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Gold vis-à-vis money in Islam: the case against Dinarist movement

Mohamad, Azhar and Mohammad Sifat, Imtiaz (2017) Gold vis-à-vis money in Islam: the case against Dinarist movement. International Journal of Law and Management, 59 (6). pp. 977-992. ISSN 1754-243X

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Abstract

This paper delves in an aspect of monetary economics, addressing its Islamic wing in general and dinar advocates in particular. It argues that calls to reinstitution of dinar currencies are not only anachronistic and unnecessary, but also counter-productive and potentially unislamic. It further posits that regardless of nature of economy, legal tender fiat money and bank money are of same genus and treating them otherwise isn’t consistent with Islamic jurisprudential precepts. We also highlight that mismanagement, avarice, and human follies are to blame for financial maladies; regression to metallic currency is neither a panacea to the conundrums nor Islamic.

Item Type: Article (Journal)
Additional Information: 3334/59703
Uncontrolled Keywords: Gold, Islamic finance, Islamic law, Bimetallism, Dinar, Monetary economics
Subjects: 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 11:46
Last Modified: 20 Mar 2018 16:25
URI: http://irep.iium.edu.my/id/eprint/59703

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