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The case against the Islamic gold dinar

Author

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  • Cizakca, Murat

Abstract

The 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.

Suggested Citation

  • Cizakca, Murat, 2010. "The case against the Islamic gold dinar," MPRA Paper 26645, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:26645
    as

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    File URL: https://mpra.ub.uni-muenchen.de/26645/1/MPRA_paper_26645.pdf
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    References listed on IDEAS

    as
    1. Hasan, Zubair, 2007. "Ensuring exchange rate stability: Is return to gold (Dinar)possible?," MPRA Paper 8134, University Library of Munich, Germany.
    2. Muhammad Umer Chapra, 1996. "Monetary Management In An Islamic Economy," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 4, pages 2-35.
    3. Zubair Hasan, 2008. "Ensuring Exchange Rate Stability: Is Return to Gold (Dinar) Possible ضمان استقرار سعر الصرف: هل يمكن الرجوع إلى الذهب؟," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 21(1), pages 3-25, January.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Hasan, Zubair, 2012. "Money evolution and control in the context of current financial crisis with Islamic inputs," MPRA Paper 73532, University Library of Munich, Germany, revised 2013.
    2. Hasan, Zubair, 2011. "Money creation and control from Islamic perspective," MPRA Paper 28366, University Library of Munich, Germany.
    3. repec:pra:mprapa:39795 is not listed on IDEAS
    4. Omerčević, Edo, 2013. "Monetary systems, sustainable growth and inclusive economic development," MPRA Paper 44559, University Library of Munich, Germany.

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    More about this item

    Keywords

    Islamic gold dinar; interest rate; Gresham's Law; barter; commodity money; money as a medium of exchange; fiat money;
    All these keywords.

    JEL classification:

    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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