The Role of Islamic Legal Institutions in Transformation of Financial Markets (in Persian)

Sayyed Kazem Sadr ()
Additional contact information
Sayyed Kazem Sadr: Iran

Journal of Monetary and Banking Research (فصلنامه پژوهش‌های پولی-بانکی), 2013, vol. 6, issue 16, 1-26

Abstract: This article aims to demonstrate the impact of legal institutions and Islamic principles on structure and performance of financial markets. The main impacts include the ban on asset creation based on debt and its prescription according to real value. As a result, money market is omitted from the structure of financial markets and usury including bonds and their derivatives are made forbidden. On the contrary, asset market and capital expand and financial institutions such as banks, stock market, and central bank manage the financial policies instead of creating money and implementing monetary policies. JEL Classification Codes: K1, K2, K4, G1

JEL-codes: G1 K1 K2 K4 (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

Downloads: (external link)
http://jmbr.mbri.ac.ir/article-1-69-en.pdf (application/pdf)
http://jmbr.mbri.ac.ir/article-1-69-en.html (text/html)
http://jmbr.mbri.ac.ir/article-1-69-fa.html (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mbr:jmbres:v:6:y:2013:i:16:p:1-26

Access Statistics for this article

More articles in Journal of Monetary and Banking Research (فصلنامه پژوهش‌های پولی-بانکی) from Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran Contact information at EDIRC.
Bibliographic data for series maintained by M. E. ().