نشریه تحقیقات مالی اسلامی
پیاپی 22 (بهار و تابستان 1401)

In recent years, with the definition and expansion of a new phenomenon called cryptocurrencies, we have witnessed scientific discussions and challenges in the field of accurate thematics of this phenomenon and the jurisprudential and religious implications of their transactions under Islamic economy. Although the phenomenon began with the introduction of Bitcoin in 2008, in the last decade with the expansion of technologies and consensus protocols, there has been a significant growth in this with the consequence of more than seventeen thousand (17,000) cryptocurrencies of different natures being formally listed. Since one of the important issues in Shari'a and Islamic ruling is the complete knowledge of the subject and its varieties, in this research, an attempt has been made to provide an accurate thematics of these seventeen thousand codes and then according to the principles, rules and criteria about money in the general framework of the Islamic monetary system, different types of cryptocurrencies should be analyzed and examined. The results show that, firstly, from a technical point of view, according to the protocols of consensus and support, cryptocurrencies can be divided into two general categories: stable and unstable. Secondly, from an economic point of view, some cryptocurrencies are monetary in nature and others are asset in nature. Thirdly, among the types of cryptocurrencies, those that are designed to be stable and backed by assets or goods, are more closely related to and observe better the principles and rules of the Islamic monetary system.

As one of the emerging phenomena, crowdfunding has made a significant contribution to business financing and is surpassing traditional methods such as venture capital and business angels. The stock-based model is considered the most complex type of crowdfunding which has received the attention of various domestic and international platforms, and independent laws have been written for it by governments and policy-making institutions. Therefore, the jurisprudential review of the operational model of active and reliable platforms will be necessary to apply this method of financing inside the country. There are three theories regarding the nature of the shares offered. 1- Shareholders are considered partners of each other; 2- The shareholders have the joint ownership of the company, which is an independent legal entity; 3- We are facing a new phenomenon. The jurisprudential review of the processes was done without presenting an independent opinion and considering all three theories. The relationship between the platform and the business and the relationship between the platform and the investor was designed based on a proxy contract by which it is permissible to terminate the contract and collect fees under the title of attorney's fees by the platform. Also, the possibility of buying and selling shares based on all three theories was considered permissible in compliance with the mentioned terms and conditions.

The capital market, as a platform for financing the productive projects, plays an important role in achieving the economic growth of countries and maintaining its stability and security is doubly important in the eyes of legislators, hence the need for applying some control mechanisms. One of these is the application of price fluctuation range so that during the workday, each person can only buy and sell stocks within a limit. Experts in the field of capital markets have expressed conflicting views on the consequences of implementing this mechanism. Some of them have agreed on this mechanism by stating its benefits, but some have opposed by referring to its negative consequences in the market. Meanwhile, there are differences among jurisprudential researchers as it concerns the principles of the implementation of this mechanism. Proponents of the mechanism, while explaining the reality of the Iranian capital market, consider it necessary to protect the rights of small investors and cite the no-harm rule and focus on the role of the stock exchange organization as well as adhering to the international trade custom, thus trying to prove the legitimacy of the mechanism in question. In contrast, opponents of the mechanism, by explaining the principles governing Islamic economics and elaborating on the rule of domination, rule out the state interference in shareholders’ freedom of trade and deny any legal authority to impose restrictions on fluctuations. Also, according to the latter stance, reliance on jurisprudential principles to prove the secondary ruling on the legitimacy of fluctuation mechanism is rejected because of its negative consequences and the data gained by statistical research conducted in the capital market of Iran and other countries. It is believed that the dominance of the secondary ruling over the primary ruling has its own conditions. In the subject under discussion, these conditions have not been met.

The main tool of open market operations is Repo. By this the seller (e.g. a commercial bank) sells the bonds to the customer (e.g. the central bank) in exchange for a price, and the customer promises to repurchase the same bonds at maturity. In this article this tool has been jurisprudentially analyzed in terms of theory and implementation. In terms of theory, four dubious items, namely bay’al-ainah (credit sale), the condition discordant to contract requirements, the incompatibility of the apparent will with the real will, and two sales in a single sale have been examined, and under each, the various perspectives of previous research were analyzed. In terms of implementation, the decision of the Jurisprudential Council of the Central Bank of the Islamic Republic of Iran was analyzed and reviewed. The findings, obtained by a descriptive-analytical method, show that in terms of theory and proof, among the four mentioned dubious items, only the complication of being discordant to not generally accepted contract requirements (inclusiveness of particular accident under the contract requirements) is applicable to “repo’, and the other dubious items have solutions. But according to the generally accepted stance, there is nothing wrong with it. The problems introduced by the researchers can be answered. Thus, the “repo” is by nature different from credit sale and two sales in a single sale, and the apparent will is the same as sale according to Jurisprudential Council, and the principle is the conformity of the apparent will with the real will, and the condition of repurchase is contrary to the contract generality requirement and is not void. In terms of implementation and proof, several points should be considered, the most important of which is the elimination of transaction parties’ assumptions due to the continuous exercise of the transaction authority in repurchase agreement in accordance with Sharia.

The purpose of this article is to list the legal, jurisprudential and executive obstacles and challenges of securitization of bank facility assets, and by using the normative and descriptive-analytical methods, some solutions will be proposed to extend the use of this tool. The findings show that despite the serious need of banks to increase their ability to provide facilities, there are some challenges such as the high cost of issuing securities, the pricing of claims regardless of market conditions (financial repression) and the higher profits of other parallel markets compared to the earnings of these securities, prolonged examination process and complex structure of securitization, the suspension of the use of this tool due to the 2008 financial crisis, the high credit risk of borrowers and the low quality of bank assets, the existence of six jurisprudential theories about sale and the lack of consensus among jurists in this context, legal and regulatory gap in the establishment of corporate governance in banks, and the non-applicability of the tax laws of partnership bonds to securities resulting from bank claims, which all lead to a decrease in investors’ motivation to buy these bonds on the one hand and a decrease in the willingness of banks to securitize claims, on the other. The consequences of not paying attention to this matter will appear in the reduction of banks' financing power, which will in turn decrease their capital adequacy ratio.

Leasing companies in the world use various methods to equip and allocate resources, but in Iran these methods are less considered. In order for these methods to be applicable in domestic leasing companies, they must first be analyzed jurisprudentially and if approved, their economic dimensions are also to be examined so that they could be used by leasing companies if, of course, they fit in the economic environment of the country. In this research, after enumerating the methods of equipping and allocating resources in leasing companies in the world, the jurisprudential details of each method are studied and then following the opinions of economic jurisprudence experts and the multi-stage ijtihad method, the application of these methods have been approved. Furthermore, by using the industry experts’ opinions, the efficiency conditions of these tools in the economic environment of the country have been evaluated. Afterwards, the criteria for using the above methods in the structure of equipping and allocating these companies' resources have been extracted by interviewing industry experts, and finally, with the use of ANFIS method a model for Iranian leasing companies has been presented. The research findings indicate the enumeration of methods of equipping and allocating resources of leasing companies, jurisprudential validation of these methods, their financial validation, extraction of the necessary criteria for designing a model and finally presentation of a model to leasing companies.

Deriving the basic infrastructures of financial and economic systems from the transaction-based propositions and laws that constitute the legal and religious superstructures of Islam in the field of economics is inevitable. This article, therefore, adopts both an analytical-descriptive and Shahid Sadr’s return methods to discover and extract infrastructures from superstructures to examine the illegitimacy of income due to risk tolerance as the subject of the contract. The results show that many of the reasons and rules mentioned above cannot be used independently in emerging issues such as contracts with the subject of risk transfer, but these rules are for contracts and transactions that have been independently ratified by the holy Shari'a. The terms can be explained only for such contracts, not issues that leave no independent reason to be accepted. In this paper, dynamic financial risk was specifically examined and the effects of the illegitimacy of income obtained from accepting the risk transferred to the other party as the subject of the contract (in the future contract as a case study) were also studied. It seems that the mere transfer of risk for the purpose of covering it is not jurisprudentially and legally independent and can be formulated in the form of cancellation of contracts from the perspective of the Holy Shari'a. For example, a futures contract, due to its zero-sum game, is placed under gambling contracts which are void and the income obtained through risk bearing is void and illegal.

One of the causes of financial crisis is the formation of price bubbles. In the economic literature, the deviation of stock prices from their long-term equilibrium has been introduced as a bubble that causes instability in financial markets and may, in some cases, lead to stock market crash and economic recession. The purpose of this article is to study the process of price bubble formation in conventional financial markets and to prove the claim that in the Islamic financial market there are fewer grounds for this. For this purpose, after theoretically proving the claim using Generalized Sup Augmented Dickey–Fuller (GSADF) and ARMA method and estimating the risk function based on logistic regression, the bubble in the conventional and Islamic financial market of Indonesia was investigated. The results show that despite the price bubble in the conventional and Islamic financial markets, its average and standard deviation in the former is much lower than in the latter.

The capital market in any country is one of the symbols of economic prosperity or recession. In the period between September 2019 to August 2020, despite the economic recession in the country, the Iranian capital market experienced a growth of more than one million and five hundred thousand units in its index. One of the reasons was the encouragement offered by government officials headed by the then president Hassan Rouhani to enter the stock market. The unprecedented inflow of liquidity into the stock market and government support led the index to a remarkable growth in a short period of time. From early August 1399, the Iranian capital market began to decline; the index dropped from close to two million to about one million units. This was a shocking 50 percent drop in less than ten months, while the government still encouraged people to continue their presence in the capital market and promised that the situation would improve. This article seeks to analyze the speeches of the 11th and 12th president regarding the stock market throughout his administration and extract the basic signs of his discourse regarding the stock exchange by relying on prominence theory and Padam discourse analysis method. The findings indicate the existence of intra-discourse contradictions in three areas of the stock exchange and the government, the stock exchange and the economy, and the stock exchange and the people.

The issuance of ijarah sukuk based on equity is one of the achievements of the capital market and is in fact the second generation of ijarah sukuk based on financial assets. These securities are important because their underlying assets are transparent and tradable in the market, and their price can be measured continuously. Therefore, sukukholders should be able to enjoy their most important property rights, namely the transfer of sukuk at the current price, and changes in stock prices should also be considered. But unfortunately, what can be seen in the design and use of these sukuk is that there is no difference between the pricing of these sukuk and ordinary ijarah sukuk and the interest rate of these bonds is considered to be fixed and proportional to the bank interest rate. Therefore, considering the importance and position of this type of ijarah sukuk, the article uses a library method and refers to similar studies as well as a random mathematics method and Monte Carlo simulation to provide a proposed valuation model that considers changes in the base asset price and interest rate proportional to the stock income, and its simulation using an experimental sample. Finally, this is compared to the market prices and it is observed that the simulation prices using the proposed model are different from them. It can eventually be noted that, in regard to the research assumptions and our proposed model, the issuance of ijarah sukuk based on equity is closer to the country’s desirable model and will be more in line with the Islamic economy.

Nowadays, information asymmetry or inequality of information between the parties and consequently the ignorance of one side about issues related to the contract is an existing fact in all contracts. This relative ignorance of one of the contract parties ranges from minor to severe. From the perspective of Islamic jurisprudence, severe information asymmetry disrupts the contract economic character and the order established by the will of the parties and makes them confronted by al-gharar as a guarantee. In this article, by relying on library resources and with an analytical-descriptive approach, an attempt has been made to explain and distinguish the two concepts of information asymmetry and al-gharar, as well as the criteria for identifying them in the insurance contracts. The insurance contract is focused due to the fact that, on the one hand, information is doubly crucial as necessitated by the nature of the contract, and on the other, al-gharar is doubtfully attributed to the contract, which has been answered by emphasizing the negligent nature and the ignorance intentionally interwoven with the contract. However, the subtle point here is that the negligent nature of the insurance contract will not lead to the acceptance of any ignorance and asymmetry of information there, hence the lack of al-gharar as a consequence.

Islamic finance, developed on the basis of Sharia principles, can benefit from the FinTech technologies. FinTech has been a beneficial innovation for the financial services industry, especially by reaching diverse groups of customers leading to the improvement of the level of financial participations. Islamic FinTech has paved the way for the development of innovative products in accordance with Sharia, thus benefitting the Islamic consumers and creating more competitive advantage for the Islamic financial sector. The purpose of this research is to identify the challenges and opportunities of Islamic financial technology. For this purpose, a systematic evaluation and analysis of 270previously found cases have been done through qualitative research and metasynthesis including the 7 steps of Sandelowski and Barroso. At the end, the opinions of 10 experts and professors were collected by a questionnaire in 2022 and the quantitative entropy method was used to determine the coefficient effect of identified challenges and opportunities. Finally, the challenges and opportunities that have the greatest impact on "Islamic financial technology" have been the use of ethically oriented skilled people for specialized matters, the increase of automatic interaction with customers in order to improve services, the integration of the systems and the connection between customers and all banking operations, and absence of any time limit for performing banking services in the field of Islamic finance.