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

Author

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  • Sadr, Sayyed Kazem

    (Iran)

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

Suggested Citation

  • Sadr, Sayyed Kazem, 2013. "The Role of Islamic Legal Institutions in Transformation of Financial Markets (in Persian)," Journal of Monetary and Banking Research (فصلنامه پژوهش‌های پولی-بانکی), Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 6(16), pages 1-26, September.
    • Handle: RePEc:mbr:jmbres:v:6:y:2013:i:16:p:1-26
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    More about this item

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • K1 - Law and Economics - - Basic Areas of Law
    • K2 - Law and Economics - - Regulation and Business Law
    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior

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