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Classical Islamic Perspectives on Monetary Theory وجهات نظر عُلماء المُسلمين القُدامى حول النظرية النقدية

Author

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  • Adam Abdullah

    (Associate Professor and Head of the Department of Economics The College of Economics and Management Al-Qasimia University, UAE)

Abstract

Within the wider framework of monetary theory, this study focuses on a review of classical Islamic perspectives on monetary theory. In 1792 in America, the official price of gold was USD 19.3939/oz, whilst in 2021 the average market price of gold is about USD 1,800/oz, thus one dollar in 1792 is now only worth 1 cent in 2021 (19.3939/1,800). Most of this devaluation occurred since 1971, which represents a catastrophic collapse in the store of value function of money over the past fifty years, confirming a failure in contemporary monetary theory and policy in achieving monetary and price stability under the fiat standard. The loss of purchasing power as a result of this devaluation is so profound that the associated confiscation of wealth, due to inflation, has undermined all wealth creation in real terms. Fiat currencies have now discovered their true intrinsic wealth and are essentially worthless. By conducting a survey of classical Islamic literature, this study seeks to re-examine our understanding of money to encourage monetary reform to develop future solutions, given the failure of the fiat standard in satisfying the objectives of the sharīʿah (maqasid al- sharīʿah) in terms of protection of wealth (hifiz al-māl) and imparting social justice. تركز هذه الدراسة، ضمن الإطار العام للنظرية النقدية، على مراجعة وجهات نظر عُلماء المُسلمين القُدامى حول النظرية النقدية. ففي عام 1792م كان السعر الرسمي للذهب يُقدر بحوالي 19.3939 دولارًا للأونصة في الولايات المتحدة الأمريكية، بينما بلغ متوسط سعر الأونصة حوالي 1800 دولار أمريكي في عام 2021م. ووِفقًا لهذه المعطيات نجد أن القيمة الحقيقية للدولار في عام 1792م بلغت سنتًا واحداً فقط في عام 2021م (19.3939/1800). لقد حدث معظم هذا الانخفاض الكبير في قيمة الدولار منذ عام 1971م؛ وهو العام الذي فُك فيه ارتباط الدولار بالذهب. ويمثل هذا الانخفاض انهيارًا كارثيًا في وظيفة النقود كأداة للاحتفاظ بالقيمة على مدار الخمسين عامًا الماضية، مما يؤكد قصور النظرية والسياسيات النقدية المعاصرة في تحقيق الاستقرار النقدي والمالي في ظل نظام النقد القائم على الورق والائتمان. إن الآثار المترتبة على فقدان القوة الشرائية للنقود نتيجة للانخفاض المستمر في قيمة العملة، قد قُوّضَت جميع عمليات تراكم الثروات والحفاظ على قيمتها الحقيقة بسبب التضخم المستمر. حيث كشفت العملات الورقية والائتمانية المتداولة عن جوهرها الحقيقي وهي أنها عديمة القيمة في المدى الطويل. تسعى الدراسة، من خلال إجراء مسح لأدبيات النقود في كتابات المسلمين الممتدة عبر قرون، إلى إعادة التحقيق في مفهوم النقود وطبيعتها، لتشجيع الإصلاح النقدي وتطوير حلول مستقبلية؛ بعد فشل النظام النقدي القائم على النقود الورقية والائتمان في تحقيق مقاصد الشريعة الإسلامية المتعلقة بحفظ المال، وتحقيق العدالة الاجتماعية.

Suggested Citation

  • Adam Abdullah, 2022. "Classical Islamic Perspectives on Monetary Theory وجهات نظر عُلماء المُسلمين القُدامى حول النظرية النقدية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 35(1), pages 3-22, January.
    • Handle: RePEc:abd:kauiea:v:35:y:2022:i:1:no:1:p:3-22
    DOI: 10.4197/Islec.35-1.1
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Islamic monetary theory; Islamic economics; monetary economics; maqasid al- sharīʿah. النظرية النقدية الإسلامية، الاقتصاد الإسلامي، الاقتصاد النقدي، مقاصد الشريعة.;
    All these keywords.

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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