فصلنامه اقتصاد اسلامی
پیاپی 27 (پاییز 1386)

Issuing all kinds of Islamic securities (called sukuk) is one of the innovations of current decade in the area of Islamic fiscal and monitory discussions. These securities are designed on the basis of Islamic contracts to finance government, dependent governmental institutions and economic firms and they are suitable substitutions for Riba-based securities especially for bonds. However Islamic securities have some similarities with Riba-based securities on account of practical methods but they have substantial differences for content and law nature. Riba-based securities have design on the basis of loan with interest contracts, the owners of these instruments (papers) have not any participation (Musharakah) in real assets ownership, economic activities and its return, in result they receive a fixed interest in predetermined dates whereas in Islamic securities the owners of instruments (papers) have participation (Musharakah) in real assets ownership and also economic activities. Moreover, the yield of plans, projects and activities affect on the income of instrument owners and also instrument profit affected by the real sector of economy. In this paper, it is analyzed all kinds of Islamic securities (based on basic foundation i.e. participation in ownership), participation in economic activities, guarantee the head capital, constant or expected profit payment and explained the viewpoint of religions and Islamic jurists about these matters.

The problem of income distribution and its resultant inequalities has been a subject under disputing in many societies that even increase of sensibility about this topic has caused the important society- political variations. In this paper, we try to concentrate on special factor that influence income inequality and analyze it. Our elected factor is philanthropic contributions. The results of this exploration suggest that philanthropic contributions have reduced income inequality in Iran in 1363-85. This effect is significant but small.

Two rational methods have been described in this article to clarify the entity of this science after defining Islamic economics philosophy and its related matters.1.Adaptive it will study Islamic economics in contrast with conventional economics. Conventional economics will be studied as a new matter and the position of Islam should be distinct against it.2.Autonomous (independent) we don’t begin our study from scientific theories or the purpose and duties of conventional economics. But we will define Islamic economics by studying the purpose and foundation of Islam for Islamic system and society on the basis of economic aspect. We have designed an example for each method i.e. Annas Zargha theory for the first method and Chapra theory for the second method. Then we define Islamic economics by the means of autonomous method and describe the concept of individual and society prosperity from the Islamic point of view as well as explaining the economic purpose of the Islamic society which is compatible with such concept of prosperity: "Islamic economics is a discipline of knowledge which helps to achieve economic justice and security and also enrich natural endowment through the appropriation and distribution of scarce resources within the Islamic framework".We come to this conclusion that the duties of this science are: 1.Identifying present state (studying the real behavior of individuals, groups, firms, markets and states).2.Identifying ideal state (explaining that kind of behavior which leads to the fulfillment of purpose).3.Offering a strategy to move from the present state to the ideal state.

There were not any difference of opinion about nature and scope of Riba among jurists, commentators and other Islamic scholars until one-hundred years ago. Islamic scholars were about to use bank while capitalism system was developing as well as the entry of banking system into Islamic communities in one hand and observe the bank activity combined with interest loan which is forbidden in Islam on the other hand. Some scholars began to design a new pattern for bank and some of them began to present a new interpretation of Riba to prescribe interest and conventional banking system. Some of these interpretations were accepted by the scholars because of their reference to Quran, traditions and historical texts so that a lot of books and articles were written to violate or affirm them. Theories which are analyzed according to historical record and evidence are: the theory of appropriating forbidden increasing Riba for the extension of the period of a contract and permitting the interest of loan, the theory of appropriating Riba to notorious interest and permitting justice interest, the theory of appropriating Riba to the interest of consumption loans and permitting the interest of production (business) loans, the theory of substantive difference between Riba and interest, the theory of appropriating Riba to private banks interest and the theory of the economic and social necessity of Riba. Although some of these theories have been shined in their ages and some of them have not serious supporter among religious scholar lawyers and economists yet but they have not any stable base by way of critics and can not be a base for issuing religious opinions (Fatawa) and practice. Therefore bank and other credit and financial institution transactions should not regulate on the basis of the new interpretations of Riba but it should regulate on the basis of religious permitted transactions.

The Law Governing of the Securities Market in the Islamic Republic of Iran has recently recognized option contracts as a type of derivatives without providing any further details of such contracts. Article 4(4) of the Law has, however, assigned the duty of approving any new financial instruments to Bourse High Council. Although options contracts are regarded many of financial markets in developed countries as an effective instruments, Iranian Islamic Jurists and lawyers haven’t still render any ideas about the nature of the in considering that Sunni Juries consults opposition to this contract, and the necessity of varying the financial instruments for thriving in bourse markets and mobility of our country, in this paper we review and discuss the principle of the validly of such contracts.

Paving the way legally and culturally to design and use new instrument is one of the important changes which happened to the new law of securities in the capital market of Iran. Pay attention to the legal mechanism of these instruments from the jurisprudence point view is what made double the sensitivity of using these instruments in Iran. Therefore it can be claimed that the diversification of capital market instruments requires financial and Jurisprudence studying simultaneously. Short selling is one of these new instruments. This research includes both survey of its common mechanism in the world capital markets and its coincidence with the Islamic basics. In order to do that, at first stage this research seeks for any illegal problems that may exist in this contract due to the religious point of view and secondly accomplishes a comparative study with religious conformable contracts.It is collected the economic-jurisprudence interdisciplinary point of view of experts In order to reach a decisive and expert sight. It has been done by the means of a questionnaire including detail comparative study of short selling with the general principle of the contract as well as any illegal problems that may exist in this contract. Finally as an opinion derived from those of experts’ consensus, it is concluded that short selling as its common mechanism in the world capital markets, is not compatible with Shiaá jurisprudence basics. Although some close instruments can be devised on the basis of accepted mechanisms.

With the prohibition of riba in Islamic economics, the use of some securities such as various bonds is not possible for Islamic countries. So Muslim's countries should attempt to design new instruments for and financing hedging of risk that would be consistent with Islamic principles.Ijarah sukuk is one of the most common Islamic financial instruments that is used in Islamic countries. Tories prudently, lawful, risk management, accounting nowadays and to ration manner.In designing each financial instrument, different aspects of financial designing should be investigated. All policy makers, investors of financial markets and even authorities pay more much attention to the risk and the vacillations. In this paper, we have analyzed various risks of Ijara sukuk and some methods of hedging them in the investors view.