ruler. Also, by examining the Shariah proofs and presenting four reasons, it was proved that the Islamic government is allowed to pay those who do not accept Khums in a certain way from the Shariah point of view. There are two important points in this regard: First, governments, especially the Islamic government, should not only have binding rules to strengthen the inner spirits and heart faith of people. Secondly, this research deals with this issue theoretically and jurisprudentially, and the findings of the research do not mean a policy recommendation for the current conditions of Iran.

The interbank market has a good capacity to manage the liquidity risk of banks and the central bank's policies as the core of the money market have a special place in the monetary-financial system. This market can play a role in the realization of a Moqawama Economy by supporting banks as the financing institution of the real sector of the economy and production, and by increasing stability and transparency to the extent necessary in the banking system. By examining the performance of the interbank market of developed countries and Iran and purposeful interviews, challenges and corrective strategies were extracted by theme analysis method and a questionnaire was subjected to expert validation and finally by structural hypothesis test, 25 structural, religious, regulatory and executive challenges were confirmed. After the like-minded meetings and the focus group, 22 proposals were presented; some of them are: setting two clear rules for entering the market and continuing the activity and deposit limit, redesigning the structure of the Iranian interbank market after reviewing the latest world models, including the stratification structure, Culture and Islamic financial education at management levels up to bachelor's degree in banking network, the establishment of a competent system to select specialized and legitimate managers in the banking network, the use of short-term and non-reversible Islamic tools based on the goals of Islamic economics, upgrading the interbank market to an organized and transparent market Timely dissemination of data and information on bank deficits, at least at the level of the banking network, launching the accreditation system and the activities of accreditation institutions, using the capacity of neighboring countries and blockchain technology and cryptocurrencies in the interbank market, Preventive default such as: reporting interbank funds , The active approach of the Central Bank in open market operations, Possibility assessment of participation of other financial institutions in this market and redesigning the structure of Iran's interbank market based on Islamic economics with regard to challenges and shortcomings and after reviweing experiences the world.

The purpose of this paper is to extract the sustainability reporting model of shariah approved companies (SAC) and compare its disclosure rate in two developing Islamic countries, Malaysia and Indonesia in order to determine the influence of Islam in sustainability reporting. In this regard, the sustainability reports of the 20 shariah approved companies in Malaysia and Indonesia in 2020 were analyzed with thematic analysis method and using MAXQDA software. In total, 195 basic themes, 28 organizing themes and six economic, environmental, employees, community, customers and sustainability strategy global themes were extracted. The identified basic themes were mostly related to conventional sustainability reporting standards and guidelines. A few basic themes were also related to Islamic responsibility activities, whose scope of disclosure was limited to the employees, customers and community global themes. Quantitative comparison of sustainability reporting in the two countries was performed using statistical analysis. The results showed that the sustainability reporting mean in the level of total disclosure, Islamic responsibility activities and in relation to all dimensions (global themes) in Indonesia is higher than Malaysia. The level of disclosure in the Islamic responsibility activities was also very low compared to total disclosure. In order to compare the significance of the mean difference, mean comparison tests were used. The results showed that there are significant differences in the level of all dimensions, total disclosure and Islamic responsibility activities. Also, the results of Friedman test to rank the level of disclosure showed that the employees dimension had the highest rate of disclosure in the shariah approved companies sustainability reports in the two countries.

Public debt is a prime source of government revenue to finance budget deficit. It is perceived as the accumulation of annual budget deficits, generally face twin deficit viz. With the emergence of Islamic banking and finance across the globe, Islamic economists sought to find transactions that fit and conform to the principles of Islamic religion.therefore, The present study aims to discuss the possibilities of introducing Sukuk as an alternative way of financing public expenditure by replacing other conventional modes of financing in the future and effect Sukuk on twin deficit hypothesis for selected countries using the dynamic panel a generalized methods of moments (GMM) approach during the annual period 2013-2021. In the absence of sukuk we find a significant positive effect of fiscal balances on the current account, supporting the twin deficit hypothesis and the results show that the size of the estimated coefficient on the budget balance is between 0.86 and 0.95. However, the existence of sukuk reduces the effect of budget balance on the current account balance (the coefficient is reduced to 0.1). In fact, the twin deficits relationship is reduced with the presence of sukuk. This innovation will increase a lot of strategic advantage and economic development of countries by utilizing sukuk as an alternative source of funding.

The forex market is one of the most important financial markets, which indirectly, on the Internet and through brokerage, provides traders with the possibility of buying and selling foreign currencies. On the one hand, the following article explains the nature of the forex market and its structure using a descriptive-analytical method, and on the other hand, it examines its jurisprudential nature by referring to the Qur'an and Sunnah. In reviewing the criticisms about the mentioned market, the method of investigation is in two main areas, first, the micro approach (the contract between the trader and the broker) and its separation from the macro approach (the interest of governance) from one point of view, and secondly, the investigation in the form of distinguishing between the nature of the forex market and the precedents. and the market entry requirements are defined; The results of this research show that based on jurisprudential principles, there is no problem with the principle of transaction in such a market because it has all the conditions of validity and evidences such as "Afwa al-Aqud" and "Muslims on their terms" are valid. In contrast to this theory, jurisprudential problems such as the right to falsehood, the rule of negation of the mustache, false, formal and usurious nature of the transaction, and legal problems such as the lack of prosecution in international forums and the impossibility of obtaining a license to operate in the forex market at the level of the national economy.