Islamic monetary system : a study on the viability of transforming the fiat monetary system into the grain-backed monetary system /
Contemporary economy of the world is running under the Fiat Monetary System which is characterized as the most dangerous, unfair and non-Islamic monetary system. For instance, the value of fiat money depreciates day by day and consequently heading towards becoming worthless pieces of paper, nickel a...
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| Main Author: | |
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| Format: | Thesis |
| Language: | English |
| Published: |
Gombak, Selangor :
Institute of Islamic Thought and Civilization, International Islamic University Malaysia
2010
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| Subjects: | |
| Online Access: | http://studentrepo.iium.edu.my/handle/123456789/2522 |
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| Summary: | Contemporary economy of the world is running under the Fiat Monetary System which is characterized as the most dangerous, unfair and non-Islamic monetary system. For instance, the value of fiat money depreciates day by day and consequently heading towards becoming worthless pieces of paper, nickel and digital characters; it provides the superpower countries with the opportunity of monetary oppression and monopoly on weak nations; fiat money is issued with interest. Therefore, in a quest to contribute to solve these monetary problems of the world as much as possible, this research aims to examine the viability of transforming the Fiat Monetary System into the Grain-backed Monetary System which is characterized as a safe, fair and Islamic monetary system. Thus, this study, firstly, recalls the economic history of the world from Barter System to the Fiat Monetary System and analyzes their advantages and disadvantages. Then, it discusses the Islamic Criteria of Acceptable Trade and the compatibilities of the Barter System and the traditional and contemporary monetary systems with the Islamic Criteria of Acceptable Trade. Finally, this dissertation introduces a new monetary system, namely, Grain-backed Monetary System and analyzes its significance, Islamicity, contributions to the contemporary and future sustainable economic developments of the Islamic world in particular and of the whole world in general. |
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| Item Description: | Abstract in English and Arabic. "A dissertation submitted in partial fulfilment of the requirement for the degree of Master of Philosophy, Ethics and Contemporary Issues"-- On t.p. |
| Physical Description: | xiii, 127 leaves : ill. ; 30 cm. |
| Bibliography: | Includes bibliographical references (leaves 123-127). |