Investigation of the Sharia rules of money and the implications for planning monetary system

• الحاوية / القاعدة: جستارهای اقتصادی
• المؤلف الرئيسي: Abas Shafieenejad
• التنسيق: مقال
• اللغة: الفارسية
• منشور في: پژوهشگاه حوزه و دانشگاه 2021-03-01
• الموضوعات: money; khums; zakat; hoarding money; renting money; buying and selling currency; monetary system
• الوصول للمادة أونلاين: https://iee.rihu.ac.ir/article_1853_603ac9a2e66d610406b80ac5e1eaffe4.pdf
• تدمد: 1735-3300; 2588-5812

The desirable circulation of money in the economy causes the economic dynamics and the prosperity of production and employment. For improved money circulation, it is necessary to formulate a sophisticated monetary system. Inferring and examining the Islamic jurisprudential (Fiqh) rules of money helps to design appropriate monetary arrangements. Sharia rules of money had scrutinized at two levels. The first level of Sharia rules in cases where money is a personal asset includes these rules: 1) does Khums become due on money as an asset? 2) What are the rules on the speculative or asset demand for money? Does Zakat become due on money? The second level of Sharia rules is to examine the verdict of transactions whose subject is money. What is the Sharia rule on buying and selling currency? What is the Sharia rule on renting money? The results of this research, which are obtained by observing the fatwa and analyzing the data, showed that first, money is subject to Khums, second at the discretion of the Islamic ruler, money can be subject to Zakat, third hoarding money is allowed under two conditions: Firstly, its obligations have fulfilled, and secondly, it does not cause disruption to the economic system, and forth, renting money is not allowed. With the overall approach to money rules, two principles had formulated for the monetary system: First, hoarding money and taking it out of the trading circuit is not desirable. Second, money should not have an independent market (from the real sector). These two principles can have appropriate implications for the design of the monetary system. Two of the most vital significations are the development of the debt discount contract use (in which the relationship between the real and the monetary sector maintains), and imposing heavy taxes on hoarding money and taking money out of the trading circuit on the other hand.