Implications of the Euro for International Monetary Relations: A Pole of Attraction in Europe and in the Mediterranean Basin

currency; Euro

Islamic finance and conventional financial systems. Market trends, supervisory perspectives and implications for central banking activity

The paper analyses Islamic finance from the central bank and supervisory authorityÂ’s perspective, focusing on the European and Italian context. It depicts a rapidly expanding sector, with recent annual growth rates of between 10 and 15 percent and a geographical presence that now reaches several Western countries. Future prospects, however, could be hampered by problems concerning the standardization of products, governance structure, supervisory regulation, monetary policy instruments, and liquidity management. Islamic intermediaries are not necessarily riskier than traditional counterparts but their operational structure tends to be more complex. Key issues in supervision include the treatment of investment accounts and transparency. It has been seen that there are limits to the efficiency of the monetary policy instruments developed so far to remedy the prohibition of interest; moreover, the growth of interbank and money markets is hindered by a shortage of "Shari'ah-compliant" products. Problems arising from the participation of Islamic banks in payment systems are also discussed.Islamic finance, Islamic financial institutions, supervision, monetary policy instrments, payment systems

Implications of the Euro for International Monetary Relations: A Pole of Attraction in Europe and in the Mediterranean Basin

Digitised version produced by the EUI Library and made available online in 2020.Product of workshop No. 4 at the 2nd MRM 200

The Chinese economy : recent trends and policy issues/ Giorgio Gomel (et.al)

xii, p. 282; 21 c