The purpose of this study is to document how a central bank can perform its primary and secondary functions in a Sharīʿah-compliant manner. It also seeks to investigate the outcomes of the experiments of Muslim-majority countries in this regard.,As a first step, a detailed review of existing literature is conducted, which discusses the views of scholars and practitioners on the central banking mechanism in a fully Sharīʿah-compliant financial system. Moving further, the case studies of Iran, Sudan and Pakistan are presented to highlight experiences of regulators from three Muslim-majority countries, which aimed to achieve full compliance with Sharīʿah (Islamic law) principles related to Islamic finance. To evaluate their models, an assessment of their practices is performed in the light of Sharīʿah rules and principles based on existing literature. Finally, the issues involved in establishing a Sharīʿah-compliant central bank (SCCB) are discussed and improvements are suggested.,It is found that Iran played an effective role in pursuing broader objectives of monetary policy by setting priorities for credit allocation and assisting the government in reducing expenses; however, with respect to instruments, its experience is limited to the rebranding of conventional products. Sudan has not only used monetary policy to effectively curb inflation but also it has introduced various indirect instruments to perform monetary operations. Pakistan succeeded in formulating a theoretical roadmap to establish a SCCB but the desired objectives could not be achieved because of multiple factors.,This study has important policy implications for regulators and policymakers from Muslim countries, who can use the findings in shaping effective Sharīʿah-compliant central banking practices in their respective countries.,This study discusses the salient features of an important Islamic financial institution, the central bank and evaluates the experiments of three Muslim-majority countries in implementing Sharīʿah-compliant central banking practices. To the best of the knowledge, this evaluation has not been performed in the existing literature and the present study fills in this gap.

中文翻译：

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符合伊斯兰教义的中央银行做法：穆斯林国家的经验教训

这项研究的目的是记录中央银行如何以符合伊斯兰教义的方式履行其主要职能和辅助职能。第一步，首先对现有文献进行详尽的回顾，全面讨论学者和实践者对中央银行机制的看法。符合伊斯兰教义的金融系统。进一步讲，介绍了伊朗，苏丹和巴基斯坦的案例研究，以强调来自三个穆斯林占多数国家的监管机构的经验，这些经验旨在完全遵守与伊斯兰金融有关的Sharīʿah（伊斯兰法）原则。为了评估他们的模型，将根据现有文献中的Sharīʿah规则和原则对他们的实践进行评估。最后，讨论了建立符合伊斯兰教律法的中央银行（SCCB）所涉及的问题并提出了改进建议。发现伊朗通过设定信贷分配的优先顺序和协助政府，在实现更广泛的货币政策目标方面发挥了有效作用。减少开支；但是，就乐器而言，其经验仅限于常规产品的品牌重塑。苏丹不仅使用货币政策有效地抑制了通货膨胀，而且还引入了各种间接手段来进行货币操作。巴基斯坦成功制定了建立SCCB的理论路线图，但由于多个因素而无法实现预期的目标。该研究对穆斯林国家的监管机构和政策制定者具有重要的政策意义，这项研究讨论了重要的伊斯兰金融机构中央银行的显着特征，并评估了三个穆斯林占多数的国家实施伊斯兰教法的实验。符合中央银行惯例。就目前所知，尚未在现有文献中进行此项评估，本研究填补了这一空白。