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Designing fitrah money: a maqasidic discourse

Mohammad Sifat, Imtiaz and Mohamad, Azhar (2018) Designing fitrah money: a maqasidic discourse. Journal of Islamic Monetary and Finance (JIMF), 3 (2). pp. 388-396. ISSN 2460-6146

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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: Article (Journal)
Additional Information: 3334/62856
Uncontrolled Keywords: fitrah, fiat money, bimetallism, maqasid shariah
Subjects: H Social Sciences > HB Economic Theory > HB126.4 Islamic Economics
H Social Sciences > HJ Public Finance > HJ9011 Local finance
Kulliyyahs/Centres/Divisions/Institutes: Kulliyyah of Economics and Management Sciences
Kulliyyah of Economics and Management Sciences > Department of Finance
Depositing User: Dr Azhar Mohamad
Date Deposited: 23 Apr 2018 12:42
Last Modified: 25 Apr 2018 14:24
URI: http://irep.iium.edu.my/id/eprint/62856

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