Fiscal and monetary policies in Islamic economics: contours of an institutional framework

This paper summarizes salient features of the existing thinking on fiscal and monetary policies in the Islamic economics literature. It outlines institutional framework for these policies from the Islamic economics perspective. The nature and role of government, in the light of the Shari[ah principl...

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Main Author:	Tahir, Sayyid
Format:	Article
Language:	English
Published:	Islamic Research and Training Institute (IRTI), Islamic Development Bank 2013
Subjects:	H96 Public policy (General), Policy sciences
Online Access:	http://irep.iium.edu.my/33952/ http://irep.iium.edu.my/33952/ http://irep.iium.edu.my/33952/1/Fiscal_and_Monetary_Policies_P1-22_IRTI.pdf

id	iium-33952
recordtype	eprints
spelling	iium-339522014-01-07T08:25:29Z http://irep.iium.edu.my/33952/ Fiscal and monetary policies in Islamic economics: contours of an institutional framework Tahir, Sayyid H96 Public policy (General), Policy sciences This paper summarizes salient features of the existing thinking on fiscal and monetary policies in the Islamic economics literature. It outlines institutional framework for these policies from the Islamic economics perspective. The nature and role of government, in the light of the Shari[ah principles, are revisited. The general goals for macroeconomic policies are discussed along with separate goals for each of the two policies. The argument is capped with a look at practical considerations in the actual working of both the policies. The following are the main points in the paper. (1) Roles of both the policies shall be complementary in the context of the overall objectives at the state level. (2) Thrust of both policies would be different from that presently recognized. These conclusions are drawn in the context of the government’s role being limited to prudent governance and the society’s economic and distributional concerns being addressed as much as possible without adopting the budgetary channel. Islamic Research and Training Institute (IRTI), Islamic Development Bank 2013-11 Article PeerReviewed application/pdf en http://irep.iium.edu.my/33952/1/Fiscal_and_Monetary_Policies_P1-22_IRTI.pdf Tahir, Sayyid (2013) Fiscal and monetary policies in Islamic economics: contours of an institutional framework. Islamic Economic Studies, 21 (2). pp. 1-22. ISSN 1319-1616 http://www.irti.org/irj/go/km/docs/documents/IDBDevelopments/Internet/English/IRTI/CM/downloads/IES_Articles/Vol_21_No_2/Fiscal_and_Monetary_Policies_P1-22.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	H96 Public policy (General), Policy sciences
spellingShingle	H96 Public policy (General), Policy sciences Tahir, Sayyid Fiscal and monetary policies in Islamic economics: contours of an institutional framework
description	This paper summarizes salient features of the existing thinking on fiscal and monetary policies in the Islamic economics literature. It outlines institutional framework for these policies from the Islamic economics perspective. The nature and role of government, in the light of the Shari[ah principles, are revisited. The general goals for macroeconomic policies are discussed along with separate goals for each of the two policies. The argument is capped with a look at practical considerations in the actual working of both the policies. The following are the main points in the paper. (1) Roles of both the policies shall be complementary in the context of the overall objectives at the state level. (2) Thrust of both policies would be different from that presently recognized. These conclusions are drawn in the context of the government’s role being limited to prudent governance and the society’s economic and distributional concerns being addressed as much as possible without adopting the budgetary channel.
format	Article
author	Tahir, Sayyid
author_facet	Tahir, Sayyid
author_sort	Tahir, Sayyid
title	Fiscal and monetary policies in Islamic economics: contours of an institutional framework
title_short	Fiscal and monetary policies in Islamic economics: contours of an institutional framework
title_full	Fiscal and monetary policies in Islamic economics: contours of an institutional framework
title_fullStr	Fiscal and monetary policies in Islamic economics: contours of an institutional framework
title_full_unstemmed	Fiscal and monetary policies in Islamic economics: contours of an institutional framework
title_sort	fiscal and monetary policies in islamic economics: contours of an institutional framework
publisher	Islamic Research and Training Institute (IRTI), Islamic Development Bank
publishDate	2013
url	http://irep.iium.edu.my/33952/ http://irep.iium.edu.my/33952/ http://irep.iium.edu.my/33952/1/Fiscal_and_Monetary_Policies_P1-22_IRTI.pdf
first_indexed	2023-09-18T20:49:00Z
last_indexed	2023-09-18T20:49:00Z
_version_	1777409867776000000

Fiscal and monetary policies in Islamic economics: contours of an institutional framework

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