Islamic Economics

Islamic Economics

Investigating the Factors Affecting on transaction cost of facilities in the Form of Islamic Contracts (Case Study: Bank Melli Iran)

Document Type : Original Article

Authors
seyed safdar hoseini 1
Hassan Mafee 2
Seyed fakhreddin Fakhrhosseini 3
1 Professor of the Department of Agricultural Economics
2 Phd educated of Department of Agricultural Economics
3 Associate Professor, Department of Accounting, Management and Accounting faculty, Islamic Azad University Tonekabon Branch, Tonekabon, Iran
Abstract
In neoclassical economic analysis, markets transparency and no transaction costs are one of the main assumptions. In other words, the real world is drawn in these frame that are in the markets sellers and buyers do their economic trade easily and without incurring any costs and the transactions are done smoothly and without friction. The aim of this paper is to investigate the factors affecting on transaction cost indicators of facilities in the form of Islamic contracts for Bank Melli Iran in three provinces, Tehran, Isfahan and Kurdistan. In 1399, we selected 483 customers of Bank Melli by classified sampling method. The results show that there is a positive relationship between individuals' income, how long opening a bank account and to get loan with the transaction cost, and a negative relationship between the interest rate as price of facilities, privileged branches with the transaction cost.
Keywords
Exchange cost economics
Islamic contracts
Melli Bank
  1. بهمن‌پور، حسین؛ «بررسی عملکرد و تأثیر برخی از تسهیلات پرداختی مندرج در قانون عملیات بانکی بدون ربا در ابزار و سیاست‌های پولی»؛ پایان‌نامه کارشناسی ارشد، دانشگاه تربیت مدرس، 1368.
  2. حسینی، سیدصفدر و همکاران؛ «بررسی هزینه‌های مبادله تسهیلات پرداختی بانک کشاورزی در مناطق روستایی ایران»؛ نشریه اقتصاد و توسعه کشاورزی، ش23، 1388.
  3. رنانی، محسن؛ بازار یا نابازار؛ تهران: انتشارات سازمان برنامه‌وبودجه، 1376.
  4. صدر، سیدکاظم و عباس عرب‌مازار؛ «افزایش کارایی در عرضه وجوه خدمات بانکی، بانک کشاورزی»؛ مجموعه خلاصه طرح‌های تحقیقاتی بانک کشاورزی، پژوهشکده اقتصاد دانشگاه تربیت مدرس، 1373.
  5. عرب‌مازار، عباس؛ «بررسی عرضه و تقاضای تسهیلات در بازار مالی روستایی ایران»؛ مجموعه خلاصه طرح‌های تحقیقاتی بانک کشاورزی، پژوهشکده اقتصاد دانشگاه تربیت مدرس، 1379.
  6. قربانی‌، محمد؛ «کارایی‌ پرداخت‌ وام‌ به‌ کشاورزان‌: هزینه‌های‌ پنهان‌ وام»؛ جهاد، ش3، 1376.
  7. یوسفی. محمدقلی؛ «بررسی نظرات مکاتب نئوکلاسیک، اتریشی و نهادگرایی درباره مکانیزم بازار»؛ پژوهشهای اقتصادی ایران، ش55، 1392.
  8. Allen, D. W.; “Transaction Costs”; In: B. Bouckaert and G. De Geest, (eds.), Encyclopedia of Law and Economics, Volume I, The History and Methodology of Law and Economics, Cheltenham: Edward Elgar, 1999.
  9. Buchenrieder, G. & I. Theesfeld; “Improving bankability of small farmers in northern Vietnam”; Savings and Development, No.24 (4), 2000.
  10. Cherkes, M., Sagi, J. & R .Stanton; “A liquidity-based theory of closed-end funds”; The Review of Financial Studies, No.22(1), 2008.
  11. Demsetz, H. M.; “Toward a Theory of Property Rights”; American Economic Review, No.57(2), 1967.
  12. Espinoza, R. & Tsomocos; “Monetary transaction costs and the term premium”; Economic Theory; No.59(2), 2015.
  13. Hasman, A., Sáenz, S. M. & J. V. Bommel; “Financial Intermediaries and Transaction Costs”; Available at SSRN: https://ssrn.com/abstract=1343974or http://dx.doi.org/10.2139/ssrn.1343974, 2009.
  14. Izumida, Y.; “Nature of Transaction Costs in Rural Credit Delivery Systems”; In: APO, Transaction Costs of Farm Credit in Asia, Report of an APO Seminar held 30th November-10th December, 1993, Tokyo, Japan, Tokyo: Asian Productivity Organization, 1996.
  15. Liedholm, C.; “Small Scale Enterprise Credit Schemes: Administrative Costs and the Role of Inventory Norms”; Working papers No. 25, Department Of Agricultural Economicts, Michigan State University, USA, 1985.
  16. Martins-da-Rocha, V. F., and Y. Vailakis; “Financial Markets with Endogenous Transaction Costs”; Economic Theory, No.45(1-2), 2010.
  17. Masuko, L., and D. Marufu; “The Determinants of Transaction Cost and Access to Credit by SMEs and the Poor in Zimbabwe”; IFLIP Research Paper 03-9, International Labor Organization, 2003.
  18. North, D. C. and J. J. Wallis; “American Government Expenditures: A Historical Perspective”; American Economic Review, No.72(2), 1982.
  19. ________; “Beyond the New Economic History”; Journal of Economic History, No.34(1),
  20. ________; “Institutions”; Journal of Economic Perspectives, No.5(1), 1989.
  21. North, D. C.; Institutions, Institutional Change and Economic Performance; Cambridge: Cambridge University Press, 1990.
  22. Olomola, A. S.; “Determinants Of Smallholders' Transaction Cost Of Procuring Non-Bank Loans In Nigeria / Les Déterminants Du Coût De Transaction Des Prêts Non-Bancaires Pour Les Petits Exploitants Agricoles”; Savings and Development, No.23(1),
  23. Saito, K. and D. Villanueva; “Transaction Costs of Credit to Small-Scale Sector in the Philippines”; Economic Development and Cultural Change, No.29(3), 1981.
  24. Underhill, Geoffrey, R.; “Markets, Institutions, and Transaction Costs: The Endogeneity of Governance”; Toronto Meeting Paper, Available at SSRN: https://ssrn.com/abstract=1449921, 2009.
  25. Watcher, M. L. and O. E. Williamson; “Obligational Markets and the Mechanics of Inflation”; Bell Journal of Economics, No.9(2), 1978.