From metal to paper: validating paper money from Islamic perspective

Purpose – The purpose of this paper is to provide a critical, historical, and legal account and analysis of how money, an inexorable lubricant of all economies, evolved from metallic origins to acceptance in paper form in Muslim traditions. Design/methodology/approach – This paper underlines flaw...

Full description

Bibliographic Details
Main Authors:	Sifat, Imtiaz Mohammad, Mohamad, Azhar
Format:	Article
Language:	English
Published:	Emerald Group Publishing Ltd. 2018
Subjects:	HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/62163/ http://irep.iium.edu.my/62163/ http://irep.iium.edu.my/62163/ http://irep.iium.edu.my/62163/1/IJOES-06-2017-0090.pdf

id	iium-62163
recordtype	eprints
spelling	iium-621632018-02-22T08:47:10Z http://irep.iium.edu.my/62163/ From metal to paper: validating paper money from Islamic perspective Sifat, Imtiaz Mohammad Mohamad, Azhar HG3368 Islamic Banking and Finance Purpose – The purpose of this paper is to provide a critical, historical, and legal account and analysis of how money, an inexorable lubricant of all economies, evolved from metallic origins to acceptance in paper form in Muslim traditions. Design/methodology/approach – This paper underlines flaws, points of objections, corollaries and counter-points, and it ends with a thematic discussion on the way forward for Muslim nations with respect to various political and regulatory implications for implementations of potential paper money alternatives Findings – After undergoing experimentation and customary use of various objects as money (such as sea shells, gold, silver, stones, tobacco, etc.), the world has finally settled down by embracing paper money as an official medium of exchange. Originality/value – Paper money also endured many financial crises and initial oppositions to its premise. From an Islamic standpoint, paper money poses certain flaws and limitations that can make it unacceptable from legal perspectives. Keywords Africa, Bimetallism, Shariah, Currency, Murabitun movement, Paper money Paper type Research paper Emerald Group Publishing Ltd. 2018 Article PeerReviewed application/pdf en http://irep.iium.edu.my/62163/1/IJOES-06-2017-0090.pdf Sifat, Imtiaz Mohammad and Mohamad, Azhar (2018) From metal to paper: validating paper money from Islamic perspective. International Journal of Ethics and Systems, 34 (1). pp. 2-19. ISSN 2514-9369 http://www.emeraldinsight.com/doi/pdfplus/10.1108/IJOES-06-2017-0090 10.1108/IJOES-06-2017-0090
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG3368 Islamic Banking and Finance
spellingShingle	HG3368 Islamic Banking and Finance Sifat, Imtiaz Mohammad Mohamad, Azhar From metal to paper: validating paper money from Islamic perspective
description	Purpose – The purpose of this paper is to provide a critical, historical, and legal account and analysis of how money, an inexorable lubricant of all economies, evolved from metallic origins to acceptance in paper form in Muslim traditions. Design/methodology/approach – This paper underlines flaws, points of objections, corollaries and counter-points, and it ends with a thematic discussion on the way forward for Muslim nations with respect to various political and regulatory implications for implementations of potential paper money alternatives Findings – After undergoing experimentation and customary use of various objects as money (such as sea shells, gold, silver, stones, tobacco, etc.), the world has finally settled down by embracing paper money as an official medium of exchange. Originality/value – Paper money also endured many financial crises and initial oppositions to its premise. From an Islamic standpoint, paper money poses certain flaws and limitations that can make it unacceptable from legal perspectives. Keywords Africa, Bimetallism, Shariah, Currency, Murabitun movement, Paper money Paper type Research paper
format	Article
author	Sifat, Imtiaz Mohammad Mohamad, Azhar
author_facet	Sifat, Imtiaz Mohammad Mohamad, Azhar
author_sort	Sifat, Imtiaz Mohammad
title	From metal to paper: validating paper money from Islamic perspective
title_short	From metal to paper: validating paper money from Islamic perspective
title_full	From metal to paper: validating paper money from Islamic perspective
title_fullStr	From metal to paper: validating paper money from Islamic perspective
title_full_unstemmed	From metal to paper: validating paper money from Islamic perspective
title_sort	from metal to paper: validating paper money from islamic perspective
publisher	Emerald Group Publishing Ltd.
publishDate	2018
url	http://irep.iium.edu.my/62163/ http://irep.iium.edu.my/62163/ http://irep.iium.edu.my/62163/ http://irep.iium.edu.my/62163/1/IJOES-06-2017-0090.pdf
first_indexed	2023-09-18T21:28:08Z
last_indexed	2023-09-18T21:28:08Z
_version_	1777412329858662400

From metal to paper: validating paper money from Islamic perspective

Similar Items