IMPLEMENTING MONETARY POLICY WITH APPLICATION OF SUKUK: CHALLENGES AND POLICY DIRECTIONS

IF 0.5 Q3 AREA STUDIES Journal of Nusantara Studies (JONUS) Pub Date : 2023-06-30 DOI:10.24200/jonus.vol8iss2pp27-43

Md. Aminul Islam, Md. Golzare Nabi, Rafiun Nabi, Md. Sharif Hassan

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Abstract

Each market economy uses monetary policy to attain certain macroeconomic goals of price stability, higher growth and employment. A market economy having an interest-based conventional banking system applies mainly interest-based tools to attain the objectives of monetary policy. In contrast, a market economy with interest-based and interest-free banking needs to apply Shariah-compliant monetary instruments vis-à-vis conventional tools for attaining the goals of the monetary policy. As there is a paucity of quality research on Sukuk-based monetary policy, the current paper will explore Shariah compliant monetary instrument ‘Sukuk’ for use as a monetary tool in dual banking, examining experiences of Shariah-based monetary operations in different countries. The paper will also examine the challenges of monetary policy operating in the dual banking system of Bangladesh with policy options for addressing the challenges. Keywords: Dual banking system, monetary policy, Shariah based monetary operations, Sukuk, Qard-al-Hasan. Cite as: Md. Aminul, I., Md. Golzare, N., Rafiun, N., & Md. Sharif, H. (2023). Implementing monetary policy with application of Sukuk: challenges and policy directions. Journal of Nusantara Studies, 8(2), 27-43. http://dx.doi.org/10.24200/jonus.vol8iss2pp27-43

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运用伊斯兰债券实施货币政策:挑战与政策方向

每个市场经济体都使用货币政策来实现一定的宏观经济目标，如价格稳定、经济增长和就业。以利率为基础的市场经济的传统银行体系主要采用以利率为基础的工具来实现货币政策的目标。相比之下，以利息为基础和无息银行业务的市场经济需要将符合伊斯兰教法的货币工具应用于-à-vis实现货币政策目标的传统工具。由于缺乏基于伊斯兰教的货币政策的高质量研究，本论文将探讨符合伊斯兰教的货币工具“伊斯兰债券”作为双重银行的货币工具，研究不同国家基于伊斯兰教的货币操作的经验。本文还将研究孟加拉国双重银行体系中货币政策运作的挑战，以及应对这些挑战的政策选择。关键词:双重银行体系，货币政策，基于伊斯兰教法的货币操作，伊斯兰债券，Qard-al-Hasan引用为:Md. Aminul, I.， Md. Golzare, N.， Rafiun, N.， and Md. Sharif, H.(2023)。运用伊斯兰债券实施货币政策:挑战与政策方向。自然科学学报，8(2)，27-43。http://dx.doi.org/10.24200/jonus.vol8iss2pp27-43

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Journal of Nusantara Studies (JONUS) AREA STUDIES-

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