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.
Download the original paper from link below: