Money Impartiality: Panacea for Economic Crisis
International Journal of Management Studies
This paper overviews the political-economics of FIAT and asset-based money. The paper further highlights the presumably syaria standpoint of the impartial character of money as the fundamental factor that differentiates asset-based money from the FIAT money. It is argued that while it is ideal for asset-based money to make a comeback in the interest of holistic wellbeing (maslahah) of humankind, it is necessary to complement it with an appropriate financial and regulatory system to safeguard
... tem to safeguard its impartiality, i.e. non-tradable, non-interest bearing, and non-debt financing to avoid the recurring pitfalls which are immanent in the conventional financial system. It is hoped this rather concise paper will offer a thought provoking discourse on how syaria principles may present the world a useful ideological construct for a new monetary and financial architecture in light of the global financial crisis. Keywords: Asset-based money; FIAT money; Syaria perspectives of money; money impartiality; money and sustainable development; money and financial crisis.