The case against the Islamic gold dinar
AbstractThe claims that the Islamic gold dinar will avoid inflation and other ills of current economic crises are examined by studying how coinage systems actually functioned in history.The article shows that not only these claims are baseless but also that coinage would increase the prevailing interest rate in an economy - hardly an Islamic position. It is argued that a gold or silver based dinar would be harmful for Islamic societies and attempts to introduce them should therefore be prohibited.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 26645.
Date of creation: 12 Nov 2010
Date of revision:
Islamic gold dinar; interest rate; Gresham's Law; barter; commodity money; money as a medium of exchange; fiat money;
Find related papers by JEL classification:
- Z12 - Other Special Topics - - Cultural Economics - - - Religion
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-11-20 (All new papers)
- NEP-ARA-2010-11-20 (MENA - Middle East & North Africa)
- NEP-MON-2010-11-20 (Monetary Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hasan, Zubair, 2007. "Ensuring exchange rate stability: Is return to gold (Dinar)possible?," MPRA Paper 8134, University Library of Munich, Germany.
- Omerčević, Edo, 2013. "Monetary systems, sustainable growth and inclusive economic development," MPRA Paper 44559, University Library of Munich, Germany.
- Hasan, Zubair, 2011.
"Money creation and control from Islamic perspective,"
28366, University Library of Munich, Germany.
- Hasan, Zubair, 2011. "Money creation and control from Islamic perspective," MPRA Paper 39796, University Library of Munich, Germany, revised 21 Dec 2011.
- repec:pra:mprapa:39795 is not listed on IDEAS
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