




































Copyright © CC-BY-NC 2019, CRIBFB | AMFBR 

American Finance & Banking Review; Vol. 4, No. 1; 2019 
ISSN 2576-1226    E-ISSN 2576-1234 

Published by Centre for Research on Islamic Banking & Finance and Business, USA 

 

     1 
 

 

Sovereign Wealth Fund Asset and Liability Management by Rastin Banking 
Financial Instruments (Rastin Certificates and Rastin Swap Bonds) 

 
 

Bijan Bidabad  
B.A., M.Sc., Ph.D., Post-Doc.  

Professor  
Economics and Chief Islamic Banking Advisor  

Bank Melli, Iran 
E-mail:bijan@bidabad.com 

 

 
Abstract 
Low rate of return of National Development Fund (NDFI) resources and the concern regarding Sovereign Wealth Funds 
(SWFs) motivations and incentives to distort financing toward those investments and companies that are influenced by different 
political pressure groups and other types of corruptions are important problems with these funds.We try to propose a different 
financing procedure by using Rastin Banking mechanism and standards to fulfill both non-usury financial operations and fruitful 
supervised investments. This goal is achieved through Rastin Profit and Loss Sharing (PLS) system through Rastin Certificates 
financial instruments. Moreover, the governments operationally construct SWFs to use their surplus resources of the prosperity 
period in recession and crises years. We also show that Asset and Liability Management (ALM) of SWFs can be done by using 
Rastin Swap Bonds (RSBs) that are other Rastin Banking financial instruments.The proposed procedures positively improve 
NDFI regarding corruption reduction, supervision, preventing usury, availability of resources, funds stability, transactable 
instruments, operational ALM, rate of return, risk of bad loans, outstanding claims and transparency. 
 
Keywords: Islamic Finance, financial instrument, Sovereign Wealth Fund, SWF, Rastin Swap Bond, RSB, Finance, Islamic 
banking, Asset and Liability Management, ALM, National Development Fund, NDFI, Rastin Certificate, Rastin Banking 
 
1. Introduction 
Assets and Liabilities Management (ALM) consists of technical instruments and methods, which consider both value creation 

and risk control. A Financial institute applies ALM techniques to increase more benefits by covering himself from risks and 

minimize losses due to transactions.  

Dissimilarities between ALM approaches in Islamic finance, and conventional financing come from differences on usury 

illegalness and accounting system in Islamic finance in comparison to conventional one. Jurisprudence specifications indicate that 

time is not the sole effective factor on increasing equity (deposited capital) return, but profit and loss sharing resulted from 

investment in the real economy sector is the essential base for monetary transactions. These two important factors are considered 

in Islamic ALM of any financial fund. Non-usury financing requires specific ALM approach to improve efficiency and 

effectiveness of this type of financing. Islamic finance same as conventional one follows maximizing shareholders assets, but 

subject to observe Islamic laws and ethics.1  

International Working Group of Sovereign Wealth Funds (IWG) defines Sovereign Wealth Fund (SWF) as: special purpose 

investment funds or arrangements that are established and owned by governments for macroeconomic purposes to hold, manage 

or administer assets to achieve financial objectives and to employ various investment strategies, including investment in foreign 

financial assets.2 The term SWF is usually used to cover a spectrum of government investment vehicles from central banks and 

monetary authorities to government-owned enterprises that invest in specific economic sectors.3 Several organizations and 

                                                             
1 - Bidabad, Bijan, Mahmoud Allahyarifard (2010). Assets and Liabilities Management in Islamic Banking. Paper presentet at the 3rd 
International Conference on Islamic Banking and Finance. Bidakara, Jakarta, Indonesia, 23 -26 February, 2010. Proceeding of the Conference: 
Risk Management, Regulation and Supervision, pp. 396-413. http://www.bidabad.com/doc/alm-english.pdf 
2 International Working Group of Sovereign Wealth Funds, (2008) Sovereign Wealth Funds: Generally Accepted Principles and Practices. 
The "Santiago Principles". http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf  
3- C. O’brien, T. Mattei, N. Thomas (2012). Sovereign Wealth Funds: Evolving Perceptions and Strategies. International Developments, Vol 

mailto:bijan@bidabad.com
http://www.bidabad.com/doc/alm-english.pdf
http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf


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commentators have offered somewhat different definitions that can affect whether certain institutions would be considered as 

SWF.4 The appropriate assessment of Sovereign Wealth Fund (SWF)'s ALM requires a deep understanding of assets and 

liabilities, investments, customers, economic environment and competitive conditions of the capital and monetary sectors. SWF 

is also defined as an investment vehicle that5: 

 Is owned directly by a sovereign government,  

 Is managed independently of other state financial institutions,  
 Does not predominately have explicit pension obligations, 
 Invests in a diverse set of financial asset classes in pursuit of commercial returns 
 Has made a significant proportion of its publicly reported investments internationally. 

SWFs invest in a broad range of assets such as public equities and fixed income investments assets. Recently SWFs' funds have 

been directed toward the assets other than stocks, bonds, and cash. The proportion of private equity, real estate, and 

infrastructure is increasing significantly.6  

Actually, size of investments, ability to act quickly, autonomy and immediate access to a large amount of capital, fewer public 

reporting obligations are positive characteristics of SWFs, and enable them to be crucially effective in crises and natural disasters 

financing and saving bankruptcy of different private and public entities. But, the concern regarding SWFs motivations and 

incentives to distort financing toward those investments and companies that are influenced by different political pressure groups 

and other types of corruptions7 are very important and have been led to pushing SWFs to increase their transparencies.8 

To reduce this concern, in this paper, we try to propose a slightly different financing procedure by using Rastin Banking9 

mechanism and standards to fulfill both non-usury financial operations and fruitful supervised investments. This goal is done 

through Rastin Profit and Loss Sharing (PLS) system through Rastin Certificates financial instruments. 

Moreover, the governments operationally construct SWFs to use their surplus resources of the prosperity period in recession and 

crises years. In this paper, we also show that ALM of SWFs can be done by using Rastin Swap Bonds (RSBs) that are other 

Rastin Banking financial instruments.    

Rastin Banking is a completely new solution to Islamic banking based on Islamic and ethic teachings with a scientific and 

technological approach.10 Some parts and modules of Rastin Banking have been implemented in Bank Melli Iran. The installed 

parts of the system are now functioning and have attracted depositors and investors, and since the procedures and instructions 

are well defined, the bank's staff is performing its procedures easily. The results of the test system are very satisfactory. 

2. Investment Process in National Development Fund of Iran (NDFI) 

National Development Fund of Iran (NDFI) was established to allocate some portions of Iran's oil revenue to durable wealth 

and productive capital to preserve oil and gas resources for future generations. 

NDFI strategies include11: 

                                                                                                                                                                                                    
44, No. 50. December 24. 
4- Preqin Ltd., (2012), The 2012 Preqin Sovereign Wealth Fund Review, Preqin Review. https://www.preqin.com/item/2012-preqin-
sovereign-wealth-fund-review/1/4985  
5-  International Working Group of Sovereign Wealth Funds, (October 2008), Sovereign Wealth Funds: Generally Accepted Principles and 
Practices. "Santiago Principles" http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf  
6- Preqin Ltd., (2012), The 2012 Preqin Sovereign Wealth Fund Review, Preqin Review. https://www.preqin.com/item/2012-preqin-
sovereign-wealth-fund-review/1/4985  
7 - L. Cadigan, R. Hadley, E. Robertson, A. (April 2012).  FCPA and Other Anti-Corruption Concerns Facing Sovereign Wealth Funds.  The 
Sovereign Wealth Fund Initiative, Sommers, K&L Gates LLP. The Fletcher School, TUFTS University. 
http://fletcher.tufts.edu/SWFI/~/media/Fletcher/Microsites/swfi/pdfs/2012/FCPA%20KL%20Final.pdf  
8- C. O’brien, T. Mattei, N. Thomas (2012). Sovereign Wealth Funds: Evolving Perceptions and Strategies. International Developments, Vol 
44, No. 50. December 24. http://fletcher.tufts.edu/SWFI/~/media/Fletcher/Microsites/swfi/pdfs/2012/FCPA%20KL%20Final.pdf 
9 The Persian and English documents of Rastin Banking including detailed explanation of this banking method can be accessed through 
http://www.bidabad.com in full texts. 
10 Bidabad, Bijan, General Characteristics of Rastin Banking, 2013. http://www.bidabad.com/doc/rastin-bank-general-en.pdf 
11- National Development Fund of Iran. http://en.ndfi.ir/guidelines.aspx  

https://www.preqin.com/item/2012-preqin-sovereign-wealth-fund-review/1/4985
https://www.preqin.com/item/2012-preqin-sovereign-wealth-fund-review/1/4985
http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf
https://www.preqin.com/item/2012-preqin-sovereign-wealth-fund-review/1/4985
https://www.preqin.com/item/2012-preqin-sovereign-wealth-fund-review/1/4985
http://fletcher.tufts.edu/SWFI/~/media/Fletcher/Microsites/swfi/pdfs/2012/FCPA%20KL%20Final.pdf
http://fletcher.tufts.edu/SWFI/~/media/Fletcher/Microsites/swfi/pdfs/2012/FCPA%20KL%20Final.pdf
http://www.bidabad.com/
http://www.bidabad.com/doc/rastin-bank-general-en.pdf
http://en.ndfi.ir/guidelines.aspx


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 To spotlight outcomes of spatial plans in the country for a regional sustainable and balanced development 
 To make plans for reaching the goals of the development plans  
 Supporting the private sector to improve economic infrastructure 
 Supporting investment opportunities in deprived areas 

 Providing financial resources for energy consumption optimization plans 
 Participation in foreign monetary and financial markets 
 Ensuring the return of NDFI’s resources to be preserved for future generations 

As it is simply understood from the by-laws12 and regulations of NDFI financing procedures and measures, a lot of 

NDFI's financial operations are usury broadly due to fixing interest rate.13 As it was underlined before, Islamic Asset and 

Liability Management is restricted to use interest-free Islamic financial instruments. This restriction mostly distinguishes Islamic 

ALM from the conventional one. If NDFI is going to operate usury-free, should adopt different procedures to reach Islamic 

ALM. This is why we introduce Rastin Banking mechanism to remove usury from NDFI financial operations and increase 

automatic built-in supervision to reduce corruption concerns. Accordingly, NDFI allocates her resources to investment projects 

via an agent bank, as is shown14 in Figure 1. 

Provincial Specialized Workgroup

Introducing Project to Agent Bank

National Administrative Agency

Introducing the Project to Bank

Agent Bank

Accepting Project in Line with NDFI Priorities

Agent Bank

Project Evaluation in line with NDFI Articles of 
Association, Agency Contract, By-law of Donating Loan.

Approving Economic-Financials-Technical Justification

Informing the Details of Approved Project to NDFI

NDFI

Does Approved Project Comply 
with Rules?

NDFI

Freezing the Funds for Approved Project at Central Bank

Central Bank

Freezing the Funds and Notifying the Agent Bank 

Agent Bank

Concluding Agreements with Applicant, Obtaining 
Guarantees, Opening  LC, Loan Payment

NDFI

Reviewing the Approved projects According to NDFI 
Articles of Association, Agency Contract, By-law of 

Donating Loan

Figure 1. Acceptance, Evaluation, Approval and Allocation of Funds Process in NDFI

No

Yes

 

Source: National Development Fund of Iran. http://en.ndf.ir/about-us/procedures.aspx 

                                                             
12- National Development Fund of Iran. http://en.ndf.ir/about-us/by-law.aspx  
13 - National Development Fund of Iran. http://www.ndf.ir/Portals/0/farayand.zip  
14- National Development Fund of Iran. http://en.ndf.ir/about-us/procedures.aspx  

http://en.ndf.ir/about-us/procedures.aspx
http://en.ndf.ir/about-us/by-law.aspx
http://www.ndf.ir/Portals/0/farayand.zip
http://en.ndf.ir/about-us/procedures.aspx


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3. Rastin PLS Base System and its Financial Subsystems 

Rastin PLS Base system15 refers to the main process and general regulations of Rastin Profit and Loss Sharing (PLS) Banking 

system. On request and on behalf of the depositor16, the bank17 invests his fund in one of Rastin PLS products and instead, gives 

Rastin Certificate of the selected project18 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 an agent of the depositor, and is responsible 

for observing his rights (depositor). He must use all his expertise to reach this end. The bank's trustee unit19 will supervise the 

obligations carry out of entrepreneur on behalf of depositor and bank receives a commission for his financial intermediation. In 

Rastin PLS Base system, Musharakah (Participation) Certificates are used for finite projects20, and Pazireh (Subscripted) 

Certificates are used for infinite projects21. These two certificates belong to the category of Rastin Certificates, and activities are 

done under Rastin Banking regulations. 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.  

To make the bank capable of reaching his goals in a proper way, this system has its own organization, structure, and working 

process. Major topics in Rastin PLS Base system consist of organizational, professional behavior of assessor22 and trustee, project 

proposal23, assessment, guarantees, collaterals and entrepreneur cash contribution (brought), insurance, contract set-out, 

supervision, entrepreneur24, financial transparency, information disclosure, governance, auditing, Rastin Participation 

Accounting, change of project timing, settlement, bank receipts, transforming Pazireh (Subscripted) Certificates into shares of 

entrepreneur company, inspection and commodity standard, auxiliary financial tools, unexpected accidents (Force Majeure), 
arbitration and more … 

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, and are: 

 Joalah Financial Sharing (JFS):25 is a method in which, the bank finances entrepreneur (producer) from depositor's 

                                                             
15 Bidabad, Bijan, 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    
16 Depositor is a real or legal person who asks PLS bank to participate his certain amount of fund (cash) in Rastin PLS banking products 
through direct contact or internet and buys Rastin Certificate of one of the PLS banking products. 
17 In Rastin PLS banking, bank is a unit which allocates resources from depositors to entrepreneur and according to specific contracts the 
obtained profit or loss is divided between depositor, entrepreneur. By receiving commission (Joalah fee), bank provides capital management 
services to depositor, and invest his resources according to his choice and in return, delivers Rastin Certificate to him. Bank has to protect 
depositors' rights by using all his specialized potentialities.   
18 Project is a collection of economic activities with specified and concrete plan with defined cost and term for making profit through Rastin 
PLS banking offered to PLS bank. 
19 The trustee unit is a unit in Rastin PLS bank for supervision and control of Rastin PLS proposed projects on behalf of bank and regarding 
good performance of projects in comparison to initial proposal through key indicators and financial reports till final delivery of project.  
20 - Finitude projects are those projects that after completion of construction and by starting utilization period are to be consumed from 
viewpoints of bank and depositor. Finitude projects are not productive in depositor’s viewpoint and do not make value added for depositor, 
although the depositor in utilization period receives his installments for principal or rent of the project. 
21 - Infinitude projects are those projects that after completion of construction period and starting utilization period are productive in 
viewpoints of depositor and entrepreneur, and depositor shares in the yield of the project.   
22 Assessment unit is a unit in PLS department of PLS bank which assesses the competence and capabilities of entrepreneur and his proposal. 
23 Proposal is a written document covering a collection of necessary information about the proposed project of entrepreneur and 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 bank if be approved, the proposal will  be a reference 
document and can be used against entrepreneur executive operations.   
24 Entrepreneur is a real 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/possibilities to carry out the job.  
25 Bidabad, Bijan, 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/v9_n4_article2.pdf
http://www.bidabad.com/doc/pls-base-en.pdf%20%0d
http://www.bidabad.com/doc/pls-base-en.pdf
http://www.bidabad.com/doc/jfs-paper-en.pdf


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resources or the provided sources by the buyer; by selling Future Certificates (to depositor or buyer) and in the 
framework of another joalah contract, entrepreneur produces the buyer requested commodity. Future Certificate is 
used in JFS. 

 Mudarabah Financial Sharing (MFS):26 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 and by 
selling them Mudarabah Certificates, finances the entrepreneur (modarib). In MFS Mudarabah and Periodic 
Mudarabah Certificates are used. 

 Installment Financial Sharing (IFS):27  in IFS, installer (moghsit or depositor) will finance a portion of the needed 
fund of an 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. IFS can be carried out 
through one of the contracts of Ordinary Mughasatah (Installment), Rental Mughasatah (installment) and 
Musharakah (sharing) Mughasatah (installment); and by application of three related kinds of certificates of Ordinary 
Mughasatah and Rental Mughasatah Certificates for finite projects and Musharakah Mughasatah Certificate for 
infinite projects. 

 Rent Financial Sharing (RFS):28 entrepreneur temporarily donates the ownership of a part of his productive asset29, 
rental asset30 , or dead asset31 to the depositor who finances him but keeps it as a mortgage. Then pays back the fund 
received from the yields of the asset proportional to depositor's share to depositor at the end of the contract, or 
periodically. The original deposit of depositor will be given back to him after the end of the project. The profit of the 
project will be given to depositor periodically or in a lump. Mortgage Sharing, Periodic Mortgage Sharing, Mortgage 
Mudarabah (commerce), Periodic Mortgage Mudarabah, Mortgage Muzaraah (cultivating), Periodic Muzaraah, 
Mortgage Mugharasah (planting), Periodic Mortgage Mugharasah, Mortgage Musaghah (irrigation), Periodic 
Mortgage Musaghah, Mortgage Istisna (industrial/manufacturing), Periodic Mortgage Istisna and Rental Certificates 
are used in RFS.  

 Bail Financial Sharing (BFS):32 is the application of deposit of depositor by an entrepreneur to produce a defined 
commodity and delivering the commodity or paying back its value in a future specified time. BFS uses Bail Certificate. 

 Rastin Group Funding (RGF):33 is collecting deposits of specific depositors for the specific beneficial project under 
the regulations of Rastin Banking. In RGF, Rastin certificate is not issued. 

 Rastin Personal Security (RPS):34 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 

                                                                                                                                                                                                    
http://ibtra.com/pdf/journal/v12_n1_article2.pdf 

26 Bidabad, Bijan, Mudarabah Financial Sharing (MFS). Journal of Islamic Economics, Banking and Finance, 2014. 
http://www.bidabad.com/doc/mfs-paper-en.pdf 
27 Bidabad, Bijan, Installment Financial Sharing (IFS): A Financial Subsystem of Rastin PLS Banking. International Journal of Islamic Banking 

and Finance Research, 3(1), 28-42, 2019.  

https://www.cribfb.com/journal/index.php/ijibfr/article/view/267 

http://www.bidabad.com/doc/ifs-paper-en.pdf 

28 Bidabad, Bijan, Rent Financial Sharing (RFS). Journal of Islamic Economics, Banking and Finance, 2014. 

http://www.bidabad.com/doc/rfs-paper-en.pdf  

http://ibtra.com/pdf/journal/v10_n2_article2.pdf  
29 "Productive assets" refers to the assets of an operating firm. 
30 "Rental assets" refers to those assets, which can be let. 
31 "Dead assets" refers to non-operating (suspended) firms or uncultivated lands assets. 
32 Bidabad, Bijan, Bail Financial Sharing (BFS): A Financial Subsystem of Rastin PLS Banking. Bank Melli Iran, Tehran, Iran, 2014. 

International Journal of Islamic Banking and Finance Research, 3(1), 21-27, 2019. 

https://www.cribfb.com/journal/index.php/ijibfr/article/view/266  

http://www.bidabad.com/doc/bfs-paper-en.pdf  
33 Bidabad, Bijan, Rastin Group Funding (RGF): A Financial Subsystem of Rastin Banking. Bank Melli Iran, Tehran, 2014. International 

Journal of Islamic Banking and Finance Research, 3(1), 43-48, 2019. 

https://www.cribfb.com/journal/index.php/ijibfr/article/view/268   
http://www.bidabad.com/doc/rgf-paper-en.pdf 
34 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  

http://www.bidabad.com/doc/rps-paper-en.pdf 

http://ibtra.com/pdf/journal/v12_n1_article2.pdf
http://www.bidabad.com/doc/mfs-paper-en.pdf
https://www.cribfb.com/journal/index.php/ijibfr/article/view/267
http://www.bidabad.com/doc/ifs-paper-en.pdf
http://www.bidabad.com/doc/rfs-paper-en.pdf
http://ibtra.com/pdf/journal/v10_n2_article2.pdf
https://www.cribfb.com/journal/index.php/ijibfr/article/view/266
http://www.bidabad.com/doc/bfs-paper-en.pdf
https://www.cribfb.com/journal/index.php/ijibfr/article/view/268
http://www.bidabad.com/doc/rgf-paper-en.pdf
http://ibtra.com/pdf/journal/v11_n2_article3.pdf
http://www.bidabad.com/doc/rps-paper-en.pdf


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www.cribfb.com/journal/index.php/amfbr                               American Finance & Banking Review                                        Vol. 4, No. 1; 2019 

 

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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. RPS uses Social Security Certificate, 
Personal Security Certificate, and Pension Security Certificates.          

 Rastin Social Takaful (RST):35 benevolent people can deposit their funds at banks for charity purposes, and the bank 
will be allowed to pay profit (or the principal as well) of deposit to needy people, in the form of a loan or non-
returnable payments (according to the depositor request). RST works under Rastin Banking regulations as "public 
takaful" (humanistic duty of people to resolve others' needs), or "ziman-e-I'alih" (government duty to provide 
people's livelihood of the society). In addition, the bank can collect Waqf (devoted) deposits to raise fund. Waqf 
deposit is a kind of deposit devoted by the depositor (benefactor) to the bank, and the bank will use the yields of this 
deposit to support needy people in the framework of Rastin Banking regulations. Rastin Social Takaful is applicable 
by issuing Takaful Certificate and Loan Certificate. 

 Sponsor CrowdFunding (SCF):36 is the process of collecting non-returnable funds for a specific protective goal of an 
entrepreneur through the bank via social networks. In SCF, Rastin certificate is not issued. 

 Peer to Peer Loan (PPL):37 is the process of collecting funds for loan-financing the entrepreneur through the bank and 
via social networks. In PPL, Rastin certificate is not issued. 

 Rastin Swap Bond (RSB):38 is based upon Mubadalah (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.  

 Rastin Swap Deposit (RSD):39 is a new banking deposit account, which is interest-free and is based on Swap Contract in 
Rastin Banking. In this depositing by opening the deposit, the depositor is entitled to use an interest-free loan to the 
amount and duration that his resources have been being deposited and then return the money back to the bank.  

 Rastin Swap Card (RSC):40 is a bank card, and has no interest rate and is issued based on the Swap Contract in Rastin 
Banking. In Rastin Swap Card there are two periods. In the first period, card issuer lends money to the cardholder; and 
in the second period borrows money from cardholder instead. At the first stage card-issuer credits a certain amount of 
money for specific time duration to the card of cardholder and requests the cardholder to deposit the same amount for 
the same period at the end of the cited time duration (first maturity) in the issuer's deposit account.  

                                                             
35 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://ibtra.com/pdf/journal/v11_n1_article1.pdf 

http://www.bidabad.com/doc/rst-paper-en.pdf  
36 Bidabad, Bijan, Rastin Crowdfunding (RCF): A Financial Subsystem of Rastin Banking. Bank Melli Iran, Tehran, 2014. International 

Journal of Islamic Banking and Finance Research, 3(1), 13-20, 2019. 

https://www.cribfb.com/journal/index.php/ijibfr/article/view/265   

http://www.bidabad.com/doc/rcf-paper-en.pdf 
37 Bidabad, Bijan, Rastin Crowdfunding (RCF): A Financial Subsystem of Rastin Banking. Bank Melli Iran, Tehran, 2014. International 

Journal of Islamic Banking and Finance Research, 3(1), 13-20, 2019. 

https://www.cribfb.com/journal/index.php/ijibfr/article/view/265   

http://www.bidabad.com/doc/rcf-paper-en.pdf 
38 Bidabad, Bijan, Mahmoud Allahyarifard. Usury-Free Bonds and Islamic Central Banking Monetary Instruments. 2010. 
http://www.bidabad.com/doc/Islamic-banking-bond-en.pdf  
39 Bidabad, Bijan, Rastin Swap Deposit (RSD): A Financial Account of Rastin Banking. Tehran, 2015. International Journal of Islamic 

Banking and Finance Research, 3(2), 17-23, 2019. 
https://www.cribfb.com/journal/index.php/ijibfr/article/view/270    
http://www.bidabad.com/doc/rsd-paper-en.pdf    
https://doi.org/10.20193/ijibfr.v3i2.270  
40 Bidabad, Bijan, Rastin Swap Card (RSC): A Financial Instrument of Rastin Banking. Tehran, 2015. International Journal of Islamic Banking 
and Finance Research, 3(2), 24-31, 2019.  
https://www.cribfb.com/journal/index.php/ijibfr/article/view/271  
http://www.bidabad.com/doc/rsc-paper-en.pdf 
http://dx.doi.org/10.20193/ijibfr.v3i2.271  

http://ibtra.com/pdf/journal/v11_n1_article1.pdf
http://www.bidabad.com/doc/rst-paper-en.pdf
https://www.cribfb.com/journal/index.php/ijibfr/article/view/265
http://www.bidabad.com/doc/rcf-paper-en.pdf
https://www.cribfb.com/journal/index.php/ijibfr/article/view/265
http://www.bidabad.com/doc/rcf-paper-en.pdf
http://www.bidabad.com/doc/Islamic-banking-bond-en.pdf
https://www.cribfb.com/journal/index.php/ijibfr/article/view/270
http://www.bidabad.com/doc/rsd-paper-en.pdf
https://doi.org/10.20193/ijibfr.v3i2.270
https://www.cribfb.com/journal/index.php/ijibfr/article/view/271
http://www.bidabad.com/doc/rsc-paper-en.pdf%0d
http://dx.doi.org/10.20193/ijibfr.v3i2.271


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7 
                         
 

 

Moreover, Complementary Systems of Rastin Banking that refers to innovations, platforms, and supplementary Rastin Banking 

methods that facilitate true, ethical, and efficient banking operations will strengthen the operations. They are as follows: 

 Rastin Certificate Market (RCM):41 is a web-based settlement system for the transaction of interest-free Rastin 
Certificates and Rastin Swap Bond in Rastin PLS bank. 

 Crowd Funding System (CFS): this system is a web-based system, which collects funds for Sponsor Crowd Funding 
(SCF) and Peer to Peer Loan (PPL) projects via social networks. 

 Operation Control and Monitoring System (OCM): is a computerized web-based system that provides the 
possibility of online inspection and control of bank personnel activities. 

 Mortgage Securitization System (MSS):42 this system facilitates people to change their assets into Guarantee 
Certificates through the bank. 

 Collateral Registration System (CRS): is an online web-based integrated system for registering movable and 
immovable assets. 

 Serial Commitments Clearance (SCC):43 provides the necessary arrangements for settlement of obligations of people 
who are in debt to someone from one hand, while they are creditors to someone else in a chain of debits and credits 
in a set of people.  

 Interbank Withdrawal Protocol (IWP):44 is an interbank agreement that allows the bank to withdraw its claims 
online from other debtor's accounts o at different banks when the debtor's account at the agent bank is empty. 

 Non-usury Scripless Security Settlement System (NSSSS):45 this is an online-integrated web-based settlement 
system at the central bank for the transaction of Rastin Certificates and Rastin Swap Bonds coordination and 
supervision. 

 Money Laundering Detection System (MLD):46 provides necessary structural and electronic bases to compare tax 
information and bank information to discover money laundering.  

4. SWF Asset and Liability Management through 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. Bank by issuing and creating market and basket of 

Rastin Certificates provides various opportunities for the transaction of these papers. Various Rastin Certificates and their 

                                                             
41 Bidabad, Bijan, Rastin Certificate Market (RCM), Complementary System of Rastin Banking, 2013. International Journal of Islamic 

Business & Management, 3(1), 35-43, 2019. 
https://www.cribfb.com/journal/index.php/ijibm/article/view/260    
http://www.bidabad.com/doc/rastin-bank-rcm-en.pdf 
42 Bidabad, Bijan, 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. Emerald Group Publishing Limited 
https://doi.org/10.1108/IJLMA-05-2016-0045  
http://www.bidabad.com/doc/mss-paper-en.pdf 
43 Bidabad, Bijan, Serial Commitments Clearance (SCC) in Rastin Banking. International Journal of Law and Management (IJLMA), Vol. 57, 
Iss: 6, 2015, pp. 600-609, Emerald Group Publishing Limited.  
http://dx.doi.org/10.1108/IJLMA-02-2015-0007  
http://www.bidabad.com/doc/scc-paper-en.pdf 
44 Bidabad, Bijan, Mahmoud Allahyarifard, Interbank Withdrawal Protocol (IWP), Complementary System of Rastin Banking 2013. 

International Journal of Islamic Business & Management, 3(1), 30-34, 2019. 
https://www.cribfb.com/journal/index.php/ijibm/article/view/259   
http://www.bidabad.com/doc/iwp-paper-en.pdf 
45 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. 
http://www.bidabad.com/doc/non-usury-finance-it-en.pdf 
46 Bidabad, Bijan, 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  

https://www.cribfb.com/journal/index.php/ijibm/article/view/260
http://www.bidabad.com/doc/rastin-bank-rcm-en.pdf
https://doi.org/10.1108/IJLMA-05-2016-0045
http://www.bidabad.com/doc/mss-paper-en.pdf
http://dx.doi.org/10.1108/IJLMA-02-2015-0007
http://www.bidabad.com/doc/scc-paper-en.pdf
https://www.cribfb.com/journal/index.php/ijibm/article/view/259
http://www.bidabad.com/doc/iwp-paper-en.pdf
http://www.bidabad.com/doc/non-usury-finance-it-en.pdf
https://doi.org/10.1108/JMLC-04-2016-0016
http://www.bidabad.com/doc/mld-paper-en.pdf


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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, will be bound to Rastin Banking regulations. 

Regarding the supervisory role of trustee unit of banks over entrepreneurs, these certificates are distinguished from ordinary 

papers with “certificate” prefix. Being anonymous, transferability, negotiability in the secondary virtual market (Rastin 

Certificate market), the profitability of their transactions for the bank, pricing according to supply and demand mechanism of 

Rastin Certificate Market (RCM)47, a periodic settlement with the latest certificate owner, are some of the characteristics of 

these certificates. 

By applying Rastin Banking and using Rastin Certificates, NDFI can reach a more safe and efficient resource allocation and 

investment as depicted by Figure 2. 

As compared by Figure 1, in Figure 2, the entrepreneur can also deliver his project proposal to Rastin Agent Bank to finance his 

project. After the assessment and evaluation of his proposal according to the rules depicted by Figure 1, the proposal is assessed 

and evaluated according to Rastin Banking standards, which are more subtle and well measured. This step closes many doors of 

misachievement and malfunctioning and even corruption in using fund resources. As before other national governmental agency 

and workgroup can introduce their proposals, but subject to observing Rastin Banking rules, regulations, measures, and 

standards. When the proposal is approved, Rastin Agent Bank signs the contract with entrepreneur and issues corresponding 

Rastin Certificates according to the specified Rastin Banking product that were cited before in the name of NDFI and delivers 

these digital certificates to NDFI. NDFI can sell his certificates in Rastin Certificate Market (RCM) at market prices. The 

certificate holder will owe the principle and benefit of the certificate. He can also transact his certificate in Rastin Certificate 

Market (RCM) at market price. Bank at the end of the project will settle with certificate holders. According to the rules and 

regulations of Rastin Banking,48 bank supervises the execution of the project, and at the end, account settlement will be done by 

the bank, and the shares of the entrepreneur, certificate holders, and bank's commission will be paid. This procedure actually has 

the following major positive effects on NDFI Asset and Liability Management: 

 Corruption reduction 
 Supervising the execution of the project 

 Prevents usury 
 NDFI has certificates for his resources that can be transacted 
 Asset and Liability Management of NDFI can be done by transacting certificates 
 Rate of return of the funds will be increased due to profit and loss sharing  
 Risk of bad or delayed loans, outstanding claims, doubtful financing or loans decreases 
 Transparency of operations will increase 

 By supplying a certificate to Rastin Certificate Market, resources of NDFI will be replaced back by other 

certificate buyers 

 Will stabilize NDFI's funds due to the participation of NDFI in the real project through PLS 

                                                             
47 Rastin Certificate Market (RCM): bank establishes RCM with specific characteristics and capabilities. Different Rastin Certificates and 
Rastin Swap Bonds can be transacted in this market. Bank activates the information portal about projects and entrepreneurs of Rastin PLS 
bank through RCM and releases information about Rastin PLS financial projects to public. The system should be capable of online updating 
the information about available certificates, transactions, settlements, capitalization, transfer or any other activity on Rastin Certificates 
transactions. 

فرد،  بیژن بیدآباد، آذرنگ امیراستوار، سعید عبداللهی، محمود الهیاری 48

اسکندر پردل، مریم حیدری، علیرضا شفیعی، محمدعلی پوربهروز، پیشنویس الیحه 

-http://www.bidabad.com/doc/rastin-banking .1391قانونی بانکداری راستین، بانک ملی ایران، 

bill.pdf 

فرد،  بیژن بیدآباد، آذرنگ امیراستوار، سعید عبداللهی، محمود الهیاری

اسکندر پردل، مریم حیدری، علیرضا شفیعی، محمدعلی پوربهروز، پیشنویس 

 .1391تین، بانک ملی ایران، نامه اجرائی بانکداری راس آئین

http://www.bidabad.com/doc/rastin-banking-regulation.pdf 

http://www.bidabad.com/doc/rastin-banking-bill.pdf
http://www.bidabad.com/doc/rastin-banking-bill.pdf
http://www.bidabad.com/doc/rastin-banking-bill.pdf
http://www.bidabad.com/doc/rastin-banking-regulation.pdf
http://www.bidabad.com/doc/rastin-banking-regulation.pdf


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Provincial Specialized Workgroup

Introducing Project to Rastin Agent Bank

National Administrative Agency

Introducing the Project to Rastin Agent Bank

Rastin Agent Bank

Accepting Project in Line with NDFI Priorities

Rastin Agent Bank

Project Evaluation in line with NDFI Articles of 
Association, Agency Contract, By-law of Donating Loan 

and Rastin Banking Standards

Approving Economic-Financials-Technical Justification

Informing the Details of Approved Project to NDFI

NDFI

Does Approved Project Comply 
with Rules?

NDFI

Freezing Funds at Central Bank for Approved Project

Central Bank

Freezing the Funds and Notifying the Rastin Agent Bank 

Rastin Agent Bank

Concluding Agreements with Applicant, Obtaining 
Guarantees, Opening  LC, Loan Payment

NDFI

Reviewing the Approved projects According to NDFI 
Articles of Association, Agency Contract, By-law of 

Donating Loan

Figure 2. Acceptance, Evaluation, Approval and Allocation of Funds Process in NDFI through Rastin Banking

Entrepreneur

Introducing Project  to 
Rastin Agent Bank

Rastin Agent Bank

Supervision on Executive Operations of Entrepreneur

Final Settlement with Entrepreneur

Rastin Agent Bank

Paying Principle and Yields of Funds to Rastin 
Certificate Holder

Informing NDFI

No

Yes

Rastin Agent Bank

Issuing Rastin Certificate

Rastin Certificate Market 
(RCM)

Sell Rastin Certificate

Rastin Certificate Buyer

Purchasing Rastin Certificate

 



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5. Rastin Swap Bonds (RSBs) 

Islamic financial activities based on Islamic faith must stay within the limits of Islamic law in all actions and deeds. To conduct 

Islamic financial policy, innovative Sharia complied financial instruments are necessary. The prevailed Islamic instruments are 

controversial among Islamic scholars, and the majority of them believe that such contracts are not Sharia compliant.49 Essentially, 

debt purchase and substance purchase in the non-usury transaction of debt-based financial papers are controversial to be based 

for innovating Islamic financial instruments. Despite jurisprudents' views that believe transaction of debt-based papers is usury, 

these transactions are conducted in forms of Murabaha, Partnership, and Ijarah (rent) contracts.  

In order to use appropriate financial instrument and policy that are mostly based upon transaction of bonds, we need true 

Islamic financial innovations, which in addition to complying with Sharia, could be efficient. Rastin Swap Bonds (RSBs)50 were 

defined to remove this shortage. RSBs can be used as Islamic monetary, fiscal and financial instruments in Islamic banking and 

finance at different levels of central banking, commercial banking, treasury and commercial entities in the conventional banking 

system as well as Islamic system.51 Furthermore, these bonds may be issued in domestic money and foreign currency as well. This 

instrument is defined in Rastin Banking System. 

Rastin Swap Bond is a financial paper that observes the right for the lender to borrow an equal amount to his lending from the 

borrower. The lender can sell his paper in the market at market price. In this bond, no interest rate is determined, but the market 

price of the bond is determined at each transaction in the market, and thus, the return of the bond is not fixed and not 

predetermined. Four types of Rastin Swap Bonds are: 

 Central Bank RSB to be issued by the central bank 

 Bank RSB to be issued by commercial banks, and money and credit institutions supervised by the central bank 

 Treasury RSB to be issued by government treasury 

 Commercial RSB to be issued by private or public entities through an agent bank. 

The financial structure of Rastin Swap Bonds is substantially different from conventional bonds and bills. In RSBs, while there 

is no interest, the funds will be offered to the other party in the form of “debt equal to future loan”, or “loan equal to future 

debt” with "time-drawing right". This also differentiates RSBs from conventional bonds, as the latter are interest-bearing 

securities, whereas RSBs are basically, non-interest-bearing financial investment certificates and with ownership claims. Similar to 

conventional debt securities, RSBs may be issued for a fixed period. The period variation is due to specific rules.  

Each type of RSBs can be transacted in the secondary market (RCM), but the transactions are permitted for different groups of 

seller and buyers (central bank, commercial banks, treasury, and public) for specific types of RSBs. RSBs pricing will be formed 

on a base of demand for and supply of money rather than a fixed interest rate for a fixed period. The interest rate of RSBs is 

zero, but the return is not fixed due to market bonds' prices changes. Thus, interest rate rigidity vanishes, and when the economy 

goes toward the recession, price (return) of RSBs become lower and reduces the cost of using money resources; and vice versa for 

the case of going toward prosperity. That is, RSBs has a built-in automatic adjustment mechanism, which stabilizes the 

economy. In other words, we can say that RSBs market prices will be commensurate to the capital return of the real economy.  

Rastin Swap Bonds are issued under certain conditions with a face value. Accordingly, by buying $A bonds with a maturity of N 

months, the buyer will have the right to obtain $A interest-free loan for a period of N months from the issuer of bonds. The 

buyer and seller will agree on fixing combinations of $A and N months so that the buyer can choose smaller, equal or larger than 

one ratios from $A in proportion with N months in such a way that the result of the amount of money multiplied by time, be 

equal to A×N. For example, buyer instead of A Dollars, can borrow A/2 Dollars for 2N months at the Nth month, or $A/3 for 

3N months at the Nth month. Where, in all cases, the result will be equal to A×N. That is: (A/2)×(2N)=(A/3)×(3N)=A×N 

                                                             
49 Mansoori, M. T. (2010), Fiqh Regulations on Finance and Business Transaction, Ulil Alba Institute, Pasca Sarjana Universitas Ibn Khaldun, 
Bogor, Indonesia. 
50 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. 

http://www.sesric.org/jecd/jecd_articles/ART10102201-2.pdf 
51 - Bidabad, Bijan, Abul Hassan, Mohamed Sami Ben Ali, Mahmoud Allahyarifard (2011), Interest-Free Bonds and Central Banking Monetary 
Instruments, International Journal of Economics and Finance, Vol. 3, No.3; August.  

http://www.sesric.org/jecd/jecd_articles/ART10102201-2.pdf


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or generally speaking, instead of $A, we will receive $A/k for k×N months after the N months. The parameter k can be agreed 

mutually by the parties, or offered by the buyer. This procedure is depicted in Figure 3. 

Generally, RSBs have two periods and two maturity dates. The first period is equal to N months from the selling time to the 

first maturity, and the second period is from the first maturity date (N) until the payback date of funds (kN+N) or second 

maturity date. The first maturity is when the seller of papers is obliged to provide the loan equal to A dollars for N months, or 

A/k dollars for kN months to the buyer. Therefore, the first maturity occurs at the end of N months. The second maturity is 

the end of the contract when the seller will receive back his funds after kN+N months after selling time. 

Deposit

A×N

Loan

(A/k)×(k×N)

Time

Dollars

$A

N kN+N

Selling 

time

First 

maturity

Second 

maturity

N

k×N

$A/k

First period Second period

 
Figure 3. Two-Phases Maturity of Rastin Swap Bonds 

 

The buyers are limited to buy specific types of RSBs.  

 If the issuer is treasury (Treasury RSB), then the buyer is the central bank. 

 If the issuer is a central bank (Central Bank RSB), then the buyers are government, banks, and those financial institutes 

who have prudential and legal reserves beside the central bank. Since banks have prudential and legal reserves at the 

central bank, they will not face loan defaults.  

 If the issuer is a commercial bank or financial institute (Bank RSB), then the buyers are a central bank, treasury, other 

banks, and financial institutes.  

 If an agent bank is an issuer (Commercial RSB), then all people, banks, entities, and government can buy the RSB.  

 Accordingly, they can transact RSBs in the secondary market.  

For the first three types of RSBs, there is no need for extra collaterals due to the existing legal arrangements, but Commercial 

Rastin Swap Bonds need appropriate mechanism to be arranged to decrease default probability to zero. For this reason, the seller 

provides a (first) guarantee equal to the face value of bonds at the time of issuance and surrenders it to buyers. At the end of the 

first period, the buyer will be obliged to surrender the same bank guarantee to the seller of bonds. After returning the funds back 

from the seller to buyer – at the end of the first period – the first guarantee is canceled. Another (second) guarantee is to be 

issued again for the second part of borrowing. At the end of the second period –after returning the funds back from the buyer to 

the seller – the second guarantee will also be canceled. All these operations are done through an agent bank. 

All these bonds are issued by the new contract of Mubadalah defined in Rastin Banking. Rastin Swap Bond (RSB) is based upon 

Mubadalah (swap) contract between Mobadil (swapper) and Motebadil (swapee) in which the durations and substances of 



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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. RSBs are not based upon participation and just indicate swapping of assets and can be 

transacted in Rastin Rastin Certificate Market. 

Similar to RSBs in domestic money, foreign exchange nominated RSBs can also be issued. The only difference is that both loans 

of Rastin Foreign Exchange Swap Bonds should be in one unique currency; except for the Central Bank Rastin Foreign 

Exchange Swap Bonds that can be in two different currencies for the first and second periods. Similar to RSBs, the four kinds of 

Rastin Foreign Exchange Swap Bonds can be issued. The issuers, sellers and buyers of Rastin Foreign Exchange Swap Bonds are 

as cited before.  

In neither cases, especially when one foreign exchange is used for the first period, and another foreign exchange is used in the 

other period, no skepticism of usury exists.  

6. SWF Asset and Liability Management through Rastin Swap Bonds (RSBs) 

Rastin Swap Bond will serve as an important instrument for resource mobilization and will be a primary vehicle for the 

development of the Islamic capital market. Sole52 argues that expanding the range of financing opportunities by different 

institutions by developing Sukuk is likely to deepen the financial sector as well as the economy as a whole. Therefore, the effects 

of issuing RSBs by the central bank, commercial banks, government treasury, and private entities separately will enormously 

contribute in real sector economy.53  

To show the applied ALM procedure, suppose that the economy is at the top of a business cycle. The economy is in prosperity, 

and as a matter of fact, it will go to recession in the next period. At this position, NDFI's resources are high, and the government 

will be confronted with a fiscal deficit in the next period due to the recession. NDFI start to buy RSB and decrease his cash. The 

RSB issuer is obliged to return NDFI's fund and lend him an equal amount in the next period that the economy is in recession 

and government needs some resources to cover her fiscal deficit. At the contrary, in recession or crises period NDFI can issue 

RSB and finance government fiscal deficit and in next period that the economy grows up to prosperity return his loan back and 

give equal loan to RSB holders. NDFI can transact RSBs in Rastin Certificate Market to perform Asset and Liability 

Management. 

The monetary effect of Commercial Rastin Swap Bonds is neutral, and will not increase the liquidity, but promotes money 

resources allocation. This is because these operations will likely to be lagged borrowing from each other. This will result in no 

changes in liquidity of the economy and is neutral in the sense of monetary effect.  

References 

فرد، اسکندر پردل، مریم  ستوار، سعید عبداللهی، محمود الهیاریبیژن بیدآباد، آذرنگ امیرا

حیدری، علیرضا شفیعی، محمدعلی پوربهروز، پیشنویس الیحه قانونی بانکداری راستین، بانک 

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نامه اجرائی بانکداری  مریم حیدری، علیرضا شفیعی، محمدعلی پوربهروز، پیشنویس آئین

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52 - Sole, J. (2007). Introducing Islamic banks into conventional banking system. Working Paper No. 07/175, IMF, Washington, DC. 
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Foundations/dp/3659544639/ref=sr_1_2?s=books&ie=UTF8&qid=1402563518&sr=1-2  
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Monetary Instruments. International Journal of Economics and Finance. Vol. 3, no. 3, Aug 2011, pp.234-241. 
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Number - 1, January - April 2014, pp. 56-68. 
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January-March, 2016, pp. 33-48. 
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Islamic Business & Management, 3(1), 21-29, 2019. 
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Monetary Instrument for Economy at Crisis. Journal of Economic Cooperation and Development (JECD). 32, 1, 
2011, 55-70. 

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Islamic Banking and Finance Research, 3(1), 28-42, 2019.  
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Number - 1, January - March 2015, pp.: 13-23. 
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Bidabad, Bijan, 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. Emerald Group Publishing Limited 

https://doi.org/10.1108/IJLMA-05-2016-0045  
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Number - 2, April - June 2015, pp. 47-61. 
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57, Vol. 9, No. 4, Oct-Dec 2013. 
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Laundering Control, Vol. 20 Issue: 4, pp. 354-366, 2017.   
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Political, Law and Fiscal Sciences (EPLS '14), World Scientific and Engineering Academy and Society (WSEAS). 
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2019. 
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Islamic Business & Management, 3(1), 35-43, 2019. 
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2013. International Journal of Islamic Business & Management, 3(1), 30-34, 2019. 
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Empowerment, Prune and Graft, and Apprenticeship), presented at the 10th International Conference on Economics 
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International Journal of Islamic Banking and Finance Research, 3(1), 13-20, 2019. 
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Bidabad, Bijan, Mahshid Sherafati, Bank Information Disclosure, Financial Transparency and Corporate Governance in Rastin 

Banking, International Journal of Shari’ah and Corporate Governance Research, 2(1), 1-13. 
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