Developing a fair currency system
المؤلف
المصدر
ISRA International Journal of Islamic Finance
العدد
المجلد 12، العدد 3 (31 ديسمبر/كانون الأول 2020)، ص ص. 325-345، 21ص.
الناشر
الأكاديمية العالمية للبحوث الشرعية
تاريخ النشر
2020-12-31
دولة النشر
ماليزيا
عدد الصفحات
21
التخصصات الرئيسية
الملخص EN
Purpose-This study aims to evaluate the role of the prevailing currency systems in achieving (or departing from) the socio-economic objectives of a progressive and just society; i.e.
featuring stability and equitable distribution of wealth.
Design/methodology/approach-After documenting historical developments in currency systems, the study reviews the Islamic perspective on the matter.
Features of an ideal currency system are listed and then a critical evaluation of existing currency systems – fiat, banking and cryptocurrency – is undertaken.
Findings-It is found that existing currency systems – fiat, banking and cryptocurrency – are not compatible with the socio-economic objectives of a forward-looking, progressive society, which upholds transparency and justice as its core values.
The study documents that Sharīʿah norms have no preference or dislike for any of the existing currency systems.
Any prudent currency system compatible with the objectives of the Islamic financial system (i.e.
stability and equitable distribution of wealth) is acceptable.
A single international reserve currency (with country-specific legal tendering) is subject to the risk of destabilisation across global markets.
Practical implications-This paper recommends autonomy of central banking, the spending of seigniorage for the welfare of community members, development of asset-backed currencies (following ṣukūk structures), as well as multiple international reserve currencies and joining of hands by professionals and Sharīʿah scholars to design a currency system compatible with the Islamic financial system.
This paper’s recommendation is against the adoption of cryptocurrency that lacks the backing of real assets.
Originality/value-The study contributes to the literature by evaluating the compatibility of existing currency systems in the achievement of socio-economic objectives of a welfare state which seeks to uphold justice and equitable resource distribution as core values in the financial system.
نمط استشهاد جمعية علماء النفس الأمريكية (APA)
Hanif, Muhammad. 2020. Developing a fair currency system. ISRA International Journal of Islamic Finance،Vol. 12, no. 3, pp.325-345.
https://search.emarefa.net/detail/BIM-1429559
نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)
Hanif, Muhammad. Developing a fair currency system. ISRA International Journal of Islamic Finance Vol. 12, no. 3 (2020), pp.325-345.
https://search.emarefa.net/detail/BIM-1429559
نمط استشهاد الجمعية الطبية الأمريكية (AMA)
Hanif, Muhammad. Developing a fair currency system. ISRA International Journal of Islamic Finance. 2020. Vol. 12, no. 3, pp.325-345.
https://search.emarefa.net/detail/BIM-1429559
نوع البيانات
مقالات
لغة النص
الإنجليزية
الملاحظات
Includes appendix : p. 344-345
رقم السجل
BIM-1429559
قاعدة معامل التأثير والاستشهادات المرجعية العربي "ارسيف Arcif"
أضخم قاعدة بيانات عربية للاستشهادات المرجعية للمجلات العلمية المحكمة الصادرة في العالم العربي
تقوم هذه الخدمة بالتحقق من التشابه أو الانتحال في الأبحاث والمقالات العلمية والأطروحات الجامعية والكتب والأبحاث باللغة العربية، وتحديد درجة التشابه أو أصالة الأعمال البحثية وحماية ملكيتها الفكرية. تعرف اكثر