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Issues Involved in the Proposal of ‘A Global Currency to Stabilize the Monetary System’ قضايا تشارك في اقتراح "عملة عالمية لتثبيت النظام النقدي"

Author

Listed:
  • Salman Syed Ali

    (Islamic Research and Training Institute (IRTI), Islamic Development Bank, Jeddah, Saudi Arabia)

Abstract

The lead paper, “A Possibly Shariah-Compatible Global Currency to Stabilize the Monetary System”, puts forward an interesting proposal to create a Trade Referenced Currency (TRC) at the global level that can be potentially used as a common unit of account and internationally accepted means of payment. The author (Bernard Lietaer) introduces the TRC as a proposed supra-national complementary currency that can be used in parallel with existing currencies and financial mechanisms. It is targeted to address five problems faced in the present-day international financial system, i.e. monetary instability, pro-cyclical money creation, short-termism of financial decision-making, and the involvement of interest (riba) in the money creation process through fractional reserve banking. The paper is not about the nature and role of money. However, one cannot escape highlighting some of the issues associated with money while commenting on the paper.

Suggested Citation

  • Salman Syed Ali, 2017. "Issues Involved in the Proposal of ‘A Global Currency to Stabilize the Monetary System’ قضايا تشارك في اقتراح "عملة عالمية لتثبيت النظام النقدي"," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(2), pages 59-63, July.
    • Handle: RePEc:abd:kauiea:v:30:y:2017:i:2:no:5:p:59-63
    DOI: 10.4197/Islec.30-2.5
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    References listed on IDEAS

    as
    1. Bernard Lietaer, 2017. "A Possibly Sharīʿah-Compatible Global Currency to Stabilize the Monetary System عملة عالمية متوافقة مع الشريعة الإسلامية لتحقيق استقرار النظام النقدي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(2), pages 47-58, July.
    Full references (including those not matched with items on IDEAS)

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