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The Financial System and Monetary Policy in an Islamic Economy

Khan and Mirakhor have imposed on their model a structure and constraints which lend a tautological character to their exercise (13). The indiscreet replacement of the rate of interest in the secular model by a profit rate makes their conclusions tentative and questionable. Formulation infirmities have further weakened their position. Still, their work is laudable for it opens up some new areas of investigation in Islamic banking.

Khan and Mirakhor have imposed on their model a structure and constraints which lend a tautological character to their exercise (13).