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 , Vol. 61, No. DOI: 10.1002/tie.22040 (20 March 2019): pp. 821-835.

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: Money, Gold-silver, Inconvertible paper, Inflation, Bankruptcy, Shariah.
• Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit; F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions

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