نشریه تحقیقات مالی اسلامی
پیاپی 18 (بهار و تابستان 1399)

The issue of the "nature of money" has always been a source of controversy among scientists. The position adopted in this area has significant implications for the design of a desirable monetary system and macroeconomic policies. This paper, by means of descriptive-analytic method, has collected the common definitions of money and after extracting the rational order between them has drawn the semantic system of money and proved the necessity of paying attention to the existence of money. Then, two realistic and idealist approaches are analyzed as two existential approaches to money. In the idealist school, and in particular from Simmel's point of view, the initial emergence of money coincides with the creation of a subjective value and a relative instrument, but it evolves and becomes an absolute value. In the school of realism, and in particular from the point of view of Allamah Tabatabai, the basic credit identity of money signifies its being temporary, variable, relative, and unnecessary, but with a change of credit, it gains some semblance of truth, which indicates sustainability, stability, relevance and necessity. Finally, an explanation of the creation of money based on the existence of money is presented to illustrate the higher capacity of existential approach in comparison to the two conventional theories of commodity money and credit money.

Crowdfunding is a new concept and has attracted the attention of many researchers over the past few years. Given the innovative nature of this financing method, most scholars have focused their efforts on the concept of financing, and on the factors and concepts that have shaped it, and the main focus of domestic and foreign research is the recognition of the origin of this kind of financing and its applications. The research main question is “What are the important and influential factors in the donation-based crowdfunding model in the country in accordance with the existing infrastructure?” To answer this question, the initial models and researches carried out in this area have been collected and the donation-based crowdfunding model and the factors affecting it resulting from previous studies have been provided using the Delphi method and an interview with the elite groups. This analysis shows that the wisdom of the crowd, trust, resources, Sharia, population, project and applicant are considered as the most important factors affecting the donation-based crowdfunding model. This research can be utilized by researchers, students, professors, and experts in Iran’s Stock Exchange Organization that are responsible for starting this market. Also, charity organizations and NGOs may benefit from it for financing charity projects.

With the expansion of the capitalist system, especially the banking industry to Islamic countries, the politicians, businessmen, industrialists and bank owners faced the problem of bans, and they became religious scholars to solve it. The purpose of this study is to investigate the effect of objective-based behavioral model on the description of Qarz-al-Hasan savings in Islamic banking. This research is an applied study in terms of purpose and is causal in nature. The research population consists of the clients of Qarz al-Hasan Mehr Iran Bank in Arak city. The 24-item questionnaire was used to assess the status. Also, to design the questionnaire of this research and collect the data after confirming the validity and reliability, we used the study done by Setyobudi (2016). In this research, structural equations have been used to examine the relationships between the components of the model. The Lisrel software has been used to analyze the hypotheses. The data analysis and the results indicate that the attitude, the prediction of positive emotions and subjective norms have a positive effect on the customer's desire and intention to open Qarz-al-Hasan saving accounts. Also, the customer's desire to save money has a positive impact on his behavioral intention.  The anticipation of negative emotions has no negative effect on the customer's willingness to open the account, and the attitude, prediction of positive emotions and subjective norms influence the customer’s behavioral intention, but predicting negative emotions have no impact on the customer’s behavioral intention.

The Gam Sukuk is one of the newest innovations of the Iranian monetary and financial system in financing the real sector of the economy. This new financial instrument can boost the availability of working capital finance for Iranian firms. The Gam Sukuk provides the base for using the potentials of the private sector and capital market to finance the economic businesses.    The main question of the current research is: “What are the jurisprudential foundations and operational model of using Gam Sukuk based on the views of the Iranian Central Bank Shariah Board? Moreover, what are the other related solutions? The results obtained through an analytical-descriptive approach show that based on the Shariah Board Fatwa, the Daman (guarantee) contract can be used for issuing this kind of Sukuk. In this regard, banks will have two roles: issuing Sukuk and guaranteeing that, and can receive separate fees for these duties. Also, the Gam Sukuk can be issued based on two other Islamic contracts which are Sulh and Taweez. When these two contracts are used to justify Gam Sukuk, the bank's obligations appear as on-balance sheet items and hence the bank is considered a debtor. However, in the Daman (guarantee) contract the bank's obligations are off-balance sheet items and the bank is not viewed as a debtor. This is one of the merits of Gam model.

Reforming and strengthening the entire financial system of the country with the aim of meeting the needs of the national economy, stabilizing it and boosting the real sector are among the overall policies of the resistance economy. One approach to the issue believes in strengthening and reforming the underpinning financial systems. The most important subset of the Iranian financial system is the banking system which has as one of its basic functions the provision of resources. According to the latest data released by Central bank of the Islamic Republic of Iran, the country’s major resources are provided through investment deposits accounts. In this paper, firstly, the status of an investment deposit account in banking and resistive economy is explained, then it is examined from the legal, regulatory, Imamiah Jurisprudence and functional points of view. Since the first step in reforming and strengthening each issue is identifying the challenges of that topic, after studying the research background and reviewing various sources, conducting targeted interviews and using thematic analysis and focal group method, the challenges of the deposit investment were extracted. These challenges were grouped into five categories that relate to deposit profits, deposit diversity, central bank, bank lawyers, and other challenges. For validation, the extracted challenges were exposed to expert analysis. In the end, with the formation of a focal group, strategies for improving and reforming long-term investment deposit accounts have been presented.

One of the most important risks that the Islamic banking system, the same as conventional banking, faces is liquidity risk. The liquidity management in the Islamic banking system, however, is more complicated compared to conventional banking because of difference in the nature of the tools used there and the forbiddance of riba  . The aim of this study is to investigate the relationship between the qualities of assets - debts and ways of financing with liquidity risk in Islamic banking, and also to examine this issue by considering the role of time element in liquidity risk, by dividing liquidity needs into 2 categories, urgent and non-urgent, using financial ratios. To achieve this we gathered the data for 67 Islamic banks from ORBIS and Banker database during the 2016-2011. The method used to investigate the subject was Canonical correlation analysis approach. The results gained by Stata software indicate that the liquidity risk is highly correlated with the quality of assets and financing. They also show whenever we use three urgent and non-urgent risk measures simultaneously, 97% of variability of liquidity risk is explained by the variability of independent variables (i.e. quality of asset - financing) but when we use urgent and non-urgent risk ratios independently, the amount of variability of dependent variable is explained by the variability of independent variables (i.e. quality of asset -financing) at 0/531 and 0/382 respectively.

The expansion of the sukuk market in the country has not been carried out with the speed and quality required, one reason that has led to a lack of proper absorption of liquidity into the securities markets. The present study was designed to identify and prioritize the challenges and damages facing the expansion of sukuk market in Iran. The method of this research is a combined exploratory one consisting of qualitative and quantitative stages. In the qualitative stage, using the method of thematic analysis, the network of themes of the expansion of sukuk market challenges in the country was prepared in the form of 162 basic themes, 32 organizing themes and 6 global themes. In the quantitative stage, the weight of each dimension of the challenge was first determined with Shannon Entropy method, and then 32 identified challenges were prioritized. In the end, it became clear that the lack of proper and comprehensible advertising for the general public in audiovisual media on investment was the most important barrier to the expansion of the sukuk market in Iran, and the inappropriate distribution of facilities and sources of funding had a lower priority.

The Land and Building Fund is one of the financial instruments designed to attract microfinance funds to the economic projects in the housing sector. Muslim scholars since long ago have been thinking about filling the gap from the removal of bonds by designing Islamic financial instruments, such as the Land and Building Investment Fund, to finance and implement construction projects and respond to different needs of the country's economy, which have been mutually agreed upon with special terms and conditions. Due to the actions of the armed groups in Syria, Syrian banks have been unable to carry out the reconstruction processes alone. One of the most appropriate ways to finance Syria's reconstruction and carry out huge projects and community participation in these projects is through land and building funds in the Syrian capital market which is based on the experience of the Iranian capital market. Unfortunately, some believe that there is some juristic difference regarding the financial transactions between Islamic sects. This research is a step in the study of jurisprudence of Land and Building Fund as approved by Shari’a . Here, we both consider the decrees of the jurisprudence committee of Iran Stock Exchange, the majority of which is based on Imamiah fiqh, and those of the jurists and members of the Advisory Board of Patent Syria, the majority of which is approved by Sunni fiqh. We will try to smooth out all these sects by identifying the commonalities and differences among them, especially the views of the two committees on the design of financial instruments.

Providing the possibility of financing and risk coverage are two important functions of capital markets. In recent years, with the development of the capital markets, various financing instruments based on Islamic contracts have been designed and issued by investors and firms, but the capacity of Islamic contracts to design instruments for transferring and hedging against risks has been ignored. On the other hand, high floating costs and prolonged process of issuing securities in the capital market have reduced the attractiveness of this market for applicants.    In this descriptive-analytic study, we first studied the structure of the conventional sukuk (Ijarah and Murabahah Sukuk) and the capacity of the Islamic contracts for transferring and hedging against risks (Dhaman, Kafalah and Insurance), then Dhaman contract is adapted with the conventional sukuk structure in the Iran capital market, and finally an innovative pattern of sukuk has been presented that can be issued simultaneously for the purpose of financing and transferring risk by two separate originators. The new sukuk offered as complementary or alternative to the bank guarantee, in addition to increasing the risk-taking capacity in the Iran capital market, will reduce the cost of issuing sukuk, because once sukuk is issued, the two above-mentioned objectives will be realized.

In order to make decisions and have plans for economic affairs, it is necessary to know the related issues well. One of the sectors of the capital market that can play a significant role in making it more active in the Iranian economy is the Emb Option. It is a suitable tool for financing firms in the short and medium term while covering the price risk of stocks for buyers. In this study, by examining documentary and library data with a fundamental-applied approach, while mentioning some of the most important economic effects of market development such as price risk coverage, fluctuations range control and direct financing of companies, a jurisprudential analysis of subordinate market and subordinate sales tools have been performed. . Considering the essential difference between Emb Option bonds and option bonds, it seems that there are no economic jurisprudential challenges in the option contract. Hence, the Emb Option and bonds are considered compatible with Sharia.

Buying stocks on margin is one of the most important tools for the growth and prosperity of the capital markets in countries. In conventional finance, buying stocks on margin is on the basis of a loan agreement considered to be usurious (due to paying fixed interests) hence forbidden in Imamiah jurisprudence. This is, therefore, prohibited in the Iranian capital market. Currently, buying stocks on margin in the Islamic capital market of Iran is based on the hybrid contract of partnership (Murabahah) which has problems with efficiency.     In this paper, after reviewing and defining the buying of stocks on margin and explaining its method in the conventional financial system and Iran, its jurisprudential problems and implementation have been discussed and an alternative strategy has been presented. This research is an applied one, using an analytical-descriptive methodology and expert opinion survey. It has presented a comprehensive solution i.e. a hybrid contract which is Power of Attorney& hire purchase agreement that hasn’t the defects and imperfections of the partnership (Murabahah) which is currently taking place in the capital market of Iran, and at the same time increases the efficiency of buying stocks on margin in the financial system.

This study intends to investigate the role of Islamic events on the relationship between investor sentiment and stock returns by emphasizing the role of corporate governance. The specific Islamic events in this study include the holy months of Ramadan and Muharram. The variables in corporate governance include the size of the board of directors, the presence/absence of CEO on board of directors, corporate auditing, the internal auditors, the financial experts’ assistance and auditors’ reports. The research sample consists of 132 companies observed over a period extending from 14/8/1392 in Solar Hijri Calendar (1/1/1435, i.e. the first of Muharram in Lunar Calendar) to 19/6/1397 (SH) (29/12/1439, i.e. the last day of Dhu al-Hijjah (LH)). In this study, Multivariate Regression Model for panel data was used to analyze the data and test the hypotheses. The research results indicate a significant difference between investor sentiment, on the one hand, and stock returns on the other during Islamic months of Ramadan and Muharram compared to other months. Corporate governance plays a moderating role in the relationship between investor sentiment and stock returns during the months of Ramadan and Muharram. In other words, corporate governance prevents investors from making sentimental decisions originating from Islamic events and affecting stock returns.