Gold vis-à-vis money in Islam: the case against Dinarist Movement
International Journal of Law and Management
ISSN: 1754-243X
Article publication date: 13 November 2017
Abstract
Purpose
This paper aims to delve in an aspect of monetary economics, addressing its Islamic wing in general and dinar advocates in particular.
Design/methodology/approach
The paper argues that calls to reinstitution of dinar currencies are not only anachronistic and unnecessary but also counter-productive and potentially un-Islamic.
Findings
The paper further posits that regardless of the nature of economy, legal tender fiat money and bank money are of the same genus, and treating them otherwise is not consistent with Islamic jurisprudential precepts.
Originality/value
The study also highlights that mismanagement, avarice and human follies are to blame for financial maladies; regression to metallic currency is a panacea to neither the conundrums nor Islamic.
Keywords
Acknowledgements
We thank the Ministry of Higher Education of Malaysia and Research Management Centre of International Islamic University Malaysia for providing the research grant (RAGS 14-045-0108).
Citation
Mohamad, A. and Sifat, I.M. (2017), "Gold vis-à-vis money in Islam: the case against Dinarist Movement", International Journal of Law and Management, Vol. 59 No. 6, pp. 977-992. https://doi.org/10.1108/IJLMA-06-2016-0061
Publisher
:Emerald Publishing Limited
Copyright © 2017, Emerald Publishing Limited