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Qudsi Fauzi, R. M., & Indri Hapsari, M. (2019). Islamic Monetary Management: A Critical Overview. KnE Social Sciences, 3(13), 99–111. https://doi.org/10.18502/kss.v3i13.4198

https://doi.org/10.18502/kss.v3i13.4198

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  • R M Qudsi Fauzi
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  • M Indri Hapsari
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Published Date

  • Mar 31, 2019

Islamic Monetary Management: A Critical Overview

KnE Social Sciences / The 2nd International Conference on Islamic Economics, Business, and Philanthropy (2nd ICIEBP) / Pages 99–111

Abstract

The paper aims to provide critical overview of Islamic monetary management. This is literature study based on secondary data taken from some books, articles, and journal discussed related to modern monetary economic and Islamic monetary economic. The references were produced by some authors who are concern in the area of monetary system and monetary policy. The rest of this paper is structured as follow: Section 1 gives an overview of background and monetary policy frameworks where Islamic banks operate; Section 2 explores the monetary management in modern economy; Section 3 gives information about the objective of monetary management; section 4 discusses the monetary policy operational framework for Islamic banks; and Section 5 explains Islamic monetary instrument; meanwhile Section 6 gives a critical overview; and Section 7 is conclusion.


 


 


Keywords: Monetary management, Islamic Monetary management

References
[1] Ahmad, Ausaf. 2000. Instruments of Regulation and Control of Islamic Banks by The Central Banks. Jeddah: Islamic Researcg and Training Institue, Islamic Development Bank


[2] Anwar, Muhammad. 1987. Islamic Justice in Monetary System: A Modest Proposal.


[3] The American Journal of Islamic Social Sciences, Vol. 4, No. 1, pp. 135-139.


[4] Chapra, Muhammad Umer. 1996. Monetary Management in an Islamic Economy.


[5] Islamic Economic Studies, Vol. 4, No. 1, December 1996.


[6] Ismal, Rifki. Model of Islamic Monetary Operation for Liquidity Management in Islamic Banking: Case of Indonesia 2000-2009. Gadjah Mada International Journal of Business: Vol. 11. No.2, 2009, pp. 149-165.


[7] Khan, Mohsin S and Mirakhor, A. Monetary Management in an Islamic Economy. J. KAU: Islamic Econ., Vol. 6, pp. 3-21 (1414 A.H./1994 A.D.)


[8] Kiaee, Hasan. 2007. Monetary Policy in Islamic Economic Framework Case of Iran. Tehran: Imam Sadiq University.


[9] Rickards, James. 2014. The Death of Money. New York: the Penguin Group.


[10] Tahir Sayyid. 2013. Fiscal and Monetary Policies in Islamic Economics: Contours of an Institutional Framework. Islamic Economic Studies Journal: vol. 21, No. 2, November, 2013 (1-22).


[11] Truman, Edwin M. 2010. The International Monetary System and Global Imbalances. Working paper: Peterson Institute for International Economics


[12] Metwally, M.M. 1995. Teori dan Model Ekonomi Islam. Bandung: Bangkit Daya Insana