"Islamic Finance Researches" (IFR)

Challenges of Iran's Interbank Market and Providing Solutions in the Framework of a Moqawama Economy

Document Type : Science - Research (Islamic Banking)

Authors

1  PhD Student, Financial Management, Department of Financial Management, Faculty of Management and Accounting, Shahid Beheshti University, Tehran, Iran

2 Assistant Professor, Department of Financial Management, Faculty of Islamic Studies and Management; Imam Sadiq University, Tehran, Iran

3 M.A Student, Financial Management, Department of Finance, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran

Abstract

The interbank market has a good capacity to manage the liquidity risk of banks and the central bank's policies as the core of the money market have a special place in the monetary-financial system. This market can play a role in the realization of a Moqawama Economy by supporting banks as the financing institution of the real sector of the economy and production, and by increasing stability and transparency to the extent necessary in the banking system. By examining the performance of the interbank market of developed countries and Iran and purposeful interviews, challenges and corrective strategies were extracted by theme analysis method and a questionnaire was subjected to expert validation and finally by structural hypothesis test, 25 structural, religious, regulatory and executive challenges were confirmed. After the like-minded meetings and the focus group, 22 proposals were presented; some of them are: setting two clear rules for entering the market and continuing the activity and deposit limit, redesigning the structure of the Iranian interbank market after reviewing the latest world models, including the stratification structure, Culture and Islamic financial education at management levels up to bachelor's degree in banking network, the establishment of a competent system to select specialized and legitimate managers in the banking network, the use of short-term and non-reversible Islamic tools based on the goals of Islamic economics, upgrading the interbank market to an organized and transparent market Timely dissemination of data and information on bank deficits, at least at the level of the banking network, launching the accreditation system and the activities of accreditation institutions, using the capacity of neighboring countries and blockchain technology and cryptocurrencies in the interbank market, Preventive default such as: reporting interbank funds , The active approach of the Central Bank in open market operations, Possibility assessment of participation of other financial institutions in this market and redesigning the structure of Iran's interbank market based on Islamic economics with regard to challenges and shortcomings and after reviweing experiences the world.

Keywords

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Volume 12, Issue 1 - Serial Number 23
November 2023
Pages 59-106
  • Receive Date: 11 November 2020
  • Revise Date: 07 May 2021
  • Accept Date: 09 May 2021