Interest Rate in the Open Market Operation Mechanism: Is It Also Subject to Prohibition by Shariah?

According to the principles of Islamic jurisprudence, lending money to an individual with the condition that guarantees receiving some additional benefit is known as Riba. But, unlike commercial banks that act as an economic enterprise, the central bank in all countries works as a government agency that seeks only to create monetary equilibrium condition in the business space without any profitability intention. Therefore, it can be concluded that using open market operation is a new phenomenon and it should be examined whether it is also subject to prohibition the same as the well known Riba. For this, we must first notice that none of the philosophies about Riba prohibition, expressed in Quran, apply to this matter . Secondly, this kind of interest is related to the role of money in the macroeconomic management that did not exist in the early period of Islam.In other word,lending and borrowing money by central bank in monetary policy mechanism has completely different goals and proce