1
Faculty, Hawzeh and University Research Institute
2
M. A. Student, Economics, Mofid University
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.
Arabi, S. H., & Ma’arefi, M. (2010). Assessment of Transition Problems to the Indirect Monetary Policy Instrument in Islamic Countries. Journal of Economic Essays; an Islamic Approach, 7(13), 73-101.
MLA
Seyed Hadi Arabi; Mohsen Ma’arefi. "Assessment of Transition Problems to the Indirect Monetary Policy Instrument in Islamic Countries". Journal of Economic Essays; an Islamic Approach, 7, 13, 2010, 73-101.
HARVARD
Arabi, S. H., Ma’arefi, M. (2010). 'Assessment of Transition Problems to the Indirect Monetary Policy Instrument in Islamic Countries', Journal of Economic Essays; an Islamic Approach, 7(13), pp. 73-101.
VANCOUVER
Arabi, S. H., Ma’arefi, M. Assessment of Transition Problems to the Indirect Monetary Policy Instrument in Islamic Countries. Journal of Economic Essays; an Islamic Approach, 2010; 7(13): 73-101.
)