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ISLAMIC BANKING AND MONEY DEMAND FUNCTION IN MALAYSIA: An Econometric Analysis

AHMAD KALEEM and MANSOR MUHAMMAD ISA
Pakistan Economic and Social Review
Vol. 44, No. 2 (Winter 2006), pp. 277-290
Stable URL: http://www.jstor.org/stable/25825298
Page Count: 14
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
ISLAMIC BANKING AND MONEY DEMAND FUNCTION IN MALAYSIA: An Econometric Analysis
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Abstract

The Central Bank of Malaysia is facing unique challenges in transmitting its monetary policies due to Islamic banking, which strictly prohibits the interest payments. This article develops new methodology to calculate the demand for money function in the presence of Islamic banking. It indicates some weaknesses in the existing mechanism and raises thought that would be helpful in revising the monetary related policies in Malaysia.

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