The Monetary Policy and Function of the Central Bank from an Islamic Financial Perspective
This research aimed at concentrating on the functional roles that the central bank use in dealing with Islamic bank, and to reveal the shortcomings stemming from the censorship role imposed on the Islamic bank in the context of a comprehensive monetary policy. Then, the research focused on the roots of relationship between central bank and the Islamic bank, and the functions of the central bank. Furthermore, the research focused on some related aspects such as: the function of minimum legal reserves and its relation with Al-Zakat and the worthies of profit. Besides some functions like: the function of the central bank as a last resort lender, the policy of discount rate, the open market Operations, and evaluating these functions in the light of Islamic bank mechanisms. The results showed that it is necessary to adapt the central bank to some monetary tools in order to harmonize it with the provisions of Al SHAREIA such as: replacement the surplus of RIBA with accepted forms for the Islamic bank such as participation and venture, Besides, the contribution of Islamic bank in resolving some problems on the base of massive Islamic banking work process, i.e. through international banking channels, in order to decrease its dependence on the central bank inside one country as it is possible.
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