A Monetary and Financial Structure for an Interest-Free Economy: Institutions, Mechanism & Policy

Mabid Al-Jarhi

MPRA Paper from University Library of Munich, Germany

Abstract: This paper attempts to outline a possible financial structure for an interest-free economy, which would conform to the Islamic principles. The basic characteristics of that economy are not new. Pioneers in Islamic economics have mentioned them previously1. However, they were scattered in many writings and under diverse Topics2. Yet those attempts have opened a path to this topic to be handled in an effective manner.

Keywords: money; banking; interest rate; lending-based processes; productivity-based processes; centered; money issue; allocation of financial resources; fiat money; money creation; fractional reserves; total reserves; money supply; growth; prices; monetary expansion; inflation; consumption; investment; equilibrium. (search for similar items in EconPapers)
JEL-codes: E4 E5 E6 (search for similar items in EconPapers)
Date: 1980, Revised 2004
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (21)

Published in Z. Ahmad, M. Iqbal and M.F. Khan, eds., Money and Banking in Islam Center for Research in Islamic Economics, Jeddah, and the Institute of Policy Studies, Islamabad, (1983): pp. 1-38

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