Veqalah Sokouks (Advocacy Securities), a Useful Instrument
For Financing Academic Entrepreneurship

Seyyed Hadi Arabi / Associate Professor, Qom Uni                          hadiarabi@gmail.com

@Seyyed Mahdi Mousavi Berudi / PhD Student of Economic Sciences, Imam Sadiq Uni
                                                                                                        barrodi@isu.ac.ir

Hossein Shirmardi Ahmadabad / PhD Student of Islamic Sciences and Financial Management; Imam Sadiq Uni                                                                                                shirmardy@isu.ac.ir

Received: 2018/10/13 - Accepted: 2019/02/17

Abstract

Today, the production of knowledge and its effective application in production has become a global goal. However, funding for the production of applied knowledge and academic entrepreneurship is facing a lot of challenges. The universities’ dependence on state budgets, universities’ lack of knowledge about the needs and priorities of the business environment, university's lack of financial support for researchers for applying the produced knowledge, and the inadequacy of the researchers' share of commercialization incomes can be considered as the most important economic barriers to commercialization of knowledge and academic entrepreneurship. Using an analytical method, this paper examines the possibility of using the capacities of the Islamic capital market for solving some of the economic problems of academic entrepreneurship. In this study, veqalah sokouks (advocacy securities) have been proposed as a means for financing entrepreneurship in Iran's capital market. The results of the research show that the advantage of veqalah sokouk can create a comprehensive and low-risk option in academic entrepreneurship. The proposed veqalah sokouk are a good means for meeting the various financial needs of academic entrepreneurship, including the financing of working capital and knowledge-based projects.

Keywords: financing, academic entrepreneurship, Islamic financial instruments, securities, Veqalah sokouks (Advocacy securities).

JEL: Z12, G11, O32.

The Semantics of School, System and Science in the Literature of Islamic Economics

@Hassan Aqa Nazari / Professor at the Hawzeh and University Research Center       hnazari@rihu.ac.ir

Mohammad Javad Tavakoli / Assistant Professor of Economics, IKI         tavakoli@iki.ac.ir

Mohammad Bidar / PhD in Philosophy of Islamic Economics, IKI      bidar.mohamad@yahoo.com

Received: 2018/04/14 - Accepted: 2018/10/11

Abstract

Although the terms “school, system and science” are used extensively in the literature of Islamic economics, there is little agreement about their meaning and relationship. This paper studies these three concepts and their relationship. According to the hypothesis of the paper, the propositions of Islamic economics only include theological and scientific propositions. Based on the research findings, the Islamic economics school outlines the basic framework and strategic principles of economic activities based on Islamic teachings. Islamic economics expounds the economic facts derived from the theoretical and practical teachings of the Islamic school, and describes, explains and predicts the relationships between independent and dependent variables. However, in terms of content, the Islamic economic system and propositions of policy making in Islamic economics, have no identity independent from the school and the science of Islamic economics; rather, they are a combination of normative and scientific propositions of Islamic economics. Islamic economic policy is the result of the simultaneous use of normative and scientific Islamic economics to provide the operational means needed for the fulfillment of the economic goals of Islam. The Islamic economic system, in its general form, is like an umbrella that covers various sectors such as school, science and politics of Islamic economics.

Keywords: Islamic economics school, Islamic economic system, the science of Islamic economics, economic policy-making, positive economics, normative economics.

JEL: N0, P4, Z12.

Investigating the Effect of Providing Banking Facilities within the Framework of Islamic Contracts on the Value Added of Economic Sectors: Application of the Bayesian Vector Autoregression Model (BVAR)

@Mohammad Nasr Esfahani / Instructor, Kharazmi Uni                       m.ghaemi@khu.ac.ir

Mehdi Ghaemi-Asl / Assistant Professor, Kharazmi Uni                   mnafr121@gmail.com

Ali Asghar Zare Kordiani / MA in Economics, Subdiscipline of Islamic Banking Kharazmi Uni
                                                                                          alizarek69@yahoo.com

Received: 2018/09/12 - Accepted: 2019/01/28

Abstract

In the interest- free banking system, Islamic contracts, due to their operational nature and interactivity with other economic sectors, can help guide and organize private sectors of the economy. This paper studies the effect of banking facilities within the framework of the Islamic contracts of Ju'alah, installment plan, legal partnerships, civil participation and Mudharabah on the value added of housing, industry and mining sectors. To this end, using the Bayesian vector autoregression model, the effect of banking facilities using the aforesaid contracts on the value added of the above mentioned sectors has been investigated by considering the variables of the general level of prices, exchange rate and oil revenue during the period of 1384-1394. Based on the results of the study, banking facilities did not have a significant impact on housing, industry and mining sectors within the framework of a legal partnership agreement; however, the facilities of Ju'alah, civil partnership, installment plan and Mudharabah had a positive and meaningful effect on all sectors of economy. The necessity of reforming the framework of legal participation facilities, strengthening of the facilities of Ju'alah and civil participation in housing, industry and mining sectors respectively, strengthening of Mudh arabah facilities and installment plans in these two sectors are among the implications and suggestions of this research.

Keywords: Banking contracts, Islamic banking, Islamic contracts, Value added of economic sectors, Bayesian vector autoregression model.

JEL: E5, E6, G2.

Inequality in the Distribution of Public Resources; Fair Distribution of Anfal and Public Resources (A Case Study of Targeted Subsidy Plan)

Ahmad Ali Yousefi / Associate Professor of Islamic Culture and Thought Research Center
                                                                                   economy.islamic@gmail.com

@Ali Akbar Karimi / PhD Student of Islamic Economics, Islamic Culture and Thought Research Center
                                                                                                                                 karimiisu@gmail.com

Saeed Farahani Fard / associate professor, Qom Uni                                                            saeed.farahanifard@gmail.com

Received: 2018/09/03 - Accepted: 2019/01/17

Abstract

In the Islamic approach, the right of all people to enjoy the opportunities and benefit from public resources are the two dimensions of justice, meaning "Giving everyone one's entitlement". In this framework, the first step towards the realization of justice is to fight inequality in the distribution of opportunities, resources and public facilities (Beit al-Mal) in the favor of the poor and deprived in the Islamic society. This paper examines the distribution of subsidies in Iran's economy, considering the requirements of justice in the Islamic approach. The main question of the research is: what is the criterion for the fair distribution of Anfal and the public resources of the country, especially in the context of poverty and class divisions? According to the research hypothesis, in the context of poverty and class divisions, in the distribution of public resources of the country including the distribution of subsidies, one can allow an unequal distribution for the benefit of the poor, so that justice can be achieved faster by reducing the class division. Using the descriptive and analytical method and Islamic and jurisprudential doctrines on the one hand, and examining the experiences of the current distribution of subsidies in Iran on the other hand, the present paper seeks to prove this hypothesis and the necessity of its implementation in the distribution of subsidies in Iran.

Keywords: Fair distribution, Economic justice, Targeted subsidy plan, Poverty reduction, Anfal, Distribution of public resources.

JEL: D63, H2, H71.

Studying the Effect of Flexible Work Hours
for Women on Family Welfare with the Islamic Approach
(Case Study: Married Women Employed in Higher Education Institutions in Tabriz)

Elmira Ashkan / PhD student of Islamic economics, Tabriz Uni     elmiraashkan360@yahoo.com

@Mohammad Ali Motafakker Azad / Professor of Economics, Tabriz Uni                           m.motafakker@gmail.com

Mohammad Reza Salmani Beheshk / Assistant Professor of Economics, Tabriz Uni
                                                                                                            mrsalmani_2005@yahoo.com

Reza Ranjpur / Associate Professor of Economics, Tabriz Uni            rranjpour@yahoo.com

Parviz Mohammadzadeh / Professor of Economics, Tabriz Uni                    pmpmohamadzadeh@gmail.com

Received: 2018/10/14 - Accepted: 2019/02/17

Abstract

Women's employment is one of the major economic issues that is of interest to economic, social and political thinkers. In the opinion of the experts, the employment of women with fixed and long work hours causes physical and mental harms, and affects the welfare of the family. This research seeks to answer the question of the impact of flexible work hours for women on the welfare of the family in the Islamic sense. For data collection, a questionnaire was used in the winter 1396 and spring 1397. The analysis of results was performed using Pearson correlation coefficient and simple and multiple linear regression. The statistical population of this study included all the married female employees of higher education institutions located in Tabriz city, 260 of whom were selected using stratified random sampling by separate universities. The results indicate that there is a positive and significant relationship between the flexibility of women's work hours and family well-being.

Keywords: Women's employment, Flexible work hours, Family welfare, Islamic economics.

JEL: C83, I23, I31, J08, J81.

The Implications of New institutionalism for Islamic Economics
in Dealing with Externalities

@Mohammad Hosein Karami / Assistant Professor, Hawza and University Research Center
                                                                                                                                  mhkarami@rihu.ac.ir

Sa’eed Goodarzi / MA, Hawza and University Research Center       saeed.goodarzy@yahoo.com

Received: 2018/10/31 - Accepted: 2019/03/02

Abstract

The adherents of new institutionalism have considered exchange costs as the factor behind the formation of Externalities, and with an emphasis on the bilateral nature of Externalities, have criticized the traditional approach to economy. Some argue that institutionalism can have implications for Islamic economics, especially in terms of the method of analyzing economic behaviors and phenomena. Using an "analytical" method, this research examines the implication of the "new institutional approach for dealing with externalities" in Islamic economics. The results of the research indicate that the above-mentioned approach does not have obvious implications for Islamic economics at least for three reasons: 1. Contrary to the institutional view, exchange costs is not the only factor in the occurrence of externalities in Islamic economics; 2. In the face of externalities in Islamic economics, in addition to maximizing the entire product (which is the goal of the new institutionalists), other goals, such as pursuit of the interests of society are also considered; 3. New institutionalists, with the criterion of economic cost-benefit, make a special decision in each case; While in Islamic economics, firstly ,the only criterion for decision-making is not economic cost-benefit; secondly, sometimes the strategy for coping with externalities is determined and unchangeable.

Keywords: externalities, New institutional economics, Islamic economics, Exchange costs, Property rights.

JEL: D62, H23, P4.