Document Details
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Document Type |
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Thesis |
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Document Title |
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The Role Of Financial n Engineering To Increase the Effectiveness OF Monetary Policy Under The Islamic Economic System دور الهندسة المالية في زيادة فاعلية السياسة النقدية في النظام النقدي الإسلامي |
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Subject |
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Faculty of Economics and Administration |
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Document Language |
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Arabic |
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Abstract |
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This thesis is considered to be a developing conceptual study. Moreover, this study underlines the role of monetary policy which is the primary factor that effects the money supply and the main reason for inflation. Usually, the central banks utilizes the monetary policy to achieve economic and social aims. There are several differences between the conventional and Islamic economies in the aims and applications of monetary policy. In addition, this study focus on the aims of conventional monetary policy and its usage to achieve intermediate and prime aims. Additionally, evaluation of aims and applications of monetary policy from the Islamic prospect is illustrated. Also, we indicate a thorough description of financial engineering and its aims, giving the fact that Saudi Arabia monetary policy had applied one of the financial engineering inventions to maintain the money supply and the amount of credit (Repurchase agreements (Repo)). Furthermore, a comparison between Islamic and semi-Islamic issues in financial Islamic engineering are demonstrated with some applications by indicating Islamic financial contracts, such as (AlMorabha) for the buyer, (Salam) contracts and parallel (Salam) contracts, (AlEstisna'), (AlTa'jeer), and financial (ta'jeere). Moreover, this thesis contains suggested applications of Islamic monetary policy by investigating instruments such as (AlEjra, AlMoshraka, Al Salam, AlEstisna') which are considered to be some of the financial engineering inventions to create high liquidity and low risk. In addition, some practical applications of financial contracts instruments such as Sabic company in Saudi Arabia and (AlMosharaka) instruments in several countries such as Malaysia, Bahrain, and Jordan are illustrated. Also, evaluation of the former instruments are displayed by monetary authorities. Finally, we discussed one of the Islamic financial contracts that called BROT as one of the contracts used in financing buildings. Furthermore, we demonstrated the instruments for contracts utilized by monetary policy to show the effects of both the money supply and the amount of credit by applying quantitative monetary policy in open market operations and known invention in repurchase agreements. This thesis concluded that monetary policy within the Islamic economy is efficient in liquidity management and controlling the amount of credit by applying open market policy through the usage of the Islamic financial contracts instruments which is also called BROT. Therefore, these instruments are traded in the financial markets with high liquidity and low risk such as those instruments in the conventional monetary policy with the exception that those instruments are compatible with the Islamic Sharia' which prohibited Reba. |
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Supervisor |
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prof.D. Abdu alrahim. A. AL –Saati |
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Thesis Type |
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Master Thesis |
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Publishing Year |
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1432 AH
2011 AD |
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Added Date |
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Monday, July 4, 2011 |
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Researchers
| شهناز أمين مدني | Madani, Shahinaz ameen | Researcher | Master | |
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