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نحو نظام نقدي ومالي إسلامي: الهيكل والتطبيق
[Towards an Islamic Monetary and Financial System: Structure and Application]

Author

Abstract

The paper attempts through presenting a proposed structure for a monetary and financial system of an interest-free economy to pave the way for discussing interest in particular and the Islamic economic system in general. Economists do require such an agreed structure to which they can refer while discussing economic problems in addition to comparative issues. The absence of such structure could complicate discussions and shroud them with difficulties. The paper specifies the required structure with sufficient details that allow the examination of the financial market, its instruments and effectiveness, as compared to the prevailing system. The paper discusses the demand for money in the proposed structure through looking into its alternative uses, before identifying equilibrium in both investment and money markets as a prelude to discuss monetary policies.

Suggested Citation

  • Al-Jarhi, Mabid, 1979. "نحو نظام نقدي ومالي إسلامي: الهيكل والتطبيق [Towards an Islamic Monetary and Financial System: Structure and Application]," MPRA Paper 83714, University Library of Munich, Germany, revised Feb 1981.
    • Handle: RePEc:pra:mprapa:83714
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    File URL: https://mpra.ub.uni-muenchen.de/83714/1/MPRA_paper_83714.pdf
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    References listed on IDEAS

    as
    1. Paul A. Samuelson, 1968. "What Classical and Neoclassical Monetary Theory Really was," Canadian Journal of Economics, Canadian Economics Association, vol. 1(1), pages 1-15, February.
    2. William J. Baumol, 1952. "The Transactions Demand for Cash: An Inventory Theoretic Approach," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 66(4), pages 545-556.
    3. J. Tobin, 1958. "Liquidity Preference as Behavior Towards Risk," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 25(2), pages 65-86.
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    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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