Islamic Monetary Economics and Institutions Theory and Practice
This edited volume explores theoretical and empirical issues related to monetary economics and policy in the Islamic financial system. Derived from the Conference on Islamic Monetary Economics and Institutions: Theory and Practice 2017 held in Malé, Maldi
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Islamic Monetary Economics and Institutions Theory and Practice
Islamic Monetary Economics and Institutions
Muhamed Zulkhibri • Turkhan Ali Abdul Manap Aishath Muneeza Editors
Islamic Monetary Economics and Institutions Theory and Practice
Editors Muhamed Zulkhibri Islamic Development Bank Islamic Research and Training Institute Jeddah, Saudi Arabia
Turkhan Ali Abdul Manap Islamic Development Bank Islamic Research and Training Institute Jeddah, Saudi Arabia
Aishath Muneeza Maldives Centre for Islamic Finance Haveeree Hingu, Maldives
ISBN 978-3-030-24004-2 ISBN 978-3-030-24005-9 (eBook) https://doi.org/10.1007/978-3-030-24005-9 © Islamic Research and Training Institute 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Foreword
In conventional monetary economics, monetary policy is often associated with the main function of the central bank. The central bank controls supply of money and monitors inflations through changes in interest rates, i.e., policy rates using monetary policy instruments such as open market operations, reserve requirement, and others. On the other hand, from an Islamic economics perspective, the monetary policy should be based on the real sectors (productive sector of the economy) with a minimum role of money and money market to perform economic exchanges and generate economic activities. Thus, the central bank in the Islamic monetary system should have determined the policy rate based on actual market transactions. However, contemporary Islamic monetary system, if there are any, is heavily influenced by conventional economic thoughts. This phenomenon has motivated Islamic economists to develop a comprehensive theoretical framework of Islamic monetary e
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