جستجوی مقالات مرتبط با کلیدواژه « Musharakah » در نشریات گروه « اقتصاد »

One of the new innovations in Islamic capital market is the introduction and issuance of perpetual sukuk. As one of the combined Islamic financial instruments, these securities have the nature of debt-equity with no pre-determined maturity date. Islamic banks tend to issue such securities with the aim of managing their own risk, complying with Tier 1 of Basel III capital adequacy requirements, as well as complying with the requirements of highly liquid assets. Also the government and the special sector tend to finance their projects through perpetual sukuk. The purpose of this study is to examine the possibility of designing and issuing perpetual Sukuk from a shariah perspective. The items studied in jurisprudential analysis are non-determination of maturity date, delay in payment of periodic profit, prioritization and the redemption option in perpetual sukuk. This study is an applied research in terms of purpose and descriptive-analytical in terms of nature and method. In this research, after introducing perpetual sukuk, expressing its features and considerations, we analyze this type of sukuk from a jurisprudential point of view. The results indicate that it is possible to design perpetual sukuk in the form of Musharakah, Mudarabah and Wakalah contracts

One of the concerns of some Islamic finance specialists is the Sariah compliance of banking services. This is a greater concern about participation contracts which are more complicated especially in terms of profit sharing. Several Islamic finance researchers have suggested solutions to it. The main objective of this paper is to investigate the feasibility and the effect of applying these solutions. In fact, we are looking for the answer to this question, which one is the most appropriate solution considering the environmental conditions and operational capability of the banking system of the country. For this purpose, we have used the Structure-Conduct-Performance Paradigm (SCP). The result of this research shows that the use of incentive mechanisms in the participation contracts among the different suggested solutions is more consistent with existing restrictions.

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.

Urban tissues’ depreciation is a reflection of the deficiencies and shortcomings, such as the lack of urban services and infrastructures, the lack of access to appropriate networks and pathways, and environmental problems. Poverty of the residents, growing population, significant increases in land and housing prices, and speculations in the housing market has made financial issues regarding urban renewal projects to be one of the main concerns of the authorities. The experience of developed countries in using real estate funds for financing the worn out tissues renewal projects was applied to the Islamic securities (sukuk) issuance. In this paper, the profitability of an urban renewal project for Hemat-Abad neighborhood is analyzed. The results confirm the project’s profitability with a profit rate of 2.1 percent and 26.83 percent rate of return. In the next step, after an economic and technical review of different types of urban project's financing plans including: Sukuk, participating bonds, hire-purchase agreements, Istisna, and Murabaha, they were ranked using multi criteria decision-making (MCDM) approach by considering the rate of return, the risk, bond issuance facilities, and public acceptance as criteria. According to the results, Sukuk was selected as the most appropriate bond type. The public acceptance for this kind of bond was analyzed and confirmed using statistical analysis on the data collected by distributing questionnaires among neighborhood residents and potential investors.

According to banks and financial institute's operations expansion, Beneficiaries increasing and asymmetric information expansion, corporate governance implementation is necessary for banking system. Defensing of total laws of Beneficiaries is the heavy duty of corporate governance in banking system. Islamic banking has suitable capacity for corporate governance implementation. This system has motivations as Competitiveness, special laws, Islamic ethic about Individual behavior and social- political environment. These motivations can provide a good atmosphere for corporate governance implementation in banking system. So supervision, risk management and transparency are some Islamic banking tools for corporate governance implementation. These tools with mean factor as board of directors, high management, Shareholders and depositors can corporate governance implementation in banking system.