Publication:
Analysis of commodity reserve currency system from siyasah Shariyyah perspective
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Date
2018
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Abstract
This paper aims to apply the doctrine of siyasah shariyyah to a policy proposal in the area of monetary economics, namely, the Grondona system of conditional currency convertibility, which has been proposed as a practical means of resisting the economic instability caused by the present-day fiat money system. The paper uses library research to review the literature relevant to the Grondona system, and examines the extent to which its operations conform to the principle of siyasah shariyyah, thereby encouraging Maslahah, i.e. the public interest. The paper includes important implications for the policymakers in the Organization of Islamic Cooperation countries for the possible implementation of Grondona system.
Keywords
Commodity Reserve Department , Commodity reserve currency system , D-8 countries , Grondona system , OIC countries , Siyasah Shariyyah
Citation
Ahmed, J., Mydin Meera, A. K., Saleem, M. Y., & Collins, P. (2018). Analysis of commodity reserve currency system from siyasah Shariyyah perspective. Journal of Islamic Accounting and Business Research, 9(2), 222-250. https://doi.org/10.1108/JIABR-05-2015-0018
Publisher
Emerald Publishing Limited