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Designing Fitrah Money: A Maqasidic Discourse

Author

Listed:
  • Imtiaz Mohammad Sifat

    (International Islamic University Malaysia)

  • Azhar Mohamad

    (International Islamic University Malaysia)

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.

Suggested Citation

  • Imtiaz Mohammad Sifat & Azhar Mohamad, 2018. "Designing Fitrah Money: A Maqasidic Discourse," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 3(2), pages 388-396, February.
    • Handle: RePEc:idn:jimfjn:v:3:y:2018:i:2i:p:388-396
    DOI: https://doi.org/10.21098/jimf.v3i2.896
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    More about this item

    Keywords

    Fitrah; fiat money; bimetallism; maqasid shariah;
    All these keywords.

    JEL classification:

    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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