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2016 | nr 1(9) | 49-60
Tytuł artykułu

Negative Interest Rates and Islamic Finance

Autorzy
Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
Negative interest rates are a phenomenon, which attracts the attention of many economists. Several world currencies are affected, for different reasons. Currencies such as Swiss franc or Danish krone have an appreciation potential, and the central banks try to discourage the speculators from taking long positions in their currencies (CHF, DKK). Other central banks aim at restoring "normal" conditions in the economy, meaning inflation at about 2% and no deflationary slowdown in the aggregate demand and production (EUR, SEK). The goal of this paper is to identify the reasons for implementing negative interest rates in selected countries. Next, we observe that economic conditions in Islamic countries are quite different. Major groups of Islamic instruments used by central banks are discussed. We conclude that most of them are not suitable for achieving negative profit rates (or systematic losses), but if for any reason (e.g. fixed exchange rate to US Dollar) the negative rates had to be implemented, it is feasible, e.g. by wadiah (safekeeping). (original abstract)
Rocznik
Numer
Strony
49-60
Opis fizyczny
Twórcy
  • Wrocław University of Economics, Poland
Bibliografia
  • al-Sheahabi, M., Islamic Finance, another form of financial engineering, 2003, https:// uaelaws.files.wordpress.com/2012/09/islamic-finance-another-form-of-financial-engineering-by-mahmood-al- sheahabi.pdf (accessed 29.08.2016).
  • Bank Negara Malaysia, Commodity Murabahah Programme, www.bnm.gov.my (accessed 29.08.2016).
  • Basu, R., Prasad, A., Rodriguez, S., Monetary Operations and Islamic Banking in the GCC: Challenges and Options, "IMF Working Paper" 2015, November.
  • Bech, M., Malkhozov, A., How have central banks implemented negative interest rates?, "BIS Quarterly Review" 2016, March.
  • Draghi, M., Introductory statement to the press conference (with Q&A), 10 March 2016, https://www.ecb.europa.eu/press/pressconf/2016/html/is160310.en.html (data dostępu 29.08.2016).
  • Handbook of Islamic Banking, eds. M.K. Hassan, M.K. Lewis, Edward Elgar Cheltenham, UK, Northampton, MA, USA 2007.
  • Hannoun, H., Ultra-low or negative interest rates: what they mean for financial stability and growth, Remarks by Hervé Hannoun, Deputy General Manager, Bank for International Settlements, at the Eurofi High-Level Seminar, Riga 2015.
  • Schweizerische Nationabank, Important monetary policy data for the week ending 15 April 2016, Zurich 2016.
  • Meera, A.K.M., Larbani, M., Seigniorage of fiat money and the Maqasid al- Shari'ah, "Humanomics" 2006, nr 22(2).
  • Bank Negara Malaysia, Qard Concept paper, 21 January 2016.
  • Romeo, V, Do negative interest rates threaten global economy?, 2016, https://www. moneymarketing.co.uk/issues/18-february- 2016/do-negative-interest-rates-pose-a-threat-to-the-global-economy/ (data dostępu 29.08.2016).
  • www.bnm.gov. my
  • www.cbb.gov.bh
  • www.cbi.ir
  • www.ecb.int
  • www.ifikr.isra.my
  • www.ijaracdc.com
  • www.nationalbanken.dk
  • www.riksbank.se
  • www.snb.ch
  • www.telegraph.co.uk
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171446276
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