DESIGNING FITRAH MONEY: A MAQASIDIC DISCOURSE

  • Imtiaz Mohammad Sifat Department of Finance, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia https://orcid.org/0000-0001-7088-7995
  • Azhar Mohamad Department of Finance, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia http://orcid.org/0000-0002-1075-598X
Keywords: Fitrah, fiat money, bimetallism, maqasid shariah

Abstract

Academic efforts in concocting a plausible alternative to fiat regime often staggers given inherent constrictions of Islamic jurisprudence and economic technicalities. Despite passionate advocacy of Muslim scholars, the campaign for gold dinar and silver dirham runs into allegations of being simplistic, anachronistic, regressive, unnecessary, and sub-optimal. Shunning the popular Maqasidic and historical approaches in debunking these claims, this paper highlights the need for a return to basics, the default factory settings as designed by God, and trowels a fitrah approach in evaluating gold and silver. As such, we proffer an open-minded approach in formulating an Islamically congruent currency and decry obstinate fixation with gold and silver, which hardly serve the best interests of ummah.

Author Biographies

Imtiaz Mohammad Sifat, Department of Finance, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia

PhD Candidate, Department of Finance, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia, 53100 Kuala Lumpur, Malaysia

Scopus ID: 57006783900

Azhar Mohamad, Department of Finance, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia

Associate Professor, Department of Finance, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia, 53100 Kuala Lumpur, Malaysia

Scopus ID: 35189406300

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Published
2018-03-28
How to Cite
Sifat, I., & Mohamad, A. (2018). DESIGNING FITRAH MONEY: A MAQASIDIC DISCOURSE. Journal of Islamic Monetary Economics and Finance, 3(2), 388 - 396. https://doi.org/10.21098/jimf.v3i2.896
Section
Articles