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The pre‐eminence of gold and silver as Shariah money
Author(s) -
Krichene Noureddine,
Ghassan Hassan Belkacem
Publication year - 2019
Publication title -
thunderbird international business review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.553
H-Index - 37
eISSN - 1520-6874
pISSN - 1096-4762
DOI - 10.1002/tie.22040
Subject(s) - economics , convertible , bankruptcy , government (linguistics) , money market , money creation , profit (economics) , balance (ability) , monetary economics , islam , monetary policy , business , finance , microeconomics , central bank , medicine , linguistics , philosophy , theology , structural engineering , engineering , physical medicine and rehabilitation
Shariah money is gold and silver, supplied by the market on profit criterion. Everywhere, government inconvertible paper money arose from bankruptcy. A government with balanced budgets would never need it. Imposed by force, inconvertible paper is a taxation mean, highly inflationary, and causes impoverishment. Unjust and bankrupt governments will continue to force this despotic money. Islamic Monetary Economics refutes the idea of money as a policy tool. Fully convertible paper is Shariah compliant. Shariah requires a just government to balance its budgets and restore fully gold and silver as lawful money.