Reserve Requirements on Bank Deposits as Implicit Taxes: A Case Study of Italy

1992 ◽  
Author(s):  
Lazaros Molho
Keyword(s):  
Reserve Requirements ◽  
Bank Deposits

scholarly journals Uang Elektronik: Praktik dan Substansi Dari Perspektif Keuangan Syariah (Studi Kasus: BCA Flazz & Go-Pay)

2021 ◽  
Vol 4 (2) ◽  
pp. 133-145
Author(s):  
Adi Martono ◽  
Yuddy Yudawirawan
Keyword(s):  
Open Space ◽  
Study Data ◽  
Point Of View ◽  
Islamic Banks ◽  
Muslim Community ◽  
Electronic Money ◽  
Bank Deposits ◽  
The World ◽  
Conventional Banks

The use of electronic money as a transaction tool in everyday life is a necessity, people use the money to pay for various needs such as buying goods in the marketplace, buying food online, KRL train tickets, paying toll tickets and others. On the other hand, the use of electronic money in society raises questions, especially for Muslims. Is electronic money as a medium of exchange in accordance with the Qur'an and As-Sunnah? Several Indonesian Muslim scholars who are concerned about the practice of Muamalah Maaliyah have given their thoughts and opinions on the use of electronic money. This paper is a step in answering this question. This paper will try to provide an explanation why the use of electronic money is not in accordance with the Qur'an and As-Sunnah. This research uses case study – qualitative research as research methodology. For this study, data were collected from documentation: Bank Indonesia regulations, the fatwa of the Sharia Council-Indonesian Ulema Council (DSN-MUI), fatwas of world scholars, instructions for the use of electronic money from banks/issuing companies, participant observations and observations, namely as users of electronic money who also use electronic money. Experienced as a banker in a state-owned bank. Using this method, this research will explore and explain how electronic money is managed and why some Muslims doubt this money. The conclusion of this study is that Bank Indonesia as the regulator and DSN-MUI issued a fatwa and this is in line with the fatwa issued by Majma' al-Fiqh al-Islami under the World Muslim League in its decision No. 86, 3/9 explains that “bank deposits, both in Islamic banks and conventional banks, from the fiqh point of view are debt, having different views on the concept and characteristics of electronic money used in Indonesia. The solution to this problem is that Bank Indonesia as a regulator needs to open space so that electronic money that is in accordance with sharia provisions can be realized so that the interests of the Muslim community are met. Abstrak Penggunaan uang elektronik sebagai alat transaksi dalam kehidupan sehari-hari adalah suatu keniscayaan, masyarakat menggunakan uang tersebut untuk membayar berbagai keperluan seperti membeli barang di marketplace, membeli makanan secara online, tiket kereta api KRL, membayar tiket tol dan lain-lain. Di sisi lain, penggunaan uang elektronik di masyarakat menimbulkan pertanyaan terutama bagi umat Islam. Apakah uang elektronik sebagai alat tukar sesuai dengan Al-Qur'an dan As-Sunnah? Beberapa cendekiawan muslim Indonesia yang concern terhadap praktik Muamalah Maaliyah telah memberikan pemikiran dan pendapatnya tentang penggunaan uang elektronik. Tulisan ini merupakan langkah dalam menjawab pertanyaan tersebut. Tulisan ini akan mencoba memberikan penjelasan mengapa penggunaan uang elektronik tidak sesuai dengan Al-Qur’an dan As-Sunnah. Penelitian ini menggunakan studi kasus – penelitian kualitatif sebagai metodologi penelitian. Untuk penelitian ini data dikumpulkan dari dokumentasi: ketentuan Bank Indonesia, fatwa Dewan Syariah-Majelis Ulama Indonesia (DSN-MUI), fatwa ulama sedunia, instruksi penggunaan uang elektronik dari bank/perusahaan penerbit, observasi dan observasi partisipan yaitu sebagai pengguna uang elektronik yang juga berpengalamanan sebagai bankir di bank milik pemerintah. Dengan menggunakan metode ini, penelitian ini akan mengeksplorasi dan menjelaskan bagaimana uang elektronik dikelola dan mengapa sebagian umat Islam meragukan uang ini. Kesimpulan dari penelitian ini adalah Bank Indonesia selaku regulator dan DSN-MUI yang mengeluarkan fatwa dan ini sejalan dengan fatwa yang dikeluarkan oleh Majma’ al-Fiqh al-Islami di bawah Liga Muslim Dunia dalam keputusannya No. 86, 3/9 menerangkan bahwa “simpanan bank, baik di bank Islam maupun bank konvensional, dari sudut pandang fiqih merupakan hutang, memiliki pandangan yang berbeda mengenai konsep dan karakteristik uang elektronik yang digunakan di Indonesia. Solusi dari permasalahan ini adalah Bank Indonesia sebagai regulator perlu membuka ruang agar uang elektronik yang sesuai dengan ketentuan syariah dapat diwujudkan sehingga kepentingan masyarakat muslimin terpenuhi. Kata Kunci: Uang Elektronik, Bank, Penerbit Uang Elektronik, Riba

The So-Called Pan-European Depositors' Protection Scheme

2016 ◽  
Vol 23 (2) ◽  
pp. 241-260
Author(s):  
Pierre de Gioia-Carabellese ◽  
Corrado Chessa
Keyword(s):  
National Level ◽  
Safety Net ◽  
Legal Framework ◽  
Test Case ◽  
Protection Scheme ◽  
Bank Deposits ◽  
Legal Provisions ◽  
Legal Constraints ◽  
June July

This article focuses on the legal provisions of Directive 2014/49 on deposit guarantee schemes (the DGS Directive) and focuses on how the national schemes financially support each another by offering a critical analysis to demonstrate that the new legal framework is far from satisfactory. This is because the new ‘safety net’, still hinged on depositors' protections schemes that operate at the national level, is fettered by the quantitative limits and legal constraints of mutual borrowing. This ultimately still leaves the EU/EEA depositors with an element of uncertainty. This contribution also seeks to illustrate that the recent mass withdrawal from bank deposits in Greece (in June/July 2015) was an unsuccessful test case for the new legislation, which was ironically already in force at the time the crisis unfolded. This case study of Greece is coupled with the important Landslaki dictum which is given equal attention in this article. Together they give significant credibility to the view that the DGS Directive, seemingly not fully aware of the lessons to be learnt from the 2011 Eurozone crisis, is obsolete and should be amended as soon as possible.

scholarly journals Monetary policy responses to the global financial crisis: A case study of Egypt

2011 ◽  
Vol 7 (3) ◽  
pp. 65-78
Author(s):  
Monal Abdel-Baki
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
Reserve Requirements ◽  
Long Run ◽  
Dynamic Stochastic ◽  
The Global Financial Crisis ◽  
The Arab Spring

Among the triggers of the Arab Spring are the declining living standards of the middle and lower income groups. Undoubtedly, the global financial crisis (GFC) is to be partially blamed for weakening the economies of these nations. But was monetary policy ineffective in combating inflation and reducing the meltdown? This paper employs a dynamic stochastic general equilibrium model to assess the effectiveness of the monetary policy in the wake of the GFC. Egypt is selected as a case study due to its overdependence on imported food, the prices of which are relentlessly soaring. The results of the study reveal that the ideal operating targets for the Central Bank of Egypt are the overnight rate and legal reserve requirements. Interest rates are more suitable for long-run impact on the ultimate goals of growth, price stability and job creation. The study culminates in designing a framework to enhance central bankers’ political independence and transparency, which is imperative for nations with high levels of corruption. The study is not only informative to the new Egyptian policymakers, but also to other developing and emerging economies that suffer from symptoms of chronic inflation and looming socio-political turmoil.

Bank Deposits and Legal Reserve Requirements.

1960 ◽  
Vol 15 (4) ◽  
pp. 604
Author(s):  
John A. Griswold ◽  
Frank E. Norton ◽  
Neil H. Jacoby
Keyword(s):  
Reserve Requirements ◽  
Bank Deposits

scholarly journals Determinants of Private Savings in the Form of Bank Deposits: A Case Study on Regions of the Russian Federation

Economies ◽  
2019 ◽  
Vol 7 (2) ◽  
pp. 63
Author(s):  
Malkina
Keyword(s):  
Fixed Time ◽  
Personal Income ◽  
Russian Regions ◽  
Theoretical Concepts ◽  
Factors Affecting ◽  
Bank Deposits ◽  
Private Savings ◽  
Personal Savings ◽  
Input Variables

The paper is aimed at investigating the factors affecting the level of private deposits in banks in Russian regions and the verification of various theoretical concepts of personal savings. To achieve this purpose, we built a set of alternative Cobb–Douglas-type regressions with fixed time effects and logistic-type regressions based on panel data of 80 Russian regions from 2014–2016. Their estimations allowed us to reveal the dependence of private deposits in Russian regions at the level of real personal income and its structure, the personal income inequality, the demographic structure of the population, the state of the labor market, the level of accumulated wealth, the rate of urbanization, and the level of development of the financial system in the regions. Signs with variables summarize both direct and indirect effects of the input variables on the deposits, confirming some theoretical concepts and rejecting others, while the calculated elasticities show the strength of these effects. The results we obtained are applicable to the management of financial resources in Russian regions and the smoothing out of interregional differences in their development.

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