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All Journal Journal of Critical Realism in Socio-Economic (JOCRISE)
Rab, Hifzur
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Religion Humanities Economics, Econometrics & Finance Social Sciences

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Freely Floating Fiat Money and Riba Rab, Hifzur
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 2 No. 04 (2024): Values and Future of Concepts And Application of Critical Realism
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v2i04.71

Abstract

Rationally, logically and scientifically unit of measurement and unit of account must be precisely defined quantity of what is measured/accounted. Where such a unit doesn’t exist it ought to be the best available. This is also essential Shariah requirement. Money especially common medium of exchange is measure of value therefore it should be most stable measure of value. Price stability and ease in use as medium of exchange is money-ness (Thamaniah). Therefore common medium of exchange will be highly stable unless manipulated or where people are forced to use it. Monetary manipulation corrupts market mechanism that determine/set just/efficient prices and it is a massive fraud impermissible in Shariah. If government fails to address this problem people must use appropriate standard of value as unit of account. In case of gold and silver coins subject to debasement it is quantity of gold and silver respectively. In case of freely floating fiat money it amounts to accounting in real terms. Riba is measurable excess of quantity. In presence of monetary manipulation, money not being acceptable unit of account appropriate unit of account for money must be used and any excess as accounted will be profit in case the matter relate to profit and Riba in case it relate to lending or payment of dues. Use of appropriate unit of account will resolve most of the related real problems and modes of finance Shariah prefers will become efficient and viable while system of interest will not be able to continue its dominance. This will stifle fraud and corruption and remove basic cause of poverty and deprivation. It will support justice and righteousness and prevent marginalization institutions based on justice
Money, Market and Systemic Causes of Poverty and Deprivation Rab, Hifzur
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 3 No. 02 (2025): UNITY STRUCTURE OF LEGO-WORLD
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v3i02.80

Abstract

Real causes of growing poverty and deprivation are dominance of interest driven money depreciating capitalism and accounting in nominal terms. The system causes market failure in determination of just and efficient prices. These cause most of the surplus produced to be assigned to capital at the cost of share that goes to human capital especially the labour, while monetary depreciation (inflation) continues to eat away saving of the commoners. The system keeps prices of products and wages of the unorganised sector/developing and under developed countries relatively cheaper. Resultant concentration of wealth and power in hands of the rich/ developed countries allows them to ensure that favourable policies and programmes are adopted.  These factors reinforce one other and even foreign trade lead to massive systemic transfer of wealth from poor and poor countries to the rich and developed countries. Massive transfer of wealth from poor to rich and from poor countries to rich countries keeps poverty and deprivation growing disregarding various poverty alleviation programmes worldwide. Dominance of this system together with failure of Islamic scholars to comprehend and address these problems especially monetary manipulation has compromised Islamic economic system that fails to manifest its truly just and efficient character
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