Debt-sale securities as a monetary policy instrument in the Islamic banking system of Iran

This paper discusses the legitimacy of securitizing central bank receivables from government and banking system in Iranian financial market making use this instrument to conduct monetary policy. Ijtihad or independent jurisprudential reasoning based on Imamiah Fiqh (prevailing Islamic system), is used as methodology. The results show that considering ‘ownership unity’ between bank, government, governmental banks system, not legitimate Shariah-compliant. Nevertheless, it possible issue debt-sale securities debts private bank. Therefore, issuing can be considered a suitable for conducting Shariah-compliant policy Iran. first time idea system. Besides, analysis School Fiqh, which also new.