Gold vis-a-vis money in Islam: the case against Dinarist Movement

摘要

Purpose - This paper aims to delve in an aspect of monetary economics, addressing its Islamic wing in general and dinar advocates in particular. Design/methodology/approach - The paper argues that calls to reinstitution of dinar currencies are not only anachronistic and unnecessary but also counter-productive and potentially un-Islamic. Findings - The paper further posits that regardless of the nature of economy,legal tender fiat money and bank money are of the same genus, and treating them otherwise is not consistent with Islamic jurisprudential precepts. Originality/value - The study also highlights that mismanagement, avarice and human follies are to blame for financial maladies; regression to metallic currency is a panacea to neither the conundrums nor Islamic.