Rastin Certificate Market (RCM):A Complementary System of Rastin Banking
Bijan Bidabad
����������������������������������������������������������������������������� B.A.,
M.Sc., Ph.D., Post-Doc.
Professor
Economics and Chief Islamic
Banking Advisor
Bank Melli, Iran
E-mail:[email protected]
Abstract
New
financial instruments as Rastin Certificates and Rastin Swap Bonds are used in
Rastin banking. Rastin Certificate Market (RCM) provides necessary conditions
for transaction and transfer of these instruments based on information
technology and the integrated Rastin banking subsystems. This market is
accessible for electronic account holders on the World Wide Web.
Keywords: Islamic Banking, Rastin Banking, Rastin Profit and
Loss Sharing, Electronic Transaction,Rastin Certificate, Over the Counter
Market, Secondary Market
1. Introduction
Web-based
Over the Counter (OTC) software is extensively used as transaction markets for
financial papers and derivatives at the present time. Financial intermediation
between borrowers and lenders as a web-based commercial approach has found its
own ground in financial markets. For example, in Zopa[1]
method, lender supplies the fund and borrower obtains his loan through Zopa
Company. Most of these activities take place through online webs, and
transactions are settled online. Of course, marginal problems created through
collaterals and guarantees for observing obligations in larger loans or
obligations created through derivatives lead to inefficiency of these systems.
In addition to removal of this defect,
Rastin banking[2]
is a framework for true Islamic banking that not only removes the prevailing
difficulties but also increases the efficiency of banks in extending financial
intermediation by applying new financial instruments such as Rastin
Certificates and Rastin Swap Bonds. The web-based Rastin Certificate Market is
established and administered by the agent bank and is used for the transaction
of various Rastin Certificates and Rastin Swap Bonds. Rasin Certificate Market
practically provides an electronic subsystem for the transaction of these
digital papers in the framework of Rastin banking activities. This market works
as both primary and secondary markets. This system has been installed in Bank
Melli Iran[3].�
2. Rastin PLS Banking
In Rastin PLS banking as the main subsection
of Rastin Banking, on behalf of the depositor, the bank finances entrepreneur
for investment according to compiled regulations, and at the end project, the
entrepreneur will distribute the profit/loss of the project in proportion to
capital and duration of using that capital with the depositor.[4]
Rastin PLS Base system
refers to the main process and general regulations of Rastin Profit and Loss
Sharing (PLS) Banking system. On request and on behalf of the depositor, the
bank invests his fund in one of Rastin PLS products and instead, gives Rastin
Certificate of the selected project to him and allocates his fund to the
selected project of the entrepreneur; and supervises the implementation and
execution of the project. In the end, after deducting its own commission, bank
divides the profit/loss (if any) among engaged sides (depositors and
entrepreneur). The bank is the agent of the depositor and is responsible for
observing his rights (depositor). He must use all his expertise to reach this
end.
The fixed profit rate is
eliminated in Rastin PLS banking, and the return rate is calculated according
to the real return of capital in the real economy. Most of the regulations of
Rastin PLS Base system are extended to its financial subsystems. This system has
its own organization, structure, and working process.
Rastin PLS financial
subsystems refer to specific financing methods or services in Rastin PLS
Banking. These subsystems work under general regulations of Rastin PLS Base
system.[5]
3. Rastin Certificates
Rastin Certificates are a
collection of designed certificates in Rastin PLS Banking Base system and its
financial subsystems. These certificates can be anonymous or named papers,
which are transferable and negotiable online through the website of the bank
and are issued with a nominal price and for a certain 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
asset used as:
� RPS: Social
Security, Personal Security, and Pension Security Certificates.[12]
� RST: Takaful and
Loan Certificates.[13]
3. Rastin Swap Bond (RSB)
Rastin Swap Bond
(RSB) is based upon Mubadala (swap) contract between Mobadil
(swapper) and Motebadil (swapee) in which the
durations and substances of swaps are equal for first and second swaps. Motebadil
(swapee) issues the bond and owes to Mobadil equal to the nominal value
of the bond, and should pay this amount (badal) to Mobadil
(swapper) at maturity. The issuer (Motebadil)
is obliged to give the mobaadal for the same amount and period as badal
to mobadil. He can choose a combination of amount and period that
the multiplication of amount by the period of mobaddal be equal to that
of badal. At second maturity, mobadil is committed to returning mobaddal
to motebadil.
No interest rate is involved
in these bonds, and they are of four kinds: Central Bank Rastin Swap Bond,
Treasury Rastin Swap Bond, Bank Rastin Swap Bond, and Commercial Rastin Swap
Bond. They can be in domestic money or foreign exchange.[14]
4. Operational Flow in Rastin Certificate Market
Generally, Rastin Certificate Market has
the following sections:
� Information
Portal: Information
about Rastin Certificates and Rastin Swap Bonds are presented in this section.
The information includes the number and latest transaction prices and also PLS
branch information such as balance sheet, profit and loss report and the other
financial report of the branch to be offered to the clients. Introduction to
the application of the portal and membership procedure of the portal are also
explained in this section. The portal has the duty of information unit in
Rastin PLS branches, and therefore, it has vast and various topics so that it
can respond to most of the clients� questions about Rastin PLS banking system.
� Registration and
Membership:
To enter and use various services (such as transaction or transfer) of the
portal, the client should fill the related forms. Those clients who want to use
both selling and buying services of the portal, in addition to confirming their
(electronic) signature and observing regulations concerning electronic
transaction of Rastin Certificate or Rastin Swap Bond, should open a deposit account
with a cash deposit equal to the amount of their purchase and its commission.
After filling the form and entering and uploading the necessary information,
the client will receive a unique identification code. After entering into the
electronic Rastin Certificate transaction site, the client will be directed to
registration and membership page, and the client enters his code and electronic
mailing address. Then, his username and password will be emailed to him.
� Buy/Sell Bid: To offer a
purchasing bid, the client will enter his username and password and after
confirming the regulations concerning purchase/sell and commission, will be
allowed to enter into this section and see the latest information about
certificates conditions including products and latest price offers made. If he
is inclined to buy any of the certificates, he can include it in his purchasing
basket by a click. After selecting the item, the client should propose a new
price. In order to accept and register the client�s proposed price (bid), the
proposal should be higher than the latest proposed price. In order to persuade
competition between the clients, the portal will email the latest information
about proposals (including the highest proposal and the highest amount proposed
to buy) on the project offered for sale to the clients. The amount of purchase
of each client and its commission should not be more than the available amount
of client account. If his account position is not enough for the purchase, he
will receive a message to drop some items from his purchasing basket.
After confirmation, a copy of his
proposal will be sent to the client's outbox. Client�s account will be blocked
for the amount of his purchase plus its commission while his proposal has the
highest priority. By receiving the client�s proposal, the computer database
will be updated. Blocking and unblocking the client�s account will be emailed
to his inbox.
Also in the case of offering some
certificate for sale, the client has to enter his username and password similar
to purchasing case, and after confirming the conditions and regulations
concerning electronic transaction of Rastin Certificates or Rastin Swap Bonds,
he will obtain entrance permission to the site, and then will fill his offer in
related form. Sale duration is predefined and specified. The period considered
by the portal is 24 working hours according to Tehran time zone. The client is
allowed to increase his sale duration up to 15 days.
It is necessary to enter the serial
number of the concerned certificate or bond at this stage. After entering the
serial number, all related information, including the related product, its
nominal value, and etc. will be shown. The portal will match the serial number,
username, and password and in case of controversy, will send an error message
to the client. In case of no error, the client will be able to confirm and send
his sale proposal. A copy of his proposal will be left in his outbox, and the
product selection page will be updated automatically.
� Buyer and Seller
Connection: After
the end of the allowed sale duration (one day as a predefined period),
the portal will disable the possibility of offering a new proposal for the item
in question. The system will consider the latest (highest) offered the proposal
as its price and settle the purchaser�s account equal to this amount plus its
commission (0.5 per thousand of total value) from his account that had been
blocked before. Before settlement of seller�s account, the commission will be
deducted. The portal will automatically change the ownership of the certificate
or bond from the seller to the buyer and send the bill to the inbox of seller
and buyer and updates the product selection database.
� Registration and
Inquiry:
If buyer and seller do not want to go through buy/purchase page of the portal
and want to contract by mutual agreement for transacting certificates or bonds,
they have to register the activity in the registration section of the portal.
The seller will enter his username and password and after confirming the concerning
conditions and regulations (including commission involved), will enter the
serial number of his asset. This number will be matched by other related
information, and if they do not match, the transaction will be stopped. Then,
username and password of the buyer will be entered, and his information will be
displayed. If his identity specification is correct, the seller will confirm
the activity. Then, the bank will deduct 0.5 per thousand as a commission
(according to the latest transaction price of a similar product) from the
accounts of transaction sides, and changes the ownership of certificate/bond
and updates the database.
� Settlement: At the end, the
profit/loss of the last holder of certificate/bond will be calculated and
settled with the client�s account, and he will be informed. In case of loss,
the amount of loss will be deducted from the nominal value of the latest
certificate/bondholder, and he will receive a bill. After settlement, the
transaction of the concerned certificate/bond will be disabled until the final
condition of the project is obtained. After the settlement of clients�
accounts, the serial numbers of the concerned project will be disabled, and
databases of the market and branches will be updated. Those settled serial
numbers will also be dropped from the client�s profile.
5. Operational and Technical Instruction of Rastin Certificate Market
(RCM)
Article (1) Transaction definitions:
� The latest
transaction day: the
latest day in which transaction of a certificate/bond is possible in Rastin
Certificate Market.
� Value of
contract: the
value of undertaken products by the entrepreneur at the time of forming the
contract.
� Certificate
transaction notice: is
the information released to inform buyers about the conditions and states of
the concerned product.
� Delivery notice:
is
a notice offered to buyers by PLS department of the bank about the delivery of
the product.
� Risk manifest: is a form to be
signed by buyer before activity in the market and is about observing the risks
involved in the transaction
� Delivery: is the delivery
of the product of the matured certificate by the seller or entrepreneur
according to the related contract.
� Ordinary
transaction period: is
a time period that transaction of certificate is done according to Rastin
Certificate Market defined procedures.
� Customer�s
operational account: this
is the client�s (buyer, or seller) account used by the bank for settlement.
� Base asset: is the nominal
value of the product of accepted certificates at maturity.
� Deadline of
transaction: is
the time at which transaction of certificate ends.
� Settlement date:
is
the time of settlement.
� Transaction
duration: is
defined as the time span between the starting and final date of transaction. �
� Warehouse
receipt: is
a document issued by the warehouse that has been confirmed by PLS department of
the bank and certifies the ownership of the bearer to a certain amount of
commodity.
� Working day: is day and night
hours of day and weekends and other holidays are not excluded.
� Order: is the purchase
or sale order of buyer or seller that leads him to obligation conditions for
purchasing or selling.
� Delivery
readiness certificate: is the document through which the entrepreneur
informs the bank about his readiness to deliver the commodity subject of the
certificate.
� Market maker: is an
intermediate or transactor delegated by the bank to transact Rastin
Certificates at market price by considering financial regulations.
�
Article (2) Bank is bound to
establish RCM website with the following capabilities:
� Electronic
payment through smart ATM cards (SHETAB members) and credible international
cards such as VISA, MASTER, EXPRESS and AMERICAN cards (subject to
accessibility to international cards gates).
� Support various
exchanges.
� Support various
languages.
� Connection to
international ultra-bank integrated networks such as SEPA[15],
SWIFT[16],
and other transaction service providers such as PAYPAL and API[17]
(in case of agreement with the card issuer and money transfer service
providers).
� Using ACH[18]
for small and ARTGS[19]
for large amounts.
� Using IBAN[20]
international identification and other integrated identification methods.
� Electronic
payment system.
� Connection to
electronic money transfer systems such as RTGS[21],
ACH, Inter-Bank Information Exchange network (SHETAB), and SSSS[22].
� Connection to NSSSS[23]
of Central Bank.
� Electronic
integrated registration and keeping information of papers holders, ownership
transfer, issuance, selling and buying operations on certificates and
negotiable papers in the database.
� Information
system for available investment projects.
� Establishment of
different electronic showcases for offering Rastin Certificates and Rastin Swap
Bonds.
� Possibility to
show the queues of buyers and sellers and price proposals.
� Providing
selling and buying usury-free documents and certificates tenders based on
competitive prices.
� Automatic
repayment settlement after dropping from tender list and acceptance of higher
bids.
� Integration with
other internal and external financial systems and Core banking subsystems.�
� International
data transfer standards.
� Accounting and
registering records operations, client�s desk, record tracking, and workflow
management, auditing, monitoring, controlling, and supervision.
� Report
generating according to the needs of various management levels, experts, and
clients.
� Business
intelligence and comparison of expected profit, maturity, competency of the
entrepreneur, and other quality characteristics that affect the risk and
productivity of different papers.
� System risk
management including liquidity, credit, operational and market risk management.
� Designing and
offering units and baskets of certificates and bonds.
� Providing
financial engineering tools and analytical services.
� Coding of certificates
and financial documents according to prevailed international standards.
� Transaction
relation capability with websites of Central Bank, other banks, and internal
and international bourses and agents by concentrating information at Central
Bank databases.
� Payment transfer
insurance through systems such as FDIC[24]
and others.
� Mobile,
telephone, and other communication support of transaction and payment.
� Webpages should
be responsive to be automatically resized in different sizes of monitors and smartphones.
� Should possess
the abilities to use Content Management Systems (CMS) and interconnection to
social networks characteristics.
� Possibility of
using Unstructured Supplementary Service Data (USSD) to prepare facilities for
client payment phone communication operators.
� Possibility of
using Near Field Communication (NFC) to prepare smartphone transaction
operations.
Article (3) Bank and
depositors can transact Rastin Certificates and Rastin Swap Bonds at Rastin
Certificate Market (RCM) at market prices or transfer by agreed prices.
Article (4) All
transactions, transfers, and payments should be registered at the paper issuer
bank�s website so that can be traced in case of need.
Article (5) Entrepreneur,
like other real and legal persons, can enter, transact, and transfer in Rastin
Certificate Market.
Article (6) Bank can use of
bourse agents and market-makers in connection to Rastin Certificate
transactions. In this regard, the bank is bound to design its website in a way
to force them using it. The detail of their transactions, similar to any other
transactions, should be registered (Article 11) in the bank�s database.
Article (7) Dealers and
market-makers can cover the risk of Rastin Certificates by offering insurance
companies services fully or partially.
Article (8) Bank is bound to
establish primary and secondary markets of Rastin Certificates at its website.
Article (9) At the time of
purchase and selling or transfer operations, before finalizing the proposal, a
webpage opens on client�s monitor showing the detail of the obligations
involved in the operation and he must accept regarding conditions by click
before obtaining transaction permission.
Article (10) Each Rastin
Certificate presented at the primary market should have a unique serial number
in the banking system.
Article (11) All Rastin
Certificates and Bonds transaction activities and corresponding payment
information should be registered at the bank�s database. The information
includes buyer�s and seller�s identities, bank card number, account number,
national identity number for real persons and identity number for legal
entities and all other identification information of the parties involved,
serial numbers of transferred certificates and bonds, login
system information of client at time of transaction and other similar
information.
Article (12) By installing
necessary security systems, the bank is bound to provide proper security for
clients' operations. Security definition should be based on multi-factor
authentication. Firewalls, account activity auditing, Virtual Private Network
(IPsec VPN, SSL VPN), Intrusion Prevention System (IPS), Webguard, Syslog,
Simple Network Management Protocol (SNMP), Computer Security Incident Response
Team (CSIRT), Penetration Test, Network Security and Operation Center,
standards and considerations of data security should be observed in bank�s data
network architecture.
Article (13) Bank is bound to
consider more advanced security systems for large transactions. Definition of
�large transaction" is done by the bank�s management.
Article (14) By receiving
client�s account number and security codes, the bank should upload all other
client's information at the webpage. By clicking the accept button, the client
confirms the information.
Article (15) At each stage of
the transaction, the client's identity and account numbers are the bases for
verification. The bank is obliged to define a unique identification number for
each client.
Article (16) By using unique
international identification and account numbers, the bank is obliged to design
its system in such a way that the client can interact internationally.
Article (17) Bank is bound to
provide the possibility of managerial reporting for different accessing levels
with different query parameters in its website.
Article (18) During any
transaction and transfer of paper, all the details will be shown to buyer and
sellers before finalizing transaction or transfer. Complete texts of the
corresponding contracts and enclosures will be emailed to buyer's inbox at the
end.
Article (19) Bank by signing up user accounts and establishing fan pages in usual social
networks will publish necessary information and announcements of Rastin
Certificate Market (RCM) webpages into the cited bank�s user and fan pages in
social networks automatically; till the depositors and social network users can
access Rastin Certificate Market services through this facility.
Article (20) Bank for data entry and evaluation of
project proposal and entrepreneur designs and installs necessary webpages in
Rastin Certificate Market by observing the latest release of COMFAR software of
UNIDO[25].
Entrepreneurs can enter their data and project proposal data according to
COMFAR input fields. The cited webpages should be able to analyze the
information of the project proposal according to the COMFAR output format.
Article (21) Main parts of
Rastin Certificate Market portal include: informative, registration and
membership, purchase and sale, primary and secondary markets, communication of
buyer and seller, registration and inquiry, payment gate, managerial reporting,
agreed transfer, follow-up and other necessary capabilities.
� The informative
portal includes all information about projects and their conditions and
progresses, and Rastin Certificate Market for the public. Balance sheet
information, profit and loss sheet and the other financial report of Rastin PLS
activities of the branch or bank are shown at this portal.
� Instruction for
introducing to Rastin Certificate Market, the forming parts, entrance, and
application procedure in the market are described in the information portal.
This section should be designed in a way that could answer the main clients�
questions about Rastin PLS system.
� All clients
should fill the specified forms (purchase, sale, and transfer) at registration
portal according to the selected services. Those clients who want to use
purchase and sell services, in addition to confirming their electronic
signature and regulations concerning the electronic transaction of Rastin
Certificates, should have opened a special account for this purpose with a sum
equal to the value of the transaction plus its commission.
� After opening an
acceptable e-account and filling the related forms in the system, each client
will receive a unique application code. This code will be used for
identification hereafter. After entering the website of Rastin Certificate
Market of the bank, the client will enter registration and membership page and
will enter his identification code and email address. Username and application
code will be emailed to him.
� The buy/sell
page is specified for proposing purchasing and selling proposals. For offering
a proposal, the client should enter his username and application (user) code
and after confirming regulations and commission concerning the transaction,
will be allowed to enter into this section. The client can monitor the latest
information concerning offered certificates for sale, including the kind of
product related to certificates and the latest price proposal. If the client is
inclined to buy a certificate, he can enter the purchasing portal, click that
certificate, and include it in his purchasing basket. Then he has to offer his
inclined price that should be higher than the latest price offered for that
certificate; otherwise, his proposed price will not be registered.
� To stimulate the
purchasing desire of clients, the bank can email information concerning the
proposals (highest price and amount proposed) to all members of the website.
The value of the client�s purchase, plus a commission charged should not be
more than the amount left in his specified account. If the value exceeds the
value of his specified account, the client will receive a message to drop some
items of his purchasing basket.
� After confirming
and sending the proposal, the client will have a copy of his proposal in his
inbox.
� The specified
account of the client will be blocked for his purchase equal the bid amount
until he has purchasing priority (highest proposed price). Product selection
section of the e-market will be updated after receiving each new proposal.
Blocking/unblocking activity of the client�s account will be announced to him
through email.
� In order to
offer a purchase proposal, the client has to enter his username and application
code (password) and after confirming concerned regulations, can enter to
purchasing page of the portal. By filling forms for selling his certificates,
his proposal will be enlisted among sellers list.
� Selling time
span is predefined. In this case, this time is 24 working hours according to
Tehran time zone. In other cases, the client can define a selling time span of
up to 15 days.
� After the end of
the time span, if the certificate is not sold, the client can offer a new
selling time span. The seller cannot cancel his selling proposal before the end
of each time span.
� It is necessary
to enter a serial number of selling certificates at this stage. After entering
the serial number, which is unique, other information such as the product
related to the certificate, nominal value, and etc. will be displayed on the
monitor. By matching the serial number with user application code, the
application will send an error message if does not match, and he will not be
able to sell the certificate.
� In the case of
no error, the client can confirm his proposal. A copy of his proposal will be
sent to his email, and the system will upgrade the database.
� At the
buyer-seller communication part, the portal will disable the possibility of
receiving a new proposal for the regarded certificate, and the latest price
proposal will be considered as the purchasing price of the buyer. The total
value of purchase, plus its commission (0.5 per thousand) will be deducted from
the specified account of the buyer, which had been already blocked for this
amount systematically and seller�s share will be paid to his specified account.
Bank�s commission will be carried into the specified account of the bank.
� After
transferring the sums, the software will transfer the ownership of the bought
certificate to buyer systematically, and transaction bill will be sent to buyer
and seller. Regarding the transaction, product selection page will be updated.
� Buyer and seller
can transfer Rastin Certificate directly by going through registration and
inquiry page. The portal will transfer the ownership and update its database.
� After entering
his username and password at the registration page and confirming the involved
regulation concerning electronic transaction of Rastin Certificate, commission,
and electronic signature, the seller should enter his certificate serial
numbers. By entering the serial number, all information about the certificate
will be displayed, and the owner's name and other information will be checked.
In case of mismatch, the seller cannot continue to transfer the ownership.
Then, the buyer�s username and password will be entered, and the portal will
display his other characteristics. If the information were correct, the seller
would confirm the transaction. The 0.5 per thousand commission of the bank will
be calculated based on the latest price of the similar previously transacted
certificates and will be systematically deducted from specified accounts of the
seller and buyer and be carried to the specified account of the bank. Both
sides should have specified the account to use RCM, and their account numbers
will be displayed on the monitor, which should be confirmed by clients. After
transferring money, the system will update the database of Rastin Certificate
Market systematically.
Note: In case of
absence of similar previous transaction record, the nominal value of the
certificate will be the basis for the calculation of transfer commission of
bank.
� If the client is
inclined to have a printed copy of the transaction, it will be provided
according to the Operational Bylaw of Rastin Banking.
� At the end of
the project and calculating profit/loss, the share of depositors will be
calculated proportional to their shares (deposits) and durations of deposits
according to the chapter of Rastin PLS Accounting of Operational Bylaw of
Rastin Banking about time-share and other related instructions. The calculated
profit will be paid to the account of the latest certificate holder, and he
will be informed through sending him a bill. In case of loss, the loss will be
covered up to the ceiling of the nominal price of certificate by provided
insurances.�
Note: In exceptional
cases, if the insurance coverage were not enough to compensate the loss, the
difference will be deducted from the nominal value of the certificate and
remainder will be paid to certificate holder's account. The client will be
informed about this fact by sending him a bill.
� Before
settlement, the clients of Rastin Certificate Market will be informed about the
action. After starting the settlement process, the possibility of the
transaction will be disabled until the end when the profit or loss condition
has been determined.
� After carrying
the profit to the client�s specified account, or deducting the loss from his
account, all settled Rastin Certificates will be systematically tagged, and the
Rastin Certificate database will be updated. The serial numbers of settled
certificates will be dropped from the owner�s profile.
� Holders of
endless projects certificates can transact these papers at Rastin Certificate
Market before they are transformed into shares.
References
Rastin Banking
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Bidabad, Bijan. (2014). New Operational Islamic
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http://www.bidabad.com/doc/pls-base-en.pdf
Bidabad, Bijan, Joalah Finance
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, 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,
Instalment Financial Sharing (IFS), 2011.
http://www.bidabad.com/doc/ifs-paper-en.pdf
Bidabad, Bijan, 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,
Bail Financial Sharing (BFS), 2012.
http://www.bidabad.com/doc/bfs-paper-en.pdf
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://www.bidabad.com/doc/rps-paper-en.pdf
http://ibtra.com/pdf/journal/v11_n2_article3.pdf
Bidabad, Bijan, Rastin Social Takaful (RST).
Journal of Islamic Economics, Banking and Finance, JIEBF, Volume - 11, Number - 1, January - March 2015, pp.: 13-23.
http://www.bidabad.com/doc/rst-paper-en.pdf
http://ibtra.com/pdf/journal/v11_n1_article1.pdf
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,
August 2011, pp.234-241. http://www.ccsenet.org/journal/index.php/ijef/article/download/11665/8300
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[2] Rastin banking documents are accessible at: http://www.bidabad.com
[4] Bidabad, Bijan,
General Characteristics of Rastin Banking, 2013. http://www.bidabad.com/doc/rastin-bank-general-en.pdf�
[5] Bidabad, Bijan,
Rastin Profit and Loss Sharing (PLS) Base System, 2012. http://www.bidabad.com/doc/pls-base-en.pdf
[6] Bidabad, Bijan,
Rastin Profit and Loss Sharing (PLS) Base System, 2012. http://www.bidabad.com/doc/pls-base-en.pdf
[7] Joalah Financial
Sharing (JFS): is a method in which, bank finances entrepreneur (producer) from
depositor's resources or the provided sources by buyer.
Bidabad, Bijan, Joalah Finance Sharing
(JFS), 2011. http://www.bidabad.com/doc/jfs-paper-en.pdf
[8] Mudarabah Financial Sharing (MFS): is a
kind of mudarabah under Rastin PLS banking in which bank introduces the
entrepreneur project proposal in the field of trade or transaction of
commodities (commerce) to depositors.
Bidabad, Bijan, Mudarabah Financial Sharing (MFS).
2011. http://www.bidabad.com/doc/mfs-paper-en.pdf
[9] Installment Financial Sharing (IFS): in IFS, installer
(depositor) will finance a portion of the needed fund of entrepreneur through
the bank for a certain period of time (amortization period). The entrepreneur
will pay back his share by installments and will own the total property of the
project and IFS ends.
Bidabad, Bijan, Installment Financial
Sharing (IFS), 2011. http://www.bidabad.com/doc/ifs-paper-en.pdf
[10] Rent Financial
Sharing (RFS): entrepreneur temporarily donates the ownership of a part of his
productive asset (assets of an operating firm), rental asset (those assets,
which can be let) or dead asset (non-operating or suspended firms or
uncultivated lands assets) to depositor who finances him but keeps it as
mortgage. Then pays back the fund received from the yields of the asset
proportional to depositor's share to depositor at the end of contract, or
periodically. The original deposit of depositor will be given back to him after
the end of project. The profit of the project will be given to depositor
periodically or in a lump.
Bidabad, Bijan, Rent Financial Sharing
(RFS), 2012. �http://www.bidabad.com/doc/rfs-paper-en.pdf
[11] Bail Financial
Sharing (BFS): is the application of deposit of depositor by entrepreneur to
produce a defined commodity and delivering the commodity or paying back its
value in future specific time.
Bidabad, Bijan, Bail Financial Sharing
(BFS), 2012. http://www.bidabad.com/doc/bfs-paper-en.pdf
[12] Rastin Personal
Security (RPS): to create competitive conditions and to increase the
efficiency of social security insurance and diminishing antitrust of social
security systems and pension funds, private and public pension funds are
established according to Rastin Banking regulations. People and firms can
allocate a portion of their obligatory (or optional) insurance premium payments
(for himself or his employees) for social security to the funds that operate
under Rastin Personal Security (RPS) and enjoy its benefits. Therefore, they will
be exempted from obligatory insurance premium payments equal to the payment
they have paid to these funds.
Bidabad, Bijan, Rastin Personal
Security (RPS), 2012. http://www.bidabad.com/doc/rps-paper-en.pdf
[13] Rastin Social
Takaful (RST): benevolent people can deposit their funds at banks for
charity purposes, and bank will be allowed to pay profit (or the principal as
well) of deposit to needy people, in form of loan or non-returnable payments
(according to the depositor request).
Bidabad, Bijan, Rastin Social Takaful
(RST), 2012. http://www.bidabad.com/doc/rst-paper-en.pdf
[14] 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, August 2011, pp.234-241. http://www.ccsenet.org/journal/index.php/ijef/article/download/11665/8300
[15] Single Euro Payment
Area (SEPA)
[16] The Society For Worldwide Interbank Financial
Telecommunication (SWIFT)
[17]� Arab Payments and Securities
Settlement Initiative (API)
[18] Automated Clearing House
[19] Automated Real-Time Gross Settlement (ARTGS)
[20] International Bank Account Number (IBAN)
[21] Real Time Gross
settlement System (RTGS)
[22] ScripLess Security
Settlement System (SSSS)
[23] Non-Usury ScripLess Security
Settlement System (NSSSS)
[24] Federal Deposit Insurance Corporation (FDIC)
[25] United Nations Industrial Development
Organization.
http://www.unido.org/en/resources/publications/publications-by-type/software/comfar.html