The Art of ISLAMIC BANKING and Finance narrates the author’ s (Yahia Abdul-Rahman) achievement in constituting an interest-free bank in the U. S. A. As a matter of fact, he explores BANKING and finance laws and regularities in the U. S as well as the ISLAMIC BANKING system in the world. The remarkable difference between these two kinds of BANKING systems is that the former is based on the monetary market and the latter on the real economy. In the ISLAMIC BANKING system, the rent expense of a commodity to be financed is measured based on rules known as “ commodity indexation” and “ marking to market” . Moreover, in such a system, the interest rate of the ordinary BANKING system is substituted with the rent expense of a commodity. Thus, rent expenses are not fixed like interest rates. The prominent characteristic of an ISLAMIC BANKING system is not only its interest-free feature but also its civility and social responsibility. The main pitfalls of the book include a lack of comprehensive discussion and a lack of reporting the ISLAMIC BANKING systems of other Muslim countries. Besides, no thorough analysis of BANKING system experiences has been done and has not paid attention to the critique of the Iranian BANKING system.

The rule against discretion is a key issue in monetary policy research. There are many studies that each recommends the use of one or a combination of both ISLAMIC CENTRAL BANKING has not been the exception, now the question is about the ISLAMIC CENTRAL BANKING, which one under the ideal assumption and realistic condition is comply with the ISLAMIC teaches, it needs research.By a definition, the discretion has three completely arbitrary, optimistic, and re-optimal types between the time when the former and the second are not desirable, but the third one has advantages that it can verified against the rule.This paper by descriptive-analytic method shows that within the framework of an ISLAMIC state with an ideal assumption although re-optimization has the positive points of the rule and it has no weaknesses of that, it is preferable to prefer the rule, but given the institutional characteristics of the CENTRAL bank, The money authority is not directly chosen by the Vali-e- Faghih and is not monitored by him. According to the existing empirical evidence, the existence of time incompatibility, political business cycles and financial domination in the Iranian economy, from the point of view of the Maslaha of the system, obliges the monetary authority to use an appropriate monetary rule is better in the context of a secondary verdict.

providing banks with overdraft possibility in case of liquidity shortage, is one of the most important tools that CENTRAL banks usually use to manage money market and it is also used in the Iranian BANKING system. Having reviewed the experience of the Iranian BANKING system in using overdraft, this paper tries to answer this important question that: “ what is the Fiqhi-jurisprudential nature of receiving overdraft from CENTRAL bank? ” . Using an analytical-descriptive approach this hypothesis is evaluated that: “ the Fiqhi-jurisprudential nature of receiving overdraft from CENTRAL bank is not clear and the challenge of Riba is available” . The results that are based on an analytical-descriptive approach show that it is possible to suggest different jurisprudential possibilities about the nature of CENTRAL bank overdraft; but all these possibilities face some challenges and hence none of them can be chosen as an acceptable solution for justifying overdraft. In addition, it is necessary to make use of the ISLAMIC Fiqh to come up with new solutions for CENTRAL bank overdrafts. Some of them are: ISLAMIC repurchase agreements and discounting banks' documents.

In this paper, we have showed that there is no difference between ISLAMIC countries and the other countries in CENTRAL BANKING. For example monetary instruments in both sets of countries are the same. Also we have showed that in most of ISLAMIC countries there is not any consistency between monetary network and monetary management (CENTRAL BANKING) in the use of monetary instruments. This inconsistency is the source of inefficiency in the CENTRAL BANKING in these countries.In this paper, we survey the monetary transmission mechanism and it’s channels in the basic schools of economics. We have identified the ISLAMIC monetary instruments and we have showed that ISLAMIC CENTRAL BANKING can work efficiently and can match monetary and real sectors of economy.

In recent years there has been much debate about the effects of the introduction of CENTRAL Bank Digital Currency on the economy and whether cash should be phased out. Many CENTRAL banks have already started deciding whether to introduce their own CBDC. If the CENTRAL Bank of the ISLAMIC Republic of Iran decides to issue a comprehensive CBDC; Questions are raised, the most important of which can be considered the extent of the influence of the CENTRAL Bank Digital Currency on ISLAMIC BANKING based on Sharia contracts. In the present research, it has been tried to investigate this effect, at first, a different analysis of the CENTRAL Bank Digital Currency release has been done. In the following, several principles of CBDC design have been selected and classified and evaluated using the SWOT matrix. The results of the SWOT matrix indicate the necessity of using an aggressive strategy as the main strategy in issuing CBDC. Based on the main strategy of the research, 6 sub-strategies were chosen to give the attractiveness score in the QSPM quantitative matrix. The results of the QSPM matrix indicate that the best aggressive sub-strategy to design the CBDC in such a way as to have the highest beneficial effect on Partnership contracts in ISLAMIC BANKING. The retail CENTRAL Bank Digital Currency design strategy is account-based and using diversification. Issuance of retail CENTRAL Bank Digital Currency that is account-based and using it, which has programmability and precise tracking, and will also be used by all economic actors. It is possible to replace a bank in the BANKING network and increase the coefficient of correct execution of Sharia contracts.

Core BANKING system is a fundamental solution for the CENTRALized core  of  BANKING business, the main solution to CENTRALize all data and critical processes. So that the changes create new services, responding to customer needs and also provides the necessary information to better manage organization in less time and with most Accuracy. But, implementation and deployment in bank faces with serious challenges.  This Thesis also outlines the dimensions and angles of the BANKING system, establish Obstacles of this system in Sepah Bank were discussed. the main obstacles classified to four financial, technological, social / cultural and managerial. And the effectiveness of each system was investigated. this research done at the 150 community levels involved in deploying a Core BANKING, including Sepah Bank, Bank Subsidiaries and contracted personnel. A questionnaire with 26 questions was distributed among 85 cases of which 60 were full questionnaire. Questions were designed on the basis of the whole five-point Likert situation. According to prove normal distribution of data T-parametric tests were used to prove the hypothesis. The results showed that technological and managerial factors in the establishment of a Core BANKING system are more effective at Sepah Bank, in priority. However, the influence of social / cultural and financial establishment of a Core system of BANKING in Bank Sepah was not proved.

One of the essentials for the realization of ISLAMIC BANKING is founding the CENTRAL Bank based on ISLAMIC values and principles. Using an analytical approach, and given the limited studies in the field of CENTRAL BANKING in ISLAMIC economics literature, this paper provides a favorable model of CENTRAL BANKING in the ISLAMIC BANKING system. According to the research hypothesis, the CENTRAL Bank in the ISLAMIC economy has a different nature, structure, goals, tools and policies than the CENTRAL Bank in the conventional economy. Based on the research results, the proposed model of ISLAMIC CENTRAL BANKING presents a new structure of ISLAMIC monetary and BANKING system. In this modern structure, banks do not have the power to create money (full reserves) and money creation is done only by the ISLAMIC CENTRAL Bank. In this model, the institution of the bank returns to the true position of financial intermediation.

today, factoring is one of the sources for financing in BANKING law. After entering in the legal literature of BANKING system, it has had a special importance. Factoring is a contract which the debt is bought less or more than its nominal value from creditors by the debtor or third party. There is a great disagreement about its legal status in Shia jurisprudential literature which the attitudes of the wellknown Shia jurists which have been considered by the legislator as a source is the validity of the factoring contract in most cases and types. The factoring contract can be applied in many cases in BANKING operations without usury: credit contracts which contain the most majority BANKING operation in these days and in the form of factoring, they can be made completely. Bank cards, bank deposits and bank loans can be realized by factoring in BANKING operations without usury as it does not face any legal and divine law (shariah) problems. Letter of credit discounting and forfaiting are those of are those of sources for financing for business men which they can be realized.