One of the proposed monetary policy tools for a riba-free economy. The central bank may open investment accounts in its member banks in which it deposits whatever money it creates and from which it withdraws whatever money it retires. Member banks may invest these deposits in the real sector in accordance with the investment policy of each bank. Profits earned on such deposits may be used to cover the cost of central bank operations. Such deposits, termed as CDs or central deposits, may be used both as a tool of monetary policy and a means of financial intermediation. The central bank may create an instrument which could be termed as 'central deposit certificate' or CDC. The CD's may be invested in CDs throughout the banking system. The rate of return on the CD's will approach the average rate of profit on investment for the whole economy. The central bank may keep CDs in foreign exchange with banks members, should it have a surplus of foreign exchange. The central bank may issue CD's denominated in foreign currencies. The proceeds of foreign exchange thus collected may be invested through member banks. These may be utilized to meet foreign exchange requirements. The central bank may use CDs to supply domestic currency in return for foreign exchange earnings of the residents. This would keep the nominal supply of money from increasing beyond the desired level.

An instrument of riba-free banking. The certificate would be offered by the central bank to the general public and would denominate deposits with the central bank. The central bank will invest these with all member banks, which makes it the most diversified investment in the economy. Since it involves two layers of financial intermediation, namely, member banks and the central bank, it would be the safest instrument available.

One of the proposed monetary policy tools in riba-free economy. The central bank may issue CLCs which carry no return, but are guaranteed to be paid on maturity. This would be a medium for the public to extend their funds as qard hasan with altruistic motives. Proceeds of CLCs may be made available to member banks which would lend them to borrowers after proper assessment of future income and application of social criteria if rationing is required.

The Standing Committee for Commercial and Economic Cooperation of the OIC. Founded in 1981 in Taif (Saudi Arabia) as an organ of the OIC, COMCEC works for the Summit Conference ofthe OIC, which is held every three years.

Mudarabah. The orient lists use the term commend interchangeably with mudarabah.

A contract of mudarabah wherein the owner of capital provides the capital in the form of stock-in-trade (urud).