التمويل بالعجز : شرعيته، و بدائله، من منظرو إسلامي

Abstract EN

Deficit financing (or inflationary financing) is a means to finance the deficit in the government budget which is adopted to achieve important economic goals.

It is a new provision for which we do not find any special evidence in the Quran, Sunnah or consensus.

Nor a precedence is found in such a matter to stick to it or to apply analogy to it.

In the light of this, we may treat ‘deficit financing’ as a matter needed by the nation and that it is to be compatible with shariah policy, it must be in accordance to the spirit of shariah and its overall objectives to achieve its social goals, even if no specific text is found in the Quran and Sunnah.

The paper argues that the deficit financing is not compatible with shariah policy based on: 1.

A comparison between its cost and benefits, especially due to its violation of justice in distribution of income and wealth and so its oppsotion to the shariah spirit and its evidences..

2.

The Islamic Economics offers legal alternatives which can achieve the objectives of deficit financing more efficently without violating justice.