٩ﻡ
(**)
ﺧﺎﻥ.ﳏﺴﻦ ﺱ
:ﺍﳌﺴﺘﺨﻠﺺ
Fisher
Friedman (1969) Simons (1948) (1945)
IMFStaff Papers
Mohsin S. Khan: “Islamic Interest-Free Banking: A Theoretical Analysis” IMF Staff Papers, March
1976, vol. 33, No. 1.
Willem Buiter, Roque Fernandez, Jacob Frenkel, Saul Lizondo, Abbas Mirakhor, Peter
Montiel, and Nadeem Ul Haque
٣
ﻣﻘﺪﻣﺔ: ﺃﻭﻻﹰ
Siddiqi (1980) and Mirakhor (1986)
Ariff (1982) and Ziauddin Ahmad Kurshid (1980
Munawar Iqbal and Fahim Khan (1983)
Naqvi, et al., (1984 Kurshid (1980
Pryor (1985
Ziauddin (1984 Qureshi (1967
Ziauddin Ahmad, with Iqbal, and Khan (1983); Ariff (1982)
Karstens (1982
Pryor (1985
ﺃﻭﻻﹰ
ﺛﺎﻧﻴﺎﹰ
Fisher
ﺛﺎﻟﺜﺎﹰ Friedman Simons
ﺭﺍﺑﻌﺎﹰ
Zarqa (1983)
ﺍﻟﺴﻤﺎﺕ ﺍﻟﻌﺎﻣﺔ ﻟﻠﻨﻈﺎﻡ ﺍﳌﺎﱄ ﺍﻹﺳﻼﻣﻲ ﺍﳋﺎﱄ ﻣﻦ ﺍﻟﻔﺎﺋﺪﺓ: ﺛﺎﻧﻴﺎﹰ
...ﺍﻟﺬﻳﻦ ﻳﺄﻛﻠﻮﻥ ﺍﻟﺮﺑﺎ ﻻ ﻳﻘﻮﻣﻮﻥ ﺇﻻ ﻛﻤﺎ ﻳﻘﻮﻡ ﺍﻟﺬﻱ ﻳﺘﺨﺒﻄﻪ ﺍﻟﺸﻴﻄﺎﻥ ﻣﻦ ﺍﳌﺲ
ﻓﺈﻥ ﱂ ﺗﻔﻌﻠﻮﺍ.ﻳﺎ ﺃﻳﻬﺎ ﺍﻟﺬﻳﻦ ﺁﻣﻨﻮﺍ ﺍﺗﻘﻮﺍ ﺍﷲ ﻭﺫﺭﻭﺍ ﻣﺎ ﺑﻘﻲ ﻣﻦ ﺍﻟﺮﺑﺎ ﺇﻥ ﻛﻨﺘﻢ ﻣﺆﻣﻨﲔ
ﻈﻠﻤﻮﻥﻈﻠﻤﻮﻥ ﻭﻻ ﺗ ﻭﺇﻥ ﺗﺒﺘﻢ ﻓﻠﻜﻢ ﺭﺅﻭﺱ ﺃﻣﻮﺍﻟﻜﻢ ﻻ ﺗ،ﻓﺄﺫﻧﻮﺍ ﲝﺮﺏ ﻣﻦ ﺍﷲ ﻭﺭﺳﻮﻟﻪ
ﻢ ﻗﺎﻟﻮﺍ ﺇﳕﺎ ﺍﻟﺒﻴﻊ ﻣﺜﻞ ﺍﻟﺮﺑﺎ ﻭﺃﺣﻞ ﺍﷲ ﺍﻟﺒﻴﻊ ﻭﺣﺮﻡ ﺍﻟﺮﺑﺎﺫﻟﻚ ﺑﺄ
ﳝﺤﻖ ﺍﷲ ﺍﻟﺮﺑﺎ ﻭﻳﺮﰊ ﺍﻟﺼﺪﻗﺎﺕ
Ziauddin Ahmad (1984)
Pryor (1985
Fahim Khan (1983)
Naqvi
Pakistan State Bank (1983
Bank Markazi Jomhori Islamic Iran (1983)
(1982); Shahrukh Rafi Khan (1984)
Ziauddin Ahmad (1984)
trust
Friedman Simons
Fernandez (1984)
Irving Fisher
Fisher (1945
Al-Jarhi (1983)Kahf (1978)Simons
Kindleberger
Golembe & Mingo Kareken
Conference on the Search for Financial Stability: The Past 50 Years, San Francisco.
Golembe and Mingo (1985)
Mayer 1974
ﳕﻮﺫﺝ ﻣﻨﻬﺠﻲ ﻟﻠﻨﻈﺎﻡ ﺍﳌﺼﺮﰲ ﺍﻹﺳﻼﻣﻲ: ﺛﺎﻟﺜﺎﹰ
Fernandez 1984 Metzler 1951
ﺍﻟﻨﻤﻮﺫﺝ ﺍﻷﺳﺎﺳﻲ ﻣﻊ ﺍﻓﺘﺮﺍﺽ ﺛﺒﺎﺕ ﺍﻷﺳﻌﺎﺭ-١
ﺳﻮﻕ ﺭﺃﺱ ﺍﳌﺎﻝ-ﺃ
economic agents
S
y
=s=
P
r
(1)
S
P
ω ωy y
(1-ω) y
r y
s
y
real yield or real rate of return on shares r
S
y
P r
ﺳﻮﻕ ﺍﻟﻨﻘﻮﺩ-ﺏ
m w = m+ s w
Mm = M
P
m
= g (r ),
s
gr < 0,
y
r
s =
m = g (r ) .
y
r
ﺳﻮﻕ ﺍﻟﺴﻠﻊ-ﺝ
yd
y d = C (r , w) + I (r ) Cr< 0; Cw > 0; Ir < 0.
C r , w
Ir relevant scale variable
y
r
w = m+
dy •
y
= y = β C (r , m + ) + I (r ) −
dt
r
y ,
β > 0,
•
y = f (r , y;m) fr < 0; fy < 0; fm > 0.
IS
∂C/∂y
IS-LM
S
r * IS-LM
y*r * y*
s* = y*/r *
r
r*
LM
A
B
r1
C
IS
y1
y*
y
r r
By1y*
C r1r*
r1y1C
y*
r*
y = y*r = r*A
s* = y*/r *
s1 = y1/r 1
S = y
−
P
r
Pryor (1985)
S
(y
S/P y/r
y/r
ﺍﻟﻨﻤﻮﺫﺝ ﺍﻷﺳﺎﺳﻲ ﻣﻊ ﺍﻓﺘﺮﺍﺽ ﺃﺳﻌﺎﺭ ﻣﺮﻧﺔ-٢
•
m = − f (r , m; y∗ )
fr < 0;
fm > 0;
fy* < 0.
f(r,m;y*) m
y*
•
Saddle Point
m = -β(yd - y*)
•
f(r,m;y*) = 0
m r
•
m y*= 0 s
r = 0
•
y*
r *m* m = g(r)
y∗
r
s* = m*/g(r *)
steady - state equilibrium A
r *m*
•
m
r
r2
y1
= 0
C
r*
m y* = 0
A
•
r
m1
= 0
m
B r y1
=
0
•
r1
y*
m*
y1 y*
m = 0 r = 0 r = 0
•
y*
•
•
y1
y*
•
C m y1 = 0
Bm = m1r = r 2
B m* r 1 r 1 r *
m*
B
m = m1r = r 2C
B
m∗
m∗
>
g ( r1 ) g ( r ∗ ),
C
C A
s1 = y1/r 2s* = y*/r *
y1 y*
Saddle Point
ﺧﺎﲤﺔ: ﺭﺍﺑﻌﺎﹰ
ﺍﳋﻼﺻﺔ
References
Ahmad, Khurshid (ed.) (1980) Studies in Islamic Economics, Leicester, England: The Islamic
Foundation, Jeddah, Saudi Arabia: King Abdulaziz University, International Centre for
Research in Islamic Economics.
Ahmad, Ziauddin, Munawar Iqbal, and M. Fahim Khan (eds.) (1983) Money and Banking
in Islam, Islamabad: Institute of Policy Studies.
Ahmad, Ziauddin, (1984) Concept and Models of Islamic Banking: An Assessment”, Paper
presented at the Seminar on Islamization of Banking, Karachi, Pakistan, November
27-29, 1984, Islamabad: International Institute of Islamic Economics.
Ahmad, Shaikh M. (1952) Economics of Islam: A Comparative Study, Lahore, Pakistan: Sh.
Muhammad Ashraf.
Ariff, Muhammed (ed.) (1982) Monetary and Fiscal Economics of Islam, Jeddah, Saudi
Arabia: King Abdulaziz University, International Centre for Research in Islamic
Economics.
Bank Markazi Jomhouri Islami Iran (1983) The Law of Usury (Interest) Free Banking,
Teheran, August.
Fernandez, Roque B. (1984) “Implicancias Dinamic as de la Propuesta de Simons Para
Reforma del Sistema Financiero”, Ensayas Economicos, Banco Central de la
Republica Argentina, (Buenos Aires), vol. 29, March, pp.1-30.
Fisher, Irving (1945) 100% Money, New Haven, Connecticut: City Printing.
Friedman, Milton (1969) “The Monetary Theory and Policy of Henry Simons”, in Milton
Friedman, The Optimum Quantity of Money and Other Essays, Chicago, Aldine.
Golembe, Carter H., and John J. Mingo (1985) “Can Supervision and Regulation Ensure
Financial Stability?” Paper Presented at the Conference on The Search for Financial
Stability: The Past 50 Years, San Francisco, Federal Reserve Bank of San Francisco,
(June).
Al-Jarhi, Mabid Ali (1983) “A Monetary and Financial Structure for an Interest-Free
Economy”, in Money and Banking in Islam, ed. By Ziauddin Ahmad, Munawar
Iqbal, and
M. Fahim Khan, Islamabad: Institute of Policy Studies, pp. 69-87.
Kahf, Monzer (1978) Islamic Economy: An Analytical Study of the Functioning of the Islamic
Economic System, Plainfield, Indiana: Muslim Students Association of the United
States and Canada.
Kareken, John H. (1985) “Ensuring Financial Stability”, Paper Presented at the Conference on
the Search for Financial Stability: The Past 50 Years, San Francisco, Federal Reserve
Bank of San Francisco, (June).
Karstens, Ingo (1982) “Islam and Financial Intermediation”, Staff Papers, International
Monetary Fund, Washington, (March), Vol. 29, pp. 108-42.
Khan, M. Fahim (1983) “Islamic Banking as Practiced Now in the World”, in Money and
Banking in Islam, ed. by Ziauddin Ahmad, Munawar Iqbal, and M. Fahim Khan,
Islamabad, Institute of Policy Studies, pp. 259-76.
Khan, Shahrukh Rafi (1984) “An Economic Analysis of a PLS Model for the Financial
Sector”, Pakistan Journal of Applied Economics, Karachi, (Winter 1984) Vol. 3, pp.
89-105.
Kindleberger, Charles P. (1985) “Bank Failures: The 1930s and the 1980s”, Paper Presented
at the Conference on the Search for Financial Stability: The Past 50 Years, San
Francisco, Federal Reserve Bank of San Francisco, (June).
Mayer, Martin (1974) The Bankers, New York: Weybright and Talley, New York: Ballantine.
Metzler, Lloyd A. (1951) “Wealth, Saving and the Rate of Interest”, Journal of Political
Economy, Chicago, (April,), Vol. 59, pp. 93-116.
Mirakhor, Abbas (1986) Muslim Scholars and the History of Economics: A Need for
Consideration, Monograph Series, Islamabad: International Institute of Islamic
Economics, (forthcoming).
Naqvi, Syed Nawab Haider (1982) On Replacing the Institution of Interest in a Dynamic
Islamic Economy, Essays in Islamic Economic Philosophy 3, Islamabad: Pakistan
Institute of Development Economics.
_______ et al., (eds.) (1984) Principles of Islamic Economic Reform, Islamabad: Pakistan
Institute of Development Economics.
Pakistan, State Bank (1984) Elimination of Interest from the Banking System in Pakistan,
Karachi, (December 1984).
Pryor, Frederic L. (1985) “The Islamic Economic System”, Journal of Comparative
Economics, New York, (June 1985), Vol. 9, pp. 197-223.
Quran (1953) The Meaning of the Glorious Koran, Trans. by Mohammed Marmaduke
Pickthall, New York: Mentor.
Qureshi, Anwer Iqbal (1967) Islam and the Theory of Interest (Lahore, Pakistan: Sh.
Muhammed Ashraf).
Siddiqi, Muhammed Nejatullah (1980) “Muslim Economic Thinking: A Survey of
Contemporary Literature”, in Studies in Islamic Economics, ed. by Khurshid Ahmad,
Leicester, England: The Islamic Foundation, Jeddah, Saudi Arabia: King Abdulaziz
University, International Centre for Research in Islamic Economics.
Simons, Henry C. (1948) Economic Policy for a Free Society, Chicago: University of Chicago Press.
Zarqa, Muhammed Anas (1983) “Stability in an Interest-Free Islamic Economy: A Note”,
Pakistan Journal of Applied Economics, Karachi, (Winter 1983), Vol. 2, pp. 181-88.
ﺍﳌﻠﺤﻖ
ﺍﳋﺼﺎﺋﺺ ﺍﳊﺮﻛﻴﺔ )ﺍﻟﺪﻳﻨﺎﻣﻴﻜﻴﺔ( ﻟﻠﻨﻈﺎﻡ ﺍﳌﺼﺮﰲ ﺍﻟﺘﻘﻠﻴﺪﻱ
ﰲ ﻇﻞ ﺇﺩﺍﺭﺓ ﺍﳋﺼﻮﻡ
ﳕﻮﺫﺝ ﺛﺒﺎﺕ ﺍﻷﺳﻌﺎﺭ-١
−
S y
=
P r
S
−
y
r
γ (r ) ⋅ m =
γ (r ) = 1/g(r)
yd
y d = C (r , w∗ ) + I (r ) Cr < 0; Cw* > 0; Ir < 0.
w* I(r) C (r,w*)
y
r
w∗ = m +
(y/r)w = m + SP
dy •
y
= y = β C (r , m + ) + I (r ) −
dt
r
y ,
β > 0,
reduced form
•
y = f (r, y;m) fr < 0; fy < 0; fm > 0.
m
r y
y
S
•
−
r = α ( ) ⋅r − y ,
P
d [γ (r ) ⋅ m] = α {[γ (r ) ⋅ m ⋅ r ] − y} ,
α > 0.
dt
αγ ( r ) αy
⋅r −
γ r mγ r
•
r =
•
y = f (r , y; m)
•
•
r = y = 0
y
r
f (r , y; m) = 0.
m = g (r ) ⋅
KCharacteristic Matrix
αγ ( r )
+ αr
K= γr
fr
−α
mγ r
fy
γ rr 0
λ − t r ( K ) λ + K = 0 Characteristic Equation
Z
eigenvaluesK < 0
Saddle Point
y r Phase diagram
X A A
•
•
y < 0 r > 0
•
y
unique y1 y*
A ZZC1 r 2
Cr 1
r 1 < r 2
Output
y* y1
r
B
r*
r2
r1
X
A
LM
Z
C1
Z
C
y1
IS
y*
y
ﳕﻮﺫﺝ ﻣﺮﻭﻧﺔ ﺍﻷﺳﻌﺎﺭ-٢
•
m = − f (r , m ; y∗ ), fr < 0; fm > 0; fy* < 0.
f m
(r, m; y*)
y*
•
•
m = − f (r , m; y ∗ )
r=
−
γ r ⋅ r mγ r
•
αγ (r )
αy∗
Saddle Point
− fm
∗
K = αy
2
m γ r
− fr
α γ (r )
+
r
α
γ r
K < 0fr < 0, fm > 0
my*=0 r y*=0
C
BAr
•
C r y1 = 0
unique adjustment path
B1r 3r*
ZZ
B B1
C
•
my1 = 0
r
Z
r2
•
C
my* = 0
A
r0
r3
B1
r1
m1
•
Z
B
•
r y* = 0
r y1 = 0 m
*
m
Islamic Interest-Free Banking: A Theoretical Analysis
MOHSIN S. KHAN
INTERNATIONAL MONETARY F UND
WASHINGTON , D.C., USA
ABSTRACT. This paper presents essential features of an Islamic banking system that is
interest-free and consistent with the rules of Shariah (Islamic Law). An analytical
model is used, employing tools and concepts of modern economics.
The purpose of the exercise is fourfold: first, to show that the Islamic banking system
can be formulated in a neoclassical framework; second, to demonstrate that, when cast
in this formal way, the model underlying Islamic banking is not totally alien to
conventional economic thinking (indeed, it is pointed out that variants of such a
system have appeared in the writings of a number of eminent economists, such as
Fisher (1945), Simons (1948), and Friedman (1969); third, to argue that there may be
circumstances in which an Islamic banking system would be relatively more stable
than the traditional interest-based banking system in the face of certain types of
shocks; finally, to propose how the Islamic banking system should be implemented so
as to maximize its inherent benefits.
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