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Deriving and Ranking the Fiqhi -Economic Challenges of the Central Bank’s Musharakah Sukuk Based on the Expert Views (in Persian)

Author

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  • Meisami, Hossein

    (Iran)

  • mousavian, Abbas

    (Iran)

  • Nadri, Kamran

    (Iran)

Abstract

Having evaluated the operational method used for issuing the Musharakah sukuk of the Iranian central bank, this paper tries to shed lights on the Fiqhi (jurisprudential) and economic (financial) challenges of this instrument. For deriving the initial challenges, a desk research is conducted and for finalizing and ranking of challenges, the Delphi method is used in the society of Islamic banking experts in Iran. The results show that because of different shortcomings of the Iranian central bank Musharakah sukuk, the best choice for Iranian central bank is not to issue this kind of Sukuk for sake of open market operation. Instead, the central bank can enter in the secondary market of the governmental Sukuk and, by buying and selling of the sovereign securities, conduct open market operation. However, if the secondary market of the governmental Sukuk is not deep in the short-run and the central bank is obliged to issue its own securities, yet again, the Musharakah Sukuk is not the best choice and it is possible to issue other kinds of Sukuk like Ijarah Sukuk. The characteristics of Ijarah Sukuk are more suitable for open market operation.

Suggested Citation

  • Meisami, Hossein & mousavian, Abbas & Nadri, Kamran, 2015. "Deriving and Ranking the Fiqhi -Economic Challenges of the Central Bank’s Musharakah Sukuk Based on the Expert Views (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. 8(24), pages 191-222, July.
    • Handle: RePEc:mbr:jmbres:v:8:y:2015:i:24:p:191-222
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    More about this item

    JEL classification:

    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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