Seigniorage of fiat money and the maqasid al-Shariah: the unattainableness of the maqasid.

Seigniorage of fiat money and the maqasid al-Shariah: the unattainableness of the maqasid.

Ahamed Kameel Mydin Meera & Moussa Larbani

Abstract:

To reason whether the interest-based fiat monetary system is compatible with the objectives of the Islamic law of Shariah.

Design/methodology/approach:

This is a theoretical paper that uses the quantity theory of money and the objectives or maqasid al-Shariah as expounded by scholars as basis for logical deduction therefrom.

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