Related Papers
Sovereign Wealth Fund Asset and Liability Management by Rastin Banking Financial Instruments ( Rastin Certificates and Rastin Swap Bonds )
Bijan Bidabad
2019 •
Bijan Bidabad
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, ...
Non-Usury Banking Fits the Change Strategy: The Solution to Revive the Economy
Bijan Bidabad
Asian Finance & Banking Review
General Characteristics of Rastin Banking
Bijan Bidabad
In addition to removing Riba in banking activities, and by observing Islamic banking principles, and creating safe and public confidence environment, Rastin Banking can lead to important positive effects on growth and economic welfare through money and capital markets. In this paper, we refer to the headings set forth in Rastin Banking and its pillars of Rastin PLS banking. Rastin Banking is a new approach in the banking industry.
American Finance & Banking Review
It-Based Usury Free Financial Innovations
Mahmoud Allahyarifard, Bijan Bidabad
Despite development and extension of different ways of financing in financial markets, encompassing Islamic and conventional financing, the mechanism of Electronic Funds Transfer (EFT) of project financing both as borrowed and non-borrowed methods has not been considered at most. Moreover overall IT infrastructures development namely Real Gross Settlement System (RTGS), Automatic Clearing House (ACH), Scriptless Security Settlement System (SSSS) and International Bank Account Number (IBAN) for authentication process and the international meta bank network of Single Euro Payment Area (SEPA) and also international integrated banking networks including the Society For Worldwide Interbank Financial Telecommunication (SWIFT) and Interbank Information Transfer Network (Shetab), and other accomplished endeavors are not efficient in absorbing international contributions for project financing through foreign exchange funds in the different countries, satisfactory E-Payment mechanism in info...
Journal of Business and Finance in Emerging Markets
GENERAL REGULATORY FRAMEWORK IN RASTIN PROFIT AND LOSS SHARING BANKING (PART III-AUXILIARY PROVISIONS)
2019 •
Bijan Bidabad
This paper aims to explain some auxiliary regulatory pillars and complementary considerations and systems in Rastin 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 auxiliary preparations of this banking system. Rastin Banking complies with the nature of financial intermediary activity (partnership of depositor in the yields of the fund receiver via the bank). In order to fulfil this goal despite particular formation, financial structure, instruments and workflow many other auxiliary considerations are defined to remove banking shortages in a legal framework. To handle Rastin Banking and to remove the common banking obstacles, a set of particular theoretical and operational regulatory frameworks should be defined to fulfil the participation operations. In this paper, we will have a look at the auxiliary legal environment to setup Rastin Banking. This system is novel,and requires more elaborations for further practical development and adjustment. In this system, the investment return of the participation is distributed to the parties of financial partnership (depositor, entrepreneur and bank), and it is done by eliminating fixed interest rate, and it is based on the real economy return of the activity. Rastin Banking can lead to important positive effects on growth and economic welfare through money and capital markets restructuring. Interest rate as an essential factor in conventional banking is not used in Islamic banking and other similar institutions that work based on partnership, such as mutual funds and saving and loan associations. Approach of this system is entirely different from the conventional banking. In addition to removing usury in banking activities, Rastin Banking uses the best practical ethic finance to creating safe and public confidence environment for banking operations.
International Journal of Islamic Business & Management
Rastin Certificate Market (RCM):A Complementary System of Rastin Banking
Bijan Bidabad
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.
Rastin Certificate Market ( RCM ) Complementary System of Rastin Banking
Bijan Bidabad
Indian Journal of Finance and Banking
The Executive Mechanism of Rastin Profit and Loss Sharing (PLS) Banking
2019 •
Bijan Bidabad
Despite the interest of bankers for using Profit and Loss Sharing (PLS)[1] banking for the last decades, it has not prevailed yet executively. The existence of different definitions of Riba, absence of appropriate operational, supervisory, and managing mechanism on PLS are some reasons that haven't allowed this kind of banking to be practiced yet. Here, we are going to introduce a practical method for Profit and Loss Sharing (PLS) banking to overcome these problems. In this bank, the basis for determination of interest rate of loans is real economy return rate. The bank operates as an intermediary, who gets commission fee, collects saving resources and as an attorney or legal representative of the depositor, allocates them to investment projects, and supervises the detailed operation of the contractor. The yields of the investment will transfer to resources owners who are depositors whatever profit or losses.The PLS banking is a banking system with newly defined instruments of M...
Journal of Management and Science
Rastin partnership accounting part III: Instalment Financial Sharing (IFS)
Bijan Bidabad
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. In this part, we will go to the details of removing Riba in instalment payments accounting details.Design: 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 intermediary financial 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,E...
