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This paper aims to define a new system to facilitate obtaining reliable collaterals and guarantees for financial activities from tangible assets through a new financial instrument of “guarantee certificates”.

This system makes it possible to securitize movable/immovable assets into negotiable paper lots, namely, “guarantee certificates”. Each lot of these certificates can be used as a guarantee or collateral for any guarantee-backed activity in banks or other activities.

The mortgage securitization system (MSS) securitizes tangible assets and provides necessary collaterals and guarantees to be used for different purposes. The operations are carried out through notary offices. This system, as a complementary system of the Rastin Banking system, can also be executed separately.

The system is novel and needs to be more elaborated for further practical development and adjustment. Although this paper deals with only securitization of tangible assets, research can also be extended to securitization of intangible assets, through new institutions and rules.

Many properties and assets can be used as guarantees for observing obligations. The available ways for changing (especially large) properties into small guarantees are not easy and efficient. The MSS was designed to break large assets into many guarantee (certificate) lots and reduce the formalities of mortgaging and its transfer.

This system provides reliance and security upon collaterals and conditions for fast claim-clearing and low formalities without time-consuming adjudication processes.

Complementary systems in Rastin Banking have been designed to solve prevailing problems of banking and financial activities. The MSS was designed to provide necessary arrangements for transforming assets into negotiable papers.

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

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

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

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

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

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

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

This paper aims to study the structural dynamic behaviour of the depositors, banks and investors and the role of banks in the business cycles. The authors test the hypothesis: do banks’ behaviour make oscillations in the economy via interest rate?

The authors dichotomized banking activities into two markets: deposit and loan. The first market forms deposit interest rate, and the second market forms credit interest rate. The authors show that these two types of interest rates have non-synchronized structures, and that is why money sector fluctuation starts. As a result, the fluctuation is transferred to the real economy through saving and investment functions.

The empirical results show that in the USA, the banking system creates fluctuations in money and real economy, as well as through interest rates. Short-term interest rates had complex roots in their characteristic, while medium and long-term interest rates, though they were second-order difference equations, had real characteristic roots. However, short-term interest rates are the source of oscillation and form the business cycles.

The authors tested the hypothesis for USA economy, while it needs to be tested for other economies as well.

The results show that though the source of fluctuations in the real economy comes from short-term interest rates, medium- and long-term interest rates dampen real economy fluctuations and also work as economic stabilisers.

Regarding the applied method, the topic is new.

The purpose of this paper is to show how individual law is defined in Islam. Individual law includes a set of human rights that the government is bound to vindicate by duty. Islamic law approach is how human beings transcendence, and freedom may be formed wisely.

Spiritual flourishing is the goal of Islamic Sufism. The main topics of individual freedom are discussed here are freedom of opinion, will, religion, speech, meeting, minorities, rule of law, equality before law, rights resulted from implementing justice, ownership and self-determination of destiny and jobs, which are explained through the Islamic Sufism viewpoint.

By comparing individual law in Islamic law with the other law schools, transcendence of the former is more clarified.

Comparative research of the other religions’ gnosticism will develop the paradigm.

The principles highlighted in this study can be used for applied debates in the field to promote individual law for understanding and recompilation.

Delicateness, truthfulness and righteousness of Islamic Sufism may turn the attentions of scholars and researchers to this rich viewpoint.

Individual law scholars have not touched the topic from this viewpoint. This paper opens new challenging area.

Establishing peace, security and discipline for individuals, nations and states in contemporary international order is of the highest importance at the present time. Regularization should be done through approaching natural rights of individuals and also through observing humanistic characteristics and ethics. The aim of this paper is to introduce a legal base to promote international relations.

A draft for International Relation Declaration based on Islamic Sufi teachings has been compiled, and actually it is an abstract of an extended survey on the subject and opinions in relation to the current international problems.

This draft has been codified in three main topics of public international law, foreign policy and diplomacy.

To conclude the draft, it should be scrutinized by many scholars in different disciplines, in the next step.

As the mystical characteristics of Sufism and Gnosticism of all religions (Tariqa) are all united and based upon love towards the Creator and consequently towards the creatures of God, these provisions could be agreed upon and put into practice.

Delicateness, truthfulness and righteousness of Islamic Sufism, which is the gist of all those elites’ divine messages for thousands of years, one after another, can be of a great help to regulate international relations.

International Law scholars have not looked at this subject matter from the Sufism viewpoint. This paper will shed a light on this point of view from other angles related to the international law such as politics, law and institutions.

The purpose of this paper is to investigate the first causes of right, law and legislation, namely, the philosophy of law. To know the principles of right, it is essential to recognise its aim. The concept of “Justicia” is in full agreement with Islamic law. The adaptation of duty to genesis and nature is crucial to distinguish the legal and illegal domains of deeds. The legislation domain is one of the subjects of this paper.

In Sufi viewpoint, justice stands for: “Putting everything in its own place that causes its utmost growth”. This definition expands the domain of legislation by focusing on ethics and humanitarian transcendence. It not only considers equal living and civil rights for all the people, but also provides more additional rights for those who are more aptitude to grow.

Determining law-making borders raises the major question that how far it should be extended, providing the acceptability and stability of laws.

People are not equal to each other, but this inequality is not to be for domination or exploitation of the others. It means that the talent and growth capability of every individual in different situations differ.

Real Islamic justice forces that everyone receives his right due to his/her growth eligibility and up to his/her level of inherent aptitude.

The depth of this approach has not been fully discussed yet.

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.

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

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

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

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

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

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

This paper aims to define a new system for detecting money-laundering activities by comparing tax payments (especially value-added tax) data to banking transactions data.

A money laundering detection (MLD) system provides the necessary bases for detecting deception and fraud. Though MLD is a complementary system of the Rastin Banking system, it can also be installed and executed separately.

The underground economic activities can be detected and traced by comparing banking information and transaction information in MLD system. It needs to force the direct transactors or other related forms of transaction to perform their money operations through the banks. In the next step, the tax information of transactors (in a chain of transactions) can be compared with them, and the incompatibility of the two sets of data will explore money-laundering operations.

This system is novel and needs to be more elaborate to remove further practical problems and specific cases.

MLD system provides necessary protection for those who perform legal economic activities by detecting financial criminals.

Money laundering harms individual and public rights as well as economies. Financial crimes, tax evasion, smuggling, conspiracy, embezzlement and various other offences are included in the general definition of money laundering, so detecting them will lead to important economic improvements in the society as well as international community.

MLD system provides structural and electronic bases for computerized tax data and banking data comparison.

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

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

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

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

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

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

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

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

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

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

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

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

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

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