عنوان مقاله [English]
The interbank market is a fundamental branch of money market that constitutes the place for the banks and financial institutions to supply and demand each other’s surplus funds. In this market, where the banks usually use instruments to finance themselves in the short run in order to manage their liquidity, the repurchase agreement (repo) instrument is of a high importance. In Iran the administrative regulation regarding the national interbank formulation was enacted by the central bank in 2004, and the market was formally instituted in 2008. Since the instruments applicable in this market are not many, the amount of transactions here is insignificant. In this article, in order for a new instrument for this market to be introduced, we try to answer the question whether, with regard to the Imamiyah jurisprudence and usury-free banking law, the repurchase agreement (repo) might be utilized in the Iranian interbank market as a monetary instrument.
This study is of the qualitative type, and using jurisprudential-financial research method, examining the viewpoints of the elite, and leaning on the general principles of contracts validity in Imamiyah jurisprudence, examines the repurchase agreement. The results show that, if its subject and contract provisions get amended, the conventional repurchase agreement might be utilized as Islamic repurchase agreement in the Islamic interbank market.