خلاصة:
Considering the fact that in the modern practice of central banking the open market operation is conducted by making use of the government bonds, it is not possible to use it in the Islamic context. Based on this, recently some researchers in Iran and some other countries have tried to come up with new Islamic instruments for open market operation. This paper tries to evaluate the Fiqhi-economic challenges of these suggested instruments. In this paper, these instruments are evaluated in two different groups. The first group is those instruments that are just theoretical curiosity and not applied in any Islamic county. The second group is those that are applied in some countries. The results of the paper show that most of the suggested instruments cannot satisfy either the economic or Fiqhi criteria. In addition, the practice of some Islamic countries in designating and making use of Islamic instruments for open market operation can be criticized. Based on the results, it becomes clear that the issue of coming up with new Islamic instruments for monetary policy is one of the new topics in Islamic banking and needs to be evaluated in future research
ملخص الجهاز:
Jurisprudential - Economic Pathology of Proposed Tools for Open Market Operations in Iran and Other Countries 1 Hossein Meisami Date of Receipt: 95/5/2 Date of Acceptance: 95/11/2 Abstract Given that open market operations in modern central banking in other countries are conducted through the purchase and sale of bonds, it is not possible to use them within an Islamic framework.
ir Introduction By definition, open market operations refer to an activity in which the central bank, through the purchase and sale of a specific group of securities, attempts to implement its policy objectives in the money market (interbank market).
The design of Islamic tools for open market operations (which, according to the literature of monetary economics, is the most important and effective tool at the disposal of central banks for implementing monetary policy) is among the topics that have not been extensively discussed.
B. Critique The instrument of the central bank's gold lease sukuk is fully endorsed from an economic perspective and provides the characteristics of a suitable instrument for open market operations (such as: fixed rate and minimum risk) well.
Therefore, participation securities in the benefit of the Central Bank, which have been designed to solve the Sharia problem of conventional open market operations, are not of the type of partnership in property between two or more persons for the purpose of attaining profit; rather, it is making an individual a partner in the property (assets or benefits) of another, which cannot be approved from a jurisprudential perspective.
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