Bacha, Obiyathulla (2008): The Islamic Inter bank Money Market and a Dual Banking System : The Malaysian Experience. Published in: International Journal of Islamic and Middle Eastern Finance and Management 3 1 (2008): pp. 210-226.Although this paper works on correlation and causation, it is not clear that whether unit root tests have been performed and whether this analysis should be in terms of differences rather than levels. Also, large discrepancies between the Islamic Interbank rate and the Conventional rate are definitely worth some further discussion.
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