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Tazkia Islamic Finance and Business Review
ISSN : 24600717     EISSN : 24600717     DOI : -
Core Subject : Economy,
Tazkia Islamic Finance and Business Review (TIFBR) is a peer-reviewed journal published by the Institute for Research and Community Empowerment (IRCE), Tazkia University College of Islamic Economics in collaboration with Association of Islamic Economics Lecturers (ADESY). The Journal is semi-annual journal issued in July and December. The aim of the journal is to disseminate Islamic Economics, finance and business researches done by researchers both from Indonesia and overseas.
Arjuna Subject : -
Articles 2 Documents
Search results for , issue " Vol 7, No 2 (2012)" : 2 Documents clear
An Analysis of Yusuf (AS)s Counter-Cyclical Principle and its Implementation in the Modern World Ahmed, Jameel; Mydin Meera, Ahamed Kameel; Collins, Patrick
Tazkia Islamic Finance and Business Review Vol 7, No 2 (2012)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

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Abstract

Objective - This study examines the present-day implementation of the counter-cyclical principle suggested by Yusuf (AS) around four thousand years ago, in response to the King of Egypts dream, to overcome the famine of seven years through saving grain during seven years of abundance. In general, the counter-cyclical principle encourages saving during times of plenty and spending during times of scarcity, activities which today help to stabilise the business-cycle.Method - Library research is applied since this paper relies on secondary data by thoroughly reviewing the most relevant literature. This paper reviews the commodity-based currency systems proposed before, during and after the Second World War by several prominent economists (particularly Keynes, 1938; Graham, 1940; Hayek, 1943; Grondona, 1950 and Lietaer, 2001) all of which basically incorporated the counter-cyclical principle of Prophet Yusuf (AS). The primary purpose of these commodity-based currency systems is to stabilise the real value of money in order to improve macroeconomic stability. Additionally, this paper provides an in-depth analysis of Grondona system of conditional currency convertibility.Results - The Grondona system would partially stabilise the real value of each countrys national currency in terms of a range of durable, essential, basic imported commodities, thereby also partially stabilising the prices of the selected commodities in terms of the national currency of each country implementing the system.Conclusion - The Grondona system of conditional currency convertibility as compared to other commodity-based currency systems is more practical. Its primary advantage in comparison to other proposals of commodity reserve currency is that it could be implemented in parallel with the existing monetary system. Accordingly, it could be taken as a preliminary step towards a monetary system based on real money such as gold dinar.Keywords : Counter-cyclical principle; Grondona system; Commodity-based currency system (s).
Money in Islam: The Siyasah Shar‘iyyah’ Perspective and Implementation Strategy Santoso, Bedjo
Tazkia Islamic Finance and Business Review Vol 7, No 2 (2012)
Publisher : Institute for Research and Community Empowerment (LPPM TAZKIA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (378.997 KB)

Abstract

Objective – The idea of revisiting the currency and gold dinar in Islamic view is an interesting discuss in the current monetary system. This study therefore investigated the gold as currency in Islamic view. The survey includes historical aspect, supremacy of gold currency and the weakness of fiat money by employed maslahah-mursalah approach. Besides that, the study discussed law of gold as money in light maqashid sharia , and Siyasah Syar’iyya approach, determine the obstacles and barriers to gold dinar implementation on the current economic system and toprovide appropriate model and stepping strategy to implement gold dinar as currency in the society.Method –This study is a qualitative approach based on issues that have been raised. Deductive method is considered as an appropriate method to explore the implementation of gold currency. This is because it requires a comprehensive discussion on the collected data to develop an appropriate model. This research employed historical study and library research.Result – The review declared that gold coins as money served ‘maslahah ’. However, it is difficult to implement due to some obstacles. Stepping is necessary to avoid chaos condition. Numerous obstacles are taken place. It takesat least15years and it could be startedby educating people. Then is followed by gold in the domestic transaction that backed-up by information/communication technology. Involving the Cooperatives model also can be the best model. However, radical way is not appropriate as it faces a challenge from IMF in the Article IV, part 2 (b) (i), and therefore political support is needed.Conclusion – The initial using gold / silver as money is permissible. Nevertheless, the ruling is subject to change when the government wants to print its own currency. If the primary objective of the printing is to complete the implementation of the Sharia laws which have been charged to them (especially the law with respect to currency such as zakat, kanzul mall, hudud, diyat, sarf, etc.) As well as to protect the entire territory from the possibility that the use of foreign currency may harm the economy of its people, then the ruling becomes mandatory .Keywords : Fiat Money, Gold Money, Monetary System, Siyasah Shar’iyah

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