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Article
Publication date: 13 November 2017

Bijan Bidabad and Mahshid Sherafati

This paper aims to define a set of anti-squandering guideposts to improve the sustainability and efficiency of allocating financial resources to investment projects.

335

Abstract

Purpose

This paper aims to define a set of anti-squandering guideposts to improve the sustainability and efficiency of allocating financial resources to investment projects.

Design/methodology/approach

A set of sustainable financing and anti-squandering measures are proposed for a better allocation of the bank’s financial resources. These measures were derived from the doctrine of “ethic economics”, humanitarian principles and Islamic teachings. Rastin banking provides a base to apply these measures.

Findings

A draft of the regulations for sustainable financing and anti-squandering measures was compiled for Rastin banking operations, which is briefly presented in this paper and can be used as a basis for the codification of the respective laws.

Research limitations/implications

Such kinds of regulations are novel and need to be deeply discussed in the first place. After adaptation, adjustment and performing the necessary modifications, the text of the law can be codified.

Practical implications

Banks through granting loans, credits and other financial facilities can affect the investment projects in such a way to prevent the extravagant consumption of financial resources in investment projects and consider the sustainable development guidelines.

Social implications

The proposed guideposts can be detailed and adopted in other countries, especially those that are inefficient in their banking and financial operations.

Originality/value

Wasteful allocation of financial resources leads to the wastage of resources and reduction of productivity and provides benefit neither for the people nor for the society. Hence, the present paper tries to practically solve the problem for financial operations.

Details

International Journal of Law and Management, vol. 59 no. 6
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 11 July 2016

Bijan Bidabad and Mahshid Sherafati

This paper aims to discuss some of the operational Islamic banking features considered in ethical banking as the aspects of Rastin Banking. Ethical banking is a branch of “ethic…

954

Abstract

Purpose

This paper aims to discuss some of the operational Islamic banking features considered in ethical banking as the aspects of Rastin Banking. Ethical banking is a branch of “ethic economics” and a narrow expression of a number of Islamic banking aspects.

Design/methodology/approach

These features are often involved in the discussions under the topic of internal control and describe the operational characteristics of ethical banking within the framework of Rastin Banking.

Findings

This study refers to the principles of Rastin Banking, including operational, financial, economic, ethical, social, legal, international and organizational principles. Additionally, it takes into account some of the internal control systems.

Research limitations/implications

Converting ethical codes into executable laws and regulations needs sophistication, and the art of codification in this subject can be observed in the present paper.

Practical implications

As far as the ethical behaviour of the assessor and trustee is concerned, the necessities of honesty, belief, virtuosity, rectitude and compliance with moral values, as well as reward and punishment mechanisms, are operationally examined. Transparency, governance and disclosure of information are the other components. The methods of auditing, accounting, inspection and preservation of Rastin Banking achievements are amongst the other matters of concern.

Social implications

An assiduous attention to the operational details of each of the above-said discussions revealed that the Islamic banking components are capable of covering the topics and discussions beyond ethical banking.

Originality/value

This paper fulfils an identified need to solve the practical ethical problem in operational banking.

Details

International Journal of Law and Management, vol. 58 no. 4
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 11 September 2017

Bijan Bidabad, Azarang Amirostovar and Mahshid Sherafati

This paper aims to define a set of operating regulations for financial transparency, corporate governance and information disclosure for the entrepreneur that applies to bank to…

1000

Abstract

Purpose

This paper aims to define a set of operating regulations for financial transparency, corporate governance and information disclosure for the entrepreneur that applies to bank to receive financial resources.

Design/methodology/approach

Corporate governance, financial transparency and information disclosure are among the most important solutions to attract public trust to financial operations. To reach this goal, a new set of regulations must be designed to solve the problem. In this regard, Rastin Banking regulations can provide a base to obtain a better circulation of information and a higher clarity.

Findings

A draft of regulations for financial transparency, corporate governance and information disclosure was compiled, and it is presented here briefly in this paper, which can be used as a basis for codification of the respective law.

Research limitations

As such kinds of regulations are novel, they are required to be discussed first, and after adaptation, adjustment and performing the necessary modifications, the text of the law can be codified.

Practical implications

Banks and companies managers, through granting various concessions to themselves and their own stakeholders, have violated the rights of the shareholders, depositors and other stakeholders. This issue, to a great extent is adjustable by applying the governance methods.

Social implications

This procedure is a model and can be adopted in other countries, especially in countries that have large ambiguities in their banking and financial operations.

Originality value

Clearly, lack of transparency in financial operations can gradually weaken the trust of depositors, shareholders and stakeholders, and result in probable abuses and damages to all parties of banking contracts. This paper fulfils an identified need and solves the practical problem in financial abuses, corruption and collusion and can provide positive and important effects toward creating public trust in financial operations.

Details

International Journal of Law and Management, vol. 59 no. 5
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 8 July 2019

Bijan Bidabad, Mahmoud Allahyarifard and Mahshid Sherafati

This paper aims to explain a new system of accounting for partnership financing that applies in Rastin profit and loss sharing banking. In this system, the interest rate is not…

351

Abstract

Purpose

This paper aims to explain a new system of accounting for partnership financing that applies in Rastin profit and loss sharing banking. In this system, the interest rate is not used in calculations and accounting, and instead, the “time value” of capital based on the amount and duration of the partnership is used.

Design/methodology/approach

Rastin Partnership Accounting principles have been founded on off-balance-sheet items and on the basis of the institutions’ obligations to the depositors and receivers of financial resources, and they are in compliance with the nature of the financial intermediary activity (a partnership of depositor in the yields of the fund receiver via the bank).

Findings

The distribution of profit among stakeholders (including workforce and capital owners) is accomplished according to the share of each beneficiary in the created value added. In this regard, Euler’s theorem, as the best mathematical-economic innovation for distribution of income is applied.

Research limitations/implications

This system is novel, and it is required to be more elaborated for further practical development and adjustment.

Practical implications

In this accounting system, the return of the partnership is distributed among sharers based on the amount and duration of their partnership. The penalty for delay in payment is calculated from the amount of the incurred loss due to negligence or blameworthy of the undertaker and not upon a penalty interest rate.

Social implications

Interest rate as an essential factor in conventional accounting is not usable in Islamic banking and other similar institutions that work based on partnership, such as mutual funds and saving and loan associations. The proposed system removes this shortage and is fairer than the conventional accounting.

Originality/value

Approach of this accounting system is fully different from the conventional accounting because of intrinsic characteristics of the intermediary role of financial partnership institutions and Islamic banks.

Details

Journal of Islamic Accounting and Business Research, vol. 10 no. 4
Type: Research Article
ISSN: 1759-0817

Keywords

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Article
Publication date: 13 March 2017

Bijan Bidabad, Saeid Abdollahi and Mahshid Sherafati

This paper aims to facilitate and accelerate the enforcement of binding banking documents and to decrease the enforcement burden of the registration offices, courts and judicial…

83

Abstract

Purpose

This paper aims to facilitate and accelerate the enforcement of binding banking documents and to decrease the enforcement burden of the registration offices, courts and judicial authorities and to transfer it to the banks.

Design/methodology/approach

A new mechanism for “enforcement of the purports of binding banking documents in Rastin Banking” is proposed. In the proposed regulations, a part of the executive path for enforcement of the purports of binding banking documents is transferred into a newly established unit located in every bank. The method considers all financial, legal and executive issues.

Findings

Promotion of practical justice is a main factor to promote social and economic circumstances; the proposed model can prepare a way to improve the social and economic well-being.

Research limitations/implications

Codifying the law and regulations is a highly sophisticated task, and the art of codification can be examined after scrutinizing and executing the full text of the law.

Practical implications

Though this paper presents the concept, the detailed proposed regulations are presented in two drafts of the bill and bylaw for enforcement of the purports of binding banking documents and handling complaints against executive operations in Rastin Banking.

Social implications

This procedure is a model that can be adapted for other countries, especially those countries that have a large number of legal disputes and where the process of dispute settlement is very lengthy and cumbersome.

Originality/value

It fulfils an identified need to solve the practical legal problem in vindication of rights that can lead to positive and important effects towards creating public trust in financial obligations and increasing the speed of collecting demands.

Details

International Journal of Law and Management, vol. 59 no. 2
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 13 February 2017

Bijan Bidabad, Saeid Abdollahi and Mahshid Sherafati

This paper aims to facilitate and accelerate the enforcement of binding banking documents and to decrease the enforcement burden of the registration offices, courts and judicial…

112

Abstract

Purpose

This paper aims to facilitate and accelerate the enforcement of binding banking documents and to decrease the enforcement burden of the registration offices, courts and judicial authorities and to transfer it to the banks.

Design/methodology/approach

A new mechanism for “enforcement of the purports of binding banking documents in Rastin Banking” is proposed. In the proposed regulations, a part of the executive path for enforcement of the purports of binding banking documents is transferred into a newly established unit located in every bank. The method considers all financial, legal and executive issues.

Findings

Promotion of practical justice is a main factor to promote social and economic circumstances; the proposed model can prepare a way to improve the social and economic well-being.

Research limitations/implications

Codifying the law and regulations is a highly sophisticated task, and the art of codification can be examined after scrutinizing and executing the full text of the law.

Practical implications

Though this paper presents the concept, the detailed proposed regulations are presented in two drafts of the bill and bylaw for enforcement of the purports of binding banking documents and handling complaints against executive operations in Rastin Banking.

Social implications

This procedure is a model that can be adapted for other countries, especially those countries that have a large number of legal disputes and the process of dispute settlement is very lengthy and cumbersome.

Originality/value

It fulfils an identified need to solve practical legal problem in vindication of rights that can lead to positive and important effects toward creating public trust in financial obligations and increasing the speed of collecting demands.

Details

International Journal of Law and Management, vol. 59 no. 1
Type: Research Article
ISSN: 1754-243X

Keywords

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