Purpose

This study aims to evaluate the role of the prevailing currency systems in achieving (or departing from) the socio-economic objectives of a progressive and just society; i.e. featuring stability and equitable distribution of wealth.

Design/methodology/approach

After documenting historical developments in currency systems, the study reviews the Islamic perspective on the matter. Features of an ideal currency system are listed and then a critical evaluation of existing currency systems – fiat, banking and cryptocurrency – is undertaken.

Findings

It is found that existing currency systems – fiat, banking and cryptocurrency – are not compatible with the socio-economic objectives of a forward-looking, progressive society, which upholds transparency and justice as its core values. The study documents that Sharīʿah norms have no preference or dislike for any of the existing currency systems. Any prudent currency system compatible with the objectives of the Islamic financial system (i.e. stability and equitable distribution of wealth) is acceptable. A single international reserve currency (with country-specific legal tendering) is subject to the risk of destabilisation across global markets.

Practical implications

This paper recommends autonomy of central banking, the spending of seigniorage for the welfare of community members, development of asset-backed currencies (following ṣukūk structures), as well as multiple international reserve currencies and joining of hands by professionals and Sharīʿah scholars to design a currency system compatible with the Islamic financial system. This paper’s recommendation is against the adoption of cryptocurrency that lacks the backing of real assets.

Originality/value

The study contributes to the literature by evaluating the compatibility of existing currency systems in the achievement of socio-economic objectives of a welfare state which seeks to uphold justice and equitable resource distribution as core values in the financial system.

中文翻译：

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建立公平的货币体系

目的

本研究旨在评估现行货币体系在实现（或背离）进步和公正社会的社会经济目标中的作用；即具有稳定和财富公平分配的特征。

设计/方法/方法

在记录了货币体系的历史发展之后，该研究回顾了伊斯兰对此事的看法。列出了理想货币系统的功能，然后对现有货币系统（法定货币，银行货币和加密货币）进行了严格的评估。

发现

发现现有的货币体系（法定，银行和加密货币）与前瞻性，进步的社会的社会经济目标不兼容，前瞻性，进步的社会坚持透明性和正义为核心价值。该研究表明，沙里亚标准对任何现有货币体系都没有偏爱或不喜欢。任何与伊斯兰金融系统的目标（即稳定和财富的公平分配）兼容的审慎货币体系都是可以接受的。单一的国际储备货币（具有针对特定国家/地区的法定货币）会遭受全球市场不稳定的风险。

实际影响

本文建议中央银行具有自治权，为维护社区成员的福利而使用铸币税，发展资产支持货币（遵循ṣukūk结构），以及多种国际储备货币，并由专业人士和沙里亚大学的学者共同设计与伊斯兰金融体系兼容的货币体系。本文的建议是反对采用缺乏实际资产支持的加密货币。

创意/价值

这项研究通过评估现有货币体系在实现福利国家的社会经济目标中的相容性而做出了贡献，该福利国家力求维护正义和公平的资源分配，将其作为金融体系的核心价值。