حسین میسمی

The water supply system of Isfahan is of special importance in terms of its geographical location and the centrality of the country and the province where most of the centers of gravity are located, and it can always be subjected to various threats from the base enemy, the main purpose of this research is to identify and Evaluating the vulnerability of the assets of the Isfahan water supply system against enemy threats from the point of view of passive defense and presenting the program, technical and specialized regulations for the protection of the water infrastructure in the water area is a case study of Isfahan province. The current research is of an applied type, and is among descriptive-analytical researches, the required information has been collected using documentary methods, including library and field documents. For this purpose, 30 experts were selected as experts and the FEMA method was used for risk analysis and the information was analyzed using the AHP technique. The findings show that the highest level of risk of the basic assets of the Isfahan water supply system related to the Baba Sheikh Ali water treatment plant in the face of military threats (air and missile attacks) is the second-degree risk (243, average to high). According to the table of the final scale of the risk level, the Zayandeh Rood dam has a risk number of 200 against the threat of biological pollution and the Gulab system has a risk number of 182 against biological threats. The research results show that the assets of Isfahan's water supply system are seriously vulnerable to biological and chemical pollution and military threats, and in order to provide a basis for increasing the immunity of Isfahan's water supply system and reducing the vulnerability of basic assets. It has suggested ways to reduce vulnerability and risk when crises occur due to war, such as developing a pollution emergency management plan.

Reviewing the Imamiah Fiqh bases in the issue of Bay Al-Dayn, this paper tries to discuss the possibility of securitizing the debts that the Iranian government and banks owe the central bank. In addition, it tries to find out the principals that should be paid attention to in designation and usage of the Bay Al-Dayn Sukuk to conduct monetary policies. Using the content analysis and Ijtehad approach, the results show that because of the fact that there is a united ownership between government, Public banks and central bank (in other words, the Public banks and central bank are part of the government and not an independent entity), the debts that the government itself or the Public banks owe the central bank cannot be securitized. However, it is not the case when it comes to the debts of private banks to the central bank and hence they can be securitized using Bay Al-Dayn. Therefore, the first and second market for these kinds of securities are both permissible. Based on the research findings, it can be claimed that the Bay Al-Dayn Sukuk is a very suitable instrument to securitize the private banks debts to the central bank. The rationale behind this is that the structure of the Bay Al-Dayn Sukuk is very simple, costless and it does not need any transform of physical tangible goods between Sukuk stakeholders. Nevertheless, because of the limitations this instrument has, it could not be used to securitize the debts that government itself or the Public banks owe the central bank.

Vision and Plan with the approval in paragraph 11 of Article 121 in the study and implementation of passive defense and vital installations Critical task of implementation, the basis for considering the issue of passive defense in the brick structure was formed. Threats and actions planned global arrogance against the Islamic Republic of Iran, occupying two neighboring countries east and west (Afghanistan and Iraq) and various bases around the country, Study and implementation of more urgent projects passive defense was the center of attention for all devices.Although none of the current situation regarding the implementation of passive defense of vital installations and sites, No doubt, but the whole system is sensitive to structural studies and implementation of such projects in all executive agencies and more importantly culture passive defense is the responsibility of the engineering community. In this article we have tried to explain the design and implementation of passive defense in the vital arteries of camouflage, deception, allocation, distribution and division,pay structures.

Jurisprudential surveillance has been considered as one of the major components of the proper implementation of Riba-free banking policies, and is industriously accomplished in nearly all of the countries which have somehow proceeded to float Islamic and Riba-free banks. There are some serious deficiencies in this connection in the Iranian banking system, the most important one of which is the Riba-free Banking Operations Law and the other relevant regulations and law's being silent in this regard. In this research, which has been done by the descriptive-analytical method, we have proceeded to analyze the issue of the existing banking relation's being correspondent with the jurisprudential standards, and some policy recommendations in connection with implementing the jurisprudential surveillance on the Iranian banks and non-bank credit institutions have been proposed. Furthermore, in order for the judicial grounds of jurisprudential surveillance to be provided, we have presented an exemplar of the necessary regulations and laws in the three following levels: "adding a new separate chapter in the field of jurisprudential surveillance to the Riba-free Banking Operations Law", "formulating a statute for implementing this judicial chapter in order for the central bank's jurisprudential assembly to be formed," and "preparing jurisprudential surveillance checklists for bank branches".

Iran’s foreign exchange market has been subject to foreign exchange volatilities. Banks، as well as the imports and exporters، have been affected by these volatilities. Designing foreign exchange Swap contracts، consistent with the interest-free financial system، should help alleviate foreign exchange risks and manage liquidity. For the first time، this paper proposes a way forward in reconciling traditional Swap contracts، used by many central banks around the world، with that of an interest-free financial system. The results، which are based on an analytical-descriptive approach، show that it is possible to revise the contracts of the conventional Central Bank Swap to make it Shariah-compliant. The paper argues that the central bank of Iran could efficiently use this instrument to mitigate foreign exchange volatilities، reduce risks، manage liquidity، and improve monetary policy operations in a cash-constrained environment.

Having defined the “Shariah Supervision” concept and going over its operational models in the Islamic banks of others countries, this paper tries to come up with a suitable Shariah Supervision model for the Iranian banking system. The three-round Delphi technique is used to gather the views of the Islamic banking expert and the Binomial Test and the Friedman Test are used to analyze the collected information and ranking the characteristics of the suitable model. The results are threefold. First, in the three decades that the Usury-Free Banking Act has been in practice in Iran, the banking system has not been successful in conducting this law completely and the relevant Shariah Supervision has not been used neither in the central bank nor in the banks themselves. Second, among the different models of Shariah Supervision, the “maximum level of supervision model” is the best for Iranian banking system; third, the suitable model of Shariah Supervision should have some special features; however, the importance of different features is not equal. The findings of the paper might pave the way to conduct the usury-free banking act in a better manner and increase the level of Shariah Compliance in the Iranian banks operation.

Having reviewed the history of the Islamic banking development in the United Kingdom, this paper tries to evaluate the processes, rules and operational techniques used to regulate and supervise Islamic banks and financial institutions in this non-Islamic country. In addition, it tries to go over the Iranian Islamic banking system and compare it with that of England. The results of the paper show that the Shairah governance model used in the United Kingdom to conduct Islamic banking in a country with minimum Islamic environment and laws has special and important characteristics. Understanding these characteristics may have specific implications for enhancing the Shariah supervision in Iran. This research emphasizes some of them.

Reviewing the theoretical models of Ijarah Sukuk, which are Shariah-compliant and economically practical, this paper designs the “Ijarah Muntahia Bittamleek Sukuk for the sake of liquidity management” as a model that can be used in the context of Islamic finance to conduct Open Market Operations (OMO) in the Iranian Banking System. The model is presented in the form of the following three operational models: 1. Issuing central bank Ijarah Sukuk based on the government capital assets and using the gathered funds to repay the government debts to the central bank. 2. Issuing governmental Ijarah Sukuk based on the government capital assets and using the gathered funds to repay the government debts to the central bank. 3. Issuing central bank Ijarah Sukuk based on the central bank capital assets. In each case, besides explicating the model and the optimal method for its being applied, the developments in the monetary base are analyzed. The results of the study, which are derived based on an analytical-descriptive approach, show that the main prerequisite for supporting production of goods and services in the Iranian economy is to conduct the monetary policies in a suitable way to control inflation. For doing this, it is inevitable for the central bank to have proper and Shariah-compliant financial instruments. It seems that the operational models of Ijarah Sukuk presented in this research, have enough capacity to be used for Open Market Operations (OMO). Hence, considering the jurisprudential and economicpoint of view, these models can be considered as a substitute or complement for the current Iranian central bank Musharakah Sukuk.

This research attempts to not only study the status quo of preparing theses at Iranian universities in the fields of Islamic banking and economy، but also explore the existing challenges in this area offer solutions to them. To this end، this study investigates a sample of theses defended at the University of Tehran، Shahid Beheshti University، Allameh Tabataba''i University، Imam Sadiq University، Tarbiat Modarres University، Mofid University، Al-Zahra University and the University of Economic Sciences. The findings of the research which have been obtained through the methods of library research and content analysis reveal that a significant number of defended theses focused on conventional economy. In the best-case scenarios، they have applied those areas on Iran’s economy. Thus، theses in which the concepts and applications of Islamic banking and economy are directly explored are few and far between. Furthermore، there appears to be a number of specific challenges and factors leading to the poor research in the area of Islamic banking and economy، which cannot be ignored. The findings of this research offer clear-cut solutions to reform the system of research in Islamic banking and economy.

This paper tries to evaluate the bases of the conventional financial system which enhance the possibility of financial crises occurrence and to shed light on the potentials of the Islamic banking system to avoid such crises. It distinguishes between the reasons which lead to economic crises and classifies them into those leading to the occurrence of financial crises (vulnerability) and those affecting the continuity of these kinds of economic crises (instability). It tries to show the role of the Islamic banking system in smoothing both kinds of reasons hence decreasing the financial crises itself. The crises reasons in the area of vulnerability (occurrence of problem) are: the fact that payable funds are not simultaneous with receivable funds، the incorrect development of speculation، the expansion of the unreal parts of the economies، the massive movement of capital، the lack of transparency، supervision and control over the economic activities. In addition، at least two factors affect instability (the continuity of) financial crises which are: Strategic Complementarities Principle and Contagion Principle. The results of this research show that in comparison with conventional banking system، the Islamic banking system has the potentials to avoid probable financial crises.

A quick glance at the Islamic economic sources shows that reducing poverty and improving income distribution are among the most important economic goals of Islam and Subsequently، Islamic economics. On the other hand، the evaluation of the effects of income inequality on economic growth has been a point of focus for conventional economics scholars and also the Islamic economics researchers and hence، there are quite a few researches in this regards. Considering this، it seems important to shed some lights on the relation of the income inequality and economic growth in Iran as an Islamic developing country. Actually this question should be answered that has the income inequality of Iran decreased or increased the trend of economic growth in Iran? For answering this question، this paper evaluates the effects of the economic inequality on growth rate of Iran، after going over the topic in the framework of Islamic economics. For this sake، an endogenous growth model is specified، that includes human capital and technological progress. The generalized autoregressive conditional heteroskedasticity (GARCH) technique is used to estimate regression parameters. The results show that rising income ineq uality، which is measured by the Gini index and the ratio of income of the household at the 9th percentile to the household at the 1th percentile، would hinder economic growth in Iran. However، there is a positive relation between economic growth and the growth in employment، investment spending، technological progress، and human capital.

By comparing the experience of Sharia supervision in different countries، this paper tries to analyze their similarities and dissimilarities. In addition، after reexamining the interest-free banking system in Iran، it tries to provide a short-run، middle-run and long-run plan for the application of the Sharia supervision in Iranian Islamic banking system. Finally، the merits and demerits of the establishment of the Sharia supervision in Iranian banks are highlighted and solutions for probable challenges are provided. The results show that the Sharia supervision is possible and can help the Iranian Islamic banks and financial institutions to strengthen the accordance of their activity with Islamic rules and principals. In addition، the establishment of Sharia supervision in banks can be considered as part of the banking system evolution plan which is to be put in action in near future.

This research presents a sequential procedure for the usage of participation contracts in Islamic microfinance. In the first stage, the borrower of the microfinance is provided with finance according to Islamic exchange contracts such as Morabeha, and in the second stage, with decreasing participation contract. The use of exchange contracts in the first stage provides the opportunity for microfinance institute to survey the borrowers’ strict adherence to the terms of contract and to determine those who are qualified for receiving finance in the second stage. The result of this research obtained by descriptive and analytical methods, shows that not only the use of sequential finance in Islamic microfinance institutes is possible, but also, it brings them quite a lot of advantages. The model presented in this study, piloted primarily and in a limited form in Sri-Lanka, provides the necessary bases for the establishment of Islamic microfinance institutes in Iran. In addition, the sequential model can bring about good lessons for banks and interest-free institutions working under the usury-free banking law in Iran.

This paper tries to explain the history and causes of creation of pyramid companies and also to analyze these activities from the Fighi-economic point of view. The legitimacy of Income generation from such activities is examined in addition. Analyses presented in this study, using the analytic-descriptive methodology, show that the pyramidal firms are divided into two categories: healthy and unhealthy pyramid companies. Unhealthy pyramid is named “Pyramid Scheme”. The target of healthy pyramid companies, which have dedicated their work to marketing, is profitability which ultimately contributes to economic growth, while the Pyramid Scheme companies just move money and create opportunities to make profit from this movement. It seems that this type of economic activities create economic problems for the countries. In addition, it seems that it would be possible to evaluate the pyramid activities from the Fighi point of view and shows that they are in controversy with different Fighi rules. For example: the ambiguity of the nature and name of the contract, the availability of fraud and the damage presence. In addition, it seems that the general topic “gaining from invalid activities” includes such activities. So, it is not accepted to make money out of such activities from the Islamic perspective.

The main theme of the article is a discussion about a Comprehensive methodology for construction and evaluation of synthetic indicators. The present study offers a ten-step model and an ideal process in construction of synthetic indicators. Seven steps are related to forming parity index and three others are related to evaluation and revision of index. First Seven steps are as follow: to explain comprehensive theoretical framework, selection of information sources, document missing data, multivariate analysis, normalization of data, weighting and aggregation, presentation and publication. Three other steps are evaluating the index are sensitivity and robustness tests, to see comments of details, communication between the synthetic indicators and other variables. The author of the article believes that suitable capacities of quantifying the economic implications and Islamic banking - as one of the major areas in human and Islamic sciences - must be developed through some definitions which can be quantified by parity index method. The author of the research concludes that the present survey is considered as a preliminary for future researches on quantifying the economic implications and Islamic banking. For instance: justice, economic development, ethical banking…