Fiat money: From the current Islamic finance scholars’ perspective
Purpose: This paper aims to discuss the opinions of current Shariah scholars on the concept of debt money in the present-day fiat money system. Design/Methodology/Approach: This paper is a quantitative investigation of the opinions of Shariah experts, who were approached to answer our questionnaire...
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| Format: | Article |
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Emerald Group Publishing Ltd.
2017
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| Online Access: | http://irep.iium.edu.my/57449/ http://irep.iium.edu.my/57449/ http://irep.iium.edu.my/57449/ http://irep.iium.edu.my/57449/19/57449_Fiat%20Money%20from%20the%20current%20Islamic%20finance%20scholars%E2%80%99_article.pdf http://irep.iium.edu.my/57449/7/57449_Fiat%20Money_SCOPUS.pdf http://irep.iium.edu.my/57449/13/57449_Fiat%20Money_WOS.pdf |
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iium-574492018-04-25T08:48:44Z http://irep.iium.edu.my/57449/ Fiat money: From the current Islamic finance scholars’ perspective Jaffar, Syammon Abdullah, Adam Mydin Meera, Ahamed Kameel HG Finance HG201 Money Purpose: This paper aims to discuss the opinions of current Shariah scholars on the concept of debt money in the present-day fiat money system. Design/Methodology/Approach: This paper is a quantitative investigation of the opinions of Shariah experts, who were approached to answer our questionnaire. As a majority of Shariah scholars are also Shariah advisors to the current banking system, we felt that it was important to find out their levels of knowledge concerning the issue of debt money as it is created by the commercial banking sector’s fractional-reserve banking (FRB) system. Findings: Based on this investigation, most Shariah scholars are unaware of and confused about the mechanics underpinning the creation of money, especially with respect to FRB as it is practiced by the conventional and Islamic banking systems. Originality/Value: Based on this research, it is recommended that these scholars should improve their understanding of the operation of the fiat money system and its consequences. It is recommended that, in future, Shariah scholars should think ‘outside of the box’ by creating Islamic financial instruments that do not resemble those of the conventional system. Emerald Group Publishing Ltd. 2017 Article NonPeerReviewed application/pdf en http://irep.iium.edu.my/57449/19/57449_Fiat%20Money%20from%20the%20current%20Islamic%20finance%20scholars%E2%80%99_article.pdf application/pdf en http://irep.iium.edu.my/57449/7/57449_Fiat%20Money_SCOPUS.pdf application/pdf en http://irep.iium.edu.my/57449/13/57449_Fiat%20Money_WOS.pdf Jaffar, Syammon and Abdullah, Adam and Mydin Meera, Ahamed Kameel (2017) Fiat money: From the current Islamic finance scholars’ perspective. Humanomics, 33 (3). pp. 274-299. ISSN 0828-8666 http://www.emeraldinsight.com/doi/abs/10.1108/H-01-2017-0013 10.1108/H-01-2017-0013 |
| repository_type |
Digital Repository |
| institution_category |
Local University |
| institution |
International Islamic University Malaysia |
| building |
IIUM Repository |
| collection |
Online Access |
| language |
English English English |
| topic |
HG Finance HG201 Money |
| spellingShingle |
HG Finance HG201 Money Jaffar, Syammon Abdullah, Adam Mydin Meera, Ahamed Kameel Fiat money: From the current Islamic finance scholars’ perspective |
| description |
Purpose: This paper aims to discuss the opinions of current Shariah scholars on the concept of debt money in the present-day fiat money system.
Design/Methodology/Approach: This paper is a quantitative investigation of the opinions of Shariah experts, who were approached to answer our questionnaire. As a majority of Shariah scholars are also Shariah advisors to the current banking system, we felt that it was important to
find out their levels of knowledge concerning the issue of debt money as it is created by the commercial banking sector’s fractional-reserve banking (FRB) system.
Findings: Based on this investigation, most Shariah scholars are unaware of and confused about the mechanics underpinning the creation of money, especially with respect to FRB as it is practiced by the conventional and Islamic banking systems.
Originality/Value: Based on this research, it is recommended that these scholars should improve their understanding of the operation of the fiat money system and its consequences. It is recommended that, in future, Shariah scholars should think ‘outside of the box’ by creating Islamic financial instruments that do not resemble those of the conventional system. |
| format |
Article |
| author |
Jaffar, Syammon Abdullah, Adam Mydin Meera, Ahamed Kameel |
| author_facet |
Jaffar, Syammon Abdullah, Adam Mydin Meera, Ahamed Kameel |
| author_sort |
Jaffar, Syammon |
| title |
Fiat money: From the current Islamic finance scholars’ perspective |
| title_short |
Fiat money: From the current Islamic finance scholars’ perspective |
| title_full |
Fiat money: From the current Islamic finance scholars’ perspective |
| title_fullStr |
Fiat money: From the current Islamic finance scholars’ perspective |
| title_full_unstemmed |
Fiat money: From the current Islamic finance scholars’ perspective |
| title_sort |
fiat money: from the current islamic finance scholars’ perspective |
| publisher |
Emerald Group Publishing Ltd. |
| publishDate |
2017 |
| url |
http://irep.iium.edu.my/57449/ http://irep.iium.edu.my/57449/ http://irep.iium.edu.my/57449/ http://irep.iium.edu.my/57449/19/57449_Fiat%20Money%20from%20the%20current%20Islamic%20finance%20scholars%E2%80%99_article.pdf http://irep.iium.edu.my/57449/7/57449_Fiat%20Money_SCOPUS.pdf http://irep.iium.edu.my/57449/13/57449_Fiat%20Money_WOS.pdf |
| first_indexed |
2023-09-18T21:21:12Z |
| last_indexed |
2023-09-18T21:21:12Z |
| _version_ |
1777411893583937536 |