RESERVE REQUIREMENTS IN ISLAMIC BANKING SYSTEM: A CRITICAL SURVEY

The discourse of westernization and liberalization had been spread to Muslim ummah nowadays. To decrease the impact of both problems, Muslim scholars seek for a solution called Islamization of knowledge. This effort took place in every sphere in human life, including economics, and specifially in ba...

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Autor principal:	Satria Hibatal Azizy
Formato:	article
Lenguaje:	AR EN ID
Publicado:	Universitas Darussalam Gontor 2012
Materias:	reserve requirements credit creation islamic banking Islam. Bahai Faith. Theosophy, etc. BP1-610 Economic theory. Demography HB1-3840
Acceso en línea:	http://dx.doi.org/10.21111/iej.v1i1.160 https://doaj.org/article/e774e0bb6f2348e8903724dc33afbc4b
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spelling	oai:doaj.org-article:e774e0bb6f2348e8903724dc33afbc4b2021-11-08T03:32:59ZRESERVE REQUIREMENTS IN ISLAMIC BANKING SYSTEM: A CRITICAL SURVEYhttp://dx.doi.org/10.21111/iej.v1i1.1602460-18962541-5573https://doaj.org/article/e774e0bb6f2348e8903724dc33afbc4b2012-06-01T00:00:00Zhttps://ejournal.unida.gontor.ac.id/index.php/JEI/article/view/160https://doaj.org/toc/2460-1896https://doaj.org/toc/2541-5573The discourse of westernization and liberalization had been spread to Muslim ummah nowadays. To decrease the impact of both problems, Muslim scholars seek for a solution called Islamization of knowledge. This effort took place in every sphere in human life, including economics, and specifially in banking sector. One concern in Islamization’s effort on banking sector is reserve requirements policy, which the muslim economists have different opinions on it, between imposing fractional reserve requirements or 100% reserve requirements. In case of reserve requirements, muslim economists are divided into two major groups. The fist, which represented by Umer Chapra, Nejatullah Siddiqi, MonzerKahf, Afzalurrahman and Mohamed Ariff, they saw that fractional reserve requirements is a right way for Islamic banking system. The reserve used for ensure bank’s ability to fulfil it obligation to the depositors. In addition, it could be used by Islamic central bank as a tool of monetary policy to control money supply. The second, represented by Mabid Ali AlJarhi, Mohsin S. Khan, Abbas Mirakhor and Mahmoud Abu Saud recommend the use of 100% reserve requirements. According to them, fractional reserve system could suffer such an inherent instability. Over expansion of credit is often occurring this system that imply to unstable infltion. Their assumption is 100% reserve requirements will bring to more stable economy.Satria Hibatal AzizyUniversitas Darussalam Gontorarticlereserve requirementscredit creationislamic bankingIslam. Bahai Faith. Theosophy, etc.BP1-610Economic theory. DemographyHB1-3840ARENIDIslamic Economics Journal, Vol 1, Iss 1, Pp 113-134 (2012)
institution	DOAJ
collection	DOAJ
language	AR EN ID
topic	reserve requirements credit creation islamic banking Islam. Bahai Faith. Theosophy, etc. BP1-610 Economic theory. Demography HB1-3840
spellingShingle	reserve requirements credit creation islamic banking Islam. Bahai Faith. Theosophy, etc. BP1-610 Economic theory. Demography HB1-3840 Satria Hibatal Azizy RESERVE REQUIREMENTS IN ISLAMIC BANKING SYSTEM: A CRITICAL SURVEY
description	The discourse of westernization and liberalization had been spread to Muslim ummah nowadays. To decrease the impact of both problems, Muslim scholars seek for a solution called Islamization of knowledge. This effort took place in every sphere in human life, including economics, and specifially in banking sector. One concern in Islamization’s effort on banking sector is reserve requirements policy, which the muslim economists have different opinions on it, between imposing fractional reserve requirements or 100% reserve requirements. In case of reserve requirements, muslim economists are divided into two major groups. The fist, which represented by Umer Chapra, Nejatullah Siddiqi, MonzerKahf, Afzalurrahman and Mohamed Ariff, they saw that fractional reserve requirements is a right way for Islamic banking system. The reserve used for ensure bank’s ability to fulfil it obligation to the depositors. In addition, it could be used by Islamic central bank as a tool of monetary policy to control money supply. The second, represented by Mabid Ali AlJarhi, Mohsin S. Khan, Abbas Mirakhor and Mahmoud Abu Saud recommend the use of 100% reserve requirements. According to them, fractional reserve system could suffer such an inherent instability. Over expansion of credit is often occurring this system that imply to unstable infltion. Their assumption is 100% reserve requirements will bring to more stable economy.
format	article
author	Satria Hibatal Azizy
author_facet	Satria Hibatal Azizy
author_sort	Satria Hibatal Azizy
title	RESERVE REQUIREMENTS IN ISLAMIC BANKING SYSTEM: A CRITICAL SURVEY
title_short	RESERVE REQUIREMENTS IN ISLAMIC BANKING SYSTEM: A CRITICAL SURVEY
title_full	RESERVE REQUIREMENTS IN ISLAMIC BANKING SYSTEM: A CRITICAL SURVEY
title_fullStr	RESERVE REQUIREMENTS IN ISLAMIC BANKING SYSTEM: A CRITICAL SURVEY
title_full_unstemmed	RESERVE REQUIREMENTS IN ISLAMIC BANKING SYSTEM: A CRITICAL SURVEY
title_sort	reserve requirements in islamic banking system: a critical survey
publisher	Universitas Darussalam Gontor
publishDate	2012
url	http://dx.doi.org/10.21111/iej.v1i1.160 https://doaj.org/article/e774e0bb6f2348e8903724dc33afbc4b
work_keys_str_mv	AT satriahibatalazizy reserverequirementsinislamicbankingsystemacriticalsurvey
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RESERVE REQUIREMENTS IN ISLAMIC BANKING SYSTEM: A CRITICAL SURVEY

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