The Design of Instruments for Government Finance in an Islamic Economy

  • International Monetary Fund
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Abstract

This paper attempts to present a viable approach for the design of an instrument of government finance (and monetary management) in an Islamic economy where conventional transactions based on an ex-ante promise of a risk-free rate of return are forbidden. Resources to finance government infrastructural and development projects can be mobilized through the issuance of a national participation paper (NPP) and this instrument can also serve as an instrument of monetary management. Various conceptional issues underpinning the introduction of such an instrument and methods of calculating a corresponding rate of return are discussed In principle, this approach has been accepted in Iran.

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APA

International Monetary Fund. (1998). The Design of Instruments for Government Finance in an Islamic Economy. IMF Working Papers, 98(54), 1. https://doi.org/10.5089/9781451847482.001

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