خلاصة:
Money market is one of the most important financial markets in conventional banking system that has different functions like price discovery of short term funds. Accepting or refusing this market in an Islamic framework، can have important effects on theory and practice of Islamic banking that cannot be ignored. Having reviewed the subject of money market in the conventional financial system، this paper tries to evaluate the possibility of creating an Islamic money market through short term financial instruments. The results which are based on an analytical-descriptive approach، show that: firstly، the Islamic money market is theoretically plausible. In fact، it is quite possible to make Islamic money market by making use of Islamic short-term instruments. In addition to theory، the Islamic money market is practiced in some Islamic countries like Malaysia and Iran. Secondly، in the Islamic Fiqh، different kinds of Islamic contracts with fixed and predetermined return rate are available (like Murabaha). It is possible to use these contracts in the Islamic money market. Finally، unlike the conventional money market where all the contracts are done based on buying and selling of bonds، all the Islamic money market contracts are based on Sukuk; which is related to the real sector of the economy. In addition، unlike the conventional money market، all the instruments and Sukuk used in the Islamic money market have different kinds of risk over and above the credit risk. These two are the most important differences of Islamic and conventional money market.
ملخص الجهاز:
The research findings show that based on Islamic jurisprudence, many contracts - such as Murabaha, Bay al-Dayn, Salaf, and Ijarah - have the capacity to be used in the short term with a predetermined profit rate, which means the capacity of these contracts can be used to design the necessary tools for the development of the Islamic money market; furthermore, unlike the conventional money market where all transactions are conducted based on the buying and selling of bonds, all transactions in the Islamic money market are conducted based on the trading of securities related to the real sector of the economy; therefore, all tools and securities used in the Islamic money market, in addition to credit risk, face other types of risks; this is while the tools and securities of the conventional money market only face credit risk.
C) The legitimacy of transactions with rational motives in Islamic jurisprudence The third important point in assessing the possibility of forming an Islamic money market is that within the framework of Islamic jurisprudence, various types of transactions with different rational motives are accepted and have legitimacy; regarding this, a study of the reliable sources of Imami jurisprudence shows that although the subject of transaction motives has not been addressed as an independent topic; however, jurists have discussed this subject within certain jurisprudential chapters and by occasion; one of these occasions is the discussion of "elements constituting the property value of things," which is usually discussed in the discussion of "Prohibited Earnings" and specifically in the subject of "buying and selling prohibited goods"; jurists believe that: although the buying and selling of certain specific goods - such as alcoholic beverages, drugs, blood and other impurities, pork - is forbidden and void; however, if rational purposes can be imagined regarding these same goods, then transactions with those new purposes will enjoy legitimacy; in fact, if the buying and selling of impurities and prohibited goods takes place with a rational and permissible purpose, their exchange has legitimacy, and naturally, this category of goods can also have a market (Musawi Khomeini, 1416 AH, Vol. 1, p.
(
, 
, 
)
