چکیده:
In this paper, an attempt is made to first review the current literature on modus operandi of open market policies in modern Central Banking system and then investigate them comparatively in context to Islamic banking criteria in toto. Besides, we tried to evaluate the efficiency of different kinds of Sukuk as substitutes for orthodox apparatus of monetary policy, ipso facto. The methodology which is utilized in this research, is based on the analytical-descriptive approach de jure. However, the main findings indicate prima facie that, although using the conventional tools of open market operations are prohibited for the Central Bank of Islamic Republic of Iran (CBI), due to observing the Usury Free Banking Law, but it is quiet feasible to employ various sorts of Sukuk as substitutes for government bonds, quid pro qua. In this context, the first and foremost choice is that the government will issue the Sukuk in primary market for financing its requirements and the Central Bank could be engaged in secondary market of securities for conducting its monetary policy de facto. Similarly, some other genre of Sukuk which can be used in these markets are as follows: Islamic Treasury Sukuk, Government Murabaha Sukuk, Government Ijarah Sukuk, which includes Hire-purchase Sukuk and Government Istisna Sukuk. Though, it is worth to note that in the short run, due to non deepening of market in Iran, there is no any scope to utilize the government Sukuk for open market operations, so, we can submit that, for the transitory period, CBI, could issue the Islamic Treasury Sukuk (Bai Al Dain) and Ijarah Sukuk to be substitute or act as complementary for its participation papers. Thus, we conclude that, using the varieties of Sukuk in the mid-term, could lead to development of money and short-term debts market in consonance with Sharia laws in Iran, sui generis.
خلاصه ماشینی:
Designing various types of government and central bank Sukuk for open market operations: A new framework for developing the money market in the country Dr. Hossein Meisami , Dr. Kamran Nadri Abstract In this research, 1 an attempt is made to correctly identify the subject of open market operations in modern central banking, examine these operations from the perspective of Islamic banking, and design various types of Islamic securities (Sukuk) as alternative instruments to conventional securities.
The findings of this research, obtained through an analytical-descriptive method, show that although the use of conventional open market operation tools by the country's central bank is not possible due to the existence of Riba, various types of Islamic securities (Sukuk) can be designed as alternatives to bonds by utilizing the capacity of exchange contracts.
Given that in the short term it is not possible to form a structured market regarding government Sukuk (a high-quality debt market) in the country's monetary system, it is suggested that the central bank temporarily issues debt sale and Ijarah Sukuk for open market operations.
6. Conclusion and Presentation of Policy Proposals The main issue of this research was the jurisprudential-economic feasibility of designing Islamic securities (Sukuk) to conduct open market operations in the country's banking system.
Given that the possibility of forming a structured market for government Sukuk in the country's financial system is not available in the short term, it is suggested that the Central Bank temporarily proceeds with the issuance of debt sale and Ijarah Sukuk for open market operations.
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