الاحتياط القانوني وخلق النقود: دراسة نقدية شرعية = Legal Reserves and Money Creation: Shar’iyya Critical Study

• Main Authors: Saleh, Abdulmajid Obaid Hasan, Elamrani, Elamrani Taoufiq, Rohman, Ghifary Duyufur Rohman
• Format: Article
• Language: English
• Published: International Islamic University Malaysia Press (IIUM Press) 2021
• Subjects: BPH Islamic Economics
• Online Access: http://irep.iium.edu.my/89975/1/89975_%D8%A7%D9%84%D8%A7%D8%AD%D8%AA%D9%8A%D8%A7%D8%B7%20%D8%A7%D9%84%D9%82%D8%A7%D9%86%D9%88%D9%86%D9%8A%20%D9%88%D8%AE%D9%84%D9%82%20%D8%A7%D9%84%D9%86%D9%82%D9%88%D8%AF%20%3D%20Legal%20Reserves%20and%20Money%20Creation.pdf; http://irep.iium.edu.my/89975/; https://journals.iium.edu.my/iiibf-journal/index.php/ijaiwf/article/view/540

ct Islamic philosophy states that Islamic banks are economic institutions that must comply with Islamic Economic legislation rules or in terms of monetary policy. The practice of Sharia is base on the fact that money does not generate money. That profits are related to production, or trade through murabahah, or mudharabah, musyarakah, etc. The Islamic Economy also depends on the real economy based on productivity, and these principles do not agree with the policy of central banks with their financial policies, whether in terms of the policy of monetary reserves, which must be available in the central bank according to its percentage from one country to others. Or in terms of granting traditional banks what is called the creation of money that does not comply with Sharia's rules prohibiting any generation of cash without a reciprocal or productive process. The research aims to uncover these problems and treat them according to a legitimate scientific analysis.