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The Dilemma of Instability in the Monetary and Financial Systems in Light of the Economic Doctrine in Islam معضلة اللاستقرار في النظم النقدية والمالية في ضوء المذهب الاقتصادي في الإسلام

Author

Listed:
  • Abduljabbar Hamad Obaid Al-Sabhan

    (Professor Department of Islamic Economics and Banking Faculty of Al-Sharee’a and Islamic Studies Yarmouk University, Jordan)

Abstract

Proving the immunity of the Islamic economy from inflation, financial crises and business cycles is much easier than trying to prove the ability of Islamic banks to face these problems under the partial reserve system. This is the hypothesis of the paper. It has necessitated clarifying fundamental issues related to “money creation” such as speculation, Forex and an alternative vision for the interpretation of the recent financial crisis, in addition to analyzing the elements of the original article. إن إثبات حصانة الاقتصاد الإسلامي من التضخم والأزمات المالية ودورات الأعمال أيسر بكثيـر من محاولة إثبات قدرة المصارف الإسلامية على مواجهتها في ظل نظام الاحتياطي الجزئي. هذه هي فرضية هذه الورقة، وقد استلزم إيضاحها بحث قضايا جوهرية ذات صلة بموضوع توليد النقود "الائتمانية" مثل المضاربات وتجارة العملات بنظام الهامش والتصور البديل في تفسير الأزمة المالية الأخيرة زيادة على تحليل عناصر المداخلة الأصلية.

Suggested Citation

  • Abduljabbar Hamad Obaid Al-Sabhan, 2017. "The Dilemma of Instability in the Monetary and Financial Systems in Light of the Economic Doctrine in Islam معضلة اللاستقرار في النظم النقدية والمالية في ضوء المذهب الاقتصادي في الإسلام," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(3), pages 209-222, October.
    • Handle: RePEc:abd:kauiea:v:30:y:2017:i:3:no:8:p:209-222
    DOI: 10.4197/Islec.30-3.8
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    More about this item

    Keywords

    Credit Money; Inflation; Forex; Islamic Banks; Financial Crisis. النقود الائتمانية، التضخم، تجارة العملات، المصارف الإسلامية، الأزمة المالية.;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • P41 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Planning, Coordination, and Reform
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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