IMF paper urges central banks to adopt sharia-compliant facilities
Central banks in countries with growing Islamic finance sectors ought to adapt monetary policy instruments to better achieve sharia-compliance, according to a working paper published on June 2 by the IMF.
An overview of Islamic finance by Mumtaz Hussain, Asghar Shahmoradi and Rima Turk examines the challenges surrounding the rapid rise of Islamic finance, which has grown around 20% each year over the past decade.
Currently only Iran and Sudan have fully sharia-complaint banking sectors, and
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