قيمت مقاله الكترونيكي: 

The Position of Distributive Justice in the Evolutionary Pattern
of Normative System of Islam


Saeed Khadivi Rofugar / PhD Student of Islamic Economics, Research Center for Islamic Culture and Thought              khadivy@gmail.com

Ali Asghar Hadavinia / Assistant Professor of Economics, Research Center for Islamic Culture and Thought

Received: 2016/03/18 - Accepted: 2017/07/27



The formulation of strategies for ACHIEVING distributive justice according to Islamic approach requires attending to the normative system accepted by Islam. Using an analytical method, this paper examines the normative system of Islam and its effect on determining the position of distributive justice which is based on a Qur'anic approach. According to the paper's supposition, the Islamic approach to distributive justice is influenced by an Islamic normative system based on three approaches: deontological, virtue and teleological. According to the research findings, the normative system of Islam has three systems in the evolutionary process: deontological, virtue and teleological. In all these normative systems, special attention is paid to the alleviation of poverty and reduction of inequalities in providing income. In this Islamic normative system, a pedagogical and progressive approach to administering distributive justice in society is introduced. Fiqh, which is based on a deontological normative system considers that, along with the other acts of worship, financial obligations such as zakat are among the duties. Furthermore, in a higher rank, Islamic morality which is based on the virtue oriented normative system, draws attention to the importance of donating charity in Allah’s cause and attending to it in refining the existential dimensions and achieving "bir" (righteousness). Considering Islamic dogmatic theology, according to teleological system, forgiveness is, referred to as the most important behavioral characteristic of "Abrar (the righteous).

Key words: normative Islamic morality, Islamic economy, distributive justice, deontology, teleology, tendency towards virtue.

Designing Practical Models for Credit Purchasing of Securities
with Particular Reference to the Investment Company
and Specialized Bank of Securities


Mohammad Jamali Hassan Jani/ PhD Student of Financial Management, Allameh Tabatabaei University      jamalifinance@gmail.com

Mohammad Javad Mohaghegh Nia / Assistant Professor of Finance and Accounting, Allameh Tabatabaei University

Mohammad Hassan Ebrahimi Sarv Olia / Assistant Professor of Finance and Accounting, Allameh Tabatabaei University

Received: 2017/04/09 - Accepted: 2017/08/26



Credit purchasing of securities is one of the effective means used in the capital markets of developing countries, including Iran, to attract liquidity out of the market. If properly organized and if statutory regulations are observed, credit purchasing can increase the efficiency of the market and improve the way of setting a fair price. Although most countries adopt a system of credit transactions which has outstanding characteristics, the way of devising its infrastructure and putting it into practice should be flexible and suitable for that country or market such that it can change over the time. In the common model of credit purchasing, banks and financial institutions provide brokers with their resources and brokers give them to customers by receiving authentic documents. Using an analytical method and examining the view of fiqhi and financial experts, the present paper uses Murabah and Wakalah contracts to optimize the common model of credit purchasing. The paper proposes models for credit purchasing in the capital market with particular reference to the central investment company and specialized bank.

Key words: credit purchase, mortgage securities, Islamic capital market.
Classification JEl: G19, E59, P4.

Investigating the Feasibility of Reducing Deferred loans
in an Interest-free Banking System


Hossein Samsami/ Assistant professor of economics department, Shahid Beheshti University h_samsami@cc.sbu.ac.ir

Saied Karimi/ PhD students of Economics at Idalat University

Received: 2017/12/06 - Accepted: 2017/04/22



Deferred debts are one of the most important issues in the banking system. Over the past years, the trend of non-performing loans in the Iranian banking system show an increase, and the share of deferred funds to facilities have reached a worrying number. The main question is why the statistics of Iran's non-performing loans have been incremental, in comparison with the conventional banking system, and what are the main reasons for its creation? It happened in spite of the fact that the Iranian banking system is claimed to follow the interest-free banking law. Considering the specialty of the bank in the money market and the lack of expertise of the bank in the real market, the present study investigates the exact nature of the deferred debts in an interest-free banking system; and engages in a pathological study of the present situation. Using a descriptive- analytic method, we conclude that the deferred payment terminology is only relevant to debt. Therefore, It is not relevant to the Islamic contracts such as Mushārakah.  Compared with the leasing industry, the banking system is not efficient in the use of Installment sale contracts. Based on the results of the paper, the main reason for the expansion of deferred payments is the improper implementation of Islamic contracts. The findings confirm our hypothesis.

Key words: Interest-free banking System, Non-performing loans,  Mushārakah, installment sales, Islamic contracts.

A Review of the Relationship between Property Rights
and Poverty Based on VAR Model with Special Emphasis
on Islamic Economy Literature during 1369-1393


Sayyed Mohsen Sajjadi / Instructor at Mofid University                                        sajjadi@mofidu.ac.ir

Mohammad Reza Yousefi / Mofid University

Maryam Khosrowizadeh/ MA in Islamic Economy, Mofid University

Received: 2017/05/20 - Accepted: 2017/09/21



The Qur'anic verses and traditions of the Imams hold poverty in contempt and place emphasis on the need to preserve individuals’ property rights. The present paper uses an analytical and econometric method to study the relationship between poverty and property rights according to Islamic economy. While analyzing this issue in the light of the literature of Islamic economy, this study investigates the two fold relationship between the index of property rights and the index of absolute poverty proposed by Amartya Sen in the economy of Iran during 1369-1393. Time series and vector auto regression modeling were used in this study. According to the hypothesis of the paper, there is a direct two fold relationship between absolute poverty and violation of property rights. The findings of the study indicate that in the view of Islam, there is a twofold relationship between poverty and property rights. According to Quranic verses and traditions, poverty and its severity leads to the violation of individuals’ rights, and the violation of individuals’ property rights causes poverty to be severer. The findings of the paper's experimental study indicate that there is a direct and two fold relationship between absolute poverty and violation of property rights in Iran’s economy during 1369-1393.

Key words: property rights, poverty, economic justice, economic security, Islamic economy, VAR model.

Classification JEl: Z12, D63, P36, P14.


A Philosophical Analysis of Progress and Its Components according
to the Qur'anic Verses


Abdullah Fathi / Assistant Professor, Department of Philosophy, Imam Khomeini Institute of Education and Research    abdollahfathy@yahoo.com

Received: 2017/03/14 - Accepted: 2017/07/17



One of the prerequisites for developing an Islamic Iranian model of progress is providing a precise definition of the concept of progress according to Islam. Different definitions are given in this regard. Using an analytical and deductive method and referring to the verses of the Holy Quran, this paper explains the nature of progress and its main components. The question asked by this essay is: what sort of change can, according to the Qur'an be referred to as progress? The research findings indicate that in the view of the Qur'an, the progress of something or an aspect of it means that the thing is changed in such a way that the effects which we expect from its nature will be manifest itself and be compatible with the other components and parts which are related to it. This perception of progress has three pillars: rationality, spirituality, and justice. According to the Qur'anic view point, the realization of progress in each stage or area depends on the realization of these three concomitant pillars; thus, if development does not occur in all the three aforementioned pillars it will not be considered progress.

Key words: progress, development, Islamic model of progress, rationality, spirituality, justice.

Classification JEl : O10، D63، P4





The Criteria and Indicators of the Provision and Allocation
of the Resources of Islamic State Budget


Mohammad Jamal Khalilian Ashkazari / Associate Professor of Economics, Imam Khomeini Institute of Education and Research                                                                                                                           m_khalil411@yahoo.com

Sayyed Hamid Joushaghani Na’ini / PhD Student of Philosophy of Islamic Economics, Imam Khomeini Institute of Education and Research

Received: 2017/01/24 - Accepted: 2017/06/29



The evaluation of Islamic state budget requires some general criteria and quantitative indicators which can be used for evaluating the drafted plan for accomplishing the goals of the Islamic system and removing the obstacles to development and progress. Using an analytical method, the paper seeks to establish on the criteria and indicators for providing for and evaluating the Islamic state budget. According to the findings of this paper, the criteria and indicators for the optimal budget of Islamic state can be presented in two areas: providing and allocating the resources. Optimal use of natural resources, ensuring justice in providing resources through taxes, efficiency of the tax system, stability and sustainability of the sources of revenue, clarity of the sources revenue, and observance of Islamic law are the paper’s proposed criteria for providing the budget resources. The desirable budget criteria of Islamic state concerning the allocation are the observance of public interests, efficiency and productivity and justice in the distribution of resources. The paper suggests some indicators for measuring these criteria.

Key words: budget, Islamic state, indicator, providing budget resources, budget allocation.

Classification JEl: H6, H6, P4