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Central Banking and Monetary Management in Islamic Financial Environment

2017
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Release : 2017
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Book Synopsis Central Banking and Monetary Management in Islamic Financial Environment by : Muhammad Nadeem Hanif

Download or read book Central Banking and Monetary Management in Islamic Financial Environment written by Muhammad Nadeem Hanif. This book was released on 2017. Available in PDF, EPUB and Kindle. Book excerpt: Continuous growth in Islamic finance calls for an in-depth study of the framework in which the monetary policy maker (i.e., the central bank) performs its functions. Central banks in Muslim countries are using various instruments for monetary policy purpose including interest rate. As a result, Islamic Financial Institutions (IFIs) are facing issues in benchmarking the price of financial instruments. Acceptable solution to benchmarking lies in the presence of a real economic activity in the base of any proposal and its feasibility for business performance when put against conventional banking. This paper presents empirical evidence of statistical equivalence of nominal GDP growth rate and official interest rate for 'advanced,' 'all,' and some Muslim countries. We propose nominal GDP growth rate as benchmark for pricing domestic financial transactions of IFIs as well as for pricing external bilateral/multilateral loans. The paper also suggests nominal income targeting as monetary policy regime and provides a liquidity management mechanism for banking system in Islamic financial environment.

Central Banking and Monetary Policy in Muslim-Majority Countries

2015-08-28 Business & Economics
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Release : 2015-08-28
Genre : Business & Economics
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Book Rating : 839/5 ( reviews)

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Book Synopsis Central Banking and Monetary Policy in Muslim-Majority Countries by : Akhand Akhtar Hossain

Download or read book Central Banking and Monetary Policy in Muslim-Majority Countries written by Akhand Akhtar Hossain. This book was released on 2015-08-28. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of Islamic banking and finance across the globe strengthens the argument for low and stable inflation and rule-based monetary policy for sustained economic growth. Although Islamic banking and finance may have created some complexities

Monetary Policy in the Presence of Islamic Banking

2016-03-21 Business & Economics
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Release : 2016-03-21
Genre : Business & Economics
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Book Rating : 243/5 ( reviews)

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Book Synopsis Monetary Policy in the Presence of Islamic Banking by : Mariam El Hamiani Khatat

Download or read book Monetary Policy in the Presence of Islamic Banking written by Mariam El Hamiani Khatat. This book was released on 2016-03-21. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key issues related to the conduct of monetary policy in countries that have Islamic banks. It describes the macrofinancial background and monetary policy frameworks where Islamic banks typically operate, and discusses the monetary transmission mechanism in economies where Islamic and conventional banking coexist. Most economies with Islamic banks also have conventional banks and this calls for a comprehensive approach to monetary policy. At the same time, a dual approach to monetary policy should be considered whenever the Islamic segment of the financial system is not as developed as the conventional one. The paper tries to shed light on potential spillovers between conventional and Islamic financial systems, and proposes specific recommendations on the design of Islamic monetary policy operations and for facilitating monetary transmission through the Islamic financial system.

Monetary Operations and Government Debt Management Under Islamic Banking

1998-09-01 Business & Economics
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Release : 1998-09-01
Genre : Business & Economics
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Book Rating : 415/5 ( reviews)

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Book Synopsis Monetary Operations and Government Debt Management Under Islamic Banking by : International Monetary Fund

Download or read book Monetary Operations and Government Debt Management Under Islamic Banking written by International Monetary Fund. This book was released on 1998-09-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper outlines the recent progress in developing Islamic financial instruments for the management of monetary policy and public borrowing requirements and provides details on new instruments currently being developed in the Islamic Republic of Iran and Sudan. The paper also touches on the institutional arrangements for interbank market operations and the design of effective central bank credit facilities that are needed under Islamic banking to support the development and operation of these new instruments.

Macroprudential Regulation and Policy for the Islamic Financial Industry

2016-05-25 Business & Economics
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Release : 2016-05-25
Genre : Business & Economics
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Book Rating : 453/5 ( reviews)

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Book Synopsis Macroprudential Regulation and Policy for the Islamic Financial Industry by : Muhamed Zulkhibri

Download or read book Macroprudential Regulation and Policy for the Islamic Financial Industry written by Muhamed Zulkhibri. This book was released on 2016-05-25. Available in PDF, EPUB and Kindle. Book excerpt: This volume aims to discuss the current research, theory, methodology and applications of macropreudential regulation and policy for the Islamic financial industry. Published in cooperation with the Islamic Research and Training Institute (IRTI), this book features contributions from a workshop presented in collaboration with the University College of Bahrain (UCB) in Manama, Bahrain, aimed to bring together experts in Islamic banking and regulation and financial economics. This resulting book sheds light on how macroprudential policy may be implemented in the Islamic financial system, and indicates current challenges and their effects on economic growth, financial stability and monetary regulation. Macroprudential policy is increasingly seen as a way of dealing with the different dimensions of systemic risk. But many central banks, bank supervisors and regulators have limited experience with macroprudential tools, particularly in the Islamic financial industry. Given the complementarities between monetary policy and financial stability, it appears that central banks would always play an important role in macroprudential policy. But how should macroprudential policy best interact with monetary policy? It is becoming more pressing for the central banks to conduct monetary policy in which its conventional banking system operates side by side with Islamic banking system. This question has received increasing attention in the research literature but there is much we still need to learn. This is why new insights from research on macroprudential policy – which has gained important impetus in recent years – are so valuable. Featuring contributions on topics such as macroprudential regulation, policy, tools and instruments; governance, systematic risk, monetary policy, and bank leverage, the editors provide a collection of comprehensive research covering the most important issues on macroprudential policy and regulation for the Islamic financial industry. This volume is expected to be a significant contribution to the literature in the field of Islamic finance and evaluation of public policies to promote the development for Islamic financial industry. It is also served as a key text for students, academics, researchers, policy-makers in the field of Islamic finance.

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