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Interest rates and Monetary Policy

C/E/227. The concept of money from Islamic perspective. How would you respond to the claim that Islamic money is gold and silver and that Muslims should support an international return to the gold standard?

WORDS:
4100
DATE:
2008
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49.99 GBP

The paper examines the history of gold used as currency reflecting on whether Muslims should use conventional money. The importance of knowing the intrinsic value of products is discussed arguing the righteousness of profit creation based on no intrinsic value. The role of golden standard in Muslim culture is considered.

 

KEYWORDS: Gold, Muslim, Islam, money,

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