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:: Volume 16, Number 19 (7-2017) ::
mieaoi 2017, 16(19): 69-98 Back to browse issues page
Evaluating the Fiqhi-economic challenges of suggested instruments for open market operation in Iran and other countries
Abstract:   (170 Views)

Considering the fact that in the modern practice of central banking the open market operation is conducted by making use of the government bonds, it is not possible to use it in the Islamic context. Based on this, recently some researchers in Iran and some other countries have tried to come up with new Islamic instruments for open market operation. This paper tries to evaluate the Fiqhi-economic challenges of these suggested instruments. In this paper, these instruments are evaluated in two different groups. The first group is those instruments that are just theoretical curiosity and not applied in any Islamic county. The second group is those that are applied in some countries. The results of the paper show that most of the suggested instruments cannot satisfy either the economic or Fiqhi criteria. In addition, the practice of some Islamic countries in designating and making use of Islamic instruments for open market operation can be criticized. Based on the results, it becomes clear that the issue of coming up with new Islamic instruments for monetary policy is one of the new topics in Islamic banking and needs to be evaluated in future research

Keywords: open market operation, monetary policy, central banking, usury-free banking, Sukuk
Full-Text [PDF 253 kb]   (73 Downloads)    
Type of Study: Research | Subject: Special
Received: 2017/07/11 | Accepted: 2017/07/11 | Published: 2017/07/11
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Evaluating the Fiqhi-economic challenges of suggested instruments for open market operation in Iran and other countries . mieaoi. 2017; 16 (19) :69-98
URL: http://mieaoi.ir/article-1-487-en.html
Volume 16, Number 19 (7-2017) Back to browse issues page
نشریه اقتصاد و بانکداری اسلامی Islamic Economics & Banking
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