Classical Islamic perspectives on monetary theory

العناوين الأخرى

وجهات نظر علماء المسلمين القدامى حول النظرية النقدية

المؤلف

Abd Allah, Adam

المصدر

Journal of King Abdulaziz University : Islamic Economics

العدد

المجلد 35، العدد 1 (31 يناير/كانون الثاني 2022)، ص ص. 3-22، 20ص.

الناشر

جامعة الملك عبد العزيز مركز النشر العلمي

تاريخ النشر

2022-01-31

دولة النشر

السعودية

عدد الصفحات

20

التخصصات الرئيسية

الاقتصاد و التجارة

الملخص EN

Within the wider framework of monetary theory, this study focuses on a review of classical Islamic perspectives on monetary theory.

In 1792 in America, the official price of gold was USD 19.3939/oz, whilst in 2021 the average market price of gold is about USD 1,800/oz, thus one dollar in 1792 is now only worth 1 cent in 2021 (19.3939/1,800).

Most of this devaluation occurred since 1971, which represents a catastrophic collapse in the store of value function of money over the past fifty years, confirming a failure in contemporary monetary theory and policy in achieving monetary and price stability under the fiat standard.

The loss of purchasing power as a result of this devaluation is so profound that the associated confiscation of wealth, due to inflation, has undermined all wealth creation in real terms.

Fiat currencies have now discovered their true intrinsic wealth and are essentially worthless.

By conducting a survey of classical Islamic literature, this study seeks to re-examine our understanding of money to encourage monetary reform to develop future solutions, given the failure of the fiat standard in satisfying the objectives of the sharīʿah (maqasid al- sharīʿah) in terms of protection of wealth (hifiz al-māl) and imparting social justice.

نمط استشهاد جمعية علماء النفس الأمريكية (APA)

Abd Allah, Adam. 2022. Classical Islamic perspectives on monetary theory. Journal of King Abdulaziz University : Islamic Economics،Vol. 35, no. 1, pp.3-22.
https://search.emarefa.net/detail/BIM-1314467

نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)

Abd Allah, Adam. Classical Islamic perspectives on monetary theory. Journal of King Abdulaziz University : Islamic Economics Vol. 35, no. 1 (Jan. 2022), pp.3-22.
https://search.emarefa.net/detail/BIM-1314467

نمط استشهاد الجمعية الطبية الأمريكية (AMA)

Abd Allah, Adam. Classical Islamic perspectives on monetary theory. Journal of King Abdulaziz University : Islamic Economics. 2022. Vol. 35, no. 1, pp.3-22.
https://search.emarefa.net/detail/BIM-1314467

نوع البيانات

مقالات

لغة النص

الإنجليزية

الملاحظات

Includes bibliographical references.

رقم السجل

BIM-1314467