Md. Abdul Awwal Sarkerislamic Monetary Policy Instruments (Impis)
Editorial
The global Islamic finance industry comprising banking, sukuk, mutual funds, and takaful has witnessed robust growth with a compound growth rate (CAGR) of 17% between 2009 and 2013. Over the next five years it is predicted to have a sustained growth due to economic expansion in Asia and increased Islamic approach to investment in the Middle East. Dubai Centre for Islamic Banking & Finance of Hamadan Bin Mohammed Smart University predicted thatthe annual global growth of Islamic banking may reach a level of 25 per cent or more by 2020, with its assets expected to be worth at least US$4 trillion. At present, it is growing at 22 per cent with assets approaching US$1 trillion.
The Islamic capital market, namely sukuk, Islamic funds and indices continued to outpace most other assets classes in the global financial system. Both government and corporate sectors are increasingly using sukuk as an important vehicle for international fund raising and investment activities generating significant cross-border fund flows. The sukuk assets available in the secondary market have grown substantially since 2004 to reach USD 294.7 billion outstanding as at 1H2014.
Findings from recent studies suggest no major differences between Islamic and conventional banks in terms of their efficiency, competition and risk features. There is some evidence that Islamic finance aids inclusion and development. Results from the empirical finance literature, dominated by studies that focus on the risk/return features of mutual funds, finds that Islamic funds perform as well, if not better, than conventional funds - there is little evidence that they perform worse than standard industry benchmarks.
The present issue of the IERB journal is enriched with three valuable contributions: two from the Bangladesh Bank (the central bank of Bangladesh) researchers and the third one from a professor of economics from Khulna University, Bangladesh.
The first paper ‘Islamic Monetary Policy Instruments’ by Abdul Awwal Sarker examined the Islamic monetary policy instruments of Malaysia, Sudan, Bahrain, Iran and Bangladesh and suggested two new policy instruments named as Central Bank Murabaha Sukuk (CBMS) and Government Murabaha Sukuk (GMS) as aids to revamping Islamic Money Market in Bangladesh. The author of the second article Md. Golzare Nabi alongwith his one colleague from Bangladesh Bank and two Professors from Universiti Malay Perlis studied status and challenges for Islamic banking in Bangladesh and suggested policy options as remedial. The third paper contributed by Fawzia Hamid attempted to identifythe costs payers behind the development success story of Bangladesh graduating from test case.
Vol. 25, No. 01 & 02 ISSN 0256 8586 January - June 2015
Articles
Md. Abdul Awwal SarkerIslamic Monetary Policy Instruments (IMPIs)
Md. Golzare NabiIslamic Banking in Bangladesh: Current Dr. Md. Aminul Islam Status, Challenges and Policy Options Dr. Rosni Bakar
Asma Akter
Fauzia HamidGraduation of Bangladesh from Test Case to Development Success Story:
Who Pays the Cost?
THOUGHTS ON ECONOMICS
Vol. 25, No. 01 & 02 ISSN 0256 8586 January - June 2015
Md. Abdul Awwal Sarker07Islamic Monetary Policy Instruments
(IMPIs)
Md. Golzare Nabi49Islamic Banking in Bangladesh:Current
Dr. Md. Aminul IslamStatus, Challenges and Policy Options
Dr. Rosni Bakar
Asma Akter
Fauzia Hamid73Graduation of Bangladesh from Test Case to Development Success Story:
Who Pays the Cost?
THOUGHTS ON ECONOMICS
Vol. 25, No. 0102 ISSN 0256 8586 January - June 2015
Dr. M. Umer Chapra
Dr. Anas Zarqa
Dr. Fahim Khan
Dr. Monzer Kahf
Dr. Dilwanaz Siddiqi
Prof. Rafiqul Islam Molla
Dr. M. Ataur Rahman
Chief Editor:Shah Abdul Hannan
Editor: Prof. Dr. S.M. Ali Akkas
Member:Prof. Dr.Ayubur Rahman Bhuyan
Member:Prof. Dr. M. Kabir Hassan
Member:Mohammad Nurul Islam
Member:Prof. M. Muzahidul Islam
Member:Dr. M. Nurul Amin
Member:Md. Abdul Awwal Sarker
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THOUGHTS ON ECONOMICS
A Quarterly Journal of Islamic Economics Research Bureau
Vol. 25, No. 01 & 02, January - June 2015
ISSN 0256 8586
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