An attempt to develop sharīah compliant liquidity management instruments for the financier of last resort : with reference to Qatar development plan
Joint Authors
Qahf, Mundhir
Hammadi, Shirin R.
Source
Issue
Vol. 22, Issue 1 (31 May. 2014), pp.109-138, 30 p.
Publisher
Islamic Development Bank (IDB) Islamic Research and Training Institute (IRTI)
Publication Date
2014-05-31
Country of Publication
Saudi Arabia
No. of Pages
30
Main Subjects
Financial and Accounting Sciences
Topics
- Banks
- Islamic jurisprudence
- Islam
- Management
- Financing
- Qatar
- Sudan
- Bahrain
- Malaysia
- Religious aspects
- Central banks
- Banking
- Islamic Banks
- Bank liquidity
- Open market operations
- Central Bank
Abstract EN
In 2011, Islamic banking reached around 24 % of the banking sector in Qatar, yet Qatar Central Bank (QCB) has not developed a Sharīah compliant financier of last resort.
This paper investigates to which extent the available liquidity management instruments for Islamic banks are Sharīah compliant.
Each instrument is analyzed in the context of Sharīah standards.
Findings of this analysis suggest that the available instruments some Sharīah issues, such as ribā, tawarruq, and ijārah īnah.
We propose three alternative Sharīah compliant liquidity management instruments for the financier of last resort, as well as the interbank market.
The first instrument is short-term muḍārabah deposits.
The second, is to sell Islamic banks’ leased assets to the central bank.
Whereas, the third is open market operations utilizing tradable ṣukūk.
American Psychological Association (APA)
Qahf, Mundhir& Hammadi, Shirin R.. 2014. An attempt to develop sharīah compliant liquidity management instruments for the financier of last resort : with reference to Qatar development plan. Islamic Economic Studies،Vol. 22, no. 1, pp.109-138.
https://search.emarefa.net/detail/BIM-540264
Modern Language Association (MLA)
Qahf, Mundhir& Hammadi, Shirin R.. An attempt to develop sharīah compliant liquidity management instruments for the financier of last resort : with reference to Qatar development plan. Islamic Economic Studies Vol. 22, no. 1 (May. 2014), pp.109-138.
https://search.emarefa.net/detail/BIM-540264
American Medical Association (AMA)
Qahf, Mundhir& Hammadi, Shirin R.. An attempt to develop sharīah compliant liquidity management instruments for the financier of last resort : with reference to Qatar development plan. Islamic Economic Studies. 2014. Vol. 22, no. 1, pp.109-138.
https://search.emarefa.net/detail/BIM-540264
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 136-138
Record ID
BIM-540264