المستخلص: |
Banks aim to achieve economical development through accumulation of savings and directing them to invest in society service. In the last three decades, the number of Islamic banks has increased but they are faced with many economical, administrative, legal and legitimacy difficulties. These led to lack of commitment by Islamic laws and legislations in their financial operations, especially with their affiliated central banks. These resulted in the withdrawal of many of their clients fearing the risks of forbidden “rebba” or interest system. As a consequence most of Islamic countries and banks in their jurisdiction have lost a huge amount of liquid funds that could have helped in achieving targeted economical and social objectives. Hence the necessity came for establishing a central bank that follows Islamic legislations in financial transactions and collects under its auspices all other banks that follow either Islamic or western transaction system. In this research, we try to find possible solutions and formula to ensure transactions that abide to Islamic legislations and set a model for an Islamic central bank that commits to Islamic laws in general and financial legislations in particular.
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