فصلنامه اقتصاد اسلامی
پیاپی 20 (زمستان 1384)

Metal and agricultural commodity exchange transactions often take place under cover of forward contract. Because of the absence of perfect liquidity, time checks and Letters of Credit are used to pay the price of contract. Not paying the price in the forward contract will transform it into debt-to-debt buy and its nullity, successively. Besides it is not allowed to resell the purchased commodity under forward contract before its maturity; therefore the formation of secondary market is impossible.With reviewing different kinds of transactions in metal and agricultural commodity exchange and the respective problems, and examining and criticizing the proposed solutions, this article has utilized some principal Shiite-jurisprudence-based methods like: conveyance, forward and bailment contracts. In addition to jurisprudential validity, above-mentioned solutions solve the problem of transaction in secondary market, and prepare the ground for establishment of Islamic futures contract.

It is proved in this paper that in Islamic society ¬_ i.e. the society in which most of people believe in Islamic teachings and values, and wherein Islamic law and moralities are applied _ the consumption pattern of people is of a kind that increases funds and provides the capital necessary for the achievement of growth and development. Thus the best strategy toward growth and development is making policies which most contributes to the realization of Islamic society and institutionalize the Islamic culture of consumption and income allocation.In order to prove this claim, after identifying the Islamic society, first, the method of extraction of macro consumption model in Islamic society and then the micro foundations of macro consumption model are explained and based on it, the macro consumption model is extracted. Finally the results of stabilization of this pattern in the society are discussed.

Banking industry in concordance with the demands of society introduces new instruments. One of them is credit cards. Banks and financial institutions provide their clients with cards, so that they can purchase the goods and services they need without paying in cash. Using credit cards will bring about the economy in time, accuracy in calculation and mental comfort of their owners; in national economy also eliminates the costs of collection and extinguishing worn banknotes and issuing new ones.Numerous advantages of credit cards have caused their increasing expansion, in a way that it is estimated that in the not too distant future completely substitutes paper money.Since the origin of credit cards is western countries, some legal relations rule on the transactions with credit cards, in some cases, lead to Riba (usury) and violation of Shari’ah. Therefore it is necessary to find jurisprudential solutions for using credit cards. For this purpose utilizing the permitted jurisprudential contracts, the researchers and experts of Islamic banking have suggested some solutions:Designing credit card based on Bay‘, draft, and fine of delay in payment contracts.Designing credit card based on Bay‘, Ju‘ālah, and fine of delay in payment contracts.Designing credit card based on credit sale, guaranty and delegation contracts.Designing credit card based on delegation buy and sale contracts.Designing credit card based on delegation sale contract.Designing credit card based on credit sale and draft contracts.Designing credit card based on credit sale and discount (debt purchase) contracts.The assessment and comparison of above mentioned solutions shows that, put on together, the seventh solution has a higher jurisprudential and executive confidence.

Regarding the prohobition and nullity of interest in Islamic economics and successively, revision of the law of banking operation of Iran, open market policy, which is based on interest rate, has no effectiveness and central bank looses its main monetary policy instrument for controlling liquidity.The proposed Istisna’ securities could be an alternative for bonds as an instrument and by selling and buying these securities in primary and secondary markets and by applying the appropriate monetary policies, the central bank could attain goals like increasing employment, stabilizing the general level of prices, improving the balance of foreign payments and economic growth. Identifying Istisna’ contract and explaining its nature, this paper has tried to correct it from the perspective of Islamic jurisprudence, thereafter explains how to apply it in the economy of the country and how central bank take advantage of Istisna’ securities towards economic goals.

Increasing economic growth, which is the most important outcome of technological progress, has brought about consequences upon environment and natural resources that gradually raised economists and ecologists’ concern particularly and many scholars generally. The extinction of herbaceous and animal species, distorting the ecological cycle as well as exhausting terminable resources and the exposure of renewable resources to threat, are some parts of these concerns. On the other hand, widening income gap in spite of remarkable advancements in economic aspects had also raised the concerns of advocates of justice. These concerns led to more attention to sustainable development within the process of development mutations.In this stage, with the emphasis on the efficiency principle as the pillar of the realization of development, in order to provide stability the stress has been put upon two issues: respect to the environment and intergenerational justice.Consideration of principles that depict the outline of developing in economic system of Islam, together with the perspective of ideal Shiite society in the time of Imam Mahdi (as) (Mahdavi Society), will eliminate the present concerns about the future of development.This paper first identifies sustainable development and its features, then with introducing the aforementioned principles, claims that the time of perfect realization of these principles and institutions is Mahdavi Society and the era of recrudescence of Imam Mahdi (as). In the next section using Islamic teachings especially the traditions (Hadith’s) related to the recrudescence era, characteristics of developed society of that time are discussed. It seems that in such a society the present concerns about the stability of development and devastating effects of development on the environment and also injustice in enjoying from the advantages of development will have no place; and regarding the ideality of this society, the orientation of economic activities of the Islamic society should be toward the direction of the realization of sustainable development.

Islamic Azad University with quarter of a century activities and about 270 branches and educational centers in Iran and abroad, and with more than 50% of all students in the country, has had an effective and noticeable role in improving level of high education.This large scientific institution, has been financing recourses by tuitions, transfer payments (people and organizations) and other resources without helping of the government, is serving students, personnel and instructors. Financial Loans are such services that allocated for students, instructors and personnel at university. These loans need contracts which shouldn’t be usury and should adjust Islamic contracts, In this research by definition and description of usury and inflation, survey the ideas about (Compensating Devaluation of Money (CDM) and "piece wages", we suggested two applicable model for accounting piece wages and CDM. At the end, according to no usury banking law described the last method to avoid usury contracts.

Translated by: Gholamreza Mesbahi MoghaddamAlthough it’s not long that passes from theoretical proposition and the execution of Riba free banking, by suggesting Islamic financial methods instead of interest based methods, it has been able in this very short time to draw the attention of scholars and researchers in the field world over, in addition to Muslim bankers, capital owners and operators.Although increasing expansion of Islamic banking stems from Muslims’ beliefs, however, the capability of its methods in answering the needs of people and comparative superiority of these methods in comparison with interest based financial methods have also been effective in their development; in the way that today we see the establishment of Islamic banks in different countries, even non-Muslim ones.Beside remarkable successes, Islamic banks encounter with some severe problems that entails scientific effort of experienced scholars and thinkers. The problem of delinquency in debt payments, and finding a solution for making incentive for their on time pay back and compensating the loss of the bank, the dependence of profit rates of Islamic banks on the international interest rates, the unimaginability of loss in investment deposits for people, the problem of constitution of investment funds, moral hazards on the part of the receivers of financial facilities, the problem of government finance and investment in exchange are some of these problems.Explaining the aforementioned problems, in this paper the effort has been put to suggest suitable recourses to get out of them.