إشراك المصارف الإسلامية في معاملات السوق المفتوحة للبنوك المركزية

Abstract EN

A variety of existing and proposed alternative government papers are acceptable to some Islamic Banks and not to others, dut to differences of oinion among Islamic jurists on the admissibility of various contracts.

This overview contracts.

This overview article discusses: (i) the relevant aspects of Islamic law which govern the sale and resale of government papers; (ii) various government papers that are accepted in practice by some Islamic banks in Islamic countries, and their effectiveness in carrying out open market operations (OMOs).

The policy presecription arising from the paper is the need for Central Banks to engage in reverese financial engineering, i.e to issue government papers which target banks would accept.