Gold vis-à-vis Money in Islam: the Case against Dinarist Movement


This research article has been accepted at IJLM (International Journal of Law and Management) published by Emerald (Wos-ESCI). It will be published in volume 60, issue 5. This paper is co-authored with Dr. A Mohamad. Inquiries about the article should be directed through usual e-mail address published above.

This paper delves in an aspect of monetary economics, addressing its Islamic wing in general and dinar advocates in particular. It argues that calls to reinstitution of dinar currencies are not only anachronistic and unnecessary, but also counter-productive and potentially unislamic. It further posits that regardless of nature of economy, legal tender fiat money and bank money are of same genus and treating them otherwise isn’t consistent with Islamic jurisprudential precepts. We also highlight that mismanagement, avarice, and human follies are to blame for financial maladies; regression to metallic currency is neither a panacea to the
conundrums nor Islamic.

Keywords: Money, Gold, Dinar, Bimetallism, Monetary Economics.