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Short-term Sharīʿah-compliant Islamic liquidity management instruments to sustain Islamic banking

Short-term Sharīʿah-compliant Islamic liquidity management instruments to sustain Islamic banking PurposeThe purpose of this paper is to describe the structure of the Islamic treasury bills issued by the Central Bank of Maldives, Maldives Monetary Authority (MMA) for the benefit of those jurisdictions that aspire to introduce short term Islamic liquidity management instruments.Design/methodology/approachThis is exploratory research where the experience of the author in structuring the Islamic liquidity management instruments discussed in the paper.FindingsIt is evident from the discussions of this paper that innovation is the key to structure Sharīʿah-compliant short term liquidity management instruments. The example of Maldives has proved that there is a need to amend the laws of the country to facilitate Central banks to deal with Sharīʿah-compliant instruments.Originality/valueIt is hoped that this research has shed light on the importance of having the proper Sharīʿah-compliant liquidity management instruments for sustainable development of Islamic banking and how jurisdictions have practically made this possible. The Islamic money market has developed gradually and there is a need to innovate novel and competitive instruments and further research is required to be conducted on this. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Islamic Accounting and Business Research Emerald Publishing

Short-term Sharīʿah-compliant Islamic liquidity management instruments to sustain Islamic banking

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References (1)

Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1759-0817
DOI
10.1108/JIABR-04-2018-0055
Publisher site
See Article on Publisher Site

Abstract

PurposeThe purpose of this paper is to describe the structure of the Islamic treasury bills issued by the Central Bank of Maldives, Maldives Monetary Authority (MMA) for the benefit of those jurisdictions that aspire to introduce short term Islamic liquidity management instruments.Design/methodology/approachThis is exploratory research where the experience of the author in structuring the Islamic liquidity management instruments discussed in the paper.FindingsIt is evident from the discussions of this paper that innovation is the key to structure Sharīʿah-compliant short term liquidity management instruments. The example of Maldives has proved that there is a need to amend the laws of the country to facilitate Central banks to deal with Sharīʿah-compliant instruments.Originality/valueIt is hoped that this research has shed light on the importance of having the proper Sharīʿah-compliant liquidity management instruments for sustainable development of Islamic banking and how jurisdictions have practically made this possible. The Islamic money market has developed gradually and there is a need to innovate novel and competitive instruments and further research is required to be conducted on this.

Journal

Journal of Islamic Accounting and Business ResearchEmerald Publishing

Published: Jan 2, 2020

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