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Designing Fitrah Money: A Maqasidic Discourse (JIMF Bank Indonesia Conference Nov 2017)

Mohamad, Azhar (2017) Designing Fitrah Money: A Maqasidic Discourse (JIMF Bank Indonesia Conference Nov 2017). In: 3rd International Islamic Monetary Economics and Finance Conference IIMEFC / JIMF, November 8 - 9, 2017, Grand City Convention and Exhibition, Surabaya East Java, Indonesia.. (In Press)

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Abstract

Academic efforts in concocting a plausible alternative to fiat regime often staggers given inherent constrictions of Islamic jurisprudence and economic technicalities. Despite passionate advocacy of Muslim scholars, the campaign for gold dinar and silver dirham runs into allegations of being simplistic, anachronistic, regressive, unnecessary, and sub-optimal. Shunning the popular Maqasidic and historical approaches in debunking these claims, this paper highlights the need for a return to basics, the default factory settings as designed by God, and trowels a fitrah approach in evaluating gold and silver. As such, we proffer an open-minded approach in formulating an Islamically congruent currency and decry obstinate fixation with gold and silver, which hardly serve the best interests of ummah.

Item Type: Conference or Workshop Item (Plenary Papers)
Additional Information: 3334/59557
Subjects: H Social Sciences > HG Finance
H Social Sciences > HG Finance > HG201 Money
H Social Sciences > HG Finance > HG201 Money

H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
Kulliyyahs/Centres/Divisions/Institutes: Kulliyyah of Economics and Management Sciences > Department of Finance
Depositing User: Dr Azhar Mohamad
Date Deposited: 24 Nov 2017 12:16
Last Modified: 24 Nov 2017 12:18
URI: http://irep.iium.edu.my/id/eprint/59557

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