Język Polski
English
Published
:
2011-08-30
Central Banks in Islamic Countries and Their Response to the Financial Crisis
Łukasz Szewczyk
Abstract
The financial crisis, whose origins date back to 2007, began in the United States but soon reached to other countries and took on a global character. The paper offers a discussion of the impact that the crisis has had on decisions taken by central banks in Islamic countries. The unique features of the financial sector in these countries, notably the subjection of banking activities to the law of the Koran, should keep these countries' banks from engaging in risky operations to an extent conventional banks will. In addition, the author emphasizes the substantial growth of financial transactions that has taken place in Islamic countries over the last several decades and increased the role of Islamic banks in the global economy. The paper sets out to investigate the effects that the financial crisis has had on Islamic banking and to present the instruments that central banks in selected Islamic countries can apply in an effort to stabilize the banking industry in crisis situations.Keywords:
Financial crisis, Monetary policy, Common Monetary Policy, BankingMost read articles by the same author(s)
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Szewczyk, Łukasz. (2011). Central Banks in Islamic Countries and Their Response to the Financial Crisis. Zeszyty Naukowe Wyższej Szkoły Bankowej W Poznaniu, 35. Retrieved from https://journals.wsb.poznan.pl/index.php/znwsb/article/view/1438