Islamic Central Banking

Anand Chandavarkar

Chapter 9 in Central Banking in Developing Countries, 1996, pp 148-157 from Palgrave Macmillan

Abstract: Abstract Aristotle’s ancient castigation of usury has assumed practical shape in contemporary times with the introduction of interest- free Islamic finance wholly or in part in several Muslim countries, notably in Iran, Pakistan, Saudi Arabia, and Malaysia. The distinguishing feature of Islamic finance, in contrast to conventional banking and finance, is the absolute prohibition against the payment and receipt of all forms of interest (the Arabic term for which is riba) without any distinction being made between real and nominal rates of interest (Khan and Mirakhor, 1992, p. 531). However, the literature

Keywords: Monetary Policy; Central Bank; Banking System; Commercial Bank; Islamic Banking (search for similar items in EconPapers)
Date: 1996
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DOI: 10.1057/9780230371507_9

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