les cahiers du mecas
Volume 20, Numéro 2, Pages 13-20
2024-12-14
Monetary Policy: An Islamic Economic Perspective
Authors : Yousfi Karima . Ahmad Lone Naveed .
Abstract
In an Islamic economy, monetary policy must play the same significant role in public policy as it does in other economies. Monetary policy operating procedure serves the purpose of nuts and bolts in the overall policy set of tactics and aims to direct the macroeconomy to better and or desired conditions. However, the prevailing economic system differences will have different views on monetary policy. Islam has a unique monetary policy that differs from the traditional economic system. According to Islamic thought, the purpose of monetary management is to stabilize the demand for money in order to achieve significant and constructive objectives. Islam aims to establish a just and equitable distribution of wealth and income by suppressing the demand-supply balance in money and promoting equality with the principles of justice and brotherhood. The goal of the study is to provide some clarity on how monetary policy functions in an Islamic economic system. The study will also attempt to discuss how Islamic monetary policy, in comparison to the conventional monetary system, can stabilize prices more and control inflation because it does not rely on an interest rate system. This makes Islamic monetary policy an economic system that is more resilient to monetary crises.
Keywords
Monetary Policy ; Islamic Economy ; Shariah ; Economic Stability
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