Insurance Products in Rastin Profit and
Loss Sharing Banking
Bijan Bidabad[1]
Abstract
Purpose: This
paper aims to explain new insurance products and policies in Rastin Profit and Loss Sharing (PLS) Banking. Rastin Banking is a full Islamic
Banking System with all necessary parts for banking operations that can be
installed in conventional and Islamic banks both. In this paper, we are going
to explain the milestones of new insurance
products and policies.
Design: Rastin Banking complies
with the nature of the intermediary financial
activity and has a new type of banking
operations. The systems and instruments of this type of banking have
different risk treatments, and new
insurance policy and measures should be defined to cover the risks of the
operations
In
order to fulfill this goal, appropriate insurance policies are
described.
Findings: Some new insurance products are defined
such as Certificate Insurance, Insurance of
Market Value of Certificate, Responsibility/Engineering Insurance, Insurance of
Accidents Concerning the Article of Sharing, Collateral Insurance, Loss Margin
Insurance, Profit Margin Insurance, Merchandise Transportation Insurance,
Production Equipment and Installations Insurance, Product Quality Insurance,
Insurance of Commodity under Production, Inventory Insurance, Production
Limited Loss Insurance, Transaction Limited Loss Insurance to handle Rastin Banking.
Research limitations: Many
of these insurance policies are new and require more elaborations for further
practical development and adjustment.
Practical implications: These
insurance products can be used both in Rastin Banking operations as well as
conventional business and finance arrangements. These insurance policies have
no conflict with indisputable legal
principles, and insurance companies can supply these insurance products based
on their own actuary calculations.
Social implications: The
introduced insurance policies actually change profit and loss sharing activity
to just profit sharing.
Originality/value: Approach
of this system and the designed insurance policies is entirely different and
new.
Article Type: Technical paper
Keywords: Rastin Banking, Profit and Loss Sharing (PLS), Insurance, Insurance Products, Insurance policy,
Islamic banking
Introduction
Insurance
in Persian is called �Bimah�
derived from the word �Bima�, and
has Sanskrit root[2]
and also has the same root of the verb �Bim� (to fear) in Persian. Some others
believe that this term comes from the translation of a Russian word of �Astrakhan�
from a philological point of view that
means as opposite of fear; this is because Russians introduced insurance in
Iran for the first time. Some others believe �Bimah� is the name of a town in Tabaristan and Deilam.[3]
Daily
applied the meaning of Bimah is the organized grouped guarantee or
coverage for facing the aftermaths of perils and losses or future unwelcoming
events in socioeconomic life. Insurance
is defined as a contract according to which the insurer
underwrites to indemnify another (insured person) in the event of loss or
damage.
An insurer is a person or company offering
insurance policies in return for premiums. An insured person is a person whose
interests are protected by an insurance policy. On the other hand, he is
an individual who contracts for an insurance
policy that indemnifies him against loss of property or life or health, etc.
(insured article).[4] In
other words, the insurer and the insured
person will transact and share the costs of a
particular risk of the item insured.[5]
Insurance Products
Economic/business insurances have a long
previous record of about 6500 years. According to discovered
Papyrus, stonecutters of ancient Egypt had established a joint fund to protect
themselves in the case of an accident. Hammurabi, the king of Babylon, enacted a
law in which those in charge of transportation were responsible for the safeguarding
of merchandises in 2250 BC. Also, in Greece, there were associations, which
helped their members who paid fees to an established fund if they had suffered
any loss in 588-640 BC. Similar activity has also been seen in ancient Rome.[6] Many similar activities have also been observed in
medieval times.[7] Business insurances today are as more or less in the
following context:
1.
Life insurance
2.
Personal accident insurance
3.
Medical and Medicare insurance
4.
Fire insurance and subordinate dangers
such as explosion, theft, earthquake, flood, air crash and even terrorist
attack
5.
Transportation insurance
6.
Civil responsibility of transportation
means (marine, air and land transports)
7.
General responsibility
(legal and professional) insurance
8.
Full risk coverage insurance of
contractual works, installing and related civil responsibly
9.
Money in the fund
and in action insurance
10. Staff�s honesty and trust insurance
11. Oil exploration and extraction and related industries
insurances
12. Agricultural products insurance
13.
Export insurances����
In all the above-mentioned insurances,
by receiving insurance fee, the insurer will provide financial risk coverage
for the insured person about the article insured.
Risk Nature in Rastin Banking Operations
and Instruments
Rastin Profit and Loss
Sharing is an activity in Rastin Banking[8] and is based on the participation of depositors[9]
in economic activity and investment of entrepreneur[10]
based on
the real yield of projects in order to
land real interest-free banking according to Islamic commandments and ethics.
In Rastin Profit and Loss Sharing (PLS) Banking, the bank is a unit, which after assessment[11]
of the project proposal[12];
allocates resources from depositors to the project[13]
of those looking for financing (entrepreneur)
and according to contract; the obtained profit or loss is divided between
depositor and entrepreneur. By receiving a commission, the bank provides
capital management services for depositors, and
invest their financial resources according to their choices and in return,
provides them by Rastin Certificate. The
bank should use all his specialized
potentialities to protect depositors'
rights. So the bank starts monitoring[14]
the project by the trustee unit[15]
of the PLS office[16].
Rastin PLS Base system[17]
is the primary process and includes the general rules of Rastin Profit and Loss
Sharing Banking system. Rastin
Financial Subsystems refer to specific financing methods or services in Rastin
PLS Banking. These subsystems work under general regulations of Rastin PLS Base
system, and most of the rules of Rastin PLS Base system are extended to its
financial subsystems as well. These subsystems have their own financial and regulatory processes and are as follows:
a.
Joalah
Financial Sharing (JFS)[18]
b.
Mudarabah Financial Sharing (MFS)[19]
c.
Installment
Financial Sharing (IFS)[20]
d. Rent Financial Sharing (RFS)[21]
e.
Bail Financial
Sharing (BFS)[22]
f.
Rastin Group
Funding (RGF)[23]
g.
Rastin Personal
Security (RPS)[24]
h. Rastin Social Takaful[25] (RST)[26]
i.
Sponsor Crowd Funding (SCF)[27]
j.
Peer to Peer Loan (PPL)[28]
k. Rastin Swap Bond (RSB)[29]
l.
Rastin Swap Deposit (RSD)[30]
m.
Rastin Swap Card (RSC)[31]
Rastin Certificates is a collection of designed certificates in Rastin PLS Banking Base system and its financial
subsystems. These certificates are issued and delivered to depositor or financer instead of the received fund
(deposit). Rastin Certificates (except Guarantee Certificate) are transferable
and negotiable online through the Rastin Certificate Market (RCM) [32]
of the bank and are issued with a nominal
price and for a specified period. The
owners of these certificates share the results of the project proportional to
nominal price and participation period of the certificate.
Various Rastin Certificates and their
characteristics according to the kind of participation in the PLS Base system
or its financial subsystems regarding the type of project and the used
asset will be bound to Rastin Banking regulations. These certificates can be anonymous or named papers, except
Guarantee Certificate that must be named. These certificates are:
1-
Partnership (Musharakah)
Certificate: is an anonymous or named paper
which expresses the participation of depositor in one of the PLS banking
products with a defined value and is issued by bank for a specified period
and its owner shares the profit and loss of the subject of participation
proportional to its nominal value and duration of participation according to
rules and regulations of Rastin PLS Banking. This certificate is used in
Rastin PLS Base System.
2-
Subscripted (Pazireh)
Certificate: is an anonymous or named paper
which expresses the participation of depositors in one of the first or second
kinds of PLS banking products with a defined value which is issued by bank for
construction period for infinitude projects and its owner shares the profit and
loss of the subject of participation proportional to its nominal value and
duration of participation by becoming the shareholder of the company according
to rules and regulations of Rastin PLS Banking. This certificate is
used in Rastin PLS Base System.
3-
Future Certificate:
is an anonymous or named paper that cites
a commitment to deliver the commodity that is issued by the bank and can be negotiated
and transferred to another purchaser. By
this certificate, the entrepreneur or producer is committed to delivering
the commodity to the certificate holder
at maturity or sales the commodity and
refund the sold amount to financer
according to the contract. This certificate
is used in Joaleh Financial Sharing (JFS)
subsystem.
4-
Mudarabah Certificate:
is an anonymous or named paper which expresses the participation of depositor
in profit and loss of a particular project (Product I) of the PLS banking products with a defined value and is issued by
bank for specified period and its owner shares the profit and loss of the
subject of participation proportional to its nominal value and duration of
participation according to rules and regulations of Rastin PLS Banking.
This certificate is used in Mudarabah Financial Sharing (MFS) subsystem.
5-
Periodic Mudarabah Certificate:
is the same as Mudarabah Certificate, but the return of the project is paid to
depositor periodically. This certificate is used in Mudarabah Financial Sharing
(MFS) subsystem.
6-
Mughasatah Certificate:
is an anonym negotiable document issued by Rastin PLS bank with a nominal price
for real financial participation (sharing) for a
specified period. The bearer of this paper receives periodic payments
relative to his share and the period of participation. Payments
will be paid at the end of each period. In the end, the entrepreneur will own the
project. This certificate obtains installment until the end of the contract, and after the settlement of the contract, the entrepreneur
becomes the owner of the project. The settlement is after the payout of the last installment. This certificate is used in Instalment Financial
Sharing (IFS) subsystem.
7-
Rental Mughasatah Certificate: is an anonym negotiable
document with a defined nominal price for
a defined period of time (rental tenure) issued by Rastin
PLS bank, which conducts Rastin PLS activity. The owners of these
certificates have right on the results of the sharing project which is
proportional to the nominal value of the certificate
and the duration of holding certificate
until the end and receive periodic rent and installment
of the valuation of the project at the end of each period. The settlement is
after the payout of the last installment and rents
for the certificate. At the end of the contract,
the entrepreneur will become the owner of the project. This certificate
is used in Instalment Financial Sharing (IFS) subsystem.
8-
Musharakah Mughasatah Certificate:
is an anonym negotiable document with a defined
nominal price for a defined period of time (Musharakah tenure) issued by
Rastin PLS bank, which conducts PLS activities. The owner of this certificate
has right on the result of the sharing project proportional to the nominal value of the certificate and the
duration of holding the certificate until
the end of the contract, and receive
periodic installment plus income
(positive/negative) yields of the project at the end of each period. After the payout of the last installment and the profit or loss (yield),
the settlement takes place. In the end,
the entrepreneur will become the owner of the project. This certificate is used in
Instalment Financial Sharing (IFS) subsystem.
9-
Mortgage Sharing Certificate: is an anonym (nameless) negotiable
document with a nominal price, which is issued for
a specified period by a Rastin PLS bank. The
holder of these certificates shares in the yield of the asset of the
project proportional to his share to the nominal price of the assessed value of the asset
considering his participation period. The principal and return of sharing of
these certificates will be paid to the depositor
at the end of the contract. This certificate is used in Rent Financial Sharing
(RFS) subsystem.
10-
Periodic Mortgage Sharing Certificate:
is the same as Mortgage Sharing Certificate, but
the return of the certificate is periodically paid to the certificate holder.
This certificate is used in Rent
Financial Sharing (RFS) subsystem.
11-
Mortgage Mudarabah Certificate:
is similar to Mortgage Sharing Certificate, but this certificate is used for commercial financing services. This certificate is used in Rent Financial Sharing
(RFS) subsystem.
12-
Periodic Mortgage Mudarabah Certificate:
is similar to Periodic Mortgage Sharing Certificate, but this certificate is used for commercial financing
services. This certificate is used in
Rent Financial Sharing (RFS) subsystem.
13-
Mortgage Muzaraah Certificate: is similar to Mortgage
Mudarabah Certificates but for agricultural financing. This certificate is used
in Rent Financial Sharing (RFS) subsystem.
14-
Periodic Mortgage Muzaraah Certificate:
is similar to Periodic Mortgage Mudarabah Certificate but for agricultural
financing. This certificate is used in Rent Financial Sharing (RFS) subsystem.
15-
Mortgage Mugharasah Certificate:
is similar to Mortgage Muzaraah Certificate but for planting and restoring tree
gardens financing. This certificate is used in Rent Financial Sharing (RFS)
subsystem.
16-
Periodic Mortgage Mugharasah Certificate:
is similar to Periodic Mortgage Muzaraah Certificate but for planting and
restoring tree gardens financing. This certificate is used in Rent Financial
Sharing (RFS) subsystem.
17-
Mortgage Musaqah Certificate:
is similar to Mortgage Muzaraah Certificate but for maintaining and harvesting
fruit gardens financing. This certificate is used in Rent Financial Sharing
(RFS) subsystem.
18-
Periodic Mortgage Musaqah Certificate:
is similar to Periodic Mortgage Muzaraah Certificate but for maintaining and
harvesting fruit gardens financing. This certificate is used in Rent Financial
Sharing (RFS) subsystem.
19-
Mortgage Istisna Certificate: is similar to Mortgage
Muzaraah Certificate but for financing industrial and agricultural firms. This
certificate is used in Rent Financial Sharing (RFS) subsystem.
20-
Periodic Mortgage Istisna Certificate:
is similar to Periodic Mortgage Muzaraah Certificate but for financing
industrial and agricultural firms. This certificate is used in Rent Financial
Sharing (RFS) subsystem.
21-
Rent Certificate:
is an anonym negotiable document, which is
issued with a defined nominal price and for a certain period by Rastin PLS
bank. The owner of this certificate shares the rent of asset proportional to
its assessed asset nominal price. The rent will be paid to depositor
periodically, but the original fund plus
the rent will be paid to the depositor at the end of the contract period. This certificate is used in
Rent Financial Sharing (RFS) subsystem.
22-
Guarantee Certificate:
is a named document which shows the guarantee of a certain amount of money and
is issued by notary upon the mortgaged asset and if the obligation is not
fulfilled, the owner must compensate it.
Otherwise, the mortgaged asset will be sold through auction, and the claim of the acceptor will be
settled. This certificate is used in Mortgage Securitization System (MSS).
23-
Bail Certificate:
is an anonym negotiable paper with a defined face value and duration issued by
Rastin PLS bank branch. The owner of this certificate will receive the
commodity or its price (at market price) from the entrepreneur who is obliged
for this certificate. This certificate is
used in Bail Financial Sharing (BFS) subsystem.
24-
Social Security Certificate: is an anonym or named negotiable document with
defined nominal price issued and for a specified
period given to the insured person by Rastin PLS bank on behalf of the
security fund in exchange for payment of insurance premium to the security
fund. The holder of this certificate shares the fund capital proportionate to
the value and shares the fund returns proportionate to the amount and duration of his certificate. This certificate is used in Rastin Personal Security
(RPS) subsystem.
25-
Personal Security Certificate:
is an anonym or named negotiable document
with defined nominal price and maturity, and is issued by Rastin PLS bank on
behalf of the pension fund for depositor by the request of the pension fund and
equal to the amount of the deposited deposit. The holder of this certificate
shares the capital of the fund in proportion to his deposit and shares the
return of the pension fund proportional to the amount and duration of the deposit and receives his share
(principal and profit) from the fund at maturity. This certificate is
used in Rastin Personal Security (RPS) subsystem.
26-
Pension Security Certificate: is an anonym or named negotiable
document, which is issued from changing the
share of the depositor into several small lots at maturity, so that the
holder can receive continuous pension payments from the fund. The return of
this certificate will be calculated and paid to depositor
according to Rastin Participation Accounting procedures for Joint Stock Company
with Variable Capital (JSCVC).[33]
On the other hand, if depositor or the
owner of the certificate does not want to
receive back his share and return from the fund in a lump sum at maturity, he can ask the fund to change his certificate into
several smaller certificates with continual maturities and amounts via
the agent bank. This certificate is used
in Rastin Personal Security (RPS) subsystem.
27-
Takaful Certificate: is an anonym or
named negotiable document with a defined face
value and term, which is issued by Rastin PLS bank branch. The owners of these
certificates give a choice to Rastin
PLS bank to use their deposits for granting to needy people graciously for a certain period and report his activities
to the depositor and supervisory
authorities. This certificate is used in Rastin Social Takaful (RST) subsystem.
28-
Loan Certificate: is an anonym or
named negotiable document with a defined face value and term that is issued by
Rastin PLS bank. The owners of these certificates give a choice to the bank to use their
deposits for extending interest-free loans to needy people for a specific
period, and return the principal money back to the depositor after that period
and report his activity to the depositor
and supervisory authorities. This certificate is used in Rastin Social Takaful
(RST) subsystem.
The complementary systems in
Rastin Banking refer to innovations, systems, and complementary methods to solve specific shortages in the banking process as follows:
a.
Rastin
Certificate Market (RCM)[34]
b.
Crowd Funding
System (CFS)[35]
c.
Operation
Control and Monitor (OCM)
d.
Collateral
Registration System (CRS)
e.
Serial
Commitments Clearance (SCC)[36]
f.
Mortgage
Securitization System (MSS)[37]
g.
Interbank
Withdrawal Protocol (IWP)[38]
h.
Non-Usury
Scripless Security Settlement System (NSSSS)[39]
i.
Money Laundering
Detection System (MLD)[40]
All the above systems and instruments have different risk
treatments and should be used by insurance measures to cover the risks of the
projects failure and hedge the financial resources and benefits of the sides of
the contracts.
Insurance Products in Rastin Banking
Financial activities
of Rastin Banking need new insurance products and policies. In addition to prevailing insurances, some new insurance
products were mentioned here. To safeguard the interests of depositors and to
decrease risk and cover the probable losses of financial activities and also to
alleviate confidence of the parties to
Rastin PLS Banking contracts, some insurance coverage has been anticipated as follows:
1.
Rastin Certificate Insurance: By paying a fee, bank or depositors
can ask insurer companies to insure the total or a portion of the nominal
value of their Rastin Certificate according to the request of the depositor or Rastin Certificate holder in
charge and interest and name of the depositor
or Rastin Certificate holder. Bank and insurance company can offer Rastin
Certificate insurance rate and policy in Rastin Certificate Market web portal. Insuring Rastin Certificate is optional for the
depositor in Rastin Banking.
2.
Insurance of Market Value of
Rastin Certificate: Rastin Certificate holder can insure his certificate against market price fluctuations at a
higher price than nominal value in his charge and interest and name. This
insurance is also optional.
3.
Responsibility/Engineering
Insurance: Responsibility/engineering insurance for covering
probable losses of unexpected technical and human accidents during the
execution of the project period is
compulsory for entrepreneurs of Rastin PLS projects. The entrepreneur must buy corresponding
insurance policies to cover the unexpected accidents in his charge and interest
and name.
4.
Insurance of Accidents
Concerning the Article of Sharing: Entrepreneur must insure the article
of sharing against natural calamities, fire accident, explosion, and other
unexpected accidents at least equal to the amount of provided and used sources
in charge of the project, and in interest
and name of the bank. This insurance fee
is an acceptable cost item for the
project.
5.
Collateral Insurance: Entrepreneur must insure his
provided collaterals in charge of himself and interest and name of the bank at least equal to the value of bank share
in the project during the project
execution period. The entrepreneur must
reinsure the collateral until the end of the execution
period so that the collaterals should be insured for all times of the execution period.
6.
Loss Margin Insurance: Entrepreneur can insure the project
against probable loss equal to the amount of loss he expects. This insurance is
optional or compulsory in various Rastin PLS Banking Subsystems. In the case of
being compulsory, the entrepreneur is responsible for compensating the occurred losses according to the regulations
of that subsystem if he had not bought the necessary insurance policy.
7.
Profit Margin Insurance: In order to guarantee the probable profit margin, an entrepreneur can insure this margin in his charge and interest and name. This
insurance is optional or compulsory according to different Rastin PLS Banking
Subsystems applications.
8.
Merchandise Transportation
Insurance: Contract parties can insure
the merchandises of the article of
contract against probable risks of transportation, by mutual agreement. The
assessment unit[41] of the PLS department of the bank will determine the necessity of this
insurance, according to the Financial Subsystem used. If the transported commodity, raw material, and intermediate goods
comprise the interests of both parties, this insurance will be compulsory for
both sender and receiver of the goods. The parties should provide this
insurance policy at a specified time
determined by the assessment unit in
charge of sender and receiver and in name and interest of the bank.
9.
Production Equipment and
Installations Insurance: For better safety and performance of Rastin PLS Banking
activity, an entrepreneur can insure his production equipment and
installations against fire accidents, explosion, natural accidents, and
calamities, and the risk concerns of the second party at his own charge,
interest, and name. According to the applied Financial Subsystem, assessment
unit of the PLS department of the bank will determine the compulsion or
optionality of this insurance.
10. Product Quality Insurance: In order to
ensure the quality of the produced goods
and attracting buyers, an entrepreneur
can insure the quality of his products
according to conventional standards. The subject of this insurance policy is
compensation of probable vital and financial losses to consumers, and a third party regarding the produced commodities
because of unsafe, defective, and shortcomings processes of production. This
insurance policy is optional.
11. Insurance of Commodity under Production: Entrepreneur
must insure the producing commodity at least equal to the nominal value
of the raw material bought or delivered, besides
an insurer company confirmed by the bank
for production period, in charge of entrepreneur and in name and interest of
the bank.
12. Inventory Insurance: For better safeguarding of
performance of Rastin PLS Banking activities, an entrepreneur can insure the
raw materials and products inventories against risks of a fire accident,
explosion, natural accidents and calamities, theft and also other party�s risk
concerns at his charge, name, and interest. According to the applied Financial
Subsystem, the assessment unit of the PLS
office of the bank will determine the compulsion or optionality of this insurance.
13. Production Limited Loss Insurance: If the market or
estimated price of the construction project (at the end of construction period)
is less than its cost price, �production limited loss insurance� can be used to
compensate the loss.
14. Transaction Limited Loss Insurance: Entrepreneur can insure the risk of transaction activities equal to the amount he is concerned about
probable failure in his transaction activity at his own charge, name, and
interest. If an entrepreneur does not insure this risk, he will bear the likely risk.
15. Transfer of Money Insurance: Bank can insure the risk
of transfer of money equal to the amount he is concerned about probable failure
in money transaction at his own charge,
name, and interest. If the bank does not insure this risk, he will bear the probable risk.
It is possible to use coinsurance and
reinsurance in all above cases. The insurer can use these kinds of insurances to pro rata the
aftermaths of the occurred risks. In coinsurance, several companies will
jointly insure a risk. This insurance is
usually used to cover large risks such as fire accident or explosion and
similar things in factories, and each
insurer company bears a portion of the risk. In reinsurance, the first (direct)
insurer company covers a portion of the risk, and the second insurer company will
cover the remaining risk. In other words, the direct
insurance company will insure a portion
of the risk in another company.
Complementary insurances are a kind of insurance used by insuring
companies to obtain more support for other accidents concerning the article insured. This is different from double
insurance, which is referred to as multiple coverages
of an item insured. By considering the
applied Financial Subsystem, the assessment unit of the PLS office will define
the necessity and kind of needed insurance before signing contracts. Several types of insurances
as complementary insurances can be used. The necessary insurances for various Financial Subsystems are documented in Draft of
Operational Bylaw of Rastin Banking[42].
The listed insurance products have no conflict with
well-known legal principles. Insurer companies can supply these insurance
policies according to their actuary calculations to the bank, depositor, and
entrepreneur.[43]
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https://www.cribfb.com/journal/index.php/ijscgr/article/view/284
http://www.bidabad.com/doc/pls-business-cycles-en.pdf
Bidabad, Bijan, Mahmoud Allahyarifard. (2010) Accounting Procedures for
Profit and Loss Sharing (PLS) Banking.
http://www.bidabad.com/doc/PLS-accounting-en.pdf
Bidabad, Bijan, Abul Hassan, Ben Ali Mohamed Sami, Mahmoud Allahyarifard.
(2011) Interest-Free Bonds and Central Banking Monetary Instruments.
International Journal of Economics and Finance. Vol. 3, no. 3, Aug 2011,
pp.234-241.
http://www.ccsenet.org/journal/index.php/ijef/article/download/11665/8300
Bidabad, Bijan, (2019) Fluctuations and Business Cycles Prevention by New
Financial Instruments and Banking Structure Reform. International Journal of
Accounting & Finance Review, 4(1), 35-50, 2019.
https://www.cribfb.com/journal/index.php/ijafr/article/view/282 �
http://www.bidabad.com/doc/Fluctuations-and-Cycles.pdf �
Bidabad, Bijan, (2014) Mudarebah Financial Sharing (MFS). Journal of
Islamic Economics, Banking and Finance, JIEBF, Volume - 10, Number - 1, January
- April 2014, pp. 56-68.
http://www.bidabad.com/doc/mfs-paper-en.pdf
http://ibtra.com/pdf/journal/v10_n1_article3.pdf
Bidabad, Bijan, (2016) Joalah Financial Sharing (JFS). Journal of Islamic
Economics, Banking and Finance, Volume-12, No. 1, January-March, 2016, pp.
33-48.
http://www.bidabad.com/doc/jfs-paper-en.pdf
http://ibtra.com/pdf/journal/v12_n1_article2.pdf
Bidabad, Bijan, (2019) Interest-Free Treasury Bonds (IFTB). Interest-Free
Treasury Bonds (IFTB). International Journal of Shari�ah and Corporate
Governance Research, 2(2), 13-21.
https://www.cribfb.com/journal/index.php/ijscgr/article/view/306 �
http://www.bidabad.com/doc/interest-free-t-bond-en.pdf �
http://www.bidabad.com/doc/iftb-en.pptx �
Bidabad, Bijan, (2019) Interest-Free Treasury Bonds (IFTB), Islamic Finance
and Legal Clarifications, 2011. International Journal of Islamic Business &
Management, 3(1), 21-29.
http://www.bidabad.com/doc/interest-free-t-bond-feqhi-en.pdf
https://www.cribfb.com/journal/index.php/ijibm/article/view/258/353
Bidabad, Bijan, Abul Hassan, Ben Ali Mohamed Sami, Mahmoud Allahyarifard.
(2011) Interest-Free Bonds Financial Innovation, A Monetary Instrument for
Economy at Crisis. Journal of Economic Cooperation and Development (JECD). 32,
1, 2011, 55-70.
http://www.sesric.org/jecd/jecd_articles/ART10102201-2.pdf
Bidabad, Bijan, (2011) Deposits and Loans Interest Rates Lag Structure and
Business Cycles (Case Study of United States).
http://www.bidabad.com/doc/Interest-Rates-Lags-and-Cycles.pdf
Bidabad, Bijan, (2019) Installment Financial Sharing (IFS): A Financial
Subsystem of Rastin PLS Banking. International Journal of Islamic Banking and
Finance Research, 3(1), 28-42.
https://www.cribfb.com/journal/index.php/ijibfr/article/view/267
http://www.bidabad.com/doc/ifs-paper-en.pdf
Bidabad, Bijan, Abul Hassan, (2019) Does The Interest Rate Form Business
Cycle?, 2011. International Journal of Accounting & Finance Review, 4(1),
29-34.
https://www.cribfb.com/journal/index.php/ijafr/article/view/281
http://www.bidabad.com/doc/interest-rate-cycle.pdf
Bidabad, Bijan, (2014) Rent Financial Sharing (RFS). Journal of Islamic
Economics, Banking and Finance, Vol. 10 No. 2, pp.: 38-53, April-June 2014.
http://www.bidabad.com/doc/rfs-paper-en.pdf
http://ibtra.com/pdf/journal/v10_n2_article2.pdf
Bidabad, Bijan, (2015) Rastin Social Takaful (RST). Journal of Islamic
Economics, Banking and Finance, JIEBF, Volume - 11, Number - 1, January - March
2015, pp.: 13-23.
http://ibtra.com/pdf/journal/v11_n1_article1.pdf
http://www.bidabad.com/doc/rst-paper-en.pdf
Bidabad, Bijan, (2017) Mortgage Securitization System (MSS), A
Complementary System of Rastin Banking. International Journal of Law and
Management (IJLMA), Vol. 59 Issue: 6, pp.778-783, 2017.
https://doi.org/10.1108/IJLMA-05-2016-0045
http://www.bidabad.com/doc/mss-paper-en.pdf
Bidabad, Bijan, (2019) Bail Financial Sharing (BFS): A
Financial Subsystem of Rastin PLS Banking. International Journal of Islamic
Banking and Finance Research, 3(1), 21-27.
https://www.cribfb.com/journal/index.php/ijibfr/article/view/266
http://www.bidabad.com/doc/bfs-paper-en.pdf
Bidabad, Bijan, (2015) Rastin Personal Security (RPS). Journal of Islamic
Economics, Banking and Finance, JIEBF, Volume - 11, Number - 2, April - June
2015, pp. 47-61.
http://ibtra.com/pdf/journal/v11_n2_article3.pdf
http://www.bidabad.com/doc/rps-paper-en.pdf
Bidabad, Bijan, (2014) Joint Stock Company with Variable Capital (JSCVC),
International Journal of Law and Management (IJLMA), Vol. 56, Iss: 4, pp.302 �
310, 2014.
http://dx.doi.org/10.1108/IJLMA-09-2012-0031
http://www.bidabad.com/doc/vjsc-paper-en.pdf
Bidabad, Bijan, (2013) Rastin Profit and Loss Sharing (PLS) Base System.
Journal of Islamic Economics, Banking and Finance, pp. 32-57, Vol. 9, No. 4,
Oct-Dec 2013.
http://ibtra.com/pdf/journal/v9_n4_article2.pdf
http://www.bidabad.com/doc/pls-base-en.pdf
Bidabad, Bijan, (2017) Money Laundering Detection System (MLD), A
Complementary System of Rastin Banking, Journal of Money Laundering Control,
Vol. 20 Issue: 4, pp. 354-366, 2017.�
https://doi.org/10.1108/JMLC-04-2016-0016
http://www.bidabad.com/doc/mld-paper-en.pdf
Bidabad, Bijan, (2014) General Characteristics of Rastin Banking.
Proceeding of the 3rd International Conference on Economics, Political, Law and
Fiscal Sciences (EPLS '14), World Scientific and Engineering Academy and
Society (WSEAS). Transilvania University of Brasov, Brasov, Romania, June
26-28, 2014.
http://www.bidabad.com/doc/rastin-bank-general-en.pdf
http://www.bidabad.com/doc/rastin-bank-general-en.ppt
Bidabad, Bijan, (2013) A glance at Rastin Banking, 2013.
http://www.bidabad.com/doc/rastin-bank-glance-en.pdf
Bidabad, Bijan, Rastin Banking, New Operational Islamic Banking System (A
bird's eye view). Islamic Finance News (IFN), Vol. 10, Issue: 28, 17, July,
2013, pp. 16-18.
http://www.bidabad.com/doc/rastin-bank-bird-eye-view-en.pdf
Bidabad, Bijan, (2019) Islamic Monetary Policy, 2013.
International Journal of Islamic Banking and Finance Research, 3(2), 1-16,
2019.
https://www.cribfb.com/journal/index.php/ijibfr/article/view/269
http://www.bidabad.com/doc/islamic-monetary-policy-en.pdf
Bidabad, Bijan, (2019) Rastin Certificate Market (RCM), Complementary
System of Rastin Banking, 2013. International Journal of Islamic Business &
Management, 3(1), 35-43.
https://www.cribfb.com/journal/index.php/ijibm/article/view/260 ��
http://www.bidabad.com/doc/rastin-bank-rcm-en.pdf
Bidabad, Bijan, (2019) Sovereign Wealth Fund Asset and Liability Management
by Rastin Banking Financial Instruments (Rastin Certificates and Rastin Swap
Bonds). American Finance & Banking Review, 4(1), 1-16.
https://www.cribfb.com/journal/index.php/amfbr/article/view/285 �
http://www.bidabad.com/doc/swf-alm-en.pdf
http://en.ndf.ir/international-conference/nic-2013/conference-full-paper.aspx
Bidabad, Bijan, Mahmoud Allahyarifard, (2019) Interbank Withdrawal Protocol
(IWP), Complementary System of Rastin Banking. International Journal of Islamic
Business & Management, 3(1), 30-34.
https://www.cribfb.com/journal/index.php/ijibm/article/view/259 �
http://www.bidabad.com/doc/iwp-paper-en.pdf
Bidabad, Bijan, Roohollah Mohammadi; Mahshid sherafati, (2013) Social
Takaful and Qard ul-Hassanah Banking Convergences (A Functional Approach),
Journal of Applied Science and Agriculture (JASA) November issue 2013.
http://www.bidabad.com/doc/takaful-en.pdf
Bidabad, Bijan, (2019) Change Management of Banking System at National
Level by Rastin Banking (Knowledge Management, Empowerment, Prune and Graft,
and Apprenticeship). Review of Behavioral Aspect in Organizations and Society,
1(1), 57-70.
https://doi.org/10.32770/rbaos.vol157-70 ���
http://www.bidabad.com/doc/change-banking-en.pdf �
http://www.bidabad.com/doc/change-banking-en.pptx �
Bidabad, Bijan, (2014) Insurance Products in Rastin Banking, 2014.
http://www.bidabad.com/doc/rastin-insurance-en.pdf��
Bidabad, Bijan, (2019) Rastin Crowdfunding (RCF): A
Financial Subsystem of Rastin Banking. International Journal of Islamic Banking
and Finance Research, 3(1), 13-20.
https://www.cribfb.com/journal/index.php/ijibfr/article/view/265�
http://www.bidabad.com/doc/rcf-paper-en.pdf
Bidabad, Bijan, (2019) Rastin Group Funding (RGF): A
Financial Subsystem of Rastin Banking. International Journal of Islamic Banking
and Finance Research, 3(1), 43-48.
https://www.cribfb.com/journal/index.php/ijibfr/article/view/268�
http://www.bidabad.com/doc/rgf-paper-en.pdf
Bidabad, Bijan, Mahshid Sherafati, (2019) Bank Information Disclosure,
Financial Transparency and Corporate Governance in Rastin Banking,
International Journal of Shari�ah and Corporate Governance Research, 2(1),
1-13.
https://www.cribfb.com/journal/index.php/ijscgr/article/view/257
http://www.bidabad.com/doc/shafafiyat-en.pdf
Bidabad, Bijan, Mahshid Sherafati, (2015) Financial Transparency,
Governance and Public Disclosure for Entrepreneur (Financial Resource Receiver)
in Rastin Banking System. Tehran, Iran, 2015.
http://www.bidabad.com/doc/transparency-entrepreneur-en.pdf
Bidabad, Bijan, Azarang Amirostovar, Mahshid Sherafati, (2019) Financial
Transparency, Corporate Governance and Information Disclosure of the
Entrepreneur�s Corporation in Rastin Banking. International Journal of Law and
Management (IJLMA), Vol:59, Iss:5, pp.636-651, 2017.
https://doi.org/10.1108/IJLMA-01-2016-0003
Bidabad, Bijan, Saeid Abdollahi, Mahshid Sherafati, Rohollah Mohammadi,
(2019) Proposed Regulations for Enforcement of Purports of Binding Banking
Documents in Rastin Banking. International Journal of Small and Medium
Enterprises, 2(1), 23-49.
https://www.cribfb.com/journal/index.php/ijsmes/article/view/321
http://www.bidabad.com/doc/rastin-bank-ejraye-asnad-en.pdf
Bidabad, Bijan, Saeed Abdollahi, Mahshid Sherafati, (2017) Enforcement of
the Purports of Binding Banking Documents in Rastin Banking � Part I.
International Journal of Law and Management (IJLMA), Vol:59, Iss:1, pp. 52-65,
2017.
https://doi.org/10.1108/IJLMA-07-2015-0041
Bidabad, Bijan, Saeed Abdollahi, Mahshid Sherafati, (2017) Enforcement of
the Purports of Binding Banking Documents in Rastin Banking � Part II.
International Journal of Law and Management (IJLMA), Vol:59, Iss:2, pp.178-191,
2017.
https://doi.org/10.1108/IJLMA-10-2015-0055
Bidabad, Bijan, Mahshid Sherafati, (2017) Sustainable Financing and
Anti-Squandering Measures in Rastin Banking. International Journal of Law and
Management (IJLMA), Vol: 59, Issue: 6, pp. 939-949, 2017.
https://doi.org/10.1108/IJLMA-04-2016-0037
http://www.bidabad.com/doc/esraf-bank-resource-en.pdf
Bidabad, Bijan, (2015) Serial Commitments Clearance (SCC) in Rastin
Banking. International Journal of Law and Management (IJLMA), Vol. 57, Iss: 6,
2015, pp. 600-609.
http://dx.doi.org/10.1108/IJLMA-02-2015-0007
http://www.bidabad.com/doc/scc-paper-en.pdf
Bidabad, Bijan, (2019) Rastin Swap Deposit (RSD): A Financial Account of
Rastin Banking. International Journal of Islamic Banking and Finance Research,
3(2), 17-23.
https://www.cribfb.com/journal/index.php/ijibfr/article/view/270 ��
http://www.bidabad.com/doc/rsd-paper-en.pdf ��
Bidabad, Bijan, (2019) Rastin Swap Card (RSC): A Financial Instrument of
Rastin Banking. International Journal of Islamic Banking and Finance Research,
3(2), 24-31.
https://www.cribfb.com/journal/index.php/ijibfr/article/view/271
http://www.bidabad.com/doc/rsc-paper-en.pdf
Bidabad, Bijan, Mahshid Sherafati, (2016) Operational Ethical Banking in
Rastin Banking (Professional Ethics, Audit, Inspection, Control, Monitoring and
Preservation). International Journal of Law and Management (IJLMA), Vol: 58,
Iss: 4, 2016, pp. 416-443.
http://dx.doi.org/10.1108/IJLMA-07-2015-0037
http://www.bidabad.com/doc/rastin-ethic-banking-en.pdf
Bidabad, Bijan, Mahmoud Allahyarifard, Mahshid Sherafati, (2019) Rastin
Partnership Accounting, Part I: General Procedure, Journal of Islamic
Accounting and Business Research.
http://www.bidabad.com/doc/rastin-partnership-accounting-I-en.pdf
https://doi.org/10.1108/JIABR-04-2016-0049
Bidabad, Bijan, (2019) Rastin Partnership Accounting, Part II: Mudarabah
Financial Sharing (MFS).
http://www.bidabad.com/doc/rastin-partnership-accounting-II-en.pdf
Bidabad, Bijan, (2019) Rastin Partnership Accounting: Part III: Instalment
Financial Sharing (IFS).
http://www.bidabad.com/doc/rastin-partnership-accounting-III-en.pdf
Bidabad, Bijan, Abul Hassan, (2017) Dynamic Lag Structure of Deposits and
Loans Interest Rates and Business Cycles Formation. Journal of Financial
Regulation and Compliance, Vol. 25 Issue: 2, pp.114-132, 2017.
http://dx.doi.org/10.1108/JFRC-09-2016-0078
Bidabad, Bijan, (2018) General Regulatory Framework in
Rastin Profit and Loss Sharing Banking (Part I-Operational Context). Journal of
Business and Finance in Emerging Markets, JBFEM, [S.l.], v. 1, n. 1, p. 11-26,
may 2018. ISSN 2580-5568.
https://doi.org/10.32770/jbfem.vol111-26
http://www.bidabad.com/doc/rastin-regulatory-en-I.pdf
Bidabad, Bijan, (2018) General Regulatory Framework in
Rastin Profit and Loss Sharing Banking (Part II-Legal Groundwork). Journal of
Business and Finance in Emerging Markets, JBFEM, JBFEM, [S.l.], v. 1, n. 2, p.
109-126, nov. 2018. ISSN 2580-5568.
https://doi.org/10.32770/jbfem.vol1109-126���
http://www.bidabad.com/doc/rastin-regulatory-en-II.pdf
Bidabad, Bijan, (2018) General Regulatory Framework in
Rastin Profit and Loss Sharing Banking (Part III-Auxiliary Provisions). Journal
of Business and Finance in Emerging Markets, JBFEM, May 2019, Vol 2, No. 1, pp.
51-65. ISSN 2580-5568.
https://doi.org/10.32770/jbfem.vol251-66
http://www.bidabad.com/doc/rastin-regulatory-en-III.pdf
Bidabad, Bijan, Rohollah Mohammadi, Mahshid Sherafati,
(2019) Organizational Design and Rules in Rastin Profit and Loss Sharing
Banking. International Journal of Small and Medium Enterprises, 2(1), 9-22.
https://www.cribfb.com/journal/index.php/ijsmes/article/view/320 �
http://www.bidabad.com/Organizational-structure-paper-en.pdf �
Bidabad, Bijan, Azarang Amirostovar, Saeid Abdollahi, Mahmoud
Allahyarifard, Eskandar Pordel, Maryam Heidari, Alireza Shafiei, Mohammad Ali
Pourbehrouz (2012) Draft of Rastin Banking Bill, Bank Melli Iran.
http://www.bidabad.com/doc/rastin-banking-bill.pdf
Bidabad,
Bijan, Azarang Amirostovar, Saeed Abdollahi, Mahmoud Allahyarifard, Eskandar
Pordel, Maryam Heidari, Alireza Shafiei, Mohammad Ali Pourbehrouz. (2012) Draft
of Rastin Banking Executive Regulation, Bank Melli Iran.
http://www.bidabad.com/doc/rastin-banking-regulation.pdf
Erfani,
Tofigh, (1992) Insurance Contract in Islam and Iran, Kayhan Publications. In Persian
Moin,
Mohammad (1971) Moin Persian Dictionary. AmirKabir Publishing Institute. In
Persian.
Mehr,
Robert I., (1985) Principles of Insurance. Richard D Irwin; 8th edition.
Salehi,
Jan Ali Mahmoud, (2002). Insurance law. Bimeh Markazi, Iran. Training and
Publication Department. In Persian.�
Vaughn, Emmett J. (1989) Fundamentals of Risk and Insurance.5th
edition, Wiley.
Copyrights
Copyright
for this article is retained by the author(s), with first publication rights
granted to the journal. This is an open-access article distributed under the
terms and conditions of the Creative Commons Attribution license
(http://creativecommons.org/licenses/by/4.0/).
[1] (B.A., M.Sc., Ph.D., Post-Doc.) Professor of
Economics and Chief Islamic Banking Advisior, Bank Melli Iran.
[2] Moin, Mohammad (1971)
Moin Persian Dictionary. AmirKabir Publishing Institute. In Persian.
[3] Salehi, Jan Ali
Mahmoud, (2002). Insurance law. Bimeh Markazi, Iran. Training and Publication
Department. In Persian.�
[5] See: Mehr, Robert I., (1985) Principles of Insurance. Richard D
Irwin; 8th edition.
Vaughn, Emmett J.(1989) Fundamentals of Risk and Insurance.5th
edition, Wiley.
[6] Salehi, JanAli Mahmoud,
(2002). Insurance Act, Bimeh Markazi Iran. Training and Publication Department.
In Persian, pp. 65-73.
[7] Various insurances, at
least, commercial insurances were used in Arabian Peninsula before Islam. This
may be the reason why the holy Prophet has not mention about it explicitly
because he only entered economic subjects whenever necessary.
8Rastin Banking is operational true
Islamic bank
Bidabad, Bijan. (2014).
New Operational Islamic Banking System, Volume One, Theoretical Foundations,
LAP Lambert Academic Publishing, OmniScriptum GmbH & Co. KG, ISBN:
978-3-659-54463-7.
Bidabad, Bijan.
(2014). New Operational Islamic Banking System, Volume Two, Applicational
Issues, LAP Lambert Academic Publishing, OmniScriptum GmbH & Co. KG, ISBN:
978-3-659-55210-6.
[9] Depositor is a
real person or legal entity with a certain amount of fund (cash) requests
Rastin PLS bank to participate in Rastin PLS Banking products through direct
contact with Rastin PLS bank, or via internet and purchases Rastin Certificate
of one of the Rastin PLS Banking products of a project.
[10]Entrepreneur is a real person or
legal entity who proposes a project to PLS bank for financing through PLS
banking system and executes the project until the end. In addition to have
legal, financial, technical and performance capabilities, the entrepreneur
should have the other capabilities and facilities/possibility to carry out the
job.
[11]Assessments are actions which are
done by bank for protection of depositor�s interests, identification of the
entrepreneur�s skills, and economic, financial, executive, and technical
justifiability of the concerned project in Rastin Banking.
[12] Project Proposal:
is a written document covering a collection of necessary information about the
proposed project that describes analytical justification of the project from
economic, technical and financial points of view, with enclosed necessary legal
licenses and documents; which is submitted to Rastin PLS bank by entrepreneur.
After evaluation of the bank if be approved, proposal will be a reference
source against entrepreneur executive operations.�
[13]Project is a collection of
economic activities with specified and concrete plan with defined cost and
terms for making profit through Rastin PLS Banking offered to PLS bank.
[14]Monitoring is an action which is
done by bank for protection of depositor�s interests and good performance of
executive operation in Rastin Banking. Bank is obliged to take measures for
good operational performance. Standards for monitoring are based on Rastin
Banking articles of the executive bylaw.
[15]Trustee unit is a unit at PLS office
of Rastin PLS bank for supervision and control of Rastin PLS proposed projects
on behalf of bank regarding good performance of project in comparison to
initial proposal through key indicators and financial reports and supervision
for final delivery of the project.
[16]PLS Office: It is a bank
department that along with subordinate units manages participation processes in
Rastin Banking.
[17]Bidabad, Bijan (2013) Rastin Profit and Loss Sharing (PLS) Base System.
Journal of Islamic Economics, Banking and Finance, pp. 32-57, Vol. 9 No. 4, Oct
- Dec.
[18] Bijan Bidabad, Joalah Financial
Sharing (JFS). Journal of Islamic Economics, Banking and Finance, Volume-12,
No. 1, January-March, 2016, pp. 33-48.
http://www.bidabad.com/doc/jfs-paper-en.pdf
[19] Bidabad, Bijan, Mudarebah
Financial Sharing (MFS). Journal of Islamic Economics, Banking and Finance,
JIEBF, Volume - 10, Number - 1, January - April 2014, pp. 56-68.
[20] Bidabad, Bijan, Instalment
Financial Sharing (IFS). Journal of Islamic Economics, Banking and Finance,
2014.
[21] Bidabad, Bijan, Rent Financial
Sharing (RFS). Journal of Islamic Economics, Banking and Finance, 2014.
[22] Bidabad, Bijan, Bail Financial
Sharing (BFS). Journal of Islamic Economics, Banking and Finance, 2014.
[23] Bijan Bidabad, Rastin Group
Funding (RGF). Bank Melli Iran, Tehran, 2014.
[24] Bidabad, Bijan, Rastin Personal
Security (RPS). Journal of Islamic Economics, Banking and Finance, JIEBF,
Volume - 11, Number - 2, April - June 2015, pp. 47-61.
http://ibtra.com/pdf/journal/v11_n2_article3.pdf
[25] Takaful: is the
humanistic duty of the society to fulfill the basic needs of the individuals
and is devided into two parts: Public Takaful: is the humanistic duty of
the individuals to fulfill other propels� needs. Zeman Ialah: is
the duty of the government to provide the sustenance of the individuals in the
society.
[26] Bidabad, Bijan, Rastin Social
Takaful (RST). Journal of Islamic Economics, Banking and Finance, JIEBF, Volume
- 11, Number - 1, January - March 2015, pp.: 13-23.
[27] Bidabad, Bijan, Rastin Crowd
Funding, 2014.
[28] Bidabad, Bijan, Rastin Crowd
Funding, 2014.
[29] Bidabad, Bijan, Abul Hassan, Ben
Ali Mohamed Sami, Mahmoud Allahyarifard. Interest-Free Bonds and Central
Banking Monetary Instruments. International Journal of Economics and Finance.
Vol. 3, no. 3, Aug 2011, pp.234-241.
http://www.ccsenet.org/journal/index.php/ijef/article/download/11665/8300
Bidabad, Bijan, Abul Hassan, Ben
Ali Mohamed Sami, Mahmoud Allahyarifard. Interest-Free Bonds Financial
Innovation, A Monetary Instrument for Economy at Crisis. Journal of Economic
Cooperation and Development (JECD). 32, 1, 2011, 55-70.
[30] Bijan Bidabad, Rastin Swap
Deposit. Tehran, 2015.
[31] Bijan Bidabad, Rastin Swap Card.
Tehran, 2015.
[32] Rastin Certificate
Market is a web-based settlement system for transaction and transfer of
Rastin Certificates and valuable papers of Rastin bank.
33Joint Stock Company with
Variable Capital (JSCVC): is a kind of fund in which the capital of fund
varies along time through entering or exiting new shareholders and by changing
their capital shares, or duration of sharing in fund. These funds can
facilitate the operations of mutual funds, credit unions and bank sharing
activities.
Bijan Bidabad, Joint Stock Company with Variable Capital (JSCVC), International
Journal of Law and Management, Vol. 56, Iss: 4, pp.302 � 310, 2014.
[35] Bidabad, Bijan, Rastin Crowd
Funding, 2014.
[36] Bijan Bidabad, Serial Commitments
Clearance (SCC) in Rastin Banking. International Journal of Law and Management,
Vol. 57, Iss: 6, 2015, pp. 600-609, Emerald Group Publishing Limited.
[37] Bijan Bidabad, Mortgage
Securitization System (MSS), A Complementary System of Rastin Banking.
International Journal of Law and Management, Vol. 59 Iss: 3, 2017.
[38] Bidabad, Bijan, Mahmoud
Allahyarifard. Interbank Withdrawal Protocol (IWP), Complementary System of Rastin
Banking, 2013.
[39] Bidabad, Bijan, Mahmoud
Allahyarifard. IT Based Usury Free Financial Innovations. Proceeding of ECDC
2010, 5th International Conference on e-Commerce in Developing Countries: with
focus on e-Banking & e-Insurance. ECDC 2010, 15-16 September 2010.
[40]Bidabad, Bijan, (2017) Money Laundering Detection System (MLD),
Complementary System of Rastin Banking, Journal of Money Laundering Control,
Emerald Group Publishing Limited.
[41] - Assessment unit
is a unit in PLS office of Rastin PLS bank which assesses the competence and
capabilities of entrepreneur and his proposal.
[42] Bidabad, Bijan, Azarang Amirostovar, Saeed Abdollahi, Mahmoud
Allahyarifard, Eskandar Pordel, Maryam Heidari, Alireza Shafiei, Mohammad Ali
Pourbehrouz. (2012) Draft of Rastin Banking Executive Regulation, Bank Melli
Iran.
[43] Erfani, Tofigh, (1992).
Insurance Contract in Islam and Iran, Kayhan Publications. In Persian.