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Money and Monetary Issues in Islamic Finance
Abstract
Most of the countries suspended gold standard around 1914 leading to massive currency depreciation. Thus, money was delinked from gold and Freely Floating Fiat Money (FFFM) came into being. Riba in case of free-floating money is real interest and profit according to Shari'ah is real profit. Free floating money and its use as a unit of account is an important cause of dominance of the system of interest, growing disparity of income and wealth. It is a major cause of most of the economic problems that led to social political and moral degradation. It is an important reason of failure of Islamic financial institutions in adopting financing modes preferred in Shari'ah. These led to massive poverty, deprivation, and marginalization of the Ummah and its institutions. Currency linked to constant quantity of the basket of national product provides the way out.
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