Seigniorage of fiat money and the maqasid al-shari'ah: the compatibility of the gold dinar with the maqasid

Part I of the paper argued that fiat money is counterproductive to the attainment of the maqasid al-Shari’ah. In the present interest-based fiat monetary system one of the maqasid, namely, the protection of wealth (mal) cannot be realized, which in turn causes the other maqasid to be affected too. I...

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Main Authors:	Mydin Meera, Ahamed Kameel, Larbani, Moussa
Other Authors:	Mydin Meera, Ahamed Kameel
Format:	Article
Language:	English
Published:	Jabatan Kemajuan Islam Malaysia 2009
Subjects:	HG201 Money
Online Access:	http://irep.iium.edu.my/8694/ http://irep.iium.edu.my/8694/1/seigniorage_of_fiat_money_and_the_maqasid_al-shariah.pdf

id	iium-8694
recordtype	eprints
spelling	iium-86942012-01-27T02:51:52Z http://irep.iium.edu.my/8694/ Seigniorage of fiat money and the maqasid al-shari'ah: the compatibility of the gold dinar with the maqasid Mydin Meera, Ahamed Kameel Larbani, Moussa HG201 Money Part I of the paper argued that fiat money is counterproductive to the attainment of the maqasid al-Shari’ah. In the present interest-based fiat monetary system one of the maqasid, namely, the protection of wealth (mal) cannot be realized, which in turn causes the other maqasid to be affected too. In this Part II paper we argue for commodity monies, like the gold dinar and silver dirham, as being compatible with the maqasid. Basically the paper concludes that the Islamic economic system is fundamentally a ‘barter’ system, i.e. an exchange economy where goods and services are exchanged value for value; but avoids the problems associated with barter by taking some of the commodities exchanged in the economy, that have the characteristics of money, as money; and gold is here argued as the best Shari’ah money Jabatan Kemajuan Islam Malaysia Mydin Meera, Ahamed Kameel 2009 Article PeerReviewed application/pdf en http://irep.iium.edu.my/8694/1/seigniorage_of_fiat_money_and_the_maqasid_al-shariah.pdf Mydin Meera, Ahamed Kameel and Larbani, Moussa (2009) Seigniorage of fiat money and the maqasid al-shari'ah: the compatibility of the gold dinar with the maqasid. Jurnal Muamalat (2). pp. 93-116. ISSN ISSN:1985-6156
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG201 Money
spellingShingle	HG201 Money Mydin Meera, Ahamed Kameel Larbani, Moussa Seigniorage of fiat money and the maqasid al-shari'ah: the compatibility of the gold dinar with the maqasid
description	Part I of the paper argued that fiat money is counterproductive to the attainment of the maqasid al-Shari’ah. In the present interest-based fiat monetary system one of the maqasid, namely, the protection of wealth (mal) cannot be realized, which in turn causes the other maqasid to be affected too. In this Part II paper we argue for commodity monies, like the gold dinar and silver dirham, as being compatible with the maqasid. Basically the paper concludes that the Islamic economic system is fundamentally a ‘barter’ system, i.e. an exchange economy where goods and services are exchanged value for value; but avoids the problems associated with barter by taking some of the commodities exchanged in the economy, that have the characteristics of money, as money; and gold is here argued as the best Shari’ah money
author2	Mydin Meera, Ahamed Kameel
author_facet	Mydin Meera, Ahamed Kameel Mydin Meera, Ahamed Kameel Larbani, Moussa
format	Article
author	Mydin Meera, Ahamed Kameel Larbani, Moussa
author_sort	Mydin Meera, Ahamed Kameel
title	Seigniorage of fiat money and the maqasid al-shari'ah: the compatibility of the gold dinar with the maqasid
title_short	Seigniorage of fiat money and the maqasid al-shari'ah: the compatibility of the gold dinar with the maqasid
title_full	Seigniorage of fiat money and the maqasid al-shari'ah: the compatibility of the gold dinar with the maqasid
title_fullStr	Seigniorage of fiat money and the maqasid al-shari'ah: the compatibility of the gold dinar with the maqasid
title_full_unstemmed	Seigniorage of fiat money and the maqasid al-shari'ah: the compatibility of the gold dinar with the maqasid
title_sort	seigniorage of fiat money and the maqasid al-shari'ah: the compatibility of the gold dinar with the maqasid
publisher	Jabatan Kemajuan Islam Malaysia
publishDate	2009
url	http://irep.iium.edu.my/8694/ http://irep.iium.edu.my/8694/1/seigniorage_of_fiat_money_and_the_maqasid_al-shariah.pdf
first_indexed	2023-09-18T20:18:28Z
last_indexed	2023-09-18T20:18:28Z
_version_	1777407947145478144

Seigniorage of fiat money and the maqasid al-shari'ah: the compatibility of the gold dinar with the maqasid

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