نشریه مطالعات اقتصاد اسلامی
پیاپی 1 (پاییز و زمستان 1387)

Investment is important as one of the significant part in all economic system. Since Islam prohibits any trade base on usury so the survey of another system for Islamic communities is necessary. Profit-loss sharing (PLS) system is one of the opportunities among Islamic economist to be discussed.When PLS comprehensive that the given profit of sharing wouldn’t be is define and versus rate of sharing for two parts was predefined. We can study this system from two aspects: Musharakah & Mudarabah. One of the advantages of this system is to share the capital supplier in profit and loss so the motivation for investment increases. On the other hand because the contracts are based on sharing system then the efficiency of projects can be examined well. In this system investment demand isn’t infinitely and demand accrued when profit comes to maximized level. In sharing contract when marginal profit rate is equal to average profit rate profit is maximized.

Of course, real aspect of economy is affected by conventional issues. The article here, tries to explain the way economy is affected by or influenced on this aspect of economy. Every society accepts its own specific conventions based on cultural values. That’s why their real economic variables are peculiar to; accordingly, they can not extend over societies those which they do not accept the conventions.

Volatility of the stock market alongside investor's risk considerations has encouraged different risk management approaches and caused a variety of hedging techniques beside a range of new financial institutions and instruments. Insurance companies, as active financial institutions, have entered the area as such as other institutions. In competition with mutual funds they have introduced Investment Guarantees; contracts with characteristics of both investment and insurance vehicles. Essentially, these are mutual funds that have been augmented with additional insurance features that provide a guarantee on the initial principal invested after a specified time horizon. These investment products offer investors the upside potential of the equity market, while providing a protective floor should the market fall and have been particularly attractive to risk averse investors nearing retirement. In Iranian capital market, as an emerging market with apoor diversification of investment vehicles and no derivatives, these contracts may hold an essential role in financial risk management. But, since these contracts have no practical history in Iranian capital market, and knowing that every new contract must be approved not to conflict with Shari’ah principles, we first introduce Investment Guarantees and thenmeasure them with principles of Shiah Jurisprudence to examine if they are Shari’ah compatible.

Musharakah as one of the approved financing methods for economic activities by Islam and according to its jurisprudential basis is formed through the blending of partners’ fund. All partners have the right to contribute and monitor and manage the economic activity. One of the major concepts in Musharakah contract is profit-loss sharing (division of profit and loss) proportionately to every partner’s fund at the end of the contract or the economic activity. Major challenges which banks face in the appropriate performance of Musharakah contract are as follow: a) the necessity of supervision and auditing in economic activities, hence using some auditors which end with the increased costs. b) Asymmetric information and lack of confidence towards the income statement prepared by the applicant. c) Uncertainty about the economic activity results, hence market risk. Despite the afore- mentioned challenges, appropriate implementation of Musharakah contract will have desired economic consequences which cover the costs related to these challenges. Some of the desired economic results are: equitable income distribution, decreasing inflationary pressures and decreasing production cost, increasing productivity investment and employment, not needing mortgage, risk diversification. Proper implementation of Musharakah contract and releasing from afore-mentionedchallenges require some solutions such as: Diminishing Musharakah (gradual transferring of bank’s share to the applicant), insurance contracts, considering some special accounts for probable losses, risk diversification of the bank (in order to encounter economic shocks and recession period)

The interest rate in the money and banking subjects has its special importance and acts as the equilibrium factor in money market. At the same time according to the Quran paying and receiving of interest is forbidden in Islam. Forbiddance of paying and receiving interest in Islam from one side and the importance rule of this variable in economy discussions from the other side is an important challenge which the Moslems and Islamic societies are faced with it. Free of interest banking system as a solution for this difficult has been used in a lot of Islamic countries and so in some of non Islamic countries. Although the free of interest banking system has some difficulties, bottlenecks and constraints but it has some advantages in respect to with interest banking system. Identification of the advantages and bottlenecks of the interest free banking system in collecting and allocating of funds resources are the main purpose of this paper. Specifying of the approaches of collecting funds resources in free of interest banking system and with interest banking system, Specifying of the approaches of allocating funds resources in two banking system and analyzing and comparing of two banking system in collecting and allocating of funds resources are titles which are discussed in this paper.

To introduce the structure of a science, the first step is to define and explain its underlying institutional framework. This framework will then strengthen the pillars of the science in question. The same applies in theorizing Islamic economic thoughts. The next necessary step is to expose the well established rationales upon which the theories of Islamic economics are based. It is equally important to consider and analyze the rationales with those of the conventional economics.In this article while emphasizing the origin of the ontological and deontological principles governing the Islamic economic theories, we introduce the three main Pillars of such theories: Pillar 1 stands for presumptions based on Islamic economic metaphysics; Pillar 2 stands for value judgments based on Islamic Shari’ah; and Pillar 3 stands for the recognition of some positive relations between moral value and value-based dimensions of Islam and economic phenomena.

Justice and its theories and definitions have a major fundamental role in anysocial thoughts. However these are still subject of endless debates amongsocial philosophers and scientists. Discussions about definitions of Justice have deconstructively revolved around two main, axiomatic issues or origins: first, an inquiry into the ontological deconstructions of concept of Justice and second, an inquiry into the epistemological foundations of Justice Theories and definitions. The recent and major Islamic contribution in this area comes from books by Martyr Prof. Motahhari. In discussing these fundamental issues author advance important substantive claims. As such, each statements is a welcome addition to the current Islamic jurisprudential and philosophical discourse illuminating the understanding and justification of the realistic core concept in Islamic thought tradition. The scope of thisarticle is restricted to the question of the justice and justification of realism in Islamic scholar’s definitions and its implications on the applying Justice It is the author’s view that both books understate the idea that Justice discourseand its duties, obligations and goals in Islamic sphere necessarily includes elements of realism.