نشریه مطالعاتی در مدیریت بانکی و بانکداری اسلامی
پیاپی 1 (تابستان 1394)

Islamic banks and financial institutions are faced with many constraints especially in relation to inter-banking transactions with other banks as well as conventional banks. Attaining the money-market instruments which are in accordance with Shari’ah (the religious law) are both limited and diverse in different Islamic countries. Meanwhile, the central bank's short-term financing instruments are often not compatible with the principles and rules of Shari’ah. Hence, with respect to the Islamic banks and financial institutions, the liquidity management by the central bank is still in its infancy and there are still some concerns over the idea whether the money in an Islamic perspective can fulfill its main duty, that is the coordination between the monetary section and the real section through controlling the money supply. Given the importance of this issue, steps have been taken in recent years to expand monetary policy tools in Islamic countries. Emphasizing the experience of countries such as Malaysia, Sudan, Indonesia, and Bahrain, this paper presents and reviews the structure and properties of the tools used by Islamic banks and financial institutions as well as by other banks in order to manage liquidity on the interbank market. Further, the central bank's tools for open market operations and government financial fulfillment in the interbank market are analyzed and finally the tools of the central banks and governments to grant credit facilities as the final lender are discussed.

Today banks use different methods to grant facilities to their customers.  For instance, there has been a significant growth in using civil partnership contracts, among other contracts, in recent years for various reasons. Participation is one of the methods of financing economic activity approved by the Islamic banking, which according to its legal basis, involves the merger of capitals of partners, and all partners have the right to interfere and monitor its economic activity and management. Among the basic concepts of partnership contract is division of the benefits and losses at the end of the business or contract, depending on the amount of capital investment by each of them. However, the question arises whether in the bank's contracts with its customers, the stipulation of conditions of the contract by the bank, may lead to abusing of the superioriority and exploitation of customers so as to impose on them conditions contrary to the principles of Islamic banking.  In this research, an attempt is made to answer these questions, and  deal with all of the conditions of the contracts for civic partnership in banks, comparing them with those of the European Union. The results suggest that in regards with dividing the benefits and loss, the obligation of contract in its license for the Bank, requiring the customer to buy partnership shares, are imposing conditions mentioned in the contract. However,  the European Union does not prescribe any such conditions against the customers.

Risk is an inseparable part of financial transactions. During the course of time, a wide range of simple and complicated instruments like derivations for covering and management have been created. In sum, derivations are financial possessions or instruments whose value is derived from the fundamental assets, and are used in global financial markets for a variety of goals like hedging, and arbitrage. In the recent decade, due to their importance and complexity, financial derivations have won the attention of financial researchers. Despite of their special role, importance, and leadership in current economy and banking industry, current financial derivations are not in accordance with Islamic rules perfectly. However, for the sake of accountability to the developing and modern needs of the market, some of the Islamic countries and financial institutions have made attempts to develop the internal logic of Islamic law, and make use of the dynamic Islamic jurisprudence and financial engineers' assistance to provide opportunities for designing and introducing instruments and Islamic products for hedging. This article deals with philosophy and practical experiences of the instruments and new products of Islamic banking in Islamic financial derivations. Although the majority of schools of thought and Islamic jurists do not agree over the use of all these recent Islamic derived instruments and even in some cases there are serious disagreement and explicit oppositions. Nontheless, discussing and awareness of other countries' and Islamic institutes' experiences in the creation of new Islamic derived instruments and products can be beneficial to the process of contemplation and obtaining of the best possible experience.

Currently, Islamic banking is a well-developed and well-formed industry, and there are different experiences of its application across the world. In this article, we made an attempt to draw a comparison between Islamic banking system and its process in Iran with some other Islamic countries like Turkey, Saudi Arabia, Pakistan, Bahrain, Indonesia, and Malaysia. The research method is descriptive-analytical; key performance indexes during 2003-2008 were extracted from IBI (Islamic Banking Intelligence) system, for the aforementioned comparison. In addition to affirming the variety of performances of Islamic banking in these countries, the results clearly indicate the efficiency and correspondence of the procedure of the application of different indexes of Islamic banking like different contracts with Islamic Sharia in these countries.

Significant developments in Islamic banking over the last decades have attracted many financial researchers. Saudi Arabia has the highest amount of assets based on Islamic laws after Iran. Examining Islamic banking in Saudi Arabia in the present study indicates that in despite of the fact that there are no specific laws and frameworks for Islamic banking in that country and the initial resistance of Saudi Arabian Monetary Agency (SAMA) against developing of Islamic banking system, people’s need for this type of banking as well as banks’ innovations in providing services based on the Islamic Sharia in using some contracts like Morabaha, have lead to an increase in the share of this type of banking up to half of all that of the overall banking system of Saudi Arabia. However, lack of inspection on the part of SAMA and formation of various self-regulated religious coalitions in Islamic institutes have led to some controversies about the accordance of the products and services with the Islamic Sharia, thereby posing obstacles for development of Saudi Islamic banks especially outside the country. Yet, the existence of the two systems of banking, i.e. Islamic and conventional, and the competition between them especially in providing services based on the Sharia for covering its increasing demands, have made promising perspectives for Islamic banking system in that country.

Having great potentials in the field of Islamic banking and Islamic financial markets, Malaysia is one of the prominent centers, and over the past years Malay banks have been able to play an important role in attracting Muslims and even non-Muslims’ liquidity utilizing new methods of Islamic banking. Iran, as a country which has operationalized the non-interest banking system in 1984, also enjoys a set of comprehensive laws in this respect. However, the country has not yet been able to succeed much in Islamic banking unlike Malaysia in spite of its potentials and infrastructures. Therefore, the present paper attempts to fully examine methods of allocation and mobilization of resources in Malay Islamic banking system so as to identify the gaps in the way contracts are executed in Iran’s banking system. The  paper first explicates the Malay Islamic banking system and then examines methods of allocation and mobilization of resources with respect to different types of contracts which can be used in combination with other type to guarantee abiding by Islamic jurisprudence. All the information in this research are based on literature reviews of documents produced by the Malaysia’s Central Bank.

This paper examines the transference of real, financial, and nominal shocks to the balance sheet of one of the Iranian private banks using a Bayesian macro-econometrics model. Bayesian vector autoregressive model with time varying parameters (BVARTVP) consists of GDP growth, exchange rate, inflation rate, and monetary base growth variables. The results show that macroeconomic transactional changes are transferred to financial bank statements including balance sheets and Profit and Loss Statement, according to the transfer systems. In a bad scenario for one the macroeconomic variables, i.e. exchange rate, the effects of shock from the aforementioned variables on Capital Adequacy Ratio of the bank are examined.