Munich Personal RePEc Archive

The Preeminence of Gold and Silver as Shariah Money

Krichene, Noureddine and Ghassan, Hassan B. (2017): The Preeminence of Gold and Silver as Shariah Money. Published in: Thunderbird International Business Review No. https://doi.org/10.1002/tie.22040 (20 March 2019): pp. 1-15.

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Abstract

Historically, 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.

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