Journal of Iran's Economic Essays An Islamic ApproachIran's Research Institute of Hawzah & University · Department of Economics
Journal of Iran's Economic Essays An Islamic Approach
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Introduction
The Journal of Iran's Economic Essays; an Islamic approach (IEE) "Jostarhaye Eghtesadiye Iran" is an open-access double-blind peer-reviewed academic semi-annual journal that publishes original research, written with an Islamic approach in various Economic areas such as Islamic economics and finance, Iran's economy, Fiqh (Islamic jurisprudence) and economics, philosophy of economics, economic theory, ethics and business, Islamic banking, economic development., etc.
Publications
Publications (224)
Participation securities have been issued by the state to provide and finance the national infra-structure projects from international markets in foreign currency and a given period. Due to the prohibition of usury (Riba) and the necessity for using financial instruments in accordance with Islamic principles، these securities has attempted to devel...
The main purpose of this paper is to evaluate the modeling of the influential factors affecting the deviation and vulnerability of the implementation of general policies mentioned in Article 44 of the Constitution. For this purpose، analytic hierarchy process method was used. Evaluation period was from the notification of law until May 1389. Resear...
The revolution in knowledge and the key role of knowledge in production has significantly changed the present economy so that production amount is no longer an appropriate index to estimate the economic potential of a country. Therefore، the new index of national economy in the post-industrial era has been the rate of knowledge and knowledge-based...
Economists have proposed numerous methods and criteria to quantify poverty and inequality، but none of them can be described as consistent with the Islamic notion of justice. Based on an acceptable standards and criteria for evaluating the economic justice، we will be able to attain a more realistic picture of where we stand in relation to the just...
Monetary policy is one of the most important instruments for controlling the demand side of economy and so it is necessary to investigate the impacts of it on the key economic variables. There is an agreement between economists about monetary policy real effects in the short run، but they believe that it is neutral in the long run.
According to the...
Studying the political economy of regional budgeting، the paper tried to examine the impact of economic and political variables on the consumption، investment، and total provincial budgets in Iran، quantitatively. Therefore، two sets of programmatic and tactical variables were investigated in three panel data models over the period of 2000-2007. Th...
Although it has passed about three decades from the theoretical and executive scheme of interest-free banking in Iran، but still has not been seen any desire from banking system to implement real Musharakah contract. Studies have shown that one of the main reasons of this attitude is moral hazard. On the other hand، the financial institutions، whic...
The first step in designing any type of corruption and economic index is demonstrating the concept of that type based on required methodological commitments. Therefore, the most important task in designing the index measuring bribery can be precise definition of the concept of bribery and determining its aspects and dimensions. For this purpose, fi...
Determining the required liquidity of a bank is the most important activity of its managers. A firm can be recognized as a financial institute with a high liquidity if it has the capability of rapid access to cash with appropriate cost and appropriate time. For this reason, the financial manager of a financial institute tries to implement a proper...
One of the essential objectives of Article 44 accomplishment is improving financial performance of economic firms. The aim of this research is to investigate the financial and operating performance of Article 44 companies offered in TSE for two years prior and after privatization.
In this study the performance of firms is assessed by operational in...
In this paper, we analyze the pro-cyclical behavior of fiscal policy in I. R.IRAN during1974-2007. For this aim, we estimate an econometric model with ARDL co-integration technique. The results showed that first; Woo (2009) hypothesis is accepted. In other words, in short- and long-run increases in social polarizations (income and education inequal...
In traditional investment theories, it is assumed that investment decisions accomplish under certainty, while in the developing countries including Iran, there exist high degree of macroeconomic uncertainty. Growth, inflation, exchange rate and the other important macroeconomic variables are more fluctuating than industrial countries. The effects o...
The progress of Islamic countries and creation of new needs and relative success of Islamic financial sciences made Muslim thinkers to think about designing Islamic financial tools. Islamic contracts capabilities and experience in financial markets led to design of various Islamic financial tools and were proposed for implementation in a short time...
Cash is the most important current assets of each bank. Cash increases the financial flexibility of bank and its absence leads to liquidity risk. Generally, the reasons of liquidity risk in banks are summarized in both deposit withdrawal and off-balance sheet commitments. Since the vast deposit withdrawal by customers leads to the risk of bankruptc...
After the enactment of Fifth Development Program Law, the Oil Ministry was authorized to invest in oil supply through the release of Sukuk action. One of the most appropriate Islamic financial instruments for this purpose was salaf sukuk. In this regard, after approval of the jurisprudential committee, the Securities and Exchange Organization appro...
One of the responses of countries to deal with the phenomenon of globalization is economic and regional integration. Today, along with globalization, the debate on the economic and regional integration has also been flourished in various parts of the world. Islamic countries by relying on their advantages and different economic capabilities can inc...
Investigation the impact of income inequality on consumption and saving of private sector is one of the important issues in the economic growth literature and consumption theories and many empirical studies have been allocated to these fields. For this purpose, the main objective of this paper was to estimate long-run relationship between income in...
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 o...
Decreasing and eliminating poverty has been emphasized in religions specially Islam. Improper distribution of opportunities and resources are known as the instances of injustice and oppression. Islam has sought to achieve a decent life for humans with its program on fair distribution. In this century, after a period of relative neglect of the impor...
Activities of money market and capital market and their effects on the economy are of high importance in the world todays and play a major role in controlling the economic enterprises and the flow of the economic cycle. This means that the development of financial markets has a decisive role in the process of economic growth and financial funding....
Since the social welfare function deals with the ordering of welfare distribution in a society, this question arises that what is the origin of this ordering. Old welfare economics and Pareto's welfare economics believed the ordering was derived from utility and individual preferences; but Bergson–Samuelson's approach sees it arising from people's...
Undoubtedly, banks are authorized to use the deposit investments in exchange or participation based contracts. From the jurisprudential – legal point of view these contracts relate to exchange and participation based contracts rather than the mechanism for the determination of interest rate. For instance, the sale on installment outlines the framew...
Stockholders for making proper investment decisions need information which assists them in making the best decision. Among available information, Information related to the per share forecasted earnings is the important ones in the user’s opinions. Beside, companies try to forecast the earnings per share with maximum accuracy to attract investors....
This research aimed to investigate the public and private institutions in Iran and compared its situation with the countries have been mentioned in Iran’s 1404 vision statement so that it can suggest strategies which lead to move the country toward economic development while standing as the first country in the region according to its 20-year natio...
Economics like other sciences needs to solve "the problem of induction" as a methodological problem to become an experimental science. The founders of the paradigm of econometrics were to resolve the problem by the theories of "probability and statistical inference". The present paper tried to show that the paradigm of econometrics failed to achiev...
Today, productivity is known as the engine of economic growth. But improving productivity depends on knowledge based economy. By using panel data econometric methods in a sample consisting of Iran, some developed and developing countries for the period 1995-2012, consequently, the objectives of the present study are: (1). Examination and comparison...
This study was to reveal the role of individuals' utilities in social welfare function. It was based on implicit inferences of reason and certain teachings of religion derived from library sources. The present paper is to find answer for this question that to what extent the individuals' utilities is valued in the social welfare functions based on...
Money is one of the most challenging concepts in economics about which economists have always had serious disputes with each other. During the history of economics development, all different schools of thought have tried to explore the true meaning of money and its real origins. It seems that one of the most important causes of having different cog...
Uncertainty about the legitimacy of speculative transaction in economic and financial markets has created widespread controversial discussions among Islamic scholars. To recognize the nature of short – run speculative financial transactions from an Islamic viewpoint, through this paper, first, the relationship of these discussions with Keynes in on...
Justice as the most controversial phenomenon in human thought is a multi-dimensional truth. Income distribution, fairness and entitlement are recognized the most significant aspects of justice. Each society's understanding of these concepts has important effects on labor, goods and services markets as well as on the distribution of income and wealt...
In this paper, we analyze the determinants of Intra-Industry trade (IIT) in the agriculture, industry and service sectors between Iran and its trading partners, i.e. D8, ECO, GCC and OIC countries by using dynamic panel data and GMM during 1980-2009. This study uses country-specific characteristics such as economic size, per capita income, foreign...
Micro- finance (Microfinance) can be described as a tool to extend various financial services to lower income groups. Since this group of people has a low credit-worthiness, they are not regarded as good borrowers by banks and other conventional financial institutes. On the other, one of the main missions of Islamic banks is providing small loans f...
The use of cooperative mechanism in all sectors, especially the agricultural sector, is very important. Agricultural cooperatives are used for providing services such as provision of agricultural inputs, financing and marketing of agricultural products. This paper examines adaptive efficiency of South khorasan province's cooperativesin providing ag...
An increase in the money growth uncertainty increases uncertainty in economic activities and this uncertainty causes the decline in economic growth. In this study, for investigation of this effect on Iran’s economy, effect of money growth uncertainty on economic growth is studied by quarterly data during 1369Q1 to 1389Q4 period. For measuring money...
Joint endowment (Waqf) funds for the purpose of investment in Iran, with the money donated by the endowers (Waqif), can invest in the diverse portfolio of securities. Each beneficiary invested units of endowment of the fund can act as the representative of every portfolio of securities which can be bought and stewarded by the fund based on the prop...
Investigating benevolent and godly economic behaviors and the factors influencing these types of God's sake behaviors is one of the needs of economic policy making in each society in order to develop them. In this paper, we attempt to assess the impacts of Infāq (giving or disbursing in charity to please God without asking for any favor or hoping f...
Religion as system of values and norms can have a profound impact on human social life. Regarding that religious beliefs and attitudes are encouraging of social cooperation and collaboration; religious peoples’ behaviors are expected to be more social. Since religion as set of values, beliefs and norms has special program and education system, it i...
In regard to the customers who are willing to participate in stock market and insurance market simultaneously, insurance companies introduced equity linked insurance contracts. Equity linked life insurance contracts is a life insurance policy , in which all or some part of premium allocated to a separate account that will be invested in a particula...
Due to the discrepancy amongst motivations of bank and the recipients of bank facilities, there is always an information asymmetry between the two parties. This brings about risks for the bank in granting facilities. There are several methods which banks can employ in order to decrease the risks involved in granting facilities. One of the methods i...
The growing non-performing loans which are rooted in credit risk have increasingly intensified the importance of identification and resolution of this problem. Many systematic and unsystematic factors affect non-performing loans. By reviewing scientific sources, this study aims to identify these factors. As an initial step, approximately 90 factors...
In recent years, economists have deviated from traditional rational choice models of pro-social behavior. They introduced new models which are a reflection of new findings on the hidden costs of reward and punishment. These new models are established on the bases of social preferences, conditional cooperation, and self-identity. The present paper e...
Health is the most valuable material property of human and the health sector is one of the most important sectors in community. Therefore, justice is the key issue in economics in general and emphatic in Islamic economics. According to an approach concerning equity in health sector, justice occurs when socio-economic factors do not expose people wi...
This study investigates the causal relations between corruption and government size in Islamic and developing countries of the D8 group from 2000 to 2013. For this purpose, some variables such as the control of corruption (as an indicator for measuring corruption) and the ratio of government consumption expenditure to GDP (as an indicator for asses...
At the beginning of 2014, resistance economy's policies were declared by supreme leader of Islamic Republic of Iran. Because of its importance, this article aims to explore the systemic aspects of "Economy of Resistance". For this purpose, we firstly study the "Economy of Resistance" from economic systems' point of view in order to explain its natu...
Exchange rate is one of the most important factors affecting the stock returns. Thus, in this study, the relationship between stock returns and exchange rates is discussed significantly. This study investigated the effects of currency shocks on stock returns in Iran. For this end, data related to 52 companies listed in Tehran Stock Exchange during...
The current study examines the effect of stock market development on capital structure on one hand and capital structure on firm performance on the other hand. It also examines some variables related to firm specifications. To do so, unbalanced panel data of 175 non-financial firms in securities and exchange organization of country and a recursive...
Cooperative sector is mentioned as one of the sectors of the economy in the Article 44 of the constitution of the Islamic Republic of Iran. Accordingly, many cooperatives are formed and operated in the country. However, cooperatives are faced with problems, some of which date back to the internal structure of the company. So the world today is witn...
Despite the developments of Islamic economy and banking, Islamic accounting hasn’t grown along with the needs of this field. Because, the challenges of Islamic accounting haven’t been noted in the international financial reporting standards (IFRSs) on one hand, and on the other hand Islamic accounting standards which are issued by involved organiza...
This study tries to evaluate the effect of economic growth volatilities on income inequality in Iran for years of 1971-2013. For this purpose, economic growth volatilities have been modeled by GARCH & EGARCH and its effect on the Gini coefficient has been estimated by canonical Co-integration regression. Park Co-integration test applied for canonic...
America's economy is now highly dependent on military production. The American military-industrial complex to achieve constant production, as any other industry, requires a market with sustainable consumption. Sustainable consumption of armaments means permanent war. Moreover, Huntington's Clash of Civilizations believes Islamic Civilization is the...
Optimal monetary policy has been identified as a policy that has the lowest social losses. The loss functions of the monetary authority including the key components for achieving the least social Loss. The function which has been recognized as the appropriate framework for drawing optimal monetary policy is designed based on macroeconomic objective...
As governments and private sectors fail to supply public goods in social optimal level, third sector of economy and Waqf institutions become more important in Iran. In this study household's willingness to pay for establishment of Waqf institutions, that finances educational organizations, was investigated in a case study of Isfahan city. Based on...
One of the challenges in studies about religion is the lack of valid measures for determining religious characteristics. Although some attempt has been made for this purpose, but, considering religion as a capital is less seen in the existing measures. In this article it is attempted to design a measure for evaluating religious social capital based...
This study by utilizing the data of micro-level statistics on households’ income and expenditure survey over 2005-2014 investigates the determinant of urban-rural welfare inequality in Iran’s household. One of the factors affecting the welfare gap (consumption) is income gap. For this study, we uses of Blinder-Oaxaca decomposition approach (inequal...
Capital markets are recognized as bridges between investor and investee. The mechanisms applied in these markets accelerate the economic development by the growing volume of savings and investment. In this market, financing a major part of the costs of firms should be possible by the existing instruments. Preferred shares or preferred stocks is a t...
This paper studies the neoclassical profit theory and Islamic perspective on profit and investigates the necessary components required for establishment of an Islamic theory. In this paper, first, we discuss the neoclassical standpoint on the concept, origin, and the issues of ownership of profit. The emphasis is on the distinction between risk and...
Islam views social security as one of the primary responsibilities of society, centered around governance. This concept is emphasized and explicitly stated in Article 29 of the Constitution of the Islamic Republic of Iran. The mechanisms designed to achieve the objectives of the social security system in various societies, including Iran, largely r...
One of the types of Islamic financial instruments is when the basic contract is not a simple type of contract; Rather, it is a combination of contracts. The expansion and complexity of financial markets have doubled the necessity of designing and developing new financial instruments based on a combination of contracts. Today, combining contracts is...
The word genius has seen different meanings during its semantic evolution, from an angel or an inherent spirit to a latent potential force of existence. Still, its existence must always be accepted as a fact. The fact that the origin of genius is the intelligible world and the spirit is its carrier doubles the complexity and difficulty of tracking...
One of governments' key responsibilities is to enhance their citizens' and nations' life satisfaction, subjective well−being, or happiness. Recent advancements in the literature have viewed happiness as a collective right for citizens, thereby emphasizing the societal well−being that governments must ensure for every member of society. Furthermore,...
Fintech is one of the financial innovations that affects the development of financial markets, the growth of financial institutions, and the provision of financial services which leads to the creation of new products, new business models, and new applications. Fintech has different effects on the welfare of urban and rural households according to s...
Agency conflict has been recognized as one of the determinants of capital structure of firms based on the agency theory. Financing decisions have been recognized as one of the strategic decisions in the firms that are affected by firm’s governance. The purpose of this paper is to empirically investigate the impact of capital structure choice on fir...
In this research, first six areas including Islamic banking, the main laws of the country, macroeconomic trends, supervising regulations and risk management, management of resources and costs and the structure of the banking market have been investigated. Then through pathology of current method of profit payments a new model was designed for the e...
Financial crisis in the economic and financial systems in the world have always prompted researchers to identify their different causes, encourage them to perform pathology for this crisis and in the next step provoke them to face with them. In a crisis, the different components of the system due to defects in other components are impaired. Since t...
Asymmetry in price transmission between producer and consumer price indices has important policy implications and welfare effects. In order to participate in this discussion, the aim of this study is to investigate the relationship between producer price index (PPI) and Consumer Price Index (CPI) in Iran using the novel approach for threshold co-in...
The aim of this paper is to identify factors that affect credit risk of bank customers (based on time to default approach) with emphasis on macroeconomic factors in Iran. This paper tries to find answer for these two questions. 1) What is the effect of individual variables and variables related to loan on credit risk? And 2) what is the effect of m...
Inflation is one of the most important factors in income inequality that its effects are vague and unclear theoretically and empirically. In this regard, present study attempted to examine the non-linear impact of inflation on income inequality in Iran. For this purpose, the Smooth Transition Regression (STR) and annual data from the period 1969-20...
Decent income distribution is the aim of Islamic economic system. Islamic school of thought introduces unfair income distribution as the basic source of economic problems. Zakat is the most important Islamic tax which has effective roll in arriving to fair income distribution. Therefore this research paper attempted to investigate the effects of Za...
One of the main strategies in all economies, developed or developing, to create stability and guarantee a long-run economic growth is to rely on high-tech export and knowledge-based economy. These would also reduce macroeconomic risks and possible vulnerabilities of an endogenous economy. This article studies the effects of knowledge-based economy...
The problem of devaluation in case of inflation has caused the efficiency of fixed income bonds decreases. The high inflation rate in Iran during recent years and inflexibility of bonds payable have resulted in undesirable consequences. The effects of inflexibility of interest rate in bonds include the lack of attractiveness of securities for inves...
According to Iranian Constitution, Oil and Gas are classified under Anfal. Conservation in production of oil is the most important criterion in exploitation of oil resources which affects all phases of exploration, appraisal, and development and production of oil from a reservoir. Despite the passage of more than hundred years of oil production in...
There is no consensus on the way that education can affect the labor productivity. Three different hypotheses have been proposed to explain the role of education on the productivity. The first one is called the human capital theory, which indicates that education increases the labor productivity. The second hypothesis is so called the strong screen...
The gap between national savings and investment demands prompts necessity for foreign direct investment among many developing countries to achieve macro-economic goals. In these countries, along with capital shortages there also exist a massive misdistribution of income. This paper studies the impact of foreign direct investment on income distribut...
This paper tries to evaluate the issue of monetary policy making in the interbank return rate corridor and the possibility of using this model in the context of Islamic banking in Iran. The results, which are extracted based on an analytical-descriptive approach, show that the conventional instrument of standing facilities are not Sharia-compliant...
Economic stabilization as one of the objectives of macroeconomic needs efficient financial and monetary institutions. That is why literature of central bank independency and international experiences in this field became more important and relevant. However, conventional indices of the independency of monetary authority do not due to any Islamic ju...
Optimal performance of any economic system depends on the existence of both efficient real and monetary sectors. Financial-monetary system in conventional economics leads to inflation, inefficiency, instability and economic crisis because it is based on credit creation and creating debt. Therefore, designing of ideal monetary system based on Islami...
Determining the position of government in economic systems is based on philosophical approaches to the best organization and arrangements of social and economic institutions. Accordingly, the type of relationship between the state and the private sector is one of the main concerns of economic systems based on the anthropological and anthropological...
In Islamic economy and Islamic societies, Waqf has been used for private provision of public goods. Waqf, will help provide proper approaches to current issues in new economy, such as production of public goods, structural adjustment, reducing budget deficit, reducing effects of congestion disposal of public policies and equitable distribution of w...
One of the most important developments in the third millennium in the business world should be to improve the position of the board of directors and to rethink their roles, responsibilities and duties today. Corporate governance includes criteria that can reduce the ability of managers to pursue their own interests by improving the concentration of...
Despite the importance of the Waqf institution in Islamic economics and despite its brilliant record in ancient Islamic civilization, today it faces challenges in terms of efficiency, organization and schooling. For solving these challenges, the authorities of this institution follow "Waqf Comprehensive system of economic transformation plan", but...
In the past few years, with the intensification of Western sanctions against Iran, the theory of resistance economy has been raised by the Supreme Leader of the Islamic Revolution as a model of Islamic economics in accordance with the conditions of the country and the distinct missions of the Islamic Republic of Iran, and has been welcomed by schol...
In this paper, a Sukuk-based model for banking is proposed within the law for usury (interest) free banking. According to the proposed model, a typical Islamic bank should provide loans, especially the long term based on the Sukuk distribution instead of providing loans by following the Islamic contracts. The expected direct implications of the mod...
Considering that the relationship between risk and return in stock exchange and stock behavior versus risk factors has always been the subject of discussion in the financial field and investors attempt to recognize these risk factors and explore the effect of these factors on the stock return to preserve the value of their portfolio, which means th...
The housing sector is the driving force for Iranian economy, as more than 120 industries are somehow related to it. Empowering this sector in terms of finance would enhance other related areas as well. Conversely, any kind of harm to this industry would lead to financial crisis and consequently economic and social predicaments. Such situation would...
In theories of economic development, innovation and technology are introduced as the engines of economic growth. Maintenance of innovation and technology, in one hand, requires research, development, protection of intellectual property, the provision of safe markets, the provision of services, and so on. On the other hand, institutional, structural...
One of the main challenges of the the government of Islamic RepublicofIran in recent years has been the government's debt to contractors and the banking system. Enforcement of financial and economic sanctions against the Islamic Republic of Iran, increased exchange rate and high inflation during the years 2011 to 2013 and a sharp drop in oil prices...
While the advent of the related literature in institutional economics enriched the economic analyses, there are still many uncertainties about the concept of institution. Existing ambiguities about this notion, have made applying institutional discussions in Iran's economy and Islamic economics difficult. In this paper, to resolve the above-mention...
The exploitation of 28 Iranian shared oil and gas fields requires special and basic measures. We can’t insist on a unilateral operation and rule of capture in shared resources based on the principle of 'Permanent Sovereignty over Natural Resources'. Its necessary to move towards joint cooperation with neighboring countries and we have to provide th...
General policies of Iran’s resistive economy have been promulgated based on flexible, opportunistic, productive, endogenous, leading and extrovert approaches in order to improve economic strength, to finally achieve goals of Iran Vision 2025. The promotion of a knowledge-based economy and strengthening extrovert economy are two important factors in...
The interest rate in the conventional banking system by limiting the return on investment creates a gap between investment and savings, reducing labor incentives, limiting employment levels, and increasing inequality of income. In the economic system of Islam, Gharz al-Hasanah has been considered as one of the effective ways and means to reduce the...
Article forty-fifth of the Iranian constitution considers the mines including oil and gas as a part of the Anfal and public wealth. Conservation is one of the most important subjects in production of oil. The study of how to finance the government expenditure is one of the subject matters of Islamic economics. According to Islamic teachings, Anfal...
Issuing Islamic securities (sukuk) is one of the innovations of recent decades that open bright opportunities to the Islamic financial system. In this article, we have dealt with the management of credit risk to cover these risks. So far, the financial rules in Iran (rules of the Securities and Exchange Money and Credit Council and the Council) hav...
This study explores the concept of social justice based on the ideas of four contemporary theorists, with an emphasis on the nature of justice. Hayek represents libertarians, Rawls as the most prominent political philosopher of current century in the West, and Motahhari and Sadr were selected as Islamic theorists. Hayek only believes in individual...
Zakah (Zakat), a form of alms-giving treated in Islam as a religious obligation or tax, is one of the pillars of Islam, which, by Quranic ranking, is next after prayer (salat) in importance. Throughout the history of Islamic jurisprudence (Fiqh) Shia and Sunni jurisprudents and scholars have written many books on this subject. The Sire of the Proph...
Oil price fluctuations in global markets have a significant impact on the economic structure of oil-dependent countries. Resistive economy is to lead to an optimal allocation of resources in a dynamic and sustainable manner during events and crises or on the path to goals. Therefore, the recognition of the direct and indirect consequences of Iran's...
The concept of digital money or electronic currency means encrypted money, in order to facilitate financial affairs and to create money without the presence of intermediaries (banks) and through community members. Digital money does not have any central service or financial institution to control the transfer; because everything is based on peer-to...
The financial distress of banks is a serious problem in economic environment of the country. Personal expenses and social costs of financial crisis leads to survey studies in the impact of financial crisis on commercial firms' performance. This research examines the effect of the financial crisis on banks' performance based on the CAMEL model durin...
This study explores the concept of social justice based on the ideas of four contemporary theorists, with an emphasis on the nature of justice. Hayek represents libertarians, Rawls as the most prominent political philosopher of current century in the West, and Motahhari and Sadr were selected as Islamic theorists. Hayek only believes in individual...
Applying different methods and tools to finance different economic sectors always accompany risk, and risk and return on investment and financing always accompany one another. Thus, the investment decisions are always done on the basis of and by considering the relationship between risk and returns. Investors should always consider, in their decisi...