ASSESSMENT OF TRANSITION PROBLEMS TO THE INDIRECT MONETARY POLICY INSTRUMENT IN ISLAMIC COUNTRIES

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ARABI SEYED HADI; MAAREFI MOHSEN

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Journal: Journal of Iran's Economic Essays; an Islamic approach Year:2010 | Volume:7 | Issue:13 Page(s): 73-101

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Title

ASSESSMENT OF TRANSITION PROBLEMS TO THE INDIRECT MONETARY POLICY INSTRUMENT IN ISLAMIC COUNTRIES

Author(s)

ARABI SEYED HADI | MAAREFI MOHSEN | Issue Writer Certificate

Keywords

OPEN MARKET OPERATIONSQ3

OPEN MARKET TYPE OPERATIONSQ3

CENTRAL BANK SECURITIESQ3

ISLAMIC MONETARY POLICY INSTRUMENTQ3

Abstract

The most important instrument of controlling and managing liquidity in developed countries is OPEN MARKET TYPE OPERATIONS. However, in many developing countries, because of the lack of developed financial markets, the central banks use the OPEN MARKET OPERATIONS as a transitional step. This article examines these new operations and transition problems by descriptive-analytic method. Then, as a transitional step and to resolve the problem of paying interest to CENTRAL BANK SECURITIES an Islamic monetary instrument is presented by using Islamic contracts, particularly ju’ala ,qarzul hasana and ba’i. Next, the instrument is examined in the views of economists and jurisprudence scholars. The results show that the above Islamic contracts have good capabilities for designing such an ISLAMIC MONETARY POLICY INSTRUMENT.

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APA: Copy

ARABI, SEYED HADI, & MAAREFI, MOHSEN. (2010). ASSESSMENT OF TRANSITION PROBLEMS TO THE INDIRECT MONETARY POLICY INSTRUMENT IN ISLAMIC COUNTRIES. JOURNAL OF ECONOMIC ESSAYS, 7(13), 73-101. SID. https://sid.ir/paper/109000/en

Vancouver: Copy

ARABI SEYED HADI, MAAREFI MOHSEN. ASSESSMENT OF TRANSITION PROBLEMS TO THE INDIRECT MONETARY POLICY INSTRUMENT IN ISLAMIC COUNTRIES. JOURNAL OF ECONOMIC ESSAYS[Internet]. 2010;7(13):73-101. Available from: https://sid.ir/paper/109000/en

IEEE: Copy

SEYED HADI ARABI, and MOHSEN MAAREFI, “ASSESSMENT OF TRANSITION PROBLEMS TO THE INDIRECT MONETARY POLICY INSTRUMENT IN ISLAMIC COUNTRIES,” JOURNAL OF ECONOMIC ESSAYS, vol. 7, no. 13, pp. 73–101, 2010, [Online]. Available: https://sid.ir/paper/109000/en

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