Purpose

This paper aims to achieve two goals: first, to evaluate the existing interest-free monetary policy tools in the major Islamic financial hubs of Malaysia, Pakistan and Bahrain and; second, to suggest how monetary policy tools in Turkey can be used in other countries.

Design/methodology/approach

This study follows a qualitative research method based on literature review, comparison, evaluation and design.

Findings

The policy rate cannot be used due to Shariah concerns. The reserve requirement depends on qard, and the reserves should be kept separately in the central bank. In terms of ijarah sukuk, Shariah concerns should be taken into account and a new structure, as displayed in Figure 3, should be followed. Government investment certificates can be used as an interest-free monetary policy tool. A genuine mudarabah interbank investments can also be used. Wadiah acceptance with no habitual gift can be used as well, and Tawarruq and central bank notes are not preferable due to Shariah concerns as well. Having said that, a Turkey-based tawarruq platform can be structured for others to use instead of applying to London.

Originality/value

This paper’s unique suggestion is to develop an interbank taqaruz market and a taqaruz method with the central bank. It is also unique for Turkey in the subject.

中文翻译：

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评估当前无息货币政策工具并提出新的货币政策工具：以马来西亚、巴基斯坦和巴林为例的土耳其案例

目的

本文旨在实现两个目标：第一，评估马来西亚、巴基斯坦和巴林等主要伊斯兰金融中心现有的无息货币政策工具；第二，评估马来西亚、巴基斯坦和巴林等主要伊斯兰金融中心现有的无息货币政策工具。其次，建议如何在其他国家使用土耳其的货币政策工具。

设计/方法论/途径

本研究遵循基于文献回顾、比较、评价和设计的定性研究方法。

发现

由于伊斯兰教法的考虑，不能使用政策利率。准备金要求取决于qard，准备金应单独存放在中央银行。就 ijarah sukuk 而言，应考虑伊斯兰教法问题，并应遵循如图 3 所示的新结构。政府投资证书可以作为无息货币政策工具。也可以使用真正的 mudarabah 银行间投资。没有习惯性礼物的 Wadiah 承兑也可以使用，而出于伊斯兰教法的考虑，Tawarruq 和中央银行纸币也不可取。话虽如此，可以构建一个位于土耳其的 tawarruq 平台供其他人使用，而无需申请伦敦。

原创性/价值

本文的独特建议是与央行一起开发银行间taqaruz市场和taqaruz方法。这对于土耳其来说也是独一无二的。