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Fiscal and Monetary Policy in Islam

In: Challenges in Economic and Financial Policy Formulation

Author

Listed:
  • Hossein Askari
  • Zamir Iqbal
  • Abbas Mirakhor

Abstract

The role of the state in an Islamic economy is to ensure that everyone has equal access to resources and means of livelihood, that there are rewarding employment opportunities for all those who can work, that market rules, regulations, and supervision minimize business uncertainties so that justice is attained and transfers takes place from the more able to the less able, and that distributive justice is ensured for the next generation. As Islam is a rulebased system, the state regulates, supervises, and provides an incentive structure for rule compliance, all within the framework of the rules prescribed by the Qur’an and Sunnah. The role of the government is broadly divided into two functions: first, a policy function that ensures that private interest does not diverge too far from public interest; and second, to design and implement an incentive structure to encourage rule-compliance, coordination, and cooperation.

Suggested Citation

  • Hossein Askari & Zamir Iqbal & Abbas Mirakhor, 2014. "Fiscal and Monetary Policy in Islam," Palgrave Studies in Islamic Banking, Finance and Economics, in: Challenges in Economic and Financial Policy Formulation, chapter 0, pages 109-134, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-38199-6_7
    DOI: 10.1057/9781137381996_7
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    Cited by:

    1. Bojanic, Antonio N., 2018. "The impact of fiscal decentralization on growth, inflation and inequality in the Americas," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.

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