نشریه تحقیقات مالی اسلامی
سال دوازدهم شماره 2 (پیاپی 24، زمستان 1401)

The Iranian government has revived banks and credit institutions by using public resources and borrowing from the CB under the "bail out"; But this method puts the pressure on all people. The present study has studied the jurisprudence of the tool of "bail-in". Bail-in is a tool that, absorbs the losses incurred in the debt column of the bank balance sheet, and converts part of the existing liabilities into bank shares. The method of jurisprudential study is multi-stage Ijtihad; According to this method, after examining the financial relations under the relevant jurisprudential topics, the research results were presented to 6 members of the jurisprudential-economic elite and the central research questions were consulted by 8 imitation authorities and the research result was approved by the majority of elites and scholars. The first result of this research is that in current and savings deposits that have the nature of Al-Qarz, the value of Al-Dain can not be forcibly reduced under any jurisprudential title, whether it is "Ibraa Al-Dain" or "Al-Hajr". The conversion of Al-Dain into shares also requires the "consent of the parties." Therefore, it is necessary that both central issues of the means of Bail-in, namely the coercive reduction and coercive conversion of religion, be stipulated in the contract. In case of long-term deposits that have the nature of a Al-Vakalat, whether the property of the subject of the power of attorney has been or has not been destroyed, in case of bank bankruptcy, it is not possible to reduce the bank liability. The solution to this problem is that the bank must condition the reduction and conversion of the obligation while concluding a power of attorney for long-term deposits.

One of the components of the Islamization of banks after the implementation of usury-free banking has been the implementation of justice. In this research, the design of the justice index in Islamic banking as one of the sub-systems of the Islamic economy has been addressed. In Islam, justice is tied to the word "right". Therefore, according to the main function of the banking system, which is the provision and allocation of banking resources, the right is defined in the field of provision and allocation of resources, and by using the content analysis method, the main categories and subcategories of justice in Islamic banking were identified and by using the fuzzy AHP method The preference of each category and sub-category was presented. Among the main categories of justice, respectively, employees, customers, shareholders, society, competitors and media have the highest priority, among the sub-category of employees, compensation and rewards for service, diversity and equality, and health and safety have the highest priority. In the category of customers, creating a safe platform for receiving services, providing cross-border services and globalization, and developing the economy and using Qarz Al-Hasnah in line with the goal has a higher priority, and finally, among the categories of shareholders, the sub-category of shareholders' awareness of the bank's financial obligations, a transparent process regarding the transaction with subsidiary companies and receiving reasonable returns from shareholding is a higher priority.

This study tries to explain and critique the presence of private banks in the developing money market ecosystem of a developing country such as the Islamic Republic of Iran, while explaining all aspects of private sector banking in theoretical foundations. For this purpose, first the jurisprudential-legal challenges and economic-financial challenges and damages of private banks have been extracted by using analytical and survey methods; Then, with the aim of final approval and ranking of challenges, the three-stage Delphi method will be used. In the first and second rounds of the Delphi technique, the binomial test is used to ensure the final confirmation of the challenges and injuries identified by the experts, and in the third round of Delphi, the Friedman ranking test is used to rank the approved challenges. The findings of this study show that "the lack of attention of the regulator and legislator in the money market to the needs of the private sector in the banking industry" and “the possibility of jurisprudential rules of prohibition of Darar & Al-Tasbib on the case of private banks’ over draft from the central bank” are considered as the most important jurisprudential-legal challenges from the perspective of the country's banking experts. Also, according to experts in the banking industry, "inefficiency in resource allocation" is the most important economic-financial damage of private sector banking in the Iranian money market, which has an important role in imbalance and loss of the country's banking network.

In the framework of Islamic Sharia, those types of financial instruments can be used in the Islamic capital market that fully meet the criteria and rules of jurisprudence and are useful from an economic point of view. Jurisprudential standards mean the general and private jurisprudential standards of contracts. In the article "Analysis of the nature and function of social trading from the point of view of compliance with Sharia" it was stated that social trading due to having the conditions of correctness of contracts and being free from jurisprudential obstacles such as, the unjust enrichment, uncertainty, loss and damage, gambling and usury is an irrevocable contract. and Its provisions must be adhered to. Examining the economic function of these transactions from the point of view of micro and macroeconomic criteria also indicated that social trading, in addition to being in line with the diverse goals and attitudes of investors, are in line with economic growth and justice, and it can be used in the financial policies of government. These transactions that affect the efficiency and liquidity of the market; By increasing the amount of investment in the capital market, increasing total production, fair distribution of income, curbing inflation and attracting foreign capital contribute to economic growth and the development of the capital market. Therefore, the correct use of this instrument in the capital market of Islamic countries is a great opportunity, and its use can help to improve the development and deepening of the Iranian capital market. For this purpose, in the current research, the possibility of adapting this instrument to the contracts approved by Islamic jurisprudence is investigated by the jurisprudential analysis method. Jurisprudential results indicate that the potential of these instruments can be used in Iran's capital market by using certain contracts such as reward, advocacy and lease.

It is important to Support and develop start-ups and SMEs in Iran, because the development of entrepreneurship can play an important role in the economic development of the country. According to the first paragraph of the general policies of resistance economy, there is a need for providing conditions and activating financial resources in order to develop entrepreneurship and maximize the participation of individuals in economic activities by facilitating crowdsourcing and among the ways to achieve this, is crowdfunding. This study tries to design an operational model for crowdsourcing small and medium-sized businesses with an emphasis on Meidoun website. The website uses various media capacities, such as TV competitions, to finance small and medium-sized businesses. This research is applied in terms of purpose and descriptive-survey in terms of the nature of data collection. In this research, firstly, Successful domestic and foreign crowdfunding models and their business models were examined. Then, to select the best crowdfunding model, a questionnaire based on the criteria of entrepreneurs and investors was designed. In the next step, using TOPSIS model, the crowdfunding models were ranked based on the opinion of experts. Then, with the formation of the focus group, the results of the mentioned rankings were reviewed and the final model of the platform was determined, and based on that, the business model canvas of the platform was designed.

Financing refers to the process of concentrating financial resources or capital in the medium and long term. The purpose of economic sanctions is to deprive an economy from benefiting from the global markets of goods, services and capital. Today, the topics related to the types of project financing contracts are important topics in international economy and financial management. Considering the political conditions of the country as well as economic sanctions, the risk of investing in the country is high. In this study, the influencing factors on the ways of foreign financing in the conditions of Iran sanctions have been investigated using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS). The results show that legal reforms, solutions to overcome the sanctions, financial incentives granted by the host country, financial incentives granted by capital exporting countries, investment in the stock portfolio, reducing the risk of investment in the country, long-term, medium-term and short-term economic factors, political and security factors. Among managers and experts, it has an effect on foreign financing in the conditions of sanctions.