ABSTRACTS

The Necessity of the Shi'as’ Attending to the Needs of One Another

Ayatollah Allamah Mohammad Taqi Misbah

Abstract

This article is an exposition of the characteristics of true Shi’as based on the sayings of the Infallible Imams (pbuh). Among the characteristic features of true Shi’as is their attending to the needs of one another and taking care of the poor in particular and attending to their needs. Another characteristic of the Shi’as is that they are content with the necessities of life. Since the true servants of God believe in Judgment Day and are worried about their outcome in Judgment Day, they devote themselve to worshiping and serving their Lord and make every effort to provide provision for the hereafter. They stand in prayer whispered to God by midnight and cry in fear of the punishment in the other world. They look as if they were drunk a state ascribed to their worry about the hereafter and the destiny of Judgment Day. Of course, true Shi’as always show gratitude for the boundless bounty which God Almighty has bestowed upon them.

Key words: blessing, true Shi’as, the effects of servanthood, belief in resurrection.


The Features of the Standard System of Liquidity Management of the Islamic Society

Sayyed Javad  Mirzazadeh- Saeed Farahani Fard

Abstract

The liquidity management of the society has important effects on macroeconomic variables and, consequently, of achieving the economic goals. The liquidity management system of Islamic community has some features that distinguish it from the conventional liquidity management system. This study seeks to point out these features. Explaining  the principles and goals of Islamic liquidity management and the factors affecting liquidity,  this paper points out the features of the standard system of liquidity management of Islamic society and states that the changes in the amount of liquidity and its orientation should happen through legitimate means and adopting the criterion of public interests which conform with the actual needs of economy and amount of goods and services and which fulfill the goals of this  system, such as justice, price stability, employment and economic growth.

 

Key words: liquidity, money supply, liquidity management of Islamic society, monetary policy.


A Comparative Study of the Theory of "Formal and Substantive Equality in Opportunities" and the Theory of "Economic Justice" in Islamic Economics

Mahmoud Mokhtarband

Abstract

This article compares between two types of theories: the general theory of social justice in Islam and the theories of formal and substantive equality. Besides, referring to the meaning of justice in Islamic teachings, it explains the relationship between the distribution of opportunities and the theory of social justice in Islam. The aim of this study is to assess the compatibility of the formal theory of equality and the theory of substantive equality with the theory of justice in Islamic economics. It uses a descriptive-analytical method based on documentary sources. In order to explain the theory of equality in Islam, the article offers a list of traditions on the necessity of establishing equality. According to the findings of the research, given the basis of the merit in the theory of Islamic justice, there is a preliminary incompatibility between the theories of formal equality and substantive equality of opportunity. Further research is needed for examining the more detailed examples and more practical aspects in this field.

Key words:  social justice, distribution of opportunities, equality, formal equality, substantive equality


Islamic Treasury Securities

Saeid Karimi/Seyyed Abbas Mosaviyan

Abstract

Issuing traditional treasury securities is an important and effective means for funding the budget deficit which governments face. But, the other factors, such as short-term investment, the measure for fixing financial market prices and the effective means of central bank in performing monetary policy make this means have a key role. But, it has no practicability in Islamic financial system because of its interest-based property.

Using a descriptive-analytical method, this research investigates the kinds of Islamic treasury bonds to see whether or not they conform to Islamic law.  According to the paper’s findings, if the debts which the government owes to banks, companies, private and public institutions are intended to pay for purchasing goods and real services, such as contract agreements, buying and selling them is, according most of Islamic schools of thought including Imamites and Iranian laws, permissible, and it is possible to issue short-term bonds with low risk under the name of Islamic treasury securities. 

 

Key words: finance markets, treasury securities, Islamic treasury securities, fiscal policy, monetary policy, open market operations, bonds.


Defining Islamic Banking and Its Components from the Perspective of Governmental Figh

Mohammad Javad Tavakoli

Abstract

Despite the development of theoretical and empirical literature about Islamic banking, Islamic economists have not seriously considered the question of defining Islamic banking and its components. The importance of Islamic banking becomes clear when we want to explain the central components for evaluating the performance of Islamic banks. The main question of this paper is whether or not there is a difference between the approach of governmental fiqh and that of non-governmental fiqh to defining Islamic banking and its components. According to the approach of non-governmental fiqh, the realization of Islamic banking depends on applying the established fiqhi rules of trading to the banking transaction of Islamic bank. Contrarily, according to the governmental fiqhi approach, which is a kind of systemic fiqhi, the realization of Islamic banking is not only conditional upon observing the established fiqhi rules , but it also needs to fulfill the  systemic conditions of the Islamic financial system. The findings show that the established rules of Islamic banking are inferred through the common ijtihadi method, whereas the systemic conditions are extracted by analyzing the fiqhi proofs and fiqhi precepts. With respect to governmental fiqh, in addition to the necessity of establishing fiqhi rules and regulations, such as elimination of usury and honoring fiqhi contracts, Islamic banking should guarantee the systemic rules, such as the necessity of dependence between profit and bail.

Key words:  Islamic banking, usury-free banking, Islamic banking standards, governmental fiqh, deductive method.


The Factors Influencing the Internalization of Work Consciousness

Iman Rafi’ei- Mohammad Jamali Khalilian Ashkezari

Abstract

As one of the various factors affecting production, the status of labor force in productivity has led economists to explain the factors affecting work quality and labor force productivity. Employees’ work consciousness is one of the factors that influence their productivity. Therefore, it should be internalized within the community. Using an analytical approach, this paper seeks to point out the factors affecting the work consciousness. The research findings show that upholding faith and religious beliefs within the community is the most effective means for internalization of work consciousness. Arousing the feeling of need for strengthening public work consciousness, professional and ideological training of staff, having serious and hardworking officials, providing livelihood for the workforce and managers’ attention to creating a suitable atmosphere for working are among the factors that contribute to heightening the sense of work consciousness.

 

Key words:  work consciousness, internalization, contributing factors, limiting factors.


Resilience Economics from the Viewpoint of Islam, the Concept, Principles and Policies

Ya’ghob Jamali/ Ali jaberi

Abstract

While pursuing its revolutionary aims, the Islamic Republic of Iran has encountered economic problems for which a solution was offered by the Supreme Leadership of the Islamic Revolution represented in resilience economics.  The aim of this research is to expound the concept, principles and policies of resilience economics. It uses a documental method based on religious and economic resources. A resilient economy is a kind of economy which takes into account the revolutionary doctrines and internal and international realities to resist the attacks and which has an organized programme in line with the government’s policy for protecting economic safety and justice. A resilience economy is based on such principles, like: resistance, dignity, wisdom and giving priority to public interests and jihad.  In production section, the prerequisite to policy making of a resilient economy is combatting corruption and utilitarianism, reducing the dependence on oil revenue, supporting domestic production, stable employment, knowledge-based economy and developing the banking system. Concentrating on consuming national products, consumption management and promoting the culture of a resilient economy are among the policies of resilience economics in consumption section.

 

Key words: economy, resistance, resilience economics, economic resistance, economic austerity.


The Criteria of Ideal Production in Islamic Economics

Nader Haghighi/Mohammad Jamal Khaliliyan Ashkzari

Abstract

In any economic system, ideal production is a kind of production which has specific aims and motives and in which special criteria are considered on micro and macro levels. These criteria help economic policy makers so that they can make the necessary decisions by considering the information according to which they have realized them. This research casts light on Islamic approach concerning the criteria of the ideal production in Islamic economics. This research seeks to draw out the criteria of production in Islamic economics from Islamic texts by using an analytical-descriptive method, mainly detection and referring to Qur’anic verses, the sayings and conduct of the Infallible Imams (pbuh) and the views of the experts in Islamic economics. The criteria which have been extracted for ideal production in Islamic economics are: being Tayeb (pure), giving priority for real needs, observing social interests and production efficiency. 

 

Key words: criterion, ideal production, Islamic economics, basic goods, real needs.