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İslam İktisadı Bağlamında Para Politikası

Year 2019, Volume: 7 Issue: 3, 59 - 74, 01.07.2019

Abstract

Günümüz para politikalarının faiz politikası etrafında yoğunlaşması nedeniyle İslam iktisat anlayışı gibi faizin yasak olduğu bir sistem için para politikası çalışmaları dikkat çekicidir. Geniş kitleler tarafından kabul gören ve alana dair çalışma yapanların üzerinde mutabakata vardığı bir para politikası mevcut değildir. Bununla birlikte alanın uzmanlarının samimiyetle modern ekonomik sistemin ihtiyaçlarına çözüm yolu arayışıyla yaptıkları çalışmalar görülmektedir. Bu çalışma daha çok para politikasına dair İslam iktisatçılarının teorik çalışmalarını, fikirlerini ortaya koyarak durumun analizini yapmaktadır. İslami finans da epeyce yol kat edilmişken para politikasına dair uygulamaların olabilirliği sorgulanmaktadır. Nitekim İslami bankacılık sektörünün faaliyet gösterdiği ülkelerde Merkez bankalarıyla ilişkiler bir anlamda para politikasının uygulanmasına kapı açmaktadır. Hali hazırda İslami finans kurumları ile Merkez bankalarının her ülkenin kendi koşullarına göre uygulamalarıda mevcuttur. Bununla birlikte ekonomi politik içerisinde tüm para politikasının İslam iktisat prensipleri çerçevesinde uygulanması için daha yol kat edilmesi gerektiği açıktır. Uygun finansal ürünlerin geliştirilmesi ve tabana yayılması gerekliliklerin öncülerindendir. Yanı sıra finansal ürünlerde belli bir standardın yakalanarak tek düzeliğin sağlanması gereklidir.

References

  • Ariff, Mohammad. Monetary Policy In An Interest- Free Islamic Economy- Nature And Scope, presentation, International Seminar on the Monetary and Fiscal Economics, Jeddah, Saudi Arabia, October: 7-12,1978. Askari, Hossein, Zamir Iqbal, Abbas Mirakhor: Challenges In Economic And Financial Policy Formulation An Islamic Perspective, Palgrave Macmillan, India, 2014. Awad, Ibrahim. Conducting Monetary Policy Under A Fully- Fledged Islamic Financial System, Journal of Economics, Banking and Finance, Vol.11, No.1 , Jan-March, 2015. Awad, Ibrahim L. , Soliman, M. Alaa. The Stability of The Demand For Money Function In Islamic and Non-Islamic Monetary Policy Regimes, Economic Issues, Vol.21, No.1, 2016, ss.67-85. Ay, Ahmet, Burcu Güvenek, Sinem Yapar Saçık. IMF ve Merkez Bankalarının Borç Veren Son Merci Olarak Ekonomik Krizler Üzerinde Etkinliği, Karamanoğlu Mehmet Bey Üniversitesi KMU İİBF Dergisi, Yıl.11, Sayı.17, ss 113-123, Aralık/2009. Chapra, Muhammad Umer. Monetary Management in An Islamic Economy, Islamic Economic Studies, Vol.4, No.1, ss. 1-35, 1996. Chapra, Muhammad Umer. Towards A Just Monetary System, The Islamic Foundation, London, 1985. Darrat, A. and Kia, A. Modeling Money Demand under the Profit-sharing Banking Scheme: Evidence on policy Invariance and Long-run Stability,2003. Dusuki, Asyraf Wajdi. Commodity Murabahah Programme (CMP): An Innovative Approach to Liquidity Management, Journal of Islamic Economics, Banking and Finance, ss.1-23, 2008. El Hamiani Khatat, Mariam. Monetary Policy in The Presence Of Islamic Banking, IMF Working Paper, 2016. Hanif, Nadim M. , Salman Sheikh. Central Banking And Monetary Management in Islamic Financial Environment, MPRA Paper, No. 23548, June, 2010. Hoggarth, Glenn. Introduction to Monetary Policy, Bank of England Handbooks in Central Banking, England.(1996). Ismail, Rifki. Central Bank Islamic Monetary Instruments: A Theoretical Approach, Studies in Economics And Finance, Vol. 28, No. 1, ss.51-67. Islamic Financial Services Board (IFBS). Technical Note On Issues in Strengthening Lıquidity Management of Instıtutions Offering Islamic Financial Services: The Development of Islamic Money Markets, 2008. Kapız, Serap. Para Politikasının Yürütülmesinde Sinyal Kalitesi ve İletişim, Yayınlanmış Yüksek Lisans Tezi, Muğla Üniversitesi, Sosyal Bilimler Enstitüsü, Muğla, 2010. Khan, Mohsin S. , Abbas Mirakhor. Monetary Management in An Islamic Economy, Journal of King Abdulaziz University Islamic Economy, Vol.6, ss.3-21. Khan, Mohsin S. , Abbas Mirakhor. The Finansal System and Monetary Policy in An Islamic Economy, Journal of King Abdulaziz University Islamic Economy, Vol.1, ss.39-57. Koçyiğit, Dilek. Olağan ve Olağan Dışı Durumlarda Kullanılan Para Politikası Araçları ve Likidite Yönetim Stratejileri, Yayınlanmış Uzmanlık Yeterlilik Tezi, Türkiye Cumhuriyeti Merkez Bankası, Piyasalar Genel Müdürlüğü, Ankara, 2009. Nuradli Ridzwan, Shan Mohd Dali, Abdul Ghaffar Ismail. Malaysia: Islamic Money Market Instruments” ,The Business Review, Cambridge, Vol.6, No.1, ss,193-200, 2006. Parasız, İlker. Para Teorisi ve Politikası, Ezgi Kitapevi, 3. Baskı, İstanbul, 2012. Rais, Abdul, Abdul Majid. Developing A vibrant and Progressive International Islamic Financial Market, presentation, 3rd Developing A Vibrant and Progressive International Islamic Money Market, Kuala Lumpur, Malaysia, November, 2002. Omar, Mohd Azmi, Muhamad Abduh, Raditya Sukmana. Fundamentals of Islamic Money and Capital Markets, Jony Wiley and Sons, India, 2009 Orakçı, Celal Alper.(2009). Para Politikası Stratejisi Olarak Enflasyon Hedeflemesi: Dünya ve Türkiye Uygulaması, Yayınlanmış Yüksek Lisans Tezi, Marmara Üniversitesi, Sosyal Bilimler Enstitüsü, İstanbul. Sari, Norhanim Mat, Abbas Mirakhor. Islamic Monetary Policy in Malaysia A Conceptual Framework, presentation, 2nd Islamic Finance in A Challenging Economy: Moving Forward (ISRA), Malaysia, 27th November, 2012. Sari, Norhanim Mat, Azura Othman, Syed Othman Alhabshi, Abbas Mirakhor.(2015). Islamic Financial Reform and Macroeconomic Policies: A Case of Malaysia, presentation, 10th International Conference on Islamic Economics and Finance (ICIEF), Doha, Katar, March:23-25. Siddiqi, Muhammed Nejatullah. Impact of Islamic Modes of Finance On Monetary Expansion, Journal of King Abdulaziz University Islamic Economy, Vol.4, ss. 37-46,1992. Shaikh, Salman. Monetary Policy and Monetary Regime in An Interest Free Economy: An Alternate Approach in Monetary Economics Amidst Great Recession, MPRA Paper, No. 20029, January, 2010. Tabakoğlu, Ahmet. İslâm İktisadına Giriş, Dergâh Yayınları, 3. Basım, İstanbul,2013. Tahir, Sayyid. Fiscal and Monetary Policies in İslamic Economics: Contours of An Instituional Framework ,presentation, 8th International Conference on Islamic Economics and Finance (ICIEF), Doha, Katar, December:19-21,2011. Uddin, Akther, Asyraf Halim. Islamic Monetary Policy: Is There An Alternative of Interest Rate?, 4th International Centre for Education in Islamic Finance (INCEIF), Kuala Lumpur, Malaysia, February, 2015 Uzair, Mohammed: Ed. Mohammad Ariff. Central Banking Operations In An Interest- Free Banking System, presentation, International Seminar on the Monetary and Fiscal Economics, Jeddah, Saudi Arabia, October: 7-12, 1978. Yousefi, M, Abizadeh, S. and McCormick, K (1997) Monetary Stability and Interst free Banking : the Case of Iran, Applied Economics, 29, 869-876 Zangeneh, Hamid, Ahmad Salam. Central Banking in An Interest- Free Banking System, Journal of King Abdulaziz University Islamic Economy, Vol.5, ss.25-36.

Monetary Policy in the Context of Islamic Economics

Year 2019, Volume: 7 Issue: 3, 59 - 74, 01.07.2019

Abstract

Due to the fact that today's monetary policies are concentrated around interest rate policy, monetary policy studies for a system where interest is prohibited such as Islamic economic understanding are remarkable. There is no monetary policy accepted by the broad masses and agreed upon by those who work on the field. However, it is seen that the experts of the field are sincerely looking for solutions to the needs of the modern economic system. This study mainly focuses on the theoretical studies and ideas of Islamic economists on monetary policy and analyzes the situation. While Islamic finance has gone a long way, the possibility of monetary policy practices is questioned. As a matter of fact, the relations with the central banks in the countries where the Islamic banking sector operates, in a sense, open the door to the implementation of monetary policy. There are already operating Islamic financial institutions and central banks in each country according to their own conditions. However, it is clear that all monetary policy within the economic policy needs to be further developed in order to implement it within the framework of Islamic economic principles. The development and dissemination of appropriate financial products is a pioneer of requirements. In addition, it is seen that a certain standard in financial products can be achieved and the uniformity required to achieve uniformity can provide the acceptance of the products by large masses.

References

  • Ariff, Mohammad. Monetary Policy In An Interest- Free Islamic Economy- Nature And Scope, presentation, International Seminar on the Monetary and Fiscal Economics, Jeddah, Saudi Arabia, October: 7-12,1978. Askari, Hossein, Zamir Iqbal, Abbas Mirakhor: Challenges In Economic And Financial Policy Formulation An Islamic Perspective, Palgrave Macmillan, India, 2014. Awad, Ibrahim. Conducting Monetary Policy Under A Fully- Fledged Islamic Financial System, Journal of Economics, Banking and Finance, Vol.11, No.1 , Jan-March, 2015. Awad, Ibrahim L. , Soliman, M. Alaa. The Stability of The Demand For Money Function In Islamic and Non-Islamic Monetary Policy Regimes, Economic Issues, Vol.21, No.1, 2016, ss.67-85. Ay, Ahmet, Burcu Güvenek, Sinem Yapar Saçık. IMF ve Merkez Bankalarının Borç Veren Son Merci Olarak Ekonomik Krizler Üzerinde Etkinliği, Karamanoğlu Mehmet Bey Üniversitesi KMU İİBF Dergisi, Yıl.11, Sayı.17, ss 113-123, Aralık/2009. Chapra, Muhammad Umer. Monetary Management in An Islamic Economy, Islamic Economic Studies, Vol.4, No.1, ss. 1-35, 1996. Chapra, Muhammad Umer. Towards A Just Monetary System, The Islamic Foundation, London, 1985. Darrat, A. and Kia, A. Modeling Money Demand under the Profit-sharing Banking Scheme: Evidence on policy Invariance and Long-run Stability,2003. Dusuki, Asyraf Wajdi. Commodity Murabahah Programme (CMP): An Innovative Approach to Liquidity Management, Journal of Islamic Economics, Banking and Finance, ss.1-23, 2008. El Hamiani Khatat, Mariam. Monetary Policy in The Presence Of Islamic Banking, IMF Working Paper, 2016. Hanif, Nadim M. , Salman Sheikh. Central Banking And Monetary Management in Islamic Financial Environment, MPRA Paper, No. 23548, June, 2010. Hoggarth, Glenn. Introduction to Monetary Policy, Bank of England Handbooks in Central Banking, England.(1996). Ismail, Rifki. Central Bank Islamic Monetary Instruments: A Theoretical Approach, Studies in Economics And Finance, Vol. 28, No. 1, ss.51-67. Islamic Financial Services Board (IFBS). Technical Note On Issues in Strengthening Lıquidity Management of Instıtutions Offering Islamic Financial Services: The Development of Islamic Money Markets, 2008. Kapız, Serap. Para Politikasının Yürütülmesinde Sinyal Kalitesi ve İletişim, Yayınlanmış Yüksek Lisans Tezi, Muğla Üniversitesi, Sosyal Bilimler Enstitüsü, Muğla, 2010. Khan, Mohsin S. , Abbas Mirakhor. Monetary Management in An Islamic Economy, Journal of King Abdulaziz University Islamic Economy, Vol.6, ss.3-21. Khan, Mohsin S. , Abbas Mirakhor. The Finansal System and Monetary Policy in An Islamic Economy, Journal of King Abdulaziz University Islamic Economy, Vol.1, ss.39-57. Koçyiğit, Dilek. Olağan ve Olağan Dışı Durumlarda Kullanılan Para Politikası Araçları ve Likidite Yönetim Stratejileri, Yayınlanmış Uzmanlık Yeterlilik Tezi, Türkiye Cumhuriyeti Merkez Bankası, Piyasalar Genel Müdürlüğü, Ankara, 2009. Nuradli Ridzwan, Shan Mohd Dali, Abdul Ghaffar Ismail. Malaysia: Islamic Money Market Instruments” ,The Business Review, Cambridge, Vol.6, No.1, ss,193-200, 2006. Parasız, İlker. Para Teorisi ve Politikası, Ezgi Kitapevi, 3. Baskı, İstanbul, 2012. Rais, Abdul, Abdul Majid. Developing A vibrant and Progressive International Islamic Financial Market, presentation, 3rd Developing A Vibrant and Progressive International Islamic Money Market, Kuala Lumpur, Malaysia, November, 2002. Omar, Mohd Azmi, Muhamad Abduh, Raditya Sukmana. Fundamentals of Islamic Money and Capital Markets, Jony Wiley and Sons, India, 2009 Orakçı, Celal Alper.(2009). Para Politikası Stratejisi Olarak Enflasyon Hedeflemesi: Dünya ve Türkiye Uygulaması, Yayınlanmış Yüksek Lisans Tezi, Marmara Üniversitesi, Sosyal Bilimler Enstitüsü, İstanbul. Sari, Norhanim Mat, Abbas Mirakhor. Islamic Monetary Policy in Malaysia A Conceptual Framework, presentation, 2nd Islamic Finance in A Challenging Economy: Moving Forward (ISRA), Malaysia, 27th November, 2012. Sari, Norhanim Mat, Azura Othman, Syed Othman Alhabshi, Abbas Mirakhor.(2015). Islamic Financial Reform and Macroeconomic Policies: A Case of Malaysia, presentation, 10th International Conference on Islamic Economics and Finance (ICIEF), Doha, Katar, March:23-25. Siddiqi, Muhammed Nejatullah. Impact of Islamic Modes of Finance On Monetary Expansion, Journal of King Abdulaziz University Islamic Economy, Vol.4, ss. 37-46,1992. Shaikh, Salman. Monetary Policy and Monetary Regime in An Interest Free Economy: An Alternate Approach in Monetary Economics Amidst Great Recession, MPRA Paper, No. 20029, January, 2010. Tabakoğlu, Ahmet. İslâm İktisadına Giriş, Dergâh Yayınları, 3. Basım, İstanbul,2013. Tahir, Sayyid. Fiscal and Monetary Policies in İslamic Economics: Contours of An Instituional Framework ,presentation, 8th International Conference on Islamic Economics and Finance (ICIEF), Doha, Katar, December:19-21,2011. Uddin, Akther, Asyraf Halim. Islamic Monetary Policy: Is There An Alternative of Interest Rate?, 4th International Centre for Education in Islamic Finance (INCEIF), Kuala Lumpur, Malaysia, February, 2015 Uzair, Mohammed: Ed. Mohammad Ariff. Central Banking Operations In An Interest- Free Banking System, presentation, International Seminar on the Monetary and Fiscal Economics, Jeddah, Saudi Arabia, October: 7-12, 1978. Yousefi, M, Abizadeh, S. and McCormick, K (1997) Monetary Stability and Interst free Banking : the Case of Iran, Applied Economics, 29, 869-876 Zangeneh, Hamid, Ahmad Salam. Central Banking in An Interest- Free Banking System, Journal of King Abdulaziz University Islamic Economy, Vol.5, ss.25-36.
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Details

Primary Language Turkish
Journal Section Research Articles
Authors

Ferda Güvenilir This is me

Ahmet İncekara This is me

Publication Date July 1, 2019
Published in Issue Year 2019 Volume: 7 Issue: 3

Cite

ISNAD Güvenilir, Ferda - İncekara, Ahmet. “İslam İktisadı Bağlamında Para Politikası”. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi 7/3 (July 2019), 59-74.