A Monetary and Financial Structure for an Interest-Free Economy: Institutions, Mechanism & Policy
KeywordsE4 - Money and Interest Rates
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
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AbstractThis 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.
Al-Jarhi, Mabid (1980): A Monetary and Financial Structure for an Interest-Free Economy: Institutions, Mechanism & Policy. Published in: Z. Ahmad, M. Iqbal and M.F. Khan, eds., Money and Banking in Islam No. Center for Research in Islamic Economics, Jeddah, and the Institute of Policy Studies, Islamabad, (1983): pp. 1-38.