Evaluation of Jurisprudential Possibility of Creating an Inter-Bank Market in Islamic Banking
Message:
Abstract:
Today all banks have long term development and growth targets, in order to achieve which, they chalk out plans. However, in the short run they face various risks, in particular liquidity risk, which if not managed properly, damage the performance and credibility of the bank. Interbank markets have a determining role in management of liquidity risk of individual banks andsafety of banking system.Creation of an interbank market depends upon the existence of financial instruments and most of the interbank market instruments are made up of interestbased loans. Therefore, there are doubts with regards to development of an efficient interbank market in Islamic Banking system. While on the other hand, development of the banking system, establishment of private banks and privatization of some of the governmental banks, has necessitated the problem of management of liquidity and designing an interbank market for Iran’s banking system. Along with a jurisprudential analysis of interbank instruments in traditional banking and experience of some of the leading Islamic banks and banks of the Interest-free banking in Iran, and suggesting new instruments to be used in interbank transactions, this article strives to introduce a rather comprehensive market for Islamic banking system. The results achieved show that Islamic Interbank market, in addition to strengthening mutual investment instruments, which are currently in limited use, can use other more efficient instruments to organize the market, instruments such as: discounting of interbank loans
Language:
Persian
Published:
Islamic Economy, Volume:10 Issue: 38, 2010
Page:
89
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