CREDIT CONTROL INSTRUMENTS IN A DUAL BANKING SYSTEM: LEVERAGE CONTROL RATE (LCR) – A PROPOSAL

Abstract

Islam banishes interest. This raises two questions contextual to Central Banking. First, can Islamic banks create credit like the conventional? We shall argue that Islamic banks cannot avoid credit creation; an imperative for staying in the market where they operate in competition with their conventional rivals. Evidently, the interest rate policy would not be applicable to them as a control measure. This leads us to the second question: What could possibly replace the interest rate for Islamic banks? In reply, the paper suggests what it calls a leverage control rate (LCR) as an addition to Central Banks’ credit control arsenal. The proposed rate is derived from the sharing of profit ratio in Islamic banking. It is contended that the new measure has an edge over the old fashioned interest rate instrument which it can in fact replace with advantage. It can possibly be a common measure in a dual system.  

Key words: Central Banking; Credit creation; leverage control rate. (LCR); Islamic banks; Profit sharing

ÇİFT BANKACILIK SİSTEMİNDE KREDİ KONTROL ARAÇLARI: KALDIRAÇ KONTROL ORANI –BİR ÖNERİ

Öz

İslamiyet faizi yasaklamaktadır. Bu durum merkez Bankası bağlamında iki soruyu gündeme getiriyor. Birincisi, geleneksel bankalar gibi İslami bankalarda kredi yaratabilirler mi? İslami bankaların kredi yaratmadan imtina edemiyeceğini iddia edecegiz, çünkü geleneksel rakipleriyle rekabet ederek piyasada ayakta kalabilmeleri gerekmektedir. Faiz oranının onlar için bir kontrol aracı olamıyacağı aşikardır. Bu durum bizi ikinci soruya götürüyor: İslami bankalar için faiz oranının yerine ne ikame edilebilir? Cevap olarak bu makale, Merkez bankasının kredi kontrol silahlarına ilave olarak ‘kaldıraç kontrol oranını’ (LCR) önermektedir.

Anahtar Kelimeler: Merkez bankacılığı, kredi yaratma, kaldıraç control oranı, İslami bankalar, kar bölüşümü.

Kaynakça

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