كفاءة أدوات السياسة النقدية في الاقتصاد الإسلامي في السياستين التوسعية والانكماشية

Abstract EN

Monetary policy has an influential role in achieving the goals of the Islamic economy for several reasons, the most important of which is the reliance of monetary policy on the participation system instead of the interest rate.

this system has a significant impact on reducing the fluctuations of the financial markets defined by capitalist economies that depend on the interest rate.

this monetary policy is embodied in tools neutral from the interest rate and others developed to be compatible with the participation system.

for this reason, these tools have greater efficiency when compared to their counterpart in interest-based economies if used promptly and adequately.

through an extensive literature review, the study clarified the extent of the efficiency of the Islamic monetary policy tools.

in the case of a recession, these tools lead to economic stability as they provide the appropriate money supply.

according to a holistic, interconnected system, when signs of inflation appear, they can preserve the financial gains by absorbing the money supply.

this study found that most of the qualitative and indirect monetary policy tools in the traditional monetary policy do not oppose the Islamic participation system, and most conventional quantitative monetary tools oppose the sharia.

additionally, the Islamic participation system is not purely economic-based but has an apparent social dimension; some qualitative monetary tools actively try to direct credit to these classes.