Books and journals Case studies Expert Briefings Open Access
Advanced search

Search results

1 – 10 of over 49000
To view the access options for this content please click here
Book part
Publication date: 25 August 2014

Central Banks’ Role in Shaping the Future of Islamic Banking

Fouad H. Beseiso

This chapter’s goal is to define the kind of seeds to be planted for moving forward in the safe and stable drive toward a leading central banking role directed at…

HTML
PDF (284 KB)
EPUB (483 KB)

Abstract

Purpose

This chapter’s goal is to define the kind of seeds to be planted for moving forward in the safe and stable drive toward a leading central banking role directed at achieving a sustained Islamic banking and finance development within the global financial system. The system witnessed the input of Islamic banking with its fruitful contribution as a feasible banking structure in both implementing agreed reforms and shaping the next steps directed toward crisis prevention and crisis resolution.

Approach and Methodology

The adopted approach is based upon scientific conceptual basis as well as the practical experience related to the central banking role and Islamic banking evolution. This chapter will define the strategic role of Central Banks and highlight the conceptual basis governing the leading role of central banks as well as the practical basis derived from our central banking and Islamic banking experience.

Contribution

In light of the conceptual and practical basis for enabling an efficient and effective role of Central Banks as a regulatory body in shaping the future of the Islamic Financial System. Legal, institutional and managerial strategic determinants for this role have been defined.

The analytical work of this chapter crystallises in a pioneering initiative the main determining factors governing the role of central banks as the main regulatory body for Islamic banking, and how this role could be effective in affecting the future role to be played by the Islamic banks in the global financial system. Also, to this end, the integrated required role by central banks, public policies, multilateral institutions and Islamic banks are illustrated.

Findings

Energy and cooperative hard work and commitment from all players, including the regulators of Islamic banks supported by public policies, international and multilateral institutions and members of the Islamic banking family is thought to be the main determining factor for transforming the Islamic banking family into one that will make the Islamic people and all humanity – through the global financial system – live with more stability, welfare and happiness.

Details

The Developing Role of Islamic Banking and Finance: From Local to Global Perspectives
Type: Book
DOI: https://doi.org/10.1108/S1569-3759(2014)0000095009
ISBN: 978-1-78350-817-4

Keywords

  • Central banking
  • Islamic banking
  • strategic planning
  • crisis and risk management
  • banking technology

To view the access options for this content please click here
Book part
Publication date: 25 July 2019

Central Bank Evolution and Reform

Perry Warjiyo and Solikin M. Juhro

HTML
PDF (593 KB)
EPUB (34 KB)

Abstract

Details

Central Bank Policy: Theory and Practice
Type: Book
DOI: https://doi.org/10.1108/978-1-78973-751-620191004
ISBN: 978-1-78973-751-6

To view the access options for this content please click here
Article
Publication date: 5 June 2020

From cash to central bank digital currencies and cryptocurrencies: a balancing act between modernity and monetary stability

Ansgar Belke and Edoardo Beretta

The paper explores the precarious balance between modernizing monetary systems by means of digital currencies (either issued by the central bank itself or independently…

HTML
PDF (458 KB)

Abstract

Purpose

The paper explores the precarious balance between modernizing monetary systems by means of digital currencies (either issued by the central bank itself or independently) and safeguarding financial stability as also ensured by tangible payment (and saving) instruments like paper money.

Design/methodology/approach

Which aspects of modern payment systems could contribute to improve the way of functioning of today's globalized economy? And, which might even threaten the above-mentioned instable equilibrium? This survey paper aims, precisely, at giving some preliminary answers to a complex – therefore, ongoing – debate at scientific as well as banking and political levels.

Findings

The coexistence of State's money (i.e. “legal tender”) and cryptocurrencies can have a disciplining effect on central banks. Nevertheless, there are still high risks connected to the introduction of central bank digital currency, which should be by far not considered to be a perfect substitute of current cash. At the same time, cryptocurrencies issued by central banks might be exposed to the drawbacks of cryptocurrencies without benefiting from correspondingly strong advantages. A well-governed two-tier system to be achieved through innovation in payment infrastructures might be, in turn, more preferable. Regulated competition by new players combined with “traditional” deposits and central bank elements remains essential, although central banks should embrace the technologies underlying cryptocurrencies, because risk payment service providers could move to other currency areas considered to be more appealing for buyers and sellers.

Research limitations/implications

We do not see specific limitations besides the fact that the following is for sure a broad field of scientific research to be covered, which is at the same time at the origin of ongoing developments and findings. Originality and implications of the paper are, instead, not only represented by its conclusions (which highlight the role of traditional payment instruments and stress why the concept of “money” still has to have specific features) but also by its approach of recent literature's review combined with equally strong logical-analytical insights.

Practical implications

In the light of these considerations, even the role of traditional payment systems like paper money is by far not outdated or cannot be – at this point, at least – replaced by central bank digital currencies (whose features based on dematerialization despite being issued and guaranteed by a public authority are very different).

Social implications

No matter which form it might assume is what differentiates economic from barter transactions. This conclusion is by far not tautological or self-evident since the notion of money has historically been a great object of scientific discussion. In the light of increasingly modern payment instruments, there is no question that money and the effectiveness of related monetary policies have to be also explored from a social perspective according to different monetary scenarios, ranging from central bank digital currencies to private currencies and cash restrictions/abolition.

Originality/value

The originality/value of the following article is represented by the fact that it (1) refers to some of the most relevant and recent contributions to this research field, (2) moves from payment systems in general to their newest trends like cryptocurrencies, cash restrictions (or, even, abolition proposals) and monetary policy while (3) combining all elements to reach a common picture. The paper aims at being a comprehensive contribution dealing with "money" in its broadest but also newest sense.

Details

Journal of Economic Studies, vol. 47 no. 4
Type: Research Article
DOI: https://doi.org/10.1108/JES-07-2019-0311
ISSN: 0144-3585

Keywords

  • Cash
  • Central banks
  • Cryptocurrencies
  • Digital currencies
  • Monetary systems
  • E4
  • E5
  • G21
  • G23

To view the access options for this content please click here
Article
Publication date: 3 July 2017

Factors related to the Central Bank instructions on money laundering

Osama Omar Jaara and Abdelrahim M. Kadomi

This paper aims to investigate Jordan’s framework specifics of the anti-money laundering (AML) policy and factors related to the Central Bank instructions on money laundering.

HTML
PDF (146 KB)

Abstract

Purpose

This paper aims to investigate Jordan’s framework specifics of the anti-money laundering (AML) policy and factors related to the Central Bank instructions on money laundering.

Design/methodology/approach

A questionnaire has been distributed to a random data sample of 100 branch bank managers and supervisors who have a sufficient experience in this issue, and a t-test statistical technique has been used.

Findings

The results revealed that commercial banks of Jordan are committed to the instruction of the central bank, and they are highly qualified in all investigated measures.

Practical implications

This study supports the Central Bank of Jordan’s efforts in combating money laundering, which encourage all commercial banks of one country to follow the same adopted regulations to identify and report transactions of suspicious behaviour: investigate capability of the tellers and customer account representatives to report such activities, use AML software, filter customer’s data classify available information according to levels of suspicion or based on the uncertain customers without being subject to the institutional secrecy jurisdiction and to work under cooperative management.

Originality/value

It has been recommended to utilize more advanced technology, intensify training and ensure for more knowing clients’ knowledge. The importance of this paper is to insure the following: first, the banking system is obliged to recognize and report suspicious money laundering transactions, regarding up to date the FATFA equivalence status of other countries; second, increase the awareness and ensure the central bank efforts’ success; third, assure the adequacy of different issues such as the internal control system tools; devices or tools availability; and sufficient employees’ qualifications in facing launderers attempts; fourth, to be sure that suspected transactions are checked against any commercial bank records; finally, to be sure that commercial banks are giving enough considerations to all the AML proactive actions such as the regulations of checking while opening an account, accepting money on deposit, giving loans, issuing a debit card, traveller’s check and collecting enough information about new clients.

Details

Journal of Money Laundering Control, vol. 20 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/JMLC-07-2016-0028
ISSN: 1368-5201

Keywords

  • Training
  • Internal control
  • Commercial banks
  • Administrative devices and equipment
  • Curbing money laundering
  • Knowing the clients

To view the access options for this content please click here
Book part
Publication date: 13 May 2019

Monetary Policy in the Eurozone

Rosaria Rita Canale and Rajmund Mirdala

The role of money and monetary policy of the central bank in pursuing macroeconomic stability has significantly changed over the period since the end of World War II…

HTML
PDF (1.7 MB)
EPUB (1.3 MB)

Abstract

The role of money and monetary policy of the central bank in pursuing macroeconomic stability has significantly changed over the period since the end of World War II. Globalization, liberalization, integration, and transition processes generally shaped the crucial milestones of the macroeconomic development and substantial features of economic policy and its framework in Europe. Policy-driven changes together with variety of exogenous shocks significantly affected the key features of macroeconomic environment on the European continent that fashioned the framework and design of monetary policies.

This chapter examines the key basis of the central bank’s monetary policy on its way to pursue and preserve the internal and external stability of the purchasing power of money. Substantial elements of the monetary policy like objectives and strategies are not only generally introduced but also critically discussed according to their accuracy, suitability, and reliability in the changing macroeconomic conditions. Brief overview of the Eurozone common monetary policy milestones and the past Eastern bloc countries’ experience with a variety of exchange rate regimes provides interesting empirical evidence on origins and implications of vital changes in the monetary policy conduction in Europe and the Eurozone.

Details

Fiscal and Monetary Policy in the Eurozone: Theoretical Concepts and Empirical Evidence
Type: Book
DOI: https://doi.org/10.1108/978-1-78743-793-720191007
ISBN: 978-1-78743-793-7

Keywords

  • Monetary policy
  • inflation
  • exchange rate
  • economic crisis
  • Eurozone
  • European Central Bank

Content available
Article
Publication date: 20 March 2020

Sharīʿah-compliant central banking practices: lessons from Muslim countries’ experience

Zaheer Anwer, Shabeer Khan and Muhammad Abu Bakar

The purpose of this study is to document how a central bank can perform its primary and secondary functions in a Sharīʿah-compliant manner. It also seeks to investigate…

Open Access
HTML
PDF (260 KB)

Abstract

Purpose

The purpose of this study is to document how a central bank can perform its primary and secondary functions in a Sharīʿah-compliant manner. It also seeks to investigate the outcomes of the experiments of Muslim-majority countries in this regard.

Design/methodology/approach

As a first step, a detailed review of existing literature is conducted, which discusses the views of scholars and practitioners on the central banking mechanism in a fully Sharīʿah-compliant financial system. Moving further, the case studies of Iran, Sudan and Pakistan are presented to highlight experiences of regulators from three Muslim-majority countries, which aimed to achieve full compliance with Sharīʿah (Islamic law) principles related to Islamic finance. To evaluate their models, an assessment of their practices is performed in the light of Sharīʿah rules and principles based on existing literature. Finally, the issues involved in establishing a Sharīʿah-compliant central bank (SCCB) are discussed and improvements are suggested.

Findings

It is found that Iran played an effective role in pursuing broader objectives of monetary policy by setting priorities for credit allocation and assisting the government in reducing expenses; however, with respect to instruments, its experience is limited to the rebranding of conventional products. Sudan has not only used monetary policy to effectively curb inflation but also it has introduced various indirect instruments to perform monetary operations. Pakistan succeeded in formulating a theoretical roadmap to establish a SCCB but the desired objectives could not be achieved because of multiple factors.

Practical implications

This study has important policy implications for regulators and policymakers from Muslim countries, who can use the findings in shaping effective Sharīʿah-compliant central banking practices in their respective countries.

Originality/value

This study discusses the salient features of an important Islamic financial institution, the central bank and evaluates the experiments of three Muslim-majority countries in implementing Sharīʿah-compliant central banking practices. To the best of the knowledge, this evaluation has not been performed in the existing literature and the present study fills in this gap.

Details

ISRA International Journal of Islamic Finance, vol. 12 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/IJIF-01-2019-0007
ISSN: 0128-1976

Keywords

  • Pakistan
  • Sudan
  • Islamic finance
  • Monetary policy
  • Iran
  • Sharīʿah-compliant central bank

To view the access options for this content please click here
Book part
Publication date: 25 July 2019

Central Bank Policy Mix

Perry Warjiyo and Solikin M. Juhro

HTML
PDF (1.4 MB)
EPUB (1.6 MB)

Abstract

Details

Central Bank Policy: Theory and Practice
Type: Book
DOI: https://doi.org/10.1108/978-1-78973-751-620191021
ISBN: 978-1-78973-751-6

To view the access options for this content please click here
Book part
Publication date: 2 March 2011

Changing Central Bank Transparency in Central and Eastern Europe During the Financial Crisis

Csaba Csavas, Szilard Erhart, Anna Naszodi and Klara Pinter

There is ample empirical evidence in the literature for the positive effect of central bank transparency on the economy. The main channel is that transparency reduces the…

HTML
PDF (533 KB)
EPUB (1.1 MB)

Abstract

There is ample empirical evidence in the literature for the positive effect of central bank transparency on the economy. The main channel is that transparency reduces the uncertainty regarding future monetary policy and thereby it helps agents to make better investment and saving decisions. In this chapter, we document how the degree of transparency of central banks in Central and Eastern Europe has changed during periods of financial stress, and we argue that during the recent financial crisis central banks became less transparent. We investigate also how these changes affected the uncertainty in these economies, measured by the degree of disagreement across professional forecasters over the future short- and long-term interest rates and also by their forecast accuracy.

Details

The Impact of the Global Financial Crisis on Emerging Financial Markets
Type: Book
DOI: https://doi.org/10.1108/S1569-3759(2011)0000093013
ISBN: 978-0-85724-754-4

Keywords

  • Central banking
  • transparency
  • financial crises
  • survey expectations
  • forecasting

To view the access options for this content please click here
Article
Publication date: 2 August 2013

An assessment of liquidity policies with respect to Islamic and conventional banks: A case study of Indonesia

Raditya Sukmana and Muhammad Kholid

This paper aims to describe, compare and analyze liquidity policies from the central bank of Indonesia, particularly reserve requirements, with respect to Islamic as well…

HTML
PDF (159 KB)

Abstract

Purpose

This paper aims to describe, compare and analyze liquidity policies from the central bank of Indonesia, particularly reserve requirements, with respect to Islamic as well as conventional banks.

Design/methodology/approach

This paper provides some critical assessments on the policy applied by the central bank of Indonesia to both Islamic and conventional banks with regards to the reserve requirements applied in the Indonesian banking system. The analysis is based on whether both policies (Islamic and conventional) provide fairness to the banks as well as whether those policies support the real sector. In addition, the current global practice is also briefly described as a justification of the important and relevance of the current study.

Findings

The authors find that the policy imposed on the Islamic banks is designed to boost the real sector, compared to that of conventional banks. For the policy with respect to Islamic banks, it recognizes the banks which have been doing well in their main role as financial intermediaries and “punishes” them when they fail to do so. This policy could not be found in the context of conventional banks.

Practical implications

The authors argue that the current approach used for Islamic banks can also be adopted and imposed on conventional banks. This leads to a more stable financial system, since it supports the real sector.

Originality/value

This paper is the first to analyze central bank policies with respect to banks (Islamic as well as conventional banks) in relation to their role as financial intermediaries.

Details

Qualitative Research in Financial Markets, vol. 5 no. 2
Type: Research Article
DOI: https://doi.org/10.1108/QRFM-09-2011-0023
ISSN: 1755-4179

Keywords

  • Reserve requirement
  • Islamic bank
  • Financing to deposit ratio
  • Loan to deposit ratio
  • Real sector economy
  • Reserves
  • Islam
  • Banks
  • Indonesia

To view the access options for this content please click here
Article
Publication date: 1 January 2006

Financial enmeshment – banking systems in Western, and Central and South‐Eastern Europe: The interacting factors of anti‐money laundering, the rigours of transitional economy, and the underground illicit economy

Nicholas Ridley

The purpose of this paper is to analyse the banking systems in Western, and Central and Southeastern Europe, focusing on the interactive factors of anti‐money laundering…

HTML
PDF (66 KB)

Abstract

Purpose

The purpose of this paper is to analyse the banking systems in Western, and Central and Southeastern Europe, focusing on the interactive factors of anti‐money laundering, transitional economies and the underground illicit economy.

Design/methodology/approach

Provides a comparative analysis of the banking systems in Western, and Central and Southeastern Europe.

Findings

The transition economies of central and Southeastern Europe face, and have been confronted for over a generation by, the interlinked problems of the transition stage post‐1989, the alternative or illegal economy, and the vulnerability of banking systems to money laundering. In contrast, by the 1990s, Western European central banks have become established as an essential government organ in macro‐economic policies.

Originality/value

Suggests an interesting lesson that might be gained from the experiences of central and Southeastern Europe and anti‐money laundering since the late‐1990s, where a national bank or central bank has not been essential, indeed has been comparatively unimportant, compared to the developed banking system led by the individual banks.

Details

Journal of Money Laundering Control, vol. 9 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/13685200610645247
ISSN: 1368-5201

Keywords

  • Financial institutions
  • Banking
  • Money laundering
  • Europe

Access
Only content I have access to
Only Open Access
Year
  • Last week (194)
  • Last month (581)
  • Last 3 months (1442)
  • Last 6 months (2801)
  • Last 12 months (5172)
  • All dates (49733)
Content type
  • Article (36175)
  • Book part (7955)
  • Expert briefing (2131)
  • Earlycite article (1789)
  • Executive summary (1024)
  • Case study (633)
  • Graphic analysis (26)
1 – 10 of over 49000
Emerald Publishing
  • Opens in new window
  • Opens in new window
  • Opens in new window
  • Opens in new window
© 2021 Emerald Publishing Limited

Services

  • Authors Opens in new window
  • Editors Opens in new window
  • Librarians Opens in new window
  • Researchers Opens in new window
  • Reviewers Opens in new window

About

  • About Emerald Opens in new window
  • Working for Emerald Opens in new window
  • Contact us Opens in new window
  • Publication sitemap

Policies and information

  • Privacy notice
  • Site policies
  • Modern Slavery Act Opens in new window
  • Chair of Trustees governance statement Opens in new window
  • COVID-19 policy Opens in new window
Manage cookies

We’re listening — tell us what you think

  • Something didn’t work…

    Report bugs here

  • All feedback is valuable

    Please share your general feedback

  • Member of Emerald Engage?

    You can join in the discussion by joining the community or logging in here.
    You can also find out more about Emerald Engage.

Join us on our journey

  • Platform update page

    Visit emeraldpublishing.com/platformupdate to discover the latest news and updates

  • Questions & More Information

    Answers to the most commonly asked questions here