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Money in Islamic Banking System

In: Islamic Economies

Author

Listed:
  • Bedjo Santoso

    (Agung Islamic University (UNISSULA))

  • Khaliq Ahmad

    (International Islamic University Malaysia (IIUM))

  • Buerhan Saiti

    (International Islamic University Malaysia (IIUM))

Abstract

The idea of revisiting currency and the gold dinar from an Islamic standpoint is an interesting topic of discussion in the context of the current monetary system. This chapter examines the historical aspects and supremacy of a gold currency and the weakness of fiat money using a maslahah-mafsadah approach. It considers some possible alternative forms of gold as money and then discusses some obstacles and barriers in the hope of finding a model of gold as money to implement in the current economic system. A deductive method is used to explore the implementation of a gold currency based on historical study and library research. The findings reveal that money is not limited to gold and silver. However, by deriving new law from original law process, the law (hukm) of gold or silver as money is permissible.

Suggested Citation

  • Bedjo Santoso & Khaliq Ahmad & Buerhan Saiti, 2017. "Money in Islamic Banking System," Palgrave CIBFR Studies in Islamic Finance, in: Nafis Alam & Syed Aun R. Rizvi (ed.), Islamic Economies, chapter 7, pages 99-125, Palgrave Macmillan.
    • Handle: RePEc:pal:pcichp:978-3-319-47937-8_7
    DOI: 10.1007/978-3-319-47937-8_7
    as

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